Core Points - The company announced the adoption of a restricted stock unit incentive plan on December 14, 2023 [1] - The company plans to issue and allocate 35,200 H-shares by September 30, 2025 [1]

Core Viewpoint - The company, Shangmei Co., Ltd. (stock code: 02145), announced the grant of a total of 51,100 restricted stock units to five grantees under its restricted stock unit incentive plan, representing 0.01% of the total issued shares as of the announcement date [1] Summary by Category - **Company Announcement** - Shangmei Co., Ltd. will grant 51,100 restricted stock units to five individuals [1] - The granted units correspond to 51,100 shares, which is 0.01% of the total issued shares as of the announcement date [1]

| 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02145 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | | 於下列日期開始時的結存(註1) | 2025年8月31日 | | 206,319,319 | | 0 | | | 206,319,319 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | | 35,223 | 0.01707 % | | RMB | 1 | | | 而發 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Shanghai Chicmax Cosmetic Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 第四輪授出限制性股票單位 本公告乃由上海上美化妝品股份有限公司（「本公司」，連同其不時的附屬公司統 稱「本集團」）根據上市規則第17.06A、17.06B及17.06C條作出。茲提述本公司日 期為2023年11月23日、2023年11月24日、2024年6月28日、2024年9月30日及 2025年6月30日的公告以及本公司日期為2023年11月24日的通函（「該通函」），內 容有關限制性股票單位激勵計劃。除另有指明外，本公告所用詞彙與該通函所界 定者具有相同涵義。 於2025年9月30日，根據限制性股票單位激勵計劃向五名承授人授予合共51,130份 限制性股票單位，指51,130股相關股份（於本公告日期已發行股份總數的0.01%）。 授出限制性股票單位的詳情 1 上 ...

Core Insights - Natural Hall Group has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market after 24 years of establishment [2] - The beauty industry is experiencing a wave of IPOs in Hong Kong, with several brands seeking to capitalize on favorable market conditions and regulatory support [2] - The company heavily relies on its main brand, which contributes over 90% of its revenue, indicating a lack of diversification in its revenue streams [3] Industry Trends - The Hong Kong Stock Exchange has implemented favorable policies to attract quality consumer companies for IPOs, including optimizing pricing mechanisms and expediting review timelines [2] - The Chinese beauty market is becoming increasingly competitive, prompting leading brands to seek capital market support for expansion and international influence [2] Company Performance - Revenue projections for Natural Hall from 2022 to 2024 are 4.29 billion, 4.44 billion, and 4.6 billion RMB, respectively, showing modest growth [3] - Profit is expected to increase from 139 million RMB in 2022 to 190 million RMB in 2024, indicating limited profitability growth [3] Strategic Initiatives - The company plans to accelerate the opening of flagship stores starting in 2025, with the first store already opened in Shenzhen [5] - The flagship stores will feature a unique design and layout, emphasizing an integrated online and offline sales network [5] Channel Dynamics - Online revenue is projected to increase from 59.7% in 2022 to 68.8% in 2024, while offline revenue is expected to decrease to around 30% [7] - The company has over 60,000 offline retail terminals as of mid-2025, up from 42,000 at the end of 2022, indicating a significant expansion in offline presence [7] Brand Development - Natural Hall is focusing on enhancing its brand influence through proprietary ingredient development and storytelling [9][10] - The company has invested 348 million RMB in R&D and has a team of 154 people, aiming to create a comprehensive production system from raw materials to finished products [10] Market Positioning - The company is attempting to build a differentiated market position through exclusive ingredient development, although its best-selling products remain affordable basic items [12] - The challenge lies in transforming self-developed ingredients into long-term bestsellers, requiring ongoing cultivation and validation [12]

Core Viewpoint - Natural堂, a Chinese beauty brand, has submitted its listing application to the Hong Kong Stock Exchange, aiming to rank seventh in revenue among domestic beauty companies if successful [1] Group 1: Financial Performance - In 2024, Natural堂 recorded revenue of 4.601 billion yuan, surpassing Shuiyang Co.'s 4.24 billion yuan, with a net profit of 203 million yuan, ranking sixth among peers [1] - Revenue from 2022 to 2024 was 4.292 billion yuan, 4.442 billion yuan, and 4.601 billion yuan respectively, with the "Natural堂" brand contributing approximately 95% to total revenue [1] - Net profit figures for the same period were 139 million yuan, 312 million yuan, and 203 million yuan, indicating a decline of over 30% in 2024 [2] Group 2: Cost Structure - Sales and marketing costs in 2024 reached 2.717 billion yuan, a 12% increase year-on-year, accounting for 59% of total revenue [2] - In comparison, Shuiyang Co.'s sales expenses were 2.079 billion yuan, approximately 49% of its revenue, while the leading company, Proya, had sales expenses of 5.161 billion yuan, about 47.9% of its revenue [3] Group 3: Channel Strategy - Online channel revenue increased from 2.56 billion yuan in 2022 to 3.162 billion yuan in 2024, with its share of total revenue rising from 59.7% to 68.8% [3] - The "One Inventory System" launched in July 2021 has improved supply chain efficiency, allowing for synchronized tracking of inventory across online and offline channels [3] - Direct-to-consumer (DTC) sales from online stores rose from 1.82 billion yuan in 2022 to 2.44 billion yuan in 2024, increasing its contribution to total revenue from 42% to 53% [3] Group 4: Future Plans - The listing application indicates plans to enhance DTC capabilities, expand the brand matrix, and invest in research and product development, although specific fundraising amounts and allocations were not disclosed [4]

Core Viewpoint - The article highlights the significant advancements made by the Chinese beauty brand, Shangmei Co., in the field of peptide skincare technology, particularly through the launch of the "2025 Han Shu Peptide Research and Efficacy Skincare Application Yearbook" which showcases China's innovative capabilities on an international stage [3][5][23]. Group 1: Event Highlights - The "2025 Han Shu Peptide Research and Efficacy Skincare Application Yearbook" was a key highlight at the CAME conference, receiving high praise from industry leaders [5][6]. - The yearbook consolidates over 50 years of global peptide technology development and focuses on China's recent breakthroughs, particularly the环六肽-9 [15][22]. - Shangmei Co. was recognized for its research on环六肽-9, which was included in the "2025 Top Ten Technological Advances in the Chinese Cosmetics Industry" [8][11]. Group 2: Research and Development Achievements - The research on环六肽-9 involved a multidisciplinary approach, utilizing a trillion-level peptide entity library for screening and computational simulation, leading to the development of a proprietary liquid-phase cyclic synthesis technology [11][12]. - The yearbook serves as a practical guide for the application of peptide technology in cosmetics, showcasing the innovative paths and experiences of Chinese brands in this field [15][23]. - Shangmei Co. has established a strong association with the peptide concept, becoming a leading brand in the peptide skincare sector through extensive research and collaboration with domestic and international institutions [25][27]. Group 3: Global Recognition and Future Directions - The participation of Shangmei Co. in major international conferences like EADV and IFSCC marks a significant step for Chinese beauty brands in entering the global scientific community [12][18]. - The collaboration with Dr. Karl Lintner, a recognized expert in peptide technology, further validates Shangmei Co.'s innovative approach and commitment to advancing peptide research [19][20]. - The yearbook is seen as a declaration of China's shift from "manufacturing" to "intelligent manufacturing" in the beauty industry, emphasizing the brand's capability to compete on a global scale [23][28].

Investment Rating - The report maintains a "Buy" rating for the recommended stocks in the consumer sector, indicating a positive outlook for their performance over the next 12 months [10][11][12][13][16][21][22]. Core Insights - The report highlights nine advantageous sectors within the consumer industry, including agriculture, retail, social services, automotive, textiles and apparel, light industry, food, home appliances, and pharmaceuticals, with specific stock recommendations for each sector [3][6]. - The recommended stocks are expected to benefit from various growth drivers, including market expansion, product innovation, and operational efficiency improvements [10][11][12][13][16][21][22]. Summary by Sector Agriculture - Recommended Stock: Muyuan Foods (牧原股份) - Expected net profits for 2025-2027 are projected at 227.9 billion, 413.8 billion, and 447.7 billion respectively, with corresponding PE ratios of 13, 7, and 6 [10][25]. Retail - Recommended Stock: Shangmei Co., Ltd. (上美股份) - Expected net profits for 2025-2027 are projected at 10.9 billion, 13.6 billion, and 16.4 billion respectively, with corresponding PE ratios of 33, 27, and 22 [11][25]. Social Services - Recommended Stock: Core International (科锐国际) - Expected net profits for 2025-2027 are projected at 2.95 billion, 3.68 billion, and 4.60 billion respectively, with corresponding PE ratios of 20, 16, and 13 [12][25]. Automotive - Recommended Stock: Xusheng Group (旭升集团) - Expected net profits for 2025-2027 are projected at 4.6 billion, 6.2 billion, and 7.7 billion respectively, with corresponding PE ratios of 39, 29, and 23 [13][25]. Textiles and Apparel - Recommended Stock: Bosideng (波司登) - Expected net profits for 2025-2027 are projected at 39.3 billion, 43.5 billion, and 47.5 billion respectively, with corresponding PE ratios of 12, 11, and 10 [16][25]. Light Industry - Recommended Stock: Pop Mart (泡泡玛特) - Expected net profits for 2025-2027 are projected at 2.35 billion, 8.38 billion, and 12.19 billion respectively, with corresponding PE ratios of 35.7, 31.6, and 21.9 [17][25]. Food - Recommended Stock: Qianhe Flavoring (千禾味业) - Expected net profits for 2025-2027 are projected at 0.50 billion, 0.42 billion, and 0.53 billion respectively, with corresponding PE ratios of 24.1, 26.9, and 21.4 [18][25]. Home Appliances - Recommended Stock: Roborock (石头科技) - Expected net profits for 2025-2027 are projected at 20.47 billion, 28.87 billion, and 34.24 billion respectively, with corresponding PE ratios of 26, 19, and 16 [21][25]. Pharmaceuticals - Recommended Stock: Junshi Biosciences (君实生物) - Expected net profits for 2025-2027 are projected at -1.30 billion, -0.91 billion, and -0.34 billion respectively, with a PE ratio of 66.3 for 2027 [22][25].

Group 1 - The report indicates that the 2025 National Day and Mid-Autumn Festival holiday will last for 8 days, while the 2024 holiday will last for 7 days, leading to a more active consumption window due to flexible holiday arrangements [1] - According to the report, the total number of flights in China during the 2025 National Day period is expected to reach 139,000, a year-on-year increase of 5.7%, with international flights recovering to 94% of 2019 levels, and an average daily passenger volume of 2.247 million, up 6.4% year-on-year [1] - The report highlights a trend of multi-destination travel among tourists, with significant growth in mixed travel modes combining flights and high-speed trains, which is expected to boost per capita consumption during the holiday [1] Group 2 - The report notes that as of September 22, 62% of bookings on Meituan were made by post-00s young tourists, indicating a shift in preferences towards cultural tourism, including museum visits and music festivals [1] - The Ministry of Culture and Tourism has announced that over 480 million RMB in consumption subsidies will be distributed during the consumption month, which is expected to enhance consumer willingness and drive holiday consumption [1] - The company recommends long-term investment in self-indulgent consumption sectors, including trendy toys and e-cigarettes, as well as domestic beauty and personal care brands, reflecting the rise of domestic products [2]

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]