Core Viewpoint - The stock of Up Beauty Holdings (02145) has risen over 3%, reaching a new high of 102.5 HKD, driven by strong performance in the domestic beauty market, particularly for the brand Han Shu [1] Company Performance - Up Beauty Holdings' main brand Han Shu has achieved sales exceeding 700 million RMB in August, solidifying its leading position in the Douyin beauty market [1] - Morgan Stanley has raised its earnings forecast for the company for 2025-2027 by 1-5%, which is 3-8% higher than market expectations, reflecting confidence in the company's growth potential [1] Market Outlook - The beauty industry in mainland China is experiencing rapid growth, and Up Beauty Holdings is expected to further increase its market share due to its multi-brand strategy, R&D capabilities, and enhanced brand value [1] - CICC's research report indicates that the company is successfully expanding its main brand and has seen multiple smaller brands gain traction, validating its multi-brand group strategy [1]

Group 1 - The stock of Shangmei Co., Ltd. (02145) rose over 3%, reaching a new high of 102.5 HKD since its listing, with a current price of 101.1 HKD and a trading volume of 92.94 million HKD [1] - In August, domestic beauty brands showed strong momentum in the Douyin beauty market, with Han Shu leading the market with sales exceeding 700 million HKD [1] - Morgan Stanley expects the group to enhance its market share due to its multi-brand portfolio, R&D capabilities, omnichannel strategy, and increasing brand value, with a positive long-term outlook for the company [1] Group 2 - CICC's research report highlighted successful category expansion for the main brand Han Shu and rapid growth of several small brands since mid-year, validating the multi-brand group strategy [1] - The company is seen as having a solid foundation for building a platform-based cosmetics group, supported by talent and organizational structure [1] - The long-term growth prospects of the company are viewed positively by CICC [1]