智通财经记者 | 杨舒鸿吉 何苗 智通财经编辑 | 庄键 2026年的第一个工作日，上海将召开全市优化营商环境大会，发布本市优化营商环境的9.0版行动方案。 2025年，上海推出优化营商环境8.0行动方案，共提出58条任务举措。截至去年底，58项任务举措全部完成。 根据世界银行截至去年12月底公布的调查数据，上海在22项营商环境评测点中保持全球最优。上海营商环境持续改善，不但反映在上述调查中，同样体现在 企业经营者们的实际体感上。 上海还推行"少填少交智能审"的"智慧好办"服务，简化非必要的"专家评审"、量化评审指标、公开评审标准，推进去"中介化"，大幅压减审批、评审、验收 拨付周期，做到"直达快享"。 世界银行发布的《2025年度中国企业调查报告》显示，在供电可靠性方面，上海停电次数和停电时长均为零，办电便利度、成本等指标居世界先进水平。宜 家家居设备主管钱旭峰对此深有体会，"服务一年比一年更贴心了。" 去年，国网上海电力重点推广电力接入服务包，以及契约制接电服务，解决企业接电过程中的痛点与难点，提升企业从接电到运营的全生命周期服务体验， 并推出"五项新承诺"和"五类服务包"共24项服务举措。 时常与电力打 ...

智通财经记者 | 杨舒鸿吉 智通财经编辑 | 庄键 2026年的第一个工作日，上海将召开全市优化营商环境大会，发布《上海市加快打造国际一流营商环境 行动方案（2026年）》，这将是本市优化营商环境的第九版行动指南。 2025年，上海推出优化营商环境8.0行动方案，共提出58条任务举措。截至去年底，58项任务举措全部 完成。 根据世界银行截至去年12月底公布的调查数据，上海在22项营商环境评测点中保持全球最优。上海营商 环境持续改善，不但反映在上述调查中，同样体现在企业经营者们的实际体感上。 智通财经通过回顾2025年落地的八项关键举措，试图解码上海营商环境提升久久为功的密码。 "免申即享"服务企业超611万次 对于奔曜科技而言，2025年是发展迅猛的一年。这家国家高新技术企业专注于机器人、自动化和人工智 能技术研究与应用，已推动产品与解决方案进入全球市场。 奔曜科技首席产品官阎文舟告诉智通财经，企业研发需要长期的研发投入，上海"免申即享"政策通过大 数据匹配企业资质，企业全程无需主动申请、无需填写申请表、提交大量申请材料，就能快速享受 到"小升规"（小微工业企业发展为规模工业企业）带来的政策红利。 "无感化" ...

| 108.358 | | 上美股份[02145] 2025-12-31 12:00 | | | | | 5PMA = 10PMA = 20PMA = 30PMA = | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 101.306 | | | | | | | | | | 94.254 | | | | | | | | | | 87.202 | | | | | | | | | | 80.150 | | | | | | | | | | 73.098 | | | | | | | | | | 66.046 | | | | | | | | | | 58.994 | | | | | | | | | | 51.942 | | | | | | | | | | 990万 | 成交单:1173116 | | | | | | | | | 742万 | | | | | | | | | | 495万 | | | | | | | | | | 247万 | | | | | | | | | | | 10-09 | 10-21 | 11-03 | 11-13 | 000 ...

当前，中国洗护发行业稳步增长，智研咨询数据显示，2019年-2024年市场规模从573亿元增至678亿元。随着新一 代消费力量崛起，国人对洗护需求的更替正催生出新的消费热点，洗护市场正向功效化、专业化、精细化等方向 升级。 从市场竞争格局来看，国际巨头宝洁、欧莱雅、联合利华目前仍主导中国洗护发市场，这些品牌凭借成熟的研发 体系、强大的渠道铺设能力及全球化品牌影响力，一度掌控超60%的市场份额，形成垄断格局。京东2025年Q3洗 护发品类销量TOP10中，外资品牌占7席，淘宝双11预售阶段高端洗护赛道外资份额超80%。欧莱雅（卡诗）、资 生堂、汉高等国际品牌，凭借"专业"认知与历史沉淀，在高端市场占据用户心智。宝洁（海飞丝、潘婷）、联合 利华（清扬、力士）则在大众市场维持基本盘。国货品牌则处于"分散突围"阶段，行业TOP10中，只有阿道夫和 滋源两大国货品牌挺近，留给国货品牌集中突围的空间还很大。 在消费升级与健康意识深化的双重驱动下，中国洗护市场正经历从"清洁+基础护理"向以"科学养护"为核心的精细 化转型的变革期。从市场生态来看，近两年国货品牌加速布局洗护赛道，形成了集体发力的热潮：国货美妆品 牌"珀莱雅（ ...

该行按照护肤、婴童护理、洗护三大板块对公司中长期成长空间进行测算，预计韩束3年有望破百亿， 多品牌快速增长： 护肤业务：近两年韩束依托抖音渠道爆发，市占率明显提升，2024年韩束营收增长超80%，25H1受达 播渠道收缩影响营收有所降速，但Q3线上GMV依旧强劲，根据久谦数据，2025年Q3韩束GMV同比增 长50%。韩束大众、中高端产品线齐头并进，3年维度营收有望破百亿，一叶子营收有望企稳加速。 婴童护理业务：一页品牌依托独特的"医研共创"模式正处于高速增长阶段，过去两年市占率快速提升， 一页凭借高端定位和差异化代言人享有竞争优势，预计未来三年复合增速超50%。红色小象自2023年转 型中大童市场后仍在调整，预计营收增速先降后升。 洗护业务：有望诞生大品牌。1）垂类赛道较多，定位清晰且善于建设消费者心智的品牌能够脱颖而 出，公司极方、2032等洗护品牌有望复刻韩束、一页等品牌的方法论。2）公司切入功效防脱等增速更 快的赛道，且行业集中度较高，有助于孵化大品牌。 智通财经APP获悉，国金证券发布研报称，上美股份(02145)为我国美护行业领先企业，旗下拥有在护 肤、婴童护理、洗护等赛道的多品牌矩阵。公司以线上 ...

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, highlighting potential growth opportunities in the sector [4][13]. Core Insights - The cosmetics and medical beauty sector is currently underperforming compared to the market, with the Shenwan Beauty Care Index rising by only 0.5% from November 21 to November 28, 2025, which is lower than the overall market performance [5][4]. - The sixth China Cosmetics Annual Conference emphasized the importance of multi-brand globalization and AI empowerment for future development, with industry leaders discussing strategies for growth and market adaptation [10][4]. - The report anticipates that domestic brands will thrive during the industry's consolidation phase, leveraging innovation and consumer demand to drive growth [11][4]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance, with the Shenwan Cosmetics Index increasing by 1.4%, which is 1.6 percentage points lower than the Shenwan A Index [5][4]. - Key stocks in the sector include Yanjiang Co. (+22.0%), Mingchen Health (+17.9%), and Lihe Technology (+9.9%) [6][4]. Market Trends - The report identifies trends such as the need for brands to localize when expanding internationally, the role of AI in upgrading the industry, and the focus on men's skincare and body care segments [10][4]. - The medical beauty market is expected to see growth driven by new products and consumer demand, despite some economic pressures [12][4]. Company Analysis - Qingmu Technology is highlighted as a leading player in the full-service e-commerce operation sector, with a strong focus on data and technology to drive growth [16][4]. - The report notes that the company has shown significant revenue growth, with projected revenues of 15.1 billion, 19.0 billion, and 23.4 billion yuan for 2025-2027, respectively [19][4]. Investment Recommendations - Recommended stocks include brands with strong channel and brand matrices such as Maogeping, Shuangmei, and Proya, as well as companies in the medical beauty sector like Aimeike [13][4]. - The report suggests focusing on companies with strong R&D capabilities and a broad product pipeline, particularly in the medical beauty segment [13][4].

Core Insights - Southbound funds increased their holdings in Shangmei Co., Ltd. by 198,700 shares on November 4, 2025, marking a 0.46% increase in total shares held [1][2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 1,330,800 shares [1][2] - In the last twenty trading days, there were ten days of net increases, amounting to 1,400,500 shares [1][2] - As of now, southbound funds hold 43,388,700 shares of Shangmei Co., Ltd., which represents 21.02% of the company's total issued ordinary shares [1][2] Company Overview - Shangmei Co., Ltd. is primarily engaged in the production and sale of cosmetics in China [2] - The company markets brands such as "Han Shu," "Yi Ye Zi," and "Red Elephant," focusing on skincare and maternal and infant care products [2] - Products are sold through both online and offline channels, with a primary focus on the domestic market [2]

Core Viewpoint - Southbound funds have reduced their holdings in Shangmei Cosmetics Co., Ltd. (02145.HK), indicating a trend of net selling over recent trading days [1] Group 1: Shareholding Changes - On October 22, southbound funds reduced their holdings by 12,100 shares, marking a decrease of 0.03% [2] - Over the past five trading days, there have been four days of net selling, totaling a reduction of 742,100 shares [1][2] - In the last 20 trading days, there were 12 days of net selling, with a cumulative reduction of 1,188,800 shares [1] Group 2: Current Holdings - As of now, southbound funds hold 41,123,600 shares of Shangmei Cosmetics, which represents 19.92% of the company's total issued ordinary shares [1][2] Group 3: Company Overview - Shangmei Cosmetics Co., Ltd. primarily engages in the production and sale of cosmetics, with key brands including "Han Shu," "Yi Ye Zi," and "Red Elephant" [2] - The company's products are utilized for skincare and maternal and infant care, sold through both online and offline channels [2] - The company mainly operates in the domestic market [2]

Core Insights - Southbound funds increased their holdings in Shangmei Cosmetics Co., Ltd. by 34,900 shares on October 14, 2025, bringing the total holdings to 41,631,900 shares, which represents 20.17% of the company's issued ordinary shares [1][2] Summary by Category Shareholding Changes - Over the past five trading days, southbound funds have reduced their holdings on three occasions, with a total net reduction of 327,900 shares [1] - In the last twenty trading days, there were ten days of reductions, resulting in a cumulative net decrease of 223,600 shares [1] - The most recent trading day on October 13, 2025, saw a decrease of 49,500 shares, representing a change of -0.12% [2] Company Overview - Shangmei Cosmetics Co., Ltd. primarily engages in the production and sale of cosmetics, with key brands including "Hansu," "Yiyezi," and "Red Elephant" [2] - The company's products cater to skincare and maternal and infant care, distributed through both online and offline channels [2] - The company mainly operates within the domestic market of China [2]

Group 1 - The company reported a robust revenue growth of 17.29% year-on-year, achieving an operating income of 4.108 billion yuan in H1 2025 [1] - The net profit attributable to the parent company reached 524 million yuan, reflecting a significant increase of 30.65% year-on-year [1] - The gross margin for H1 2025 was 75.52%, a slight decrease of 0.99 percentage points, while the net profit margin improved by 1.74 percentage points to 13.52% [1] Group 2 - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, marking a 14.3% increase, with significant sales from the Hong Man Yao and X Peptide series [2] - The second brand, Newpage, saw a remarkable revenue growth of 146.5% year-on-year, reaching 397 million yuan, achieving its annual sales target for 2024 [2] - The company is actively enhancing its online sales strategy, with self-operated online channels generating 3.421 billion yuan in revenue, a 24.6% increase, and accounting for 83.3% of total revenue [2] Group 3 - The company is expected to achieve net profits of 1.025 billion yuan, 1.286 billion yuan, and 1.566 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 32, 26, and 21 [3]