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 ...

Core Viewpoint - The company reported strong performance for H1 2025, with revenue of 4.11 billion yuan, a year-on-year increase of 17.3%, and a net profit of 560 million yuan, up 34.7% year-on-year, falling within the upper range of previous forecasts [1][2]. Revenue Breakdown - The multi-brand matrix continues to grow, with online revenue increasing by 20.1% year-on-year in H1 2025. By brand, revenue for 韩束, Newpage 一页, 红色小象, 一叶子, and other brands were 3.34 billion, 400 million, 160 million, 90 million, and 120 million yuan respectively, with year-on-year changes of +14.3%, +146.5%, -8.7%, -29.0%, and +2.9% [1]. - By channel, online and offline revenues were 3.81 billion and 270 million yuan respectively, with year-on-year changes of +20.1% and -10.6% [1]. - By segment, skincare, maternal and infant care, and other categories generated revenues of 3.42 billion, 560 million, and 130 million yuan respectively, with year-on-year changes of +10.2%, +65.0%, and +124.3% [1]. Profitability Metrics - The net profit margin increased by 1.7 percentage points year-on-year to 13.5%. The gross margin for H1 2025 was 75.5%, down 1 percentage point year-on-year, while the expense ratio was 63.2%, up 0.03 percentage points [2]. Brand Performance - The main brand 韩束 showed steady growth, maintaining the top position in beauty brands on Douyin, with GMV growth of +15.5% on Douyin and +26.1% on Tmall. Star products like 红蛮腰 sold over 15 million units, and the X 肽 series generated over 200 million yuan in sales [2]. - The Newpage 一页 brand rapidly expanded, targeting skincare products for ages 0-18, with significant sales during the 618 shopping festival, achieving GMV growth of +190% on Douyin and +106% on Tmall [2]. Brand Portfolio Expansion - The company has a robust pipeline of brands across multiple segments, including a sensitive skin care brand in collaboration with 昆药集团, a high-end skincare brand 聚光白, and a high-end anti-aging brand TAZU. Additionally, it is preparing to launch IP co-branded products in maternal and infant care and new hair care and makeup brands [3]. Profit Forecast and Investment Rating - The company is expected to achieve net profits of 1.11 billion, 1.41 billion, and 1.76 billion yuan for 2025-2027, representing year-on-year growth of 42.3%, 26.5%, and 24.8% respectively. The latest closing price corresponds to PE ratios of 30, 24, and 19 times for the respective years, maintaining a "buy" rating [3].

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, with a 17.3% increase in revenue and a 30.6% increase in net profit attributable to shareholders, indicating robust operational performance and market positioning [1][2]. Financial Performance - The company achieved a revenue of 4.11 billion RMB and a net profit of 520 million RMB in the first half of 2025, with an EPS of 1.32 RMB [1]. - The gross margin decreased by 1 percentage point to 75.5%, while the expense ratio remained stable at 63.2% [2]. - Inventory increased by 7.2% year-on-year to 680 million RMB, with inventory turnover days decreasing by 5 days to 249 days [2]. - Operating net cash flow grew significantly by 77.5% to 390 million RMB [2]. Brand and Product Development - The main brand, Han Shu, maintained its leading position on the Douyin platform, ranking first among beauty brands and expanding its product line with new offerings [3]. - The company is actively pursuing a multi-brand strategy, launching new brands in various categories, including skincare, maternal and infant care, and cosmetics [3]. - New brands such as An Min You for sensitive skin and a high-end anti-aging brand TAZU are in development, alongside collaborations with well-known IPs for maternal and infant products [3]. Market Strategy and Outlook - The company is expected to benefit from its multi-brand strategy, which is anticipated to inject new growth momentum and enhance operational efficiency and profit margins [4]. - Profit forecasts for 2025, 2026, and 2027 have been adjusted upward to 1.16 billion RMB, 1.47 billion RMB, and 1.83 billion RMB, respectively, reflecting confidence in the company's growth trajectory [4].

Core Viewpoint - The company aims to achieve a revenue target of 30 billion by 2030, but transitioning to high-end products is essential for success, as relying solely on low-priced skincare sets may not suffice [1] Group 1: New Brand Launch - The company has launched a new professional makeup brand, NAN beauty, in collaboration with renowned makeup artist Chun Nan, targeting young consumers aged 20-30 with mid-to-high-end positioning [1][3] - NAN beauty's initial product lineup includes items such as "CP Concealer Palette," "Beginner's Powder Cream," and "Smart Powder Cake," set to launch on September 9 on Douyin [3] Group 2: Market Trends and Competitors - The strategy of leveraging makeup artists' personal IPs to develop makeup brands is not unique, with successful examples like Mao Geping and Cai Tang, which have achieved significant revenue growth [4][5] - The company is following a trend where professional makeup artists enhance brand credibility and consumer connection, which is seen as an effective strategy for market expansion [5] Group 3: Financial Performance - The company reported a projected revenue of 40.9 to 41.1 billion for the first half of 2025, reflecting a year-on-year growth of 16.8% to 17.3%, with a significant net profit increase of 30.9% to 35.8% [6] - In 2024, the company achieved a total revenue of 70.44 billion, marking a 62.03% increase, with a net profit of 7.81 billion, up 69.42% [6][7] Group 4: Marketing Strategy - The company has adopted a low-price competition model, with its main skincare brand, Han Shu, generating over 80% of its revenue through aggressive marketing and promotional strategies [7][8] - Han Shu's sales on Douyin reached 67.49 billion in 2024, with a year-on-year growth exceeding 102%, indicating strong market presence [7] Group 5: High-End Market Strategy - The founder has set a goal of reaching 30 billion in revenue by 2030, acknowledging that low-priced products alone will not achieve this target, hence the focus on high-end product development [9] - The company plans to incubate 20 new brands between 2025 and 2027, with a focus on high-end offerings, including collaborations with scientists and celebrities [9][10] Group 6: Challenges in High-End Market - The company faces significant competition in the high-end beauty market from established brands like L'Oréal and Estée Lauder, making it challenging to establish a foothold [10][11] - The ability to tell compelling brand stories and create high-value cultural narratives will be crucial for the company's success in the high-end segment [11]