记者 叶心冉 1月27日，韩束首次公布其用户规模突破1亿，并介绍了包括质控体系、韩束产品的成本和定位，以及未来发展规划。 对于市场关注的化妆品生产环节的产品质控，以及可能存在备案、送检配方与产品销售配方不一致的问题，韩束研发相关负责人介绍，韩束从原料引入到批 量生产，拥有一套严格的管控体系。在原料端，韩束内部对原料供应商实施严格资质审核，且对每一批次原料均要求供应商提供完整的技术指标报告，同时 其内部分析团队会对每一批次产品开展内测，验证原料指标一致性。 该负责人进一步称，原料入库后，其产品配方仅能从合规原料库中选取，从实验室配方研发到中试阶段，会完成稳定性追踪和安全性测试。产品罐装前，内 部会同步开展产品与包材的兼容性测试，避免活性物降解或溶出物污染，同时完成料体一致性测试；灌装后还会及时开展微生物污染检测。该负责人称，韩 束每一批产品都会生成专属可追溯批号，消费者可通过批号查询产品原料来源、生产时间等信息，全流程信息透明，从根本上杜绝了配方不一致的可能。 "重营销轻研发"曾是外界赋予包括韩束在内的多数国货品牌的标签。对于产品成本，韩束品牌负责人介绍，在智能制造与研发领域持续大规模投入之下，韩 束的整体产品 ...

Core Viewpoint - Guoshin Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price range of 104.5-120.9 HKD per share [1] Group 1: Company Performance - The company is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved breakthroughs with popular products [1][2] - The main brand Han Shu has achieved significant sales with its Hongman Waist set, ranking first on Douyin's beauty list for eight consecutive months in 2023, and has launched the X Peptide cream to achieve a breakthrough in single product sales [2] Group 2: Market Dynamics - The cosmetics industry has entered a phase of stable growth post-pandemic, with diminishing channel benefits and increasing competition from new brands, leading to a shortened growth lifecycle for single products [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] Group 3: Multi-Brand Strategy - The company has developed reusable foundational capabilities in channels, R&D, and marketing, resulting in a platform-based development approach with multiple categories and brands [2] - The company has successfully penetrated niche markets with its multi-brand strategy, including high-end maternal and infant products, anti-hair loss care, and sensitive skin products, contributing to a diverse growth curve [2]

Core Viewpoint - Guosen Securities has given a "better than market" rating to Shangmei Co., predicting net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for 2025-2027, with EPS of 2.78, 3.49, and 4.27 yuan per share respectively, and a target price of 104.5-120.9 HKD per share [1] Company Summary - Shangmei Co. is positioned as a leading domestic beauty brand, leveraging inclusive mechanisms, in-depth R&D, and diverse channels to solidify its performance base through its main brand, Han Shu, which has expanded its product categories and achieved significant sales through bundled offerings [1] - The company has developed reusable foundational capabilities in channels, R&D, and marketing, leading to a platform-based development model with multiple categories and brands [2] - The main brand Han Shu has achieved breakthroughs with products like the Hongman Waist Set and X Peptide Cream, while also expanding into hair care, men's products, and cosmetics [2] Industry Summary - The cosmetics industry has entered a stable growth phase post-pandemic, with diminishing channel benefits and increasing competition from new brands, resulting in shorter product growth life cycles [1] - Platform-based operational capabilities are crucial for beauty companies to overcome growth bottlenecks, allowing them to adapt to market changes and build a sustainable multi-brand and multi-category business matrix [1] - Companies like Shanghai Jahwa, Proya, and currently Shangmei have successfully established platform systems to achieve sustainable growth through industry fluctuations [1]