Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company achieved a revenue of 3.113 billion yuan in H1 2025, representing a year-on-year growth of 22.5%, and a net profit attributable to the parent company of 1.182 billion yuan, up 20.2% year-on-year [1] - The gross margin for H1 2025 was 81.68%, a slight decrease of 0.72 percentage points year-on-year, while the net margin was 37.99%, down 0.61 percentage points year-on-year [1] - The sales expense ratio improved by 1 percentage point year-on-year to 34.01%, while the management expense ratio increased by 0.07 percentage points to 2.65% [1] Revenue and Profit Growth - The company's brand "可复美" generated revenue of 2.54 billion yuan in H1 2025, with a year-on-year increase of 22.7% [2] - The "可丽金" brand achieved revenue of 500 million yuan, reflecting a growth of 26.9% year-on-year [2] Channel Performance - Direct sales channels contributed 2.325 billion yuan in revenue, accounting for 74.7% of total revenue, with DTC channels generating 1.816 billion yuan [3] - The company has expanded its offline presence, covering approximately 1,700 public hospitals and 3,000 private hospitals and clinics, along with over 130,000 pharmacy stores [3] Financial Forecast - The company is projected to achieve net profits of 2.505 billion yuan, 3.102 billion yuan, and 3.732 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21, 17, and 14 [4][6]

3、品类、渠道拓展顺利，看好公司作为高端国货美妆龙头的稀缺性和广阔成长空间。展望后续，公司 成长逻辑清晰：①品类延展：公司25 年以来推出精华、眼霜、身体乳、香水、眼影等新品，5 月推出的 13 款香水新品市场反馈良好，我们认为有望打开单品牌空间；②渠道深耕：我们认为线下有望持续拓 展高端百货专柜覆盖，且平均单柜店效较头部外资仍存较大提升空间；线上持续获取年轻客群，带动品 牌和产品势能持续释放；同时出海初步布局中，我们认为后续有望开拓中国香港及东南亚市场。我们看 好公司作为高端国货美妆龙头的稀缺性和广阔成长空间。 机构：中金公司 研究员：徐卓楠/黄蔓琪 预告1H25 净利润同增35%-37% 公司发布业绩预告：预计1H25 收入25.7-26.0 亿元，同增30.4%-31.9%，净利润6.65-6.75 亿元，同增 35.0%-37.0%；取区间中值计算，对应1H25净利率同比+1.0ppt至25.9%。利润预告略超我们预期，我们 预计主因利润率更高的线上渠道收入占比提升，叠加经营效率提升，带动1H25 公司净利率超预期。 关注要点 1、全渠道收入快速增长，彩妆及护肤经典单品表现亮眼。1）分渠道：我们预计1 ...

Core Viewpoint - The company, Wufeng Chicheng Biotechnology Co., Ltd., has decided to terminate its IPO application after experiencing two "suspensions of review" by the Beijing Stock Exchange, primarily due to its declining financial performance [1][4]. Company Overview - Founded in November 2004, Chicheng Biotechnology focuses on the research, production, and sales of hydrolyzed tannin products derived from plants rich in tannins [2]. - The company went public on the New Third Board in February 2024 and has attracted institutional investors since 2021 [2]. IPO Journey - The IPO process began on June 26, 2024, with the submission of application materials to the Beijing Stock Exchange [2]. - The company faced multiple suspensions of its IPO review due to the expiration of the financial report's validity period, leading to a second suspension on December 30, 2024 [3]. Financial Performance - In 2024, the company reported a revenue of approximately 351 million yuan, a 12.49% increase from the previous year, but its net profit decreased by 10.91% to 43.44 million yuan [5][6]. - The company's net profit has been on a downward trend, with a significant drop in 2022 attributed to reduced procurement from key customers [6][7]. Cosmetics Business - Chicheng Biotechnology has been exploring new growth avenues, particularly in the cosmetics sector, establishing a subsidiary focused on daily chemical products [8]. - The cosmetics subsidiary, Hubei Bencao Times Health Industry Co., Ltd., reported revenues of 555,880 yuan in 2024, marking its first profitable year, but its overall contribution remains limited [9]. Future Investments - The company plans to invest approximately 500 million yuan in the construction of a new industrial park aimed at enhancing its production capabilities for cosmetic raw materials and food additives [10]. - The industrial park project has been ongoing since August 2020, with partial completion expected by the end of 2024 [10].

Core Viewpoint - The article discusses the emerging beauty trend on TikTok known as "Morning Shed," which involves elaborate skincare routines performed overnight and revealed in the morning, gaining significant popularity and viewership [9][21]. Group 1: Trend Description - "Morning Shed" is characterized by a multi-step beauty process where users apply various products before sleeping and remove them upon waking, resulting in a refreshed appearance [9][12]. - The process includes applying eye masks, acne patches, collagen masks, and using tools like silk hair caps and chin straps to enhance beauty overnight [12][14]. Group 2: Professional Opinions - Dermatologists express skepticism about the effectiveness and safety of the "Morning Shed" routine, warning that some products should not remain on the skin longer than recommended [17][19]. - Critics argue that the trend may be more about attracting attention rather than providing genuine beauty benefits, with some professionals labeling it a "scam" [19][21]. Group 3: Market Impact - The trend has led to increased visibility and sales for various beauty products, with brands like L'Oréal leveraging the trend to promote their offerings [21]. - The popularity of "Morning Shed" has resulted in a surge in demand for specific beauty items, such as chin straps and collagen masks, which are now considered must-have products [21].