公司亮点 公司为我国美护行业领先企业，旗下拥有在护肤、婴童护理、洗护 等赛道的多品牌矩阵。公司以线上渠道为主，25H1 线上占比接近 93%，近两年主品牌韩束发力抖音渠道实现快速破圈，2024 年实现 收入 55.91 亿元，同比增长 80.90%，占比超 82%，25H1 营收同增 14.3%至 33.44 亿元。新品牌如一页快速破圈，23/24 全年/25H1 增 速分别为 498%/146%/147%。复盘公司发展的历程，我们认为公司 多品牌拓展方法论与运动龙头安踏体育有几个主要相似之处： 1)市场化主导。公司旗下品牌定位精准，可以快速发掘消费者痛 点，推出针对性产品的同时进行魄力营销，绑定顶流 IP，助力品 牌快速破圈。主品牌韩束成功后将这一方法论推广到其他品牌。 2)渠道精细化运营趋势。随着内容电商成为化妆品消费的核心场 景，公司以抖音为核心重构渠道战略，通过创新营销玩法与提升自 播比例等精细化运营，实现收入与利润的双高增长。 3)人才内部输血+合理引才。公司通过自主培养+外部引才双轨并 进的方式保障核心管理人才的稳健，同时通过人才妥善委任为旗 下各品牌的差异化发展提供坚实保障。 投资逻辑 我们充分 ...

Group 1 - MISTINE collaborates with the popular game "Light and Night of Love" to launch new products including sunscreen and cushion foundation, featuring game-themed designs to attract young consumers [2] - Face Gym, a UK skincare brand, receives investment from Reliance Industries, led by Mukesh Ambani, indicating interest in the international beauty market and providing strong financial support for global expansion [3] - Upm's brand Han Shu wins the Rongge Technology Innovation Award for its "X Peptide Cream" and has filed a patent for a hair loss prevention composition, showcasing innovation in the personal care sector [5] Group 2 - Henkel appoints Rajat Agarwal as North America President, effective July 1, 2025, to drive growth in the personal care business, strengthening the connection between packaging strategy and product portfolio [6] - Changzhou Baijiji Biopharmaceutical Co., Ltd. responds to IPO review and forecasts its functional skincare business to achieve breakeven by Q4 2027, with projected revenues of 73.14 million, 88.58 million, and 108.96 million over the next three years [7] - HBN collaborates with Pantone to define "Oriental Native White," creating four color cards and scientifically analyzing its texture, enhancing brand visibility in the color trend space [8]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company has established itself as a leading domestic beauty group through a multi-brand strategy, with a strong focus on product innovation and market responsiveness [2][18]. - The company is expected to achieve steady revenue growth driven by its main brand, Han Shu, and the gradual ramp-up of its sub-brands [4][31]. Summary by Sections Company Overview - The company has been deeply engaged in the beauty industry for over 20 years, launching multiple brands including Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang, and is preparing to introduce new high-end and baby care brands [1][18]. Financial Analysis - The company experienced a significant revenue increase in 2023, with projected revenues of 67.93 billion and a net profit of 7.81 billion in 2024, reflecting growth rates of 62.08% and 69.42% respectively [5][25]. Business Operations - The company operates a diverse product matrix, with Han Shu accounting for 82% of revenue in 2024, while sub-brands are gradually gaining traction [30][31]. - The company is expanding its channel presence, particularly in Tmall, to complement its strong performance on Douyin [44][47]. Core Advantages - The company has established a robust R&D and marketing framework, with significant investments in proprietary research and a strong marketing presence on platforms like Douyin [3][22]. - The company’s main brand, Han Shu, has positioned itself effectively in the market, leveraging high-quality, cost-effective products to capture consumer interest [35][42]. Profitability Forecast - The company forecasts revenues of 84.90 billion, 102.89 billion, and 123.07 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 10.04 billion, 12.50 billion, and 15.20 billion [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a net profit of 781 million yuan in 2024, representing a year-on-year increase of 69.4%, with total revenue reaching 6.793 billion yuan, up 62.1% [6] - The main brand, Han Shu, showed strong growth with revenue of 5.591 billion yuan, an increase of 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 projected net profits of 1.006 billion yuan, 1.258 billion yuan, and 1.532 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53, 3.16, and 3.85 yuan [6] Financial Summary and Valuation Metrics - Revenue for 2024 is reported at 6.793 billion yuan, with a year-on-year growth of 62.1% [9] - The gross margin for 2024 is 75.2%, an increase of 3.2 percentage points, driven by changes in product structure [7] - The projected P/E ratios for 2025, 2026, and 2027 are 16.9, 13.5, and 11.1 respectively, indicating a relatively low valuation [6][9]

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]