Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Insights - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 9.02%, and a net profit of 123 million yuan, up 16.54% year-on-year [1] - The self-owned brand revenue accounted for over 40% of total revenue, with significant contributions from mask products and lotion/cream products [1][2] - The gross margin improved by 3.13 percentage points year-on-year to 64.61% in H1 2025, with self-owned brand gross margin reaching 76.83% [2] - The company is focusing on high-end brand development, with several brands contributing to long-term growth potential [3] Financial Performance Summary - For H1 2025, the company reported a net profit margin of 4.93%, an increase of 0.32 percentage points year-on-year [2] - The projected net profits for 2025, 2026, and 2027 are 253 million yuan, 335 million yuan, and 429 million yuan, respectively, with growth rates of 129.6%, 32.7%, and 28.0% [4][5] - The company’s PE ratios for the next three years are projected to be 33X, 25X, and 20X [4][5]

Core Insights - The company reported a revenue of 2.5 billion yuan for 1H25, representing a year-on-year increase of 9.0%, with a net profit attributable to shareholders of 123 million yuan, up 16.5% [1] - In Q2 2025, the revenue reached 1.414 billion yuan, reflecting a growth of 12.2%, and the net profit attributable to shareholders was 81 million yuan, an increase of 23.8% [1] Revenue Breakdown - The revenue from facial masks in 1H25 was 423 million yuan, growing by 18.0%, with a gross margin of 73.0%, up 5.1 percentage points [1] - The revenue from lotions and creams was 1.997 billion yuan, an increase of 11.7%, with a gross margin of 62.0%, up 3.5 percentage points [1] - Revenue from the Taobao channel was 595 million yuan, up 3.6%, while revenue from Douyin reached 998 million yuan, growing by 16.1% [1] Profitability and Costs - The overall gross margin for 1H25 was 64.6%, an increase of 3.1 percentage points, and the net profit margin was 4.9%, up 0.3 percentage points [1] - The expense ratios for sales, management, and R&D were 48.9%, 5.2%, and 1.8%, respectively, with year-on-year increases of 2.1 percentage points, 0.5 percentage points, and 0.4 percentage points [1] Product and Channel Development - The company has successfully completed the high-end and global transformation of its proprietary brand system, with significant growth in key products such as the EDB super mask and collagen essence water [1] - EDB's online sales through self-broadcasting and flat sales are increasing, while offline, the company has opened 8 direct stores in high-end malls in Shanghai [2] - The company has established a CP system covering skincare, makeup, personal care, perfume, and health food, with notable sales achievements in various product lines [2] Future Outlook - The company is expected to stabilize its operations in 2025 and continue building its high-end brand matrix, with projected net profits of 252 million yuan, 319 million yuan, and 386 million yuan for 2025-2027 [2]

Core Insights - The company Meistick has been recognized as the "Top 1 in online sales of high-end oral skin color management" by iiMedia Research, a leading third-party data mining and analysis agency in the new economy sector [1][5][10] Industry Overview - The medical beauty and skincare industry is experiencing rapid growth driven by the dual forces of beauty economy and heightened health awareness, with the Chinese skincare market projected to reach 301.4 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [3][5] - The increasing consumer awareness of skincare has shifted the focus from basic cleansing and moisturizing to more precise and effective skincare solutions [3][5] Consumer Trends - The "ingredient-focused" consumer group is expanding, showing unprecedented attention to product ingredients, efficacy, and safety, leading to a demand for more precise, efficient, and safe skincare experiences [5][11] - Key consumer demands include anti-wrinkle and anti-aging (55.1%), skin whitening and spot removal (51.0%), and moisturizing (47.6%), driving the industry towards precision and professionalism [7][11] Company Positioning - Meistick, with a 40-year history, is a Spanish professional skincare brand that emphasizes scientific innovation and has established a significant presence in the global high-end skincare market [7][10] - The company has achieved over tenfold growth in its all-channel GMV, from 50 million yuan in 2021 to over 500 million yuan in 2024, indicating strong market performance [10] Product Innovation - Meistick invests 44% of its profits annually in research and development, with a significant portion of its workforce dedicated to R&D, ensuring a robust technological moat [11][12] - The brand has developed a diverse product matrix covering 15 efficacy categories, including anti-aging and skin whitening, supported by a pharmaceutical-grade production facility [12][14] Market Strategy - The company employs a dual-channel strategy, integrating online and offline approaches to engage consumers effectively, while also participating in social responsibility initiatives [16] - Meistick's products have gained popularity among international celebrities and have been featured in top fashion magazines, enhancing its brand image [15][16]