[Gift] Key Recommendation [Shangmei Corporation]: Low Expectations, Low Valuation, Good Quality, Significant Marginal Improvement in Operations

English summary

According to Chanmama data for July (estimated YoY from July 1-28), Han Shu was flat under Shangmei Corporation, new page grew nearly 70% YoY, and Anminyou grew 160%+. Among them, Han Shu PDRN collagen stick launched in July and broke into brand Top 3 list, showing potential as a big single product. Shangmei Corporation's platformization capability has been fully validated. The main brand Han Shu has seen significant improvement after sales sentiment and new product replacement; multi-category continuous breakthroughs, we firmly believe the company's core logic continues to deliver: the company empowers each brand with mid-platform R&D and supply chain capabilities. Based on strong mid-platform capability and effective flexible front-end mechanisms, it is expected to continue gaining market share in the beauty and personal care market with upward national trend. At present, the company is at a stage of low expectations, low valuation, and significant marginal improvement in operations. Key recommendation, welcome to discuss~ # Du Yifan / He Jinpeng