主品牌韩束领跑，新兴品牌一页增势较强，线上自营能力提升分品牌看，主品牌韩束实现营收33.44 亿 元（+14.3%），抖音平台月度GMV 持续稳居美妆品牌第一；新兴品牌Newpage 一页实现营收3.97 亿元 （+146.5%），618 位居天猫婴童护肤榜单TOP2，洗护榜单TOP3；红色小象/一叶子分别实现收入1.59 亿元（-8.7%）/0.89 亿元（-29.0%）。分渠道看，线上/线下渠道收入分别为38.09 亿元（+20.1%）/2.69 亿元（-10.6%），线上自营能力提升。盈利能力方面，2025H1 公司毛利率75.5%（-1.0pct），毛利率维 持稳定；销售/管理/研发费用率分别为56.9%/3.6%/2.5%，同比分别-0.7pct/+0.5pct/+0.3pct。 韩束6 大BU 协同发展，Newpage 一页完成全年龄段布局，新品牌密集落地韩束：为品牌核心增长引 擎，"聚焦+裂变"打法逐渐成型，6 大BU 协同发展；线上自营能力提升，爆品蛮腰套盒势能延续，X 肽 系列销售额超2 亿元，男士护肤、彩妆、洗护和身体护理多品类布局，新品洁面膏、洗发水、身体精华 等起量迅速，大单品与新品类 ...

投资评级：买入（维持） | 日期 | 2025/8/29 | | --- | --- | | 当前股价(港元) | 90.400 | | 一年最高最低(港元) | 99.950/29.200 | | 总市值(亿港元) | 359.86 | | 流通市值(亿港元) | 186.51 | | 总股本(亿股) | 3.98 | | 流通港股(亿股) | 2.06 | | 近 3 个月换手率(%) | 45.25 | 股价走势图 数据来源：聚源 -60% 0% 60% 120% 180% 2024-09 2025-01 2025-05 上美股份 恒生指数 美容护理/化妆品 上美股份（02145.HK） 2025 年 09 月 01 日 相关研究报告 《2024 年归母净利润+69.4%，国货美 妆龙头多面开花—港股公司信息更新 报告》-2025.3.25 《主品牌韩束势能强劲，产品+渠道+ 品牌多维成长—港股公司首次覆盖报 告》-2024.10.6 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 2025H1 归母净利润+30.7%，公司多品牌全面开花 公司发布业绩 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant increase in net profit of 69.4% in 2024, driven by multi-channel and multi-brand growth strategies [6] - Revenue for 2024 reached 6.793 billion yuan, reflecting a year-on-year growth of 62.1% [6] - The main brand, Han Shu, showed strong performance with revenue of 5.591 billion yuan, up 80.9%, and is positioned as the second in online GMV among domestic beauty brands [7] - The company is expected to continue its growth trajectory with a projected net profit of 1.006 billion yuan in 2025, 1.258 billion yuan in 2026, and 1.532 billion yuan in 2027 [6] Financial Summary and Valuation Metrics - Revenue for 2023 was 4.191 billion yuan, with a projected increase to 8.496 billion yuan in 2025 and 10.242 billion yuan in 2026 [9] - The net profit for 2023 was 461 million yuan, expected to rise to 1.006 billion yuan in 2025 and 1.258 billion yuan in 2026 [9] - The gross margin for 2024 was 75.2%, an increase of 3.2 percentage points from the previous year [7] - The projected EPS for 2025 is 2.53 yuan, with a P/E ratio of 16.9 times [6][9]