Core Viewpoint - The 2025 China Fragrance, Flavor, and Cosmetics Industry Annual Conference and Boutique Expo (2025 CAME) will be held from September 25 to 27, 2025, at the Nanjing Yangtze River International Conference Center, providing opportunities for industry leaders to engage and explore high-value business collaborations [3]. Group 1: Event Details - The event will feature the latest trends in the fragrance and cosmetics market, showcasing innovative products across the entire industry chain [3]. - Attendees will have the chance to interact with decision-makers and technical experts from leading companies in the industry [3]. - Special activities will include on-site exhibitions and opportunities to receive gifts by visiting designated booths [3]. Group 2: Gift Distribution - Various brands will distribute gifts at their respective booths during the event, with specific quantities and products listed for each brand [4][7][8][11][14][17][20][23][26][28][30][33][34][36][38][42]. - For example, Shanghai Fenghua will distribute 300 travel-sized products, while Guangzhou Marubi will offer 200 samples of their skincare products [7][8]. - The distribution will occur from September 25 to 27, with some brands having specific time slots for gift distribution [18][23][26].

Investment Rating - The investment rating for the beauty care industry is "Positive" (maintained) [4][12] Core Viewpoints - In August 2025, the GMV of the beauty category on Douyin exceeded 20 billion yuan, showing a year-on-year growth of 19.56% and a month-on-month increase of 21.46%, indicating a strong growth trend [5] - Domestic brands are performing exceptionally well, with Han Shu leading the market with a GMV exceeding 700 million yuan, and its product, the Han Shu Red Waist Ring Hexapeptide Set, being the only product to surpass 100 million yuan in sales during August [5] - The consumption trend on Douyin is shifting from "trial consumption" to "stable repurchase," with a decrease in the proportion of new products launched in the top 1000 SPUs [5] Summary by Sections Market Performance - Domestic brands like Baique Ling, Marubi, and Mao Geping have significantly improved their rankings compared to the previous year, with increases of 78, 19, and 14 places respectively [5] - Foreign brands such as Helena and L'Oreal are facing sales pressure, with L'Oreal dropping out of the top three rankings, showing a decline of 7 places year-on-year [5] Investment Recommendations - The report suggests focusing on domestic brands that are expanding their market scale and brand influence through mainstream channels. Recommended stocks include: 1. Mao Geping, a leading high-end domestic beauty brand with strong product and channel capabilities 2. Proya, known for its mature organizational structure and industry-leading marketing and management capabilities 3. Marubi, which continues to release strong single products and accelerate brand growth 4. Shumei Co., benefiting from the trend of affordable consumption with strong operational performance and product growth certainty [5]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本通告之內容概不負責，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通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. 1. 審議及批准通函附錄一所載的建議取消監事會及修訂公司章程。 2. 審議及批准通函附錄二所載的建議修訂股東會議事規則。 3. 審議及批准通函附錄三所載的建議修訂董事會議事規則。 上海上美化妝品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 2025年第二次臨時股東會通告 茲通告上海上美化妝品股份有限公司（「本公司」）謹訂於2025年9月25日（星期 四）下午二時正假座中國上海市普陀區中山北路3300號B座25樓會議室舉行2025年第二 次臨時股東會（「2025年第二次臨時股東會」），以審議及批准以下決議案。除文義另有 所指外，本通告所用詞彙與本公司日期為2025年9月9日的通函（「通函」）所界定者具相 同涵義： 普通決議案 – 1 – 1. 審議及批准建議派發截至2025年6月30日止 ...

Shanghai Chicmax Cosmetic Co., Ltd. 除另有指明外，本代表委任表格所用詞彙與本公司日期為2025年9月9日的通函（「通函」）所界定者具有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 審議及批准建議派發截至2025年6月30日止六個月的中期股息每股人民 | | | | | 幣0.5元。 | | | | 2. | 審議及批准通函附錄四所載的建議修訂本公司企業治理制度。 | | | | 3. | 審議及批准委任本公司執行董事。 | | | | | 特別決議案 | （附註4） 贊成 | （附註4） 反對 | | 1. | 審議及批准通函附錄一所載的建議取消監事會及修訂本公司公司章程。 | | | | 2. | 審議及批准通函附錄二所載的建議修訂股東會議事規則。 | | | | 3. | 審議及批准通函附錄三所載的建議修訂董事會議事規則。 | | | 上海上美化妝品股份有限公司 日期： 簽署 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 適用於2025年9月25日（ ...

此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢股票經紀或其他持牌證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有上海上美化妝品股份有限公司的股份，應立即將本通函連同隨附的代表委任 表格交予買主或承讓人、或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容所產生或因依賴該等內容而引致的任 何損失承擔任何責任。 Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） I. 2025年中期建議利潤分配方案； II.建議委任執行董事； III.建議取消監事會及修訂公司章程、股東會議事規則、 董事會議事規則及其他相關治理制度； 及 2025年第二次臨時股東會通告 本公司謹訂於2025年9月25日（星期四）下午二時正假座中國上海市普陀區中山北路3300號B座25樓會議 室舉行20 ...

中期報告 Interim Report 2025 中期報告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Business Overview and Outlook | 業務回顧及展望 | 6 | | Financial Summary | 財務概要 | 20 | | Management Discussion and Analysis | 管理層討論與分析 | 21 | | Corporate Governance and Other Information | 企業管治及其他資料 | 30 | | Independent Review Report | 獨立審閱報告 | 51 | | Interim Condensed Consolidated Statement | 中期簡明綜合損益表 | 53 | | of Profit or Loss | | | | Interim Condensed Consolidated Statement | 中期簡明綜合全面收益表 | 54 | | of Comprehensi ...

Group 1 - The stock of Shangmei Co., Ltd. (02145.HK) increased by over 5%, specifically by 5.42%, reaching a price of 98.2 HKD [1] - The trading volume amounted to 63.942 million HKD [1]

Core Viewpoint - The stock of Shangmei Co., Ltd. (02145) has risen over 5%, currently up 5.42% at HKD 98.2, with a trading volume of HKD 63.942 million. This increase is attributed to strong performance in the beauty category on Douyin, particularly for domestic brands like Han Shu, which has maintained its top position in sales for several consecutive months [1]. Group 1: Company Performance - In August, the GMV of the beauty category on Douyin exceeded RMB 20 billion, showing a year-on-year increase of 19.56% and a month-on-month increase of 21.46% [1]. - Han Shu has achieved sales exceeding RMB 700 million in August and has consistently ranked as the top beauty brand on Douyin for the first eight months of this year [1]. - Minsheng Securities highlights that Han Shu's main brand is experiencing strong growth, while other brands like Newpage are also seeing high growth, indicating a robust multi-brand strategy [1].

Core Viewpoint - The stock of Up Beauty Holdings (02145) has increased by over 5%, currently trading at 98.2 HKD with a transaction volume of 63.94 million HKD, driven by strong performance in the beauty sector on Douyin [1] Group 1: Company Performance - In August, the GMV of the beauty category on Douyin exceeded 20 billion RMB, showing a year-on-year growth of 19.56% and a month-on-month increase of 21.46% [1] - The domestic brand Han Shu has maintained its leading position in the Douyin beauty market, achieving sales exceeding 700 million RMB [1] - Han Shu has consistently ranked as the top beauty brand on Douyin for the past two years, maintaining this position every month in the first eight months of this year [1] Group 2: Market Dynamics - Minsheng Securities highlights the strong growth of the main brand Han Shu, along with other brands like Newpage contributing to high growth [1] - The company is actively expanding its multi-category and multi-brand strategy to further strengthen its competitive edge in the market [1]

Group 1: Gold Market Analysis - Recent surge in gold prices, with London gold reaching nearly $3580 per ounce on September 3, 2025, after a four-month period of high volatility [12][10] - Under neutral assumptions, the gold price midpoint for the second half of the year is projected at $3627 per ounce, with an optimistic scenario suggesting a rise to $3816 per ounce [12][10] - Key drivers for the recent price increase include a shift in investment from long-term US and European bonds to gold due to concerns over debt risks, particularly in Europe [12][11] Group 2: International Beauty Market Trends - The global beauty market is expected to grow at a rate of 4.5% in 2024, down from 8% in 2023, with significant regional disparities [13][13] - The European market outperformed the global average with a 7.5% year-on-year growth, while the North Asia market saw a decline of 2% [13][13] - Major international beauty brands are adapting to the competitive landscape in China by embracing new online channels and local partnerships, leading to a slight recovery in market performance [13][13] Group 3: Fourth Paradigm Company Overview - The company is projected to achieve revenues of 68.52 billion, 88.19 billion, and 112.26 billion yuan from 2025 to 2027, with year-on-year growth rates of 30%, 29%, and 27% respectively [17][17] - The company is expected to turn a profit by 2025, with net profits forecasted at 0.55 billion, 2.83 billion, and 5.68 billion yuan for the same period [17][17] - The company's strategy focuses on standardization, which is anticipated to drive rapid industry expansion and maintain long-term competitiveness [14][14]