
公司簡介
上美股份是科研賦能的多品牌化妝品行業領導者。公司起源於 2002 年,擁有韓束、
一葉子、紅色小象等三大主力品牌,並成功打造出 newpage 一頁、安敏優等第二增
長曲線。公司佈局護膚、洗護、母嬰、彩妝四大賽道,在全球自建兩大科研中心和兩
大供應鏈。主力品牌韓束2024年營收超過55億元(人民幣,下同),連續兩年蟬聯
抖音美妝第一。
業績點評
公司發佈正面盈利預告,預計(i)2025年公司收入約為91億元- 92億元,同比增長約
34.0%- 35.4%;淨利潤約為11.4億元- 11.6億元,同比增長約41.9%- 44.4%。收入
及利潤增加主要由於公司多品牌、多品類的成功佈局,科學抗衰護膚品牌韓束收入持
續增長,以及中國嬰童功效護膚品牌newpage一頁的收入同比大幅增長。
2025H1 公司營收再創新高,達到41.08億元,同比增長17.3%;歸母淨利為5.56億
元,同比增長34.7%; 基本每股盈利為1.32元/股,同比增長30.7%。派中期股息每
股0.5 元,上市後累計派息金額超12億元,高派息分紅比例持續。公司2026年1月
抖音渠道合計GMV約6.6億,同比增長9%,其中韓束品牌GMV約5.3億,同比下
降 3%;New Page 一頁 GMV 約 0.7 億,同比增長 120%;極方和聚光白分別取得
0.1 億GMV,實現同比高速增長;安敏優GMV約0.3億,同比增長267%。
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本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.