Shenwan Hongyuan Group: Maintains "buy" rating for CHICMAX (02145) as the company's strategic implementation continues to show results.

Shenwan Hongyuan Group released a research report stating that CHICMAX (02145) is synergizing multiple brands, optimizing channels, and increasing investment in research and development to build long-term advantages. The company's strategic implementation continues to show results, with a focus on core race tracks for research and development, upgrading channel structures, expanding product categories, and accurately positioning new brands. It benefits from the rise of domestic products and the trend of cost-effective consumption, while also tapping into incremental sales in the mid-to-high-end and segmented markets. The company maintains its previous forecasts, with an estimated net profit attributable to shareholders of 11.49/14.96/18.06 billion yuan for 2025-2027, corresponding to PEs of 32/25/21 times, and maintains a "buy" rating. Key points from Shenwan Hongyuan Group: Officially announced Wang Jia'er as the spokesperson, elevating the brand's global layout On October 13th, Han Shu announced Wang Jia'er as the global ambassador, with a global fan base, focusing on high-end image endorsement and internationalization. Previous collaborations include Armani and other international brands, showcasing the brand's strength. The company has a good eye for talent, signing early with stars such as Ding Yuxi and Tian Xuning. The first day of Tian Xuning's endorsement brought in tens of millions in sales, showcasing the strong purchasing power of fans. Steady strategy for Double 11 promotion, focusing on profits and core products Key partnership with Li Jiaqi's live broadcast room, promoting the X-Peptide high-end series and Han Shu's popular makeup series (previously featured in "Paris Partner"). X-Peptide strengthens its high-end attributes with Wang Jia'er's endorsement, while the popular makeup series embodies the concept of "good luck," in line with the Double 11 to Spring Festival scenes, expected to drive breakthroughs in Han Shu's makeup segment. Overall momentum is moving forward, building core competitive advantages 1) Brand accumulation: The company has experienced the "era of large-screen exposure," with wide marketing coverage and deep consumer mind share; 2) Organization and talent: The "top talent and top-tier" strategy at the executive level attracts top talents with high incentives, full empowerment, and career dreams, enabling the organization to respond quickly and adapt to changes in online sales platform rules in real-time; 3) Resource acquisition: The company's sales volume ranks among the top domestic cosmetics groups, surpassing small brands and private labels in negotiation capabilities, prioritizing resources through strong scientific research endorsements; 4) Supply chain capabilities: Achieving vertical integration, new products can be launched in 3-4 months, controlling costs through universal packaging materials and scale advantages, maintaining a high gross profit margin. Advancing the "single focus, multiple brands, globalization" strategy, with a clear long-term growth blueprint 1) Optimization of Han Shu's product structure and expansion of boundaries: Online GMV (gross merchandise volume) reached 4.5 billion yuan in the first half of 2025 (Taobao+Douyin+JD.com), with products on Douyin doubling to six, in addition to popular items such as the Red/White Waist Pack, the secondary release essence, and the men's skincare set reaching billions. The future potential for new products is promising, with a single brand reaching nearly a hundred billion yuan. 2) Multi-brand and IP layout: Three new brands launched in 2025 - skincare brand Focus White, makeup brand Nan Beauty, and maternal and child brand Superman Bread Man - have performed well since their launch. Plans to incubate IP brands such as Conan and Hatsune Miku in the future, with clear expansion paths in multiple categories and race tracks, supporting the goal of achieving 30 billion yuan in revenue by 2030. 3) Global "sea entry": The first stop in Southeast Asia, with a 300 million yuan investment in building a factory; future plans to expand to North America and Europe, with clear long-term plans to build an international beauty and makeup group worth hundreds of billions. Risk warnings: Sales channel expansion falling short of expectations; slower progress in cultivating new brands; high dependence on a single platform; slower-than-expected consumption recovery; risks such as rising raw material costs.