成功实现从"单核驱动"向"平台化集团"的战略蜕变。公司以主品牌韩束为核心基本盘，2025 年上半年 贡献了33.44 亿元收入，其增长动力已从依赖抖音渠道，转变为通过拓展男士护肤、高端洗护等新品 类，并强化在天猫、京东等平台的运营，实现全渠道渗透与多元化增长。同时，公司已验证其可复制的 品牌孵化能力。以"一页"品牌为代表的第二增长曲线迅速崛起，上半年收入同比激增146.5%至3.97 亿 元。此外，安敏优、极方等新锐品牌也呈现强劲成长势头，共同构筑起支撑公司长期发展的多品牌矩 阵。 多轮驱动迈向平台化，长期目标引领增长。公司基于"六六战略"提出2030年实现300 亿元销售额的清晰 蓝图，依托三大核心驱动力：一是科研成果落地，X 肽等技术矩阵扩容，结合转化医学基金与全球专家 资源，推出高附加值产品强化功效竞争力；二是品牌品类扩张，韩束拓展新品类、一页覆盖全年龄段， 同时孵化更多细分赛道品牌；三是深化全球化布局，落地东南亚工厂，以"本土化制造+运营"结合全球 资源输出技术与品牌。此外，AI 在生产营销的深度应用及人才梯队建设，将巩固运营效率优势，助力 2030 年长期收入目标达成。我们预计公司2025~2027 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6]. Core Insights - The Chinese beauty industry is transitioning from "incremental expansion" to "stock game," with the market expected to reach a scale of 465.3 billion yuan by 2025, reflecting a 5.1% year-on-year growth, marking the maturity of the market [1][6]. - Domestic brands are gaining market share due to their understanding of local consumer needs and agile operations, shifting from market participants to leaders [1]. - The competition has evolved from traffic acquisition to a systematic comparison of brand strength, product technology, and sustainable innovation capabilities [1]. Summary by Relevant Sections Company Performance - The company has successfully transitioned from a "single-core drive" to a "platform group" strategy, with its main brand, Han Shu, contributing 3.344 billion yuan in revenue in the first half of 2025, driven by the expansion into men's skincare and high-end hair care [2]. - The second growth curve represented by the "Yi Ye" brand has seen a revenue surge of 146.5% year-on-year to 397 million yuan [2]. Long-term Growth Strategy - The company has set a clear goal to achieve 30 billion yuan in sales by 2030, supported by three core drivers: scientific research outcomes, brand category expansion, and deepening global layout [3]. - The application of AI in production and marketing, along with talent development, is expected to enhance operational efficiency and support the long-term revenue target [3]. Financial Projections - Revenue is projected to grow from 4.191 billion yuan in 2023 to 12.646 billion yuan in 2027, with a compound annual growth rate (CAGR) of 56.6% in 2024 and 27.4% in 2025 [4]. - Net profit is expected to increase from 461 million yuan in 2023 to 1.609 billion yuan in 2027, with a significant growth rate of 213.5% in 2024 [4]. - Earnings per share (EPS) are forecasted to rise from 1.16 yuan in 2023 to 4.04 yuan in 2027, reflecting strong profitability [4].