上美股份：多品牌组合支撑长期愿景；中国美妆行业首选标的

Asia Pacific Equity Research 11 September 2025 Chicmax Overweight Multi-brand portfolio to support long-term vision; top pick in the China beauty sector ▲ 2145.HK, 2145 HK Price (11 Sep 25): HK$95.10 Price Target (Dec-26): HK$114.00 Prior (Dec-26): HK$109.00 China Consumer Qian Yao AC (86-21) 6106 6277 qian.q.yao@jpmorgan.com SAC Registration Number: S1730521050001 J.P. Morgan Securities (China) Company Limited We hosted an NDR with Chicmax on 9 September post its solid 1H25 results (see report). We are enc ...