The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Shandong Huawutang Cosmetics Co., Ltd. 山 東 花 物 堂 化 妝 品 股 份 有 限 公 司 (A joint stock company incorporated in the People's Republic of China with limi ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Application Proof of Shandong Huawutang Cosmetics Co., Ltd. 山 東 花 物 堂 化 妝 品 股 份 有 限 公 司 (A joint stock company i ...

近日，fresh向会员发送短信通知，武汉万象城店于1月5日闭店，后续可前往武汉武商广场继续体验fresh产品以及进行积分兑礼等。这意味着，武汉万象城店 闭店后，fresh在武汉核心商圈仅剩武商广场一家柜台。 官网显示，1991年，Lev Glazman和Alina Roytberg创立了fresh品牌；2000年，fresh加入LVMH集团，总部设立于美国纽约，产品遍布逾25个国家/地区，涵盖 肌肤护理、唇部护理、身体护理和香氛多个领域，为LVMH集团旗下的高端护肤品牌。 2011年进入中国市场后，fresh布局了线上旗舰店及多家线下专柜，颇具代表性的产品如红茶水、玫瑰水、修女面霜等。 从LVMH集团发布的2025年三季报来看，香水与化妆品部门前三季度实现收入60.4亿欧元，同比下滑2%。虽然LVMH将香水、彩妆等业务作为了发力的一个 重点，但是整体来看依旧面临一定压力。 而且对于fresh这样的高端护肤品牌来说，在中国市场也面临新的挑战。无论是面对愈发理性的消费者还是不断增加的同类竞争者，fresh都需要关注如何提升 效率和业绩。 ...

Core Viewpoint - The company, DR PLANT, is set to go public on the Shenzhen Stock Exchange, with its IPO materials officially accepted, indicating a strategic move to leverage its extensive offline store network for growth and brand recognition [1] Group 1: Offline Store Strategy - The company operates 4,269 offline stores, which serve as a core strategic layout, emphasizing accessibility and physical connection with consumers, contrasting with many new brands that rely heavily on online channels [3] - The offline stores provide free skin assessments, care experiences, and member salon services, transforming retail spaces into skincare solution providers, showcasing resilience in the face of rising e-commerce costs [3] - The company ranks first in China for single-brand cosmetics stores based on projected 2024 retail sales, validating the effectiveness of its offline-focused strategy [3] Group 2: Research and Development Integration - The company has established a research center in collaboration with the Kunming Institute of Botany, forming a robust R&D framework with 223 patents, which supports its brand positioning of "high mountain plants, pure skin beauty" [4] - The integration of R&D outcomes into the offline experience allows consumers to perceive the differentiated value of products through professional explanations and hands-on experiences, creating a positive feedback loop that enhances brand recognition [4] Group 3: Membership and Customer Engagement - The company boasts over 30 million members, a figure supported by its extensive offline store network, which facilitates a service-oriented membership system [5] - The in-store interactions, such as personalized skin consultations and exclusive member activities, foster trust and loyalty, translating into higher customer retention and stable revenue [6] - The company has effectively converted its store traffic into lasting customer relationships, demonstrating a successful model of customer engagement [6] Group 4: International Expansion - The company has expanded its store network internationally, including markets like Japan, Indonesia, Thailand, and Hong Kong, with the recent opening of a flagship store in Bangkok marking a new phase in its overseas strategy [7] - The international expansion follows a similar logic to its domestic strategy, prioritizing offline stores to build brand recognition and showcase Chinese high mountain plant skincare culture [7] - The company has received recognition as a global leader in single-brand skincare stores for three consecutive years, reinforcing its model and supporting future global expansion [7] Group 5: Future Challenges and Strategic Planning - The extensive store network presents operational challenges, such as maintaining healthy revenue growth per store and balancing new and existing store operations [8] - The company appears to have a clear plan for future growth, focusing on continuous R&D investment, deepening membership operations, and coordinated domestic and international market expansion [8] Group 6: Reaffirmation of Offline Value - The company's IPO process reaffirms the value of offline stores in a capital environment that often favors light assets and quick turnover, demonstrating a sustainable development path through its 4,269 stores [9] - The company emphasizes that true brand strength lies in accessibility to consumers, contrasting with the trend of many brands moving online, and highlights the importance of a grounded approach to business [9] - The capital market's recognition of this strategy may validate the enduring value of traditional retail in today's commercial landscape, marking the beginning of the company's IPO journey [9]

Core Viewpoint - e.l.f. Beauty, Inc. is recognized as one of the best beauty stocks to buy currently, despite facing challenges in the competitive landscape [1] Group 1: Market Performance - Piper Sandler has reduced e.l.f. Beauty's price objective from $100 to $85 while maintaining a Neutral rating, noting an increase in market share in Q3 2026 after a slowdown in Q2 2026 [2] - TD Cowen reports a 17% year-over-year increase in weekly sales for e.l.f. Beauty, with share gains rising by 70 basis points on a four-week basis compared to the previous reporting period [3] - As of January 9, 2026, e.l.f. Beauty's stock is up by 13.38% year-to-date [4] Group 2: Financial Outlook - e.l.f. Beauty anticipates annual costs exceeding $50 million in fiscal 2026 due to rising import taxes in the United States, with China accounting for approximately 75% of its global production [4] Group 3: Competitive Landscape - The beauty segment is experiencing intensified competition, making innovation crucial for e.l.f. Beauty to maintain its market position [2]

Group 1 - e.l.f. Beauty, Inc. is facing challenges primarily due to confusion surrounding its manufacturing in China and potential tariff issues [1][2] - Jim Cramer suggests that if a tariff overturn occurs from the Supreme Court, the stock could increase by 25 points, indicating a potential upside [1] - The company has a significant short interest, which adds to the uncertainty surrounding its stock performance [2] Group 2 - e.l.f. Beauty, Inc. offers a range of cosmetics and skincare products under various brands, including e.l.f. Cosmetics and e.l.f. Skin [2] - Despite acknowledging the potential of e.l.f. as an investment, there are other AI stocks that are perceived to have greater upside potential and lower downside risk [2]

Core Insights - Estee Lauder Companies Inc. (EL) has shown strong performance with a 21.9% increase in shares over the past three months, significantly outperforming the broader market and its key peers [1][2][10] Company Performance - Estee Lauder's stock reached a 52-week high of $119.43 before settling at $115.37, trading above both its 50 and 200-day moving averages, indicating a positive technical setup [6] - The company has returned to organic sales growth with a 3% increase in net sales for the first quarter of fiscal 2026, alongside a 300 basis point expansion in adjusted operating margin to 7.3% [8][10] - Adjusted gross margin improved by 60 basis points to 73.3%, driven by procurement efficiencies and better inventory management, which helped offset inflationary pressures [9] Market Position - Estee Lauder is gaining market share in the prestige beauty segment across key markets, including Mainland China, the United States, and parts of Western Europe, with strong performances from brands like La Mer and TOM FORD [10][11] - The company is enhancing consumer reach through expanded distribution channels, including Amazon Premium Beauty and TikTok Shop, which positions it well to capitalize on changing consumer buying patterns [11] Financial Estimates - The Zacks Consensus Estimate for earnings per share has been revised upward, with fiscal 2026 and 2027 estimates increasing by 2 cents each to $2.16 and $2.93, indicating expected year-over-year growth rates of 43.1% and 35.9% respectively [12] Valuation - Estee Lauder's forward price-to-earnings ratio stands at 44.76X, significantly higher than the industry average of 29.87X, reflecting investor expectations for improved performance [13] - Despite the elevated P/E ratio, Estee Lauder is viewed as an attractive investment opportunity due to its brand leadership and potential for earnings recovery [16][17]

Core Insights - Two stocks in the consumer staples sector are signaling potential warnings for momentum-focused investors as of January 14, 2026 [1] Group 1: Stock Analysis - Target Corp (NYSE:TGT) has an RSI value of 73, indicating it is overbought. The stock gained approximately 11% over the past month, closing at $108.63 with a 52-week high of $145.08 [6] - Estee Lauder Companies Inc (NYSE:EL) has an RSI value of 72.1, also indicating it is overbought. The stock rose around 14% over the past month, closing at $115.37 with a 52-week high of $119.43 [6] Group 2: Analyst Ratings - Wolfe Research analyst reiterated Target with an Underperform rating and a price target of $81 [6] - Raymond James analyst upgraded Estee Lauder from Market Perform to Strong Buy with a price target of $130, while Wells Fargo raised its price target from $95 to $111, maintaining an Equal-Weight rating [6] Group 3: Price Action - Target's shares increased by 2.4% on the last trading day [6] - Estee Lauder's shares rose by 2.1% on the last trading day [6]

Summary of China Cosmetics Sector Conference Call Industry Overview - The China cosmetics sector is expected to experience a reset for higher-quality growth in 2026, moving away from reliance on high-cost Key Opinion Leaders (KOLs) and focusing on popular core SKUs. This shift has led to a contraction in Net Profit Margin (NPM) due to deleveraging impacts, despite improvements in Return on Investment (ROI) [1][2]. Key Trends and Insights - **Consumer Acquisition Costs**: Monitoring new consumer acquisition costs will be critical, especially as channel migration benefits diminish and the ingredient cycle remains ambiguous. Anti-involution policies will also play a significant role [1]. - **Branding Strategy**: Branding is anticipated to be the most effective strategy for consumer engagement and new product launches in 2026. Companies with high repurchase rates and cost-efficient omni-channel strategies are better positioned for success [1][2]. - **Market Dynamics**: The cosmetics market is expected to grow at a normalized rate, with growth projected at less than 1x GDP growth. The market is forecasted to see a 2.1% increase in beauty spending in 2026, with a mix of onshore and offshore market performance [17][18]. Company-Specific Insights - **Mao Geping Cosmetics (MGP)**: Upgraded from Neutral to Buy with a target price increase from HK$89 to HK$105, reflecting a 27% upside. The company is noted for strong branding and a balanced channel presence, with a forecasted sales and net income CAGR of 23% and 22% from 2025 to 2027, respectively [2][9]. - **Giant Biogene**: Maintained as Buy, with a target price lowered from HK$71 to HK$46, indicating a 36% upside. The company is expected to recover with new skincare products and a focus on medical aesthetics, projecting sequential growth of -8%/+12%/+17% YoY for 1H26E/2H26E/2027E [2][9]. - **Shanghai Jahwa**: Target price reduced from RMB 31 to RMB 28, with a 22% upside. The company is on a turnaround trajectory with improving margins and cash flow [2][9]. - **Proya Cosmetics**: Remains Neutral as the company is expected to moderate organic growth while awaiting more execution on white space exploration [2][9]. - **Botanee Biotech**: Neutral rating with early signs of a potential turnaround but lacking clear growth drivers [2][9]. - **Bloomage Biotech**: Maintained as Sell due to downside risks in skincare and muted growth in medical aesthetics amid a mature product cycle [2][9]. Market Performance and Projections - **E-commerce Trends**: Tmall is expected to maintain strong growth momentum, supported by anti-involution measures. Douyin's performance has been softer than expected, with a significant decline in KOL channel performance [19][21]. - **Sales Growth Expectations**: The cosmetics sector is projected to see sustained GMV growth on Tmall, while Douyin is expected to experience a narrowing gap in growth rates compared to Tmall [20][21]. Conclusion - The China cosmetics sector is poised for a shift towards higher-quality growth in 2026, with branding and strategic channel management becoming increasingly important. Companies that adapt to these changes and focus on core products are likely to outperform in the evolving market landscape [1][2][19].

Core Insights - Chinese beauty brands are rapidly rising, with a sales growth rate of 8.33% and a market share of 56.87% by Q3 2025, significantly outpacing foreign brands' growth rate of 2.46% [1] - The export of beauty and personal care products from China has increased by 10.3% year-on-year, indicating that exports are becoming a new growth engine for local brands [1] - The optimization and innovation of the supply chain in the Chinese beauty industry support rapid product iteration and provide a foundation for global competition [1] Market Comparison - China has surpassed the U.S. to become the largest cosmetics consumption market, with a comparative study highlighting that Chinese brands excel in maximizing efficiency within platform ecosystems, while U.S. brands focus on building stable brand assets across cycles [2][4] - The differences in market dynamics stem from China's rapid digital growth phase, where brands prioritize capturing traffic and achieving category explosions, contrasting with the U.S. market's stable consumer structure and long-term brand loyalty focus [4] Strategic Insights - For Chinese brands, international expansion requires more than just replicating domestic strategies; it necessitates building a cross-platform and cross-cycle brand asset system while maintaining efficiency [4] - A sustainable strategic path involves a dual-track approach of "effect-asset" adaptation, ensuring growth efficiency in target markets while investing in product strength and long-term trust mechanisms [4][5] - Brands that can balance efficiency with patience and speed with governance are more likely to survive and expand across different market stages [5]