点评： 25H1 营收稳健增长，利润增速靓丽 机构：国元证券 研究员：李典/徐梓童 事件： 公司发布2025 年半年报。 主品牌韩束Q2 增长提速，第二品牌newpage 延续倍式增长分品牌来看，主力品牌韩束25H1 实现收入 33.44 亿元，同比增长14.3%，红蛮腰全渠道累计销售1500 万套，X 肽系列累计销售破2 亿，多品类策 略成效显著，洁面膏、洗发水等新品在抖音细分品类登顶。第二曲线newpage营收3.97 亿元，同比增长 146.5%，达成2024 年全年销售额，婴童安心霜等单品在天猫细分市场表现突出。一叶子实现收入0.89 亿元，同比下降29.0%，仍处于战略调整期；红色小象实现收入1.59 亿元，同比下降8.7%，战略调整初 见成效，跌幅收窄。分品类来看，公司在护肤品品类布局敏感肌护肤品牌安敏优，25H1 推出定位光白 抗衰的中高端护肤品牌聚光白，筹备推出高端抗衰护肤品牌TAZU；母婴方面，公司筹备推出已授权知 名IP 的同名母婴品牌面包超人及奥特曼；彩妆方面，25H1 公司与彩妆师共同创立的彩妆品牌NAN beauty 上市，并正筹备推出与知名化妆造型师共同创立的彩妆品牌单彩。 线上加 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 上美股份（2145.HK）公司点评 报告 2025 年 9 月 2 日 [Table_Title] 25H1 利润增长靓丽，品牌矩阵持续打造 ——上美股份（2145.HK）2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25H1 营收稳健增长，利润增速靓丽 25H1 公司实现营业收入 41.08 亿元，同比增长 17.29%，实现归属母公司 净利润 5.24 亿元，同比增长 30.65%。盈利能力方面，25H1 公司毛利率为 75.52%，同比下降 0.99pct，净利率为 13.52%，同比明显提升 1.74pct。 25H1 公司整体费用管控良好，销售费用率为 56.88%，同比下降 0.69pct， 管理费用率为 3.72%，同比提升 0.47pct。其他收入及收益由 2024 年上半 年的 3920 万元增至 2025H1 的 1.8 亿元，主要系按公平值计入损益的金融 资产投资收益以及政府补助增加。 主品牌韩束 Q2 增长提速，第二品牌 newpage 延续倍式增长 分 ...

Core Viewpoint - The report from CICC maintains the profit forecast for Shangmei Co., Ltd. (02145) for 2025-2026, with the current stock price corresponding to a P/E of 30/23x for those years, and raises the target price by 8% to HKD 106, indicating a potential upside of 17% [1] Group 1: Financial Performance - In 1H25, the company's revenue reached CNY 4.11 billion, a year-on-year increase of 17.3%, aligning with the upper limit of the previous earnings forecast [1] - The net profit for 1H25 was CNY 560 million, up 34.7% year-on-year, also exceeding the prior forecast range [1] - The attributable net profit was CNY 520 million, reflecting a year-on-year increase of 30.6%, meeting the expectations of the report [1] Group 2: Brand and Product Performance - The brand Han Shu achieved revenue of CNY 3.34 billion in 1H25, a year-on-year increase of 14%, with successful expansion across multiple product lines [2] - The brand Yipai saw a significant revenue increase of 146% year-on-year, reaching CNY 400 million, with strong sales of its star product [2] - The brand Hongse Xiaoxiang generated CNY 160 million in revenue, indicating initial success in its brand transformation [2] Group 3: Channel and Operational Efficiency - The company's gross margin improved by 1.7 percentage points to 75.5% in 1H25, while the sales expense ratio decreased by 0.7 percentage points to 56.9% [3] - The increase in the proportion of lower-cost external sales channels contributed to the optimization of the sales expense ratio [3] - The attributable net profit margin rose by 1.3 percentage points to 12.8% in 1H25, reflecting improved profitability [3] Group 4: Future Growth Strategy - The company continues to expand its brand matrix, having launched new brands in May and August, with positive initial results [4] - Plans for 2H25 include launching new brands targeting specific markets, such as a maternal and infant IP brand and a professional makeup brand [4] - The company aims to follow a "2+2+2" strategy over the next three years, focusing on skincare, hair care, and maternal-infant products to build a diverse brand portfolio [4]

Core Insights - The company reported a revenue of 4.108 billion yuan for the first half of 2025, representing a year-on-year growth of 17.3% [1] - Net profit reached 556 million yuan, showing a year-on-year increase of 34.7% [1] - Gross profit was 3.102 billion yuan, with a year-on-year growth of 15.8% and a gross margin increase of 1.7 percentage points to 75.5% [1] Revenue Breakdown - The main brand, Han Shu, achieved a revenue of 3.344 billion yuan, reflecting a year-on-year growth of 14.3% [1] - Han Shu ranked first in GMV among beauty brands on Douyin, and also topped the overall skincare brand list on Douyin for the first half of the year [1] - The super product, Han Shu Red Waist, sold over 15 million units across all channels [1] - The second growth curve, Newpage, experienced exponential growth with a revenue of 397 million yuan, marking a year-on-year increase of 146.5% [1] R&D Investment - The company invested over 103 million yuan in R&D during the first half of the year, which is a year-on-year increase of 31.7% [1] - The company holds nearly 200 patent achievements and has published in over 40 global core journals [1] - The company is enhancing its global technological influence in the beauty industry through a "research-industry-regulation" integrated ecological layout [1]