Core Viewpoint - The company, Fulejia, announced on September 23 that its products are primarily divided into two categories: medical devices and functional skincare products, featuring a diverse range of formulations including masks, waters, serums, lotions, sprays, single-use products, and eye masks [2] Group 1 - The company offers a wide variety of product forms, which enhances its market coverage [2] - The product categories include both medical devices and functional skincare, indicating a diversified product portfolio [2]

Core Viewpoint - The company, Fulejia, is experiencing a decline in revenue and net profit for the first half of 2025, but there are signs of recovery in the second quarter due to sales channel optimization and product price adjustments [1][2]. Group 1: Financial Performance - For the first half of 2025, the company reported a revenue of 863 million yuan, a year-on-year decrease of 8.15% [1] - The net profit attributable to shareholders was 230 million yuan, down 32.54% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 166 million yuan, a decrease of 48.66% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2: Sales Channels and Strategies - The company has implemented a multi-channel sales strategy, integrating online and offline sales, covering major e-commerce platforms like Tmall, Douyin, JD.com, and Pinduoduo, as well as offline medical institutions and retail stores [1] - In the second quarter of 2025, the company saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery in performance [2] - The company is focusing on optimizing offline distribution channels, with over 99% of revenue coming from the distribution model, which incurs minimal sales expenses [2] Group 3: Product Development - The company is enhancing its product line, particularly in non-patch products, with a steady increase in their revenue share [3] - The establishment of a research and development center in Shanghai is expected to accelerate product innovation and expansion [3] - The company has completed the third round of injections for a project involving humanized collagen freeze-dried fibers, which is currently in the data cleaning and report preparation stage [3]

Group 1 - The performance growth is primarily attributed to the multi-channel and multi-category layout of the Han Shu brand and the significant revenue increase from Newpage [1] - The company continues to implement a "single focus, multiple brands, globalization" strategy, establishing a multi-brand matrix consisting of "Han Shu + Newpage + Nth Curve Brands" [1] - The main brand Han Shu achieved a GMV of 3.63 billion yuan on Douyin, maintaining the top position in the beauty sales ranking on the platform, with product breakthroughs in various categories such as Hong Man Yao, Bai Man Yao, X Peptide series, and secondary throwaway products [1] Group 2 - The professional skincare brand An Min You has entered the sensitive skin market with the "Qinghao Oil AN+" ingredient, enhancing the professional skincare portfolio [1] - The company's layout in the hair care sector includes brands like Ji Fang and Han Shu Hair Care, precisely targeting the "functional hair care" and "scalp anti-aging" niche markets [1] Group 3 - The company expects its net profit for the first half of 2025 to be between 540 million yuan and 560 million yuan, representing a year-on-year growth of 30.9% to 35.8% [3] - The expected revenue for the company is between 4.09 billion yuan and 4.11 billion yuan, with a year-on-year growth of 16.8% to 17.3% [3]

Core Viewpoint - Shanghai Shangmei Cosmetics Co., Ltd. (02145) has released a positive profit forecast for the first half of 2025, indicating strong revenue and net profit growth driven by its main brand Han Shu and the second growth curve brand New Page [1][2][4] Group 1: Financial Performance - For the first half of 2025, the company expects revenue to be between RMB 4.09 billion and RMB 4.11 billion, representing a year-on-year growth of 16.8% to 17.3% [1] - The net profit is projected to reach between RMB 540 million and RMB 560 million, showing a significant year-on-year increase of 30.9% to 35.8% [1] Group 2: Brand Strategy - The company is advancing a "single focus, multi-brand, globalization" strategy, creating a multi-brand matrix that includes the main brand Han Shu and the second curve brand New Page, achieving comprehensive layout across multiple categories and price ranges [2][12] - Han Shu has achieved a breakthrough in all-channel growth, with GMV on Douyin exceeding RMB 3.63 billion in the first half of 2025, maintaining its position as the top beauty brand on the platform [4][12] Group 3: Product Innovation - The Han Shu brand has successfully launched popular products, such as the Hong Man Yao series, which sold over 14 million sets, and the Bai Man Yao series, which continues to grow in the whitening market [4][9] - New Page has shown strong growth since its launch in 2022, with a strategic upgrade targeting "effective skincare for all ages" and achieving a sales increase of 106% during the 618 shopping festival [6][12] Group 4: Competitive Advantage - The An Min You brand targets the sensitive skin segment, utilizing innovative ingredients like Qinghao Oil AN+ to provide gentle solutions, enhancing the company's competitive edge in professional skincare [9][12] - The company has established a complete innovation matrix in the hair care sector, focusing on functional hair care and scalp anti-aging products, driven by consumer demand [9][12] Group 5: Future Outlook - The company aims to achieve a strategic goal of RMB 30 billion by 2030, leveraging clear strategic planning and ongoing research investment to transition from following international brands to leading industry development [19]