若羽臣的代理拓展到了口服美容领域。12月17日，北京商报记者了解到，美妆代运营商若羽臣与西班牙 专业医美院线品牌美斯蒂克开展合作，将成为美斯蒂克最核心的口服美容线在中国区域的独家总代理。 但关于若羽臣提到的"独家口服美容线产品代理权限"水羊股份似乎并不认可，并发表声明表示其才是美 斯蒂克品牌中国市场的独家代理，其中包括了美容口服线产品。究竟谁才是独家代理尚未可知，但可以 知道的是，在美容口服产品拥有千万市场规模的当下，若羽臣和水羊股份都需要有这个独家代理权让公 司发展更进一步。 谁的独家代理权 各有所需 不论是从若羽臣当下的发展还是水羊股份过去几年的运营来看，二者都需要将美斯蒂克品牌的运营权收 入囊中。 近两年，若羽臣正在持续通过内部孵化+外部投资、并购、合资等多元化资本操作路径，整合全球资源 和团队，丰富品牌管理矩阵，实现从品牌运营向品牌管理模式的升级。值得一提的是，该战略在若羽臣 近两年的发展中颇有成效。 若羽臣在发布的声明中提到，公司将成为美斯蒂克最核心的口服美容保健产品线在中国区域的独家总代 理，全面负责相关业务。包括在中国市场开设品牌官方旗舰店，销售产品，并全面开展品牌推广及营销 活动。 几乎是同一 ...

几乎是同一时间，水羊股份发布公告称："我司与美斯蒂克品牌方签订的独家经销协议目前仍在存续期间，美斯蒂克在中国的所有官方线上渠道，包括但不 限于品牌官方网站、天猫国际官方旗舰店、抖音海外旗舰店及其他经品牌授权的官方账号，均由我司独家经营、持有并直接管理。任何第三方无权以'官 方'名义开设店铺或发布信息，我们正告相关主体立即停止一切试图扰乱、干预上述官方渠道正常经营活动的不正当行为。" 若羽臣的代理拓展到了口服美容领域。12月17日，北京商报记者了解到，美妆代运营商若羽臣与西班牙专业医美院线品牌美斯蒂克开展合作，将成为美斯蒂 克最核心的口服美容线在中国区域的独家总代理，获得不可撤销的商标使用权等授权。关于若羽臣提到的"独家口服美容线产品代理权限"水羊股份似乎并不 认可，并发表声明表示其才是美斯蒂克品牌中国市场的独家代理，其中包括了美容口服线产品。 若羽臣相关人士告诉北京商报记者，"口服美容"产品线是美斯蒂克的核心产品线，公司是美斯蒂克口服美容产品线的中国区独家总代理，且拥有独家经销 权。为更全面了解代理情况，北京商报记者尝试联系水羊股份方面，但电话一直处于未接通状态。究竟谁才是独家代理尚未可知，可以知道的是，在美 ...

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]