投资建议与盈利预测：公司坚定长期发展战略，主动实施控量挺价策略，积极协助经销商提升动销，消 化渠道库存。8 月30 日将上市首款低酒度畅饮型老酒"舍得自在"，顺应白酒年轻化及低度化趋势。公司 将坚持以老酒战略为基石，推动多品牌矩阵、年轻化和国际化战略，业绩有望企稳回升。预计公司25- 27 年实现营业收入56.31/60.65/66.44 亿元；实现归母净利润9.08/10.28/11.09 亿元；PE 分别为 22.34/19.74/18.29x，维持"推荐"评级。 风险提示：宏观经济下行风险；终端库存消化不及预期；居民消费恢复不及预期；行业竞争加剧等 电商销售稳步增长，全渠道布局持续深化。25H1 省内/省外分别实现营收7.83/16.35 亿元，同 比-13.91%/-21.24%。从渠道端来看，批发代理/电商分别实现收入20.82/3.36 亿元，同 比-23.72%/+31.38%。近年来，公司不断加强对市场、渠道及消费者的研究与运营，在服务上千家一级 经销商及数万家烟酒店渠道为核心终端的基础上，不断拓展电商、C2M、企业团购、现代商超、餐饮 等新渠道，全渠道销售能力不断提升。通过生态融通、数字化会 ...

Summary of Shangmei Co., Ltd. Conference Call Company Overview - Shangmei Co., Ltd. operates in the beauty and personal care industry, focusing on multiple segments including mass skincare, premium skincare, personal care, medical beauty, maternal and infant care, and cosmetics [2][3][4]. Key Points and Arguments Multi-Brand Strategy - The company employs a multi-brand matrix strategy to cater to diverse consumer needs, enhancing profitability and sustainable growth [2][5]. - The Han Shu brand targets the mass market and has achieved rapid growth through category expansion and channel diversification, particularly on e-commerce platforms like Douyin [2][4]. Sales Performance - During the 2025 618 shopping festival, the cosmetics series sales exceeded 100 million RMB, marking a new growth point for the company [2][3]. - The high-end infant care brand New Page is projected to reach sales of 800-1,000 million RMB by 2025, while the anti-hair loss brand Ji Fang quickly became the top seller on Douyin [2][6]. Future Growth Strategy - The company aims to achieve a sales target of 30 billion RMB by 2030 through its "Six Six Strategy," which focuses on strengthening the Han Shu brand and expanding into men's care and other areas [2][7]. - Anticipated growth in the second half of 2025 is expected to outperform the first half due to new channels, teams, product categories, and emerging brands [2][8]. Financial Metrics - Shangmei Co., Ltd. reports a profit margin exceeding 10%, a gross margin above 70%, and a return on equity (ROE) of over 30% [4][16]. Market Dynamics - The beauty and personal care market is valued at 700 billion RMB, with diverse consumer demands across various price segments [4][11]. - Despite intense competition, the industry continues to innovate, creating new demand and structural opportunities for domestic brands [12][40]. Brand Positioning - The Han Shu brand is positioned as a mass-market beauty brand with a broad product range, not reliant on specific channels or consumer perceptions, allowing for significant growth potential [17][18]. Product Development - The company has successfully launched several new products, including men's skincare and various beauty items, which have shown strong market acceptance [3][6][29]. Talent and Organizational Structure - Shangmei Co., Ltd. emphasizes talent acquisition and organizational efficiency to support its multi-brand strategy and enhance its competitive edge in the market [32][35]. Additional Important Insights - The company is expanding its presence on various e-commerce platforms, achieving significant growth rates on platforms like Taobao and JD.com [26]. - The competitive landscape shows that while foreign brands dominate certain segments, domestic brands like Han Shu are gaining market share due to their flexibility and value propositions [25][40]. - The anticipated launch of new brands in the second half of 2025, including a children's care brand and a makeup artist brand, is expected to further enhance market penetration [37][38]. This comprehensive overview highlights Shangmei Co., Ltd.'s strategic initiatives, market positioning, and growth prospects within the beauty and personal care industry.