Group 1 - The establishment of a new individual business, Xiaofang Cosmetics Store, in Yujing District, with a registered capital of 100,000 RMB [1] - The legal representative of the business is Yang Xiaofang [1] - The business scope includes licensed projects for beauty services and general projects for cosmetics retail and food sales (only pre-packaged food) [1]

Core Viewpoint - UBS believes that Ulta Beauty is in a strong position, with potential for further stock price appreciation following the release of its latest financial results [1] Group 1: Financial Performance - Ulta Beauty reported a same-store sales growth of 6.7% in the second quarter, significantly exceeding the market expectation of 5% [1] - The growth was driven by a 3.7% increase in transaction volume and a 2.9% rise in average transaction value [1] - The company's performance outpaced the overall beauty market, attributed to better execution, new product offerings, and other initiatives [1] Group 2: Future Outlook - UBS anticipates that Ulta Beauty's same-store sales growth will slow down in the second half of the year, projecting a range of flat to low single digits [2] - Despite this cautious outlook, UBS believes the company is well-positioned to continue outperforming the industry and may drive upward revisions in earnings expectations [2] - By 2026, Ulta Beauty is expected to benefit from additional growth drivers, including the full launch of third-party markets and the "replenish and save" initiative [2] Group 3: Long-term Potential - UBS suggests that Ulta Beauty may reassess its long-term financial targets due to its consistent outperformance in short-term fundamentals [2] - There is potential for an increase in the company's long-term profit margin target of approximately 12% as peak investment in sales management expenses diminishes [2] - Accelerated international expansion and new revenue channels like UB Media and third-party markets are expected to support continued double-digit EPS growth [2]

Market Overview - US stock index futures are all down ahead of the market opening on August 29, with Dow futures down 0.33%, S&P 500 futures down 0.30%, and Nasdaq futures down 0.51% [1] - European indices also show declines, with Germany's DAX down 0.44%, UK's FTSE 100 down 0.24%, France's CAC 40 down 0.42%, and the Euro Stoxx 50 down 0.53% [2][3] - WTI crude oil prices fell by 0.45% to $64.31 per barrel, while Brent crude oil dropped by 0.44% to $67.68 per barrel [3][4] Economic Indicators - The US is expected to release the core PCE price index for July, with predictions indicating a year-on-year increase from 2.8% to 2.9%, which is above the Federal Reserve's 2% inflation target [5] - Federal Reserve Governor Waller supports a 25 basis point rate cut in September and anticipates further reductions in the coming months [6] Company News - Dell Technologies reported Q2 sales growth of 19% to $29.8 billion, exceeding expectations, but faced concerns over declining AI server profit margins [9] - Ulta Beauty's Q2 net profit increased to $260.9 million, with a revenue growth of 7.7% to $2.8 billion, although the company warned of potential consumer spending slowdowns [10] - Affirm Holdings reported a 33% year-on-year revenue increase to $876 million in Q4, surpassing market expectations [10] - Marvell Technology's Q2 revenue grew by 58% to $2.01 billion, meeting analyst expectations, but its Q3 revenue guidance fell short [11] - A survey indicated that Tesla's Full Self-Driving (FSD) technology may deter potential buyers, with only 14% of respondents stating it would increase their likelihood of purchasing a Tesla [12] - Intel confirmed receiving $5.7 billion from the US government as part of a larger investment plan, which will make the government a significant shareholder [13]

Core Viewpoint - Ulta Beauty reported better-than-expected Q2 earnings and raised its full-year guidance, despite warnings of potential consumer spending reductions [1][2]. Financial Performance - Q2 net profit increased from $252.6 million ($5.30 per share) to $260.9 million ($5.78 per share) [1]. - Revenue grew by 7.7% year-over-year to $2.8 billion, exceeding analyst expectations [1]. - Same-store sales are projected to grow by 2.5% to 3.5% for the year, up from a previous forecast of no more than 1.5% [1]. - The company expects FY2025 sales between $12 billion and $12.1 billion, and earnings per share between $23.85 and $24.30, both higher than previous estimates [1]. Consumer Behavior and Market Trends - Despite economic uncertainties, consumers continue to spend on beauty products, with Ulta experiencing significant growth in this category [2]. - Ulta's average transaction value increased by 2.9%, and the number of transactions grew by 3.7% compared to the previous year [3]. - The company faces intensified competition from brands like Sephora, Walmart, and Kohl's, which are expanding their beauty offerings [2]. Strategic Initiatives - Ulta is exploring new growth channels, including the introduction of health-related products in approximately 370 stores [5]. - The company has acquired UK beauty retailer Space NK, allowing entry into a new international market [6]. - A third-party marketplace platform is set to launch in Q3, aimed at expanding product offerings without increasing inventory [7]. Leadership and Management - The company is currently searching for a permanent CFO after the departure of the previous CFO, with Chris Lialios serving as the interim CFO [7]. - Ulta's management emphasizes a cautious approach due to consumer spending uncertainties [2].

－1－ | | | 截至 2025 年 6 月 30 日，公司在运营店铺 281 家，店铺数量 相比一季度末增加 16 家。当期主要新增店铺为：1、天猫/天猫 国际平台：素力高、TenderGarden、Ongredients、安多可等。2、 抖音小店：安多可、素力高等。3、其他新增主要有天猫超市、 京东、小红书、微信、得物等平台店铺。 证券代码：605136 证券简称：丽人丽妆 公告编号：2025-046 上海丽人丽妆化妆品股份有限公司 关于 2025 年第二季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第四号——零售》要求，上海丽人丽妆化妆品股份有限 公司（以下简称"公司"或"丽人丽妆"）将 2025 年第二季度主 要经营数据披露如下： 一、运营店铺情况 1、2025 年第二季度运营店铺情况 | 运营平台 | 经营模式 | 2025 | 年 3 | 月 | 2025 年二季 | 2025 年二季 | 2025 | 年 6 月 | | - ...

Core Viewpoint - The ownership of one-eighth of the shares of Liren Lizhuang has been transferred to the ex-wife of the actual controller, Huang Tao, amidst ongoing legal disputes, while the company faces significant financial challenges with continuous revenue decline and projected losses for the first half of 2025 [2] Company Overview - Liren Lizhuang was founded in 2007 by Huang Tao and is recognized as one of the first online retail service providers in China for cosmetics [2] - As of August 21, 2023, the market value of the shares transferred to Huang Tao's ex-wife, Weng Shuhua, is approximately 172 million yuan, based on the closing price of 10.27 yuan per share [2] Financial Performance - Liren Lizhuang has experienced a continuous decline in revenue for four consecutive years, with a reported revenue of 1.728 billion yuan in 2024, representing a year-on-year decrease of 37.44% [2] - The company has shifted from profit to loss, reporting a net loss of 24.4 million yuan in 2024, a decline of 182.64% compared to the previous year [2] - For the first half of 2025, Liren Lizhuang anticipates a net profit loss ranging from 30 million to 42.5 million yuan, indicating ongoing financial difficulties [2] Market Performance - As of August 22, 2023, Liren Lizhuang's stock price closed at 10.24 yuan, reflecting a decrease of 0.29%, with a total market capitalization of 4.101 billion yuan [2]

Group 1 - A new individual business named Chenghua District Shibai Fragrance Cosmetics Store has been established in Chengdu, with a registered capital of 50,000 RMB [1] - The legal representative of the business is Zhang Longxi [1] - The business scope includes retail and wholesale of cosmetics, sales of arts and crafts, internet sales, and various consulting and technical services [1] Group 2 - The business is allowed to operate in multiple areas such as daily chemical products sales, office supplies sales, and cultural and artistic exchange activities [1] - The store is also involved in advertising design and production, market marketing planning, and digital content production services [1] - The business can conduct operations independently based on its business license, except for projects that require approval [1]

Core Viewpoint - The divorce settlement between Huang Tao, the actual controller of Liren Lizhuang, and his ex-wife Weng Shuhua has concluded, resulting in the transfer of 16,747,538 shares, valued at approximately 172 million yuan, to Weng Shuhua [2][3][4]. Group 1: Legal Proceedings - The legal dispute regarding the division of assets began in March 2024, with Weng Shuhua requesting a portion of Huang Tao's shares [3]. - The court ruled in favor of Weng Shuhua, confirming her entitlement to 16,747,538 shares, which Huang Tao appealed but was ultimately denied [3][4]. - The share transfer was completed on August 21, 2024, with the shares now representing 4.18% of the company's total equity [4]. Group 2: Company Performance - Liren Lizhuang has faced declining revenues for four consecutive years, with a projected revenue of 1.728 billion yuan in 2024, only 37% of its peak in 2020 [6]. - The company is expected to report a net loss of between 30 million to 42.5 million yuan for the first half of 2025, indicating a worsening financial situation [6]. - As of August 22, 2024, Liren Lizhuang's stock price was 10.24 yuan, with a total market capitalization of 4.101 billion yuan [8]. Group 3: Shareholding Structure - Following the share transfer, Huang Tao retains 113,232,766 shares, accounting for 28.28% of the total shares [4]. - The share transfer does not affect the control of the company, and both parties will continue to comply with relevant securities regulations [5].

Group 1 - Ulta Beauty Inc shares increased by 1.4% to $527.27 after receiving an upgrade to "overweight" from "equal weight" at Barclays, which also raised the price target to $589 from $518 due to a positive outlook on same-store sales and resilience against tariff challenges [1] - The stock has rebounded above $520 after a decline from its 52-week high of $534.10, with a 40.7% increase over the past 12 months and a third consecutive daily gain following an 11.8% rise post-earnings on May 30 [2] - The upcoming second-quarter report is anticipated on August 28, with 15 out of 27 brokerages currently holding a "hold" or "strong sell" rating, indicating potential for more bullish notes if bearish sentiment diminishes [3] Group 2 - Options traders have shown increased bearish sentiment recently, with a 10-day put/call volume ratio of 1.03, ranking higher than 80% of readings from the past year, indicating a prevailing put-bias among short-term traders [4] - The Schaeffer's put/call open interest ratio (SOIR) stands at 1.73, placing it in the 99th percentile of readings from the past 12 months, further reflecting the bearish outlook among traders [4]

Core Insights - A new individual business named Mengla County Shumei Cosmetics Studio has been established, with a registered capital of 150,000 RMB [1] - The legal representative of the business is Li Shuli, indicating a personal ownership structure [1] - The business scope includes retail of cosmetics, sales of hair accessories, nail services, production of hair accessories, and various technology services [1] Business Operations - The studio is authorized to conduct general projects such as cosmetics retail and beauty services, which are essential in the growing beauty and personal care market [1] - The business is also involved in internet sales, excluding items that require special licenses, reflecting a modern approach to retail [1] - Specific licensed projects include life beauty services, which require approval from relevant authorities before operation [1]