After the reshuffle in Hong Kong's new consumer sector—from "traffic frenzy" to "value return"—the market's evaluation logic has fundamentally shifted. The focus is no longer solely on short-term GMV growth but on long-term operational capabilities, brand resilience, and scientific R&D barriers. As a representative of new beauty consumption stocks in Hong Kong, CHICMAX (02145) has adeptly aligned with evolving consumer trends. This year, its stock price has more than doubled, surging 150% year-to-date and hitting a record high of HK$104.
Behind this remarkable performance lies CHICMAX's multi-dimensional strategy: a diversified brand portfolio, omni-channel synergy, and R&D-driven differentiation. This approach has enabled the company to achieve both earnings growth and valuation expansion amid industry volatility, establishing itself as a rare growth benchmark in Hong Kong's new consumer sector.
**Multi-Brand Strategy: Building a Sustainable Growth Engine** The early boom in new consumption was fueled by the rise of traffic platforms, but as market segmentation intensifies, the era of "one-brand dominance" is fading. CHICMAX foresaw this shift and abandoned reliance on single-hit products, instead developing a multi-brand matrix to cater to diverse consumer needs.
Key brands under CHICMAX include: - **Hanskin**: The flagship brand remains a growth pillar, dominating mass-market skincare. During the 2025 "Double 11" shopping festival, Hanskin ranked No. 1 in beauty sales on Douyin and topped multiple e-commerce platforms, with its Red Waist series selling over 1.8 million units and peptide-based products exceeding RMB 50 million in sales. - **Newpage**: This brand has emerged as a major growth driver, with total GMV surging 145% YoY during Double 11. Its baby care products, such as the Soothing Spray and Moisturizing Balm, became breakout hits, securing the top spot in infant care on Tmall and JD. - **Anminyou and Jifang**: These niche brands also delivered stellar results. Anminyou, targeting sensitive skin, saw GMV jump 208% YoY, while Jifang’s sales tripled sequentially.
This multi-brand framework ensures CHICMAX captures both mass-market demand and premium, segmented opportunities.
**Omni-Channel Synergy and Category Expansion** With skincare becoming increasingly competitive, category extension is critical for growth. Leveraging Hanskin’s brand equity, CHICMAX successfully expanded into men’s skincare, haircare, and body care—reducing facial products' share of GMV from 72% to 53% on Douyin within a year.
Simultaneously, the company’s omni-channel strategy—spanning traditional e-commerce (Tmall, JD), livestreaming (Douyin, Kuaishou), and private traffic—has maximized reach and conversion. During Double 11, Hanskin maintained its dominance across platforms, demonstrating the effectiveness of this approach.
**R&D as a Long-Term Moat** In an era where efficacy is paramount, CHICMAX has transformed R&D from a cost center to a value driver. In H1 2025, its R&D spending rose 31.7% to RMB 103 million, yielding 200+ patents, peer-reviewed publications, and industry standards.
A pivotal move was appointing Dr. Karl Lintner, a pioneer in peptide technology, as Chief Scientific Advisor. This bolstered CHICMAX’s in-house innovations like Cyclohexapeptide-9 and X-Peptide, which enhance product efficacy and premium pricing power.
**Conclusion** CHICMAX’s evolution from a "traffic-dependent player" to a "value stock" reflects its systemic resilience. By balancing immediate growth (multi-brand matrix), future potential (category/channel expansion), and R&D moats, the company offers a compelling case for long-term investors. As these strategies deepen, CHICMAX’s value narrative in Hong Kong’s new consumer wave remains far from complete.
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