Group 1: Cosmetics Industry - The cosmetics sector is experiencing double-digit growth online, with a focus on promotional events driving sales [1][2] - In August, the combined sales of beauty products on Tmall and Douyin grew by 19.0% year-on-year, with Douyin's GMV exceeding 20 billion yuan, marking a 19.56% increase [2] - Domestic brands are gaining market share, with notable performances from brands like Han Shu and Pechoin, which have diversified product offerings [2][3] - The report recommends selecting companies with product and channel innovations, highlighting brands such as Ru Yuchen, Shangmei, and Mao Ge Ping for their growth potential [1] Group 2: Key Companies - Ru Yuchen's sales on Tmall and Douyin grew over 200% year-on-year in August, with significant increases in self-broadcasting sales [3] - Shangmei's channel and product structure are continuously optimizing, with a self-broadcasting ratio of over 72% in August [3] - The report suggests focusing on companies like Meili Tianyuan and Betaini, which are expected to reach a turning point in performance [1] Group 3: Six Fortune Group - Six Fortune Group is projected to achieve revenues of 15.318 billion, 17.418 billion, and 19.752 billion HKD for the fiscal years 2026-2028, with growth rates of 14.82%, 13.71%, and 13.40% respectively [6] - The company has a strong product design capability and is expanding its overseas presence, with plans to open 50 new stores in three years [7] - The acquisition of Kam Tin has enhanced the brand matrix and is expected to drive growth in the light luxury market [7] Group 4: Tunnel Shares - Tunnel Shares reported a 7.4% decrease in net profit for the first half of 2025, but a 15.9% increase in net profit for Q2 [8] - The company’s revenue for H1 2025 was 22.02 billion yuan, down 21.5% year-on-year, with a significant drop in construction services [9] - The report maintains a target price of 8.64 yuan for Tunnel Shares, reflecting a 9x PE ratio for 2025 [8][9]

投资要点： 投资建议：首 次覆盖，给予增持评级。预计公司 2026-2028 财年收入分别为153.18/174.18/197.52 亿港 元， 同比增长14.82%/13.71%/13.40%。预计公司2026-2028 财年归母净利润分别为16.02/18.40/20.84 亿 港元，增速分别为45.65%/14.86%/13.28%。 考虑公司产品力强、产品结构优化、同店销售持续改善、海外扩张具备潜力，综合PE 估值和PS 估值， 给予公司2026 财年目标价41.35港元。 知名港资珠宝品牌，产品设计与工艺领先。六福集团是知名港资珠宝品牌，产品设计能力强，以深圳、 南沙、香港三大设计中心为中枢，拥有行业顶尖设计师团队，结合精湛工艺，持续输出高识别度SKU。 2024 年底（FY25Q3）推出冰钻光影金系列，采用CNC 炫彩技术、360 度花丝工艺及精雕镭射切割，成 为销售爆款，拉动公司定价黄金同店高增，产品结构优化。 机构：国泰海通证券 研究员：刘越男/宋小寒 本报告导读： 公司产品推新能力强，同店销售持续回暖，海外拓展空间大。 门店网络结构性调整，海外有望成为增长驱动。截至FY2025，六福集团在全 ...