Shenwan Hongyuan Group Co., Ltd. released a research report indicating that CHICMAX (02145) is demonstrating long-term advantages through multi-brand synergy, channel optimization, and increased R&D investment. The effectiveness of the company's strategy is becoming increasingly apparent as it focuses R&D efforts on core areas while upgrading channel structure, expanding product categories, and strategically positioning new brands. The company is benefiting from the rise of domestic brands and cost-effective consumption trends, while also tapping into growth opportunities in the mid-to-high-end market and niche sectors. Shenwan Hongyuan maintains its forecasts, projecting a net profit attributable to the parent company of 1.149 billion, 1.496 billion, and 1.806 billion RMB for 2025-2027, corresponding to price-to-earnings ratios of 32, 25, and 21 times, respectively, reaffirming its "Buy" rating.
Key points from Shenwan Hongyuan include:
1. Official Announcement of Jackson Wang as Brand Ambassador, Elevating Global Positioning On October 13, Han Shu officially announced Jackson Wang as its global image ambassador. With a comprehensive global fan base, Wang adds high-end image endorsement and international validation. Prior collaborations with luxury brands like Armani highlight Han Shu's brand potential. The company has smartly signed popular stars Ding Yuxi and Tian Xuning in advance; Tian's first-day sales amounted to 50-60 million RMB, demonstrating strong purchasing power among fans.
2. Steady Double 11 Promotion Strategy, Focusing on Profitability and Core Products The company is strategically aligned with Li Jiaqi’s livestream platform, promoting its X-Peptide high-end series and the Han Shu color makeup Hongyun series (previously featured on "Paris Partner"). The X-Peptide series benefits from Wang’s endorsement, enhancing its premium appeal, while the Hongyun series aligns with the "red luck" concept suitable for Double 11 through Spring Festival, likely boosting Han Shu’s makeup sector performance.
3. Comprehensive Momentum Build-Up, Establishing Core Competitive Barriers - Brand Development: Having navigated the "mass exposure era," the company boasts wide marketing coverage and deep consumer engagement. - Organization and Talent: The "top tier configuration" strategy with "high incentives + full authority + aspirational careers" attracts top-tier talent, allowing for rapid organizational response to changes in online sales platform rules. - Resource Acquisition: The company’s sales volume places it among the top domestic cosmetics groups, with negotiation capabilities surpassing smaller brands and private labels, prioritizing influencer resources due to strong R&D support. - Supply Chain Capability: Achieving vertical integration, the company can launch new products in just 3-4 months, controlling costs through standard packaging and leveraging scale to maintain high gross margins.
4. Progress of a "Single Focus, Multi-Brand, Globalization" Strategy with Clear Long-Term Growth Vision - Han Shu's product structure optimization is paving new boundaries: For the first half of 2025, online GMV reached 4.5 billion RMB (Taobao, Douyin, and JD.com), with Douyin seeing a doubling in products exceeding 100 million RMB, including new releases meeting high demand. - Multi-brand and IP Strategy: Three new brands, including skincare "Guanghua White" and makeup "Nan Beauty," have shown strong data performance since their launch in 2025. Plans are in place to incubate IP brands like Conan and Hatsune Miku, with a clear path for expansion across multiple categories and segments, supporting a revenue target of 30 billion RMB by 2030. - Globalization Initiatives: The initial focus is on Southeast Asia, with 300 million RMB invested in building factories, alongside plans to expand into North America and Europe with long-term objectives of creating a 100 billion RMB international beauty group.
Risk Warning: Potential risks include slower-than-expected sales channel expansion, delays in new brand development, high dependency on single platforms, weaker-than-expected consumer recovery, and rising raw material costs.
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