该行按照护肤、婴童护理、洗护三大板块对公司中长期成长空间进行测算，预计韩束3年有望破百亿， 多品牌快速增长： 护肤业务：近两年韩束依托抖音渠道爆发，市占率明显提升，2024年韩束营收增长超80%，25H1受达 播渠道收缩影响营收有所降速，但Q3线上GMV依旧强劲，根据久谦数据，2025年Q3韩束GMV同比增 长50%。韩束大众、中高端产品线齐头并进，3年维度营收有望破百亿，一叶子营收有望企稳加速。 婴童护理业务：一页品牌依托独特的"医研共创"模式正处于高速增长阶段，过去两年市占率快速提升， 一页凭借高端定位和差异化代言人享有竞争优势，预计未来三年复合增速超50%。红色小象自2023年转 型中大童市场后仍在调整，预计营收增速先降后升。 洗护业务：有望诞生大品牌。1）垂类赛道较多，定位清晰且善于建设消费者心智的品牌能够脱颖而 出，公司极方、2032等洗护品牌有望复刻韩束、一页等品牌的方法论。2）公司切入功效防脱等增速更 快的赛道，且行业集中度较高，有助于孵化大品牌。 智通财经APP获悉，国金证券发布研报称，上美股份(02145)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 ...

国金证券发布研报称，上美股份(02145)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，考虑到多品牌增长势能强劲，无论是韩束未来的发展以及 新品牌培育都具备较强的确定性，给予公司2025年PE30倍估值，目标价109.78港元，首次覆盖，给 予"买入"评级。 国金证券主要观点如下： 洗护业务：有望诞生大品牌。1)垂类赛道较多，定位清晰且善于建设消费者心智的品牌能够脱颖而出， 公司极方、2032等洗护品牌有望复刻韩束、一页等品牌的方法论。2)公司切入功效防脱等增速更快的赛 道，且行业集中度较高，有助于孵化大品牌。 盈利预测估值 复盘公司发展的历程，该行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 ...

Core Insights - Unilever has made a strategic investment in the hair care brand Messy, leading a $5 million funding round, with over $3 million already received [1][3] - Messy, founded by Alli Webb, is recognized as a prominent independent hair care brand, having launched five core products and planning to expand its product range [3] - Unilever's recent activities in the hair care sector indicate a focus on high-growth and high-margin beauty and health segments, with significant investments in brands like NEXXUS [4] Company Developments - Messy has gained attention for its innovative approach in the hair care market, with plans to introduce mini products, hair accessories, and travel kits [3] - Unilever's investment in Messy is likely influenced by Webb's extensive entrepreneurial experience in the hair care industry [3] - The company has been actively enhancing its brand portfolio in China, as seen with the launch of NEXXUS and its marketing strategies [4] Industry Trends - The hair care market in China is experiencing rapid growth, with a projected market size exceeding 30 billion yuan in 2024, reflecting a year-on-year growth rate of over 33% [5] - Competition in the hair care sector is intensifying, with both international and domestic brands entering the market, including recent moves by Proya and other local brands [5] - The market is characterized by a high level of maturity, making it challenging for new entrants unless they can offer significant technological differentiation and strong branding [5]

Core Insights - The acquisition of Color Wow by L'Oréal marks a strategic move to expand its high-end hair care portfolio and enter the growing Chinese market [1][4] - The hair care market in China is rapidly expanding, with significant competition among beauty brands to capture market share [7][8] Group 1: Acquisition Details - L'Oréal has signed an agreement to acquire Color Wow, a professional hair care brand founded in 2013, known for addressing stubborn hair issues [4] - Color Wow's sales have reportedly doubled over the past three years, with total sales exceeding $300 million and a target valuation of $1 billion [4] - The acquisition is seen as a way for L'Oréal to strengthen its position in the hair care and styling categories [4][5] Group 2: Market Dynamics - The Chinese hair care market is projected to grow from 581.4 billion yuan in 2021 to an estimated 668-691 billion yuan by 2025, driven by scalp care, premiumization, and export growth [7] - L'Oréal's professional hair care division has shown consistent growth, with a 5.3% increase in sales in 2024 and a 2.7% increase in Q1 2025 [5] - Competitors like Proya and Juhua Group are also expanding their presence in the hair care sector, indicating a highly competitive landscape [7][10] Group 3: Competitive Landscape - The hair care market in China is characterized by established brands like Procter & Gamble and Unilever, with L'Oréal ranking behind them in market share [10] - New entrants face challenges in a mature market, requiring strong technological differentiation and effective branding to succeed [11] - The competitive pressure is evident as brands like Proya and others are rapidly launching new products and expanding their market reach [7][10]