Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company has benefited from the rise of domestic mid-tier brands and is strategically enhancing its global business operations [1][4]. - In H1 2025, the company achieved a revenue of 371 million yuan, representing a year-on-year growth of 39.3%, and a net profit attributable to shareholders of 17 million yuan, up 14.9% year-on-year [4][6]. - The company is focusing on high-quality product development and has established stable partnerships with various brands, which is expected to drive revenue growth [7]. Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 1.009 billion yuan, with a year-on-year growth rate of 45.2% [6]. - The net profit attributable to shareholders is forecasted to be 69 million yuan in 2025, with a significant growth rate of 52.6% [6]. - The company’s gross margin is projected to be 26.4% in 2025, with a gradual increase expected in subsequent years [6]. Business Segmentation - The skincare segment remains the core business, accounting for 89.5% of total revenue in H1 2025, with significant growth driven by new customer orders [7]. - The company has developed over 50 high-quality products and is actively expanding its market presence both domestically and internationally [7]. Market Positioning - The company is strategically positioned to leverage the growing demand for domestic brands and is enhancing its supply chain capabilities to support market expansion [7]. - The report highlights the company's focus on high-quality exhibitions to promote its global business, targeting key markets in Europe and North America [7].

在上海美容博览会（以下简称"CBE"）到来之际，"怎样找到好产品"的呼声越来越高。 当下，美妆行业进入"竞质"新周期，消费者对美妆产品的功效追求及自身科学素养已达到前所 未有的高度。虽然以质取胜是亘古不变的真理，但什么是"质"以及背后的路径，已经发生巨大 改变。 一方面，市场端对产品品质需求仍在上升，但另一方面，独立研发成本、合规成本仍在不断上 涨 ， 而 中 国 市 场 " 好 产 品 " 的 另 一 重 关 键 定 义 是 " 能 够 人 人 用 得 起 的 产 品 " 。 这 意 味 着 " 既 要 又 要"的极端的"质价比"追求，正在深度考验中国供应链企业的实力。 在今年的CBE上，中国美妆供应链企业会交出怎样的答案？ "功效太卷了" "价格卷到头了"是近年来美妆行业普遍心声。 具 体 表 现 在 消 费 者 端 ， 消 费 者 不 仅 需 要 强 劲 的 功 效 ， 还 要 求 产 品 拥 有 真 实 的 基 础 研 究 作 为 支 撑，清晰的功效机理，并配备专业的功效、测评数据作为论证基础。"高品质"的定义进一步演 化成为对完整科研链路，强大品控能力的具体需求。 此外，在极度同质化的高功效内卷中， ...