[HK]上美股份(02145):2026中期报告
原标题:上美股份:2026中期报告 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Mr. Lyu Yixiong (呂義雄先生) 呂義雄先生 (Chairman of the Board and Chief Executive Officer) （董事長兼首席執行官）Ms. Zhou Wei (周蔚女士) (resigned on 30 June 2026) 周蔚女士（於2026年6月30日辭任）Ms. Luo Yan (羅燕女士) 羅燕女士 Mr. Feng Yifeng (馮一峰先生) 馮一峰先生 Ms. Song Yang (宋洋女士) 宋洋女士 職工代表董事 Employee Representative Director Mr. Sun Hao (孫昊先生) 孫昊先生 Independent Non-executive Directors 獨立非執行董事 梁浩新先生 Mr. Leung Ho Sun Wilson (梁浩新先生) Ms. Luo Yan (羅妍女士) 羅妍女士 李洋先生 Mr. Li Yang (李洋先生) 董事會秘書及公司秘書 SECRETARY FOR THE BOARD OF DIRECTORS & COMPANY SECRETARY Secretary of the Board: 董事會秘書： 孫昊先生 Mr. Sun Hao (孫昊先生) 公司秘書： Company Secretary: Mr. Li Kin Wai (李健威先生) (ACG, HKACG) 李健威先生（ACG, HKACG）AUDIT COMMITTEE 審計委員會 Mr. Leung Ho Sun Wilson (梁浩新先生) (Chairman) 梁浩新先生（主席）羅妍女士 Ms. Luo Yan (羅妍女士) Mr. Li Yang (李洋先生) 李洋先生 REMUNERATION AND APPRAISAL 薪酬與考核委員會 COMMITTEE 羅妍女士（主席） Ms. Luo Yan (羅妍女士) (Chairman) Mr. Lyu Yixiong (呂義雄先生) 呂義雄先生 李洋先生 Mr. Li Yang (李洋先生) NOMINATION COMMITTEE 提名委員會 Mr. Lyu Yixiong (呂義雄先生) (Chairman) 呂義雄先生（主席） Ms. Luo Yan (羅妍女士) 羅妍女士 公司資料 AUTHORISED REPRESENTATIVES 授權代表 Mr. Feng Yifeng (馮一峰先生) 馮一峰先生 Mr. Li Kin Wai (李健威先生) (ACG, HKACG) 李健威先生（ACG, HKACG）AUDITORS 核數師 Ernst & Young 安永會計師事務所 (Certified Public Accountants and （執業會計師及 Registered Public Interest Entity Auditor) 註冊公眾利益實體核數師）27/F, One Taikoo Place 香 979 King’s Road 魚涌 Quarry Bay 英皇道979號 Hong Kong 太古坊一座27樓 LEGAL ADVISORS 法律顧問 as to Hong Kong laws 有關香法例 Eric Chow & Co. 周俊軒律師事務所 in Association with Commerce & Finance Law Offices 與北京市通商律師事務所聯?3401, Alexandra House 香 18 Chater Road 中環 Central 遮打道18號 Hong Kong 歷山大廈3401室 as to PRC laws 有關中國法律 Commerce & Finance Law Offices 北京市通商律師事務所 10/F, Tower 1 中國 Jing An Kerry Centre 上海 1515 West Nanjing Road 南京西路1515號 Shanghai 安嘉里中心 PRC 1座10樓 REGISTERED OFFICE 註冊辦事處 Room 308-3, 3rd Floor 中國 No. 8.10 Quanzhou Road 上海市徐匯區 Xuhui District, Shanghai 全州路8.10號 (postcode: 200233) 3層308-3室 PRC （郵政編碼：200233） HEAD OFFICE AND PRINCIPAL PLACE 中國總部及主要?業地點 OF BUSINESS IN THE PRC 22nd Floor, Building 5 中國 Jumeng Tiandi Plaza No. 710 Yishan Road 上海市徐匯區 Xuhui District, Shanghai 宜山路710號聚夢天地廣場 PRC 5號樓22層 PRINCIPAL PLACE OF BUSINESS IN 香主要?業地點 HONG KONG Room 1918, 19/F 香 Lee Garden One 銅鑼灣 33 Hysan Avenue 希慎道33號 Causeway Bay 利園一期 Hong Kong 19樓1918室 公司資料 PRINCIPAL BANKERS 主要往來銀行 Shanghai Pudong Development Bank Co., Ltd. 上海浦東發展銀行股份有限公司 (Fengxian Sub-Branch) （奉賢支行） No. 7557 Nanfeng Road 中國上海 Fengxian District 奉賢區 Shanghai, PRC 南奉公路7557號 China Merchants Bank Co., Ltd. 招商銀行股份有限公司 (Shanghai Century Avenue Sub-Branch) （上海世紀大道支行） No. 1589 Century Avenue 中國上海 Pudong New District 浦東新區 Shanghai, PRC 世紀大道1589號 HONG KONG H SHARE REGISTRAR 香H股股份過戶登記處 AND TRANSFER OFFICE Tricor Investor Services Limited 卓佳證券登記有限公司 17/F, Far East Finance Centre 香 16 Harcourt Road 夏道16號 Hong Kong 遠東金融中心17樓 STOCK CODE 股份代號 2145 2145 ’ COMPANY S WEBSITE 本公司網站 www.chicmaxgroup.com www.chicmaxgroup.com BUSINESS OVERVIEW 業務回顧 We are a multi-brand beauty company, focusing on research 我們是一家多品牌化妝品公司，專注於大眾護膚 and development, manufacturing and sales of mass skin care, 產品、母嬰&青少年產品、洗護個護產品、彩妝 maternal, baby & teenagers skin care, cleansing and personal care, 產品、功效（醫學）護膚產品及高端護膚產品的研 makeup, dermocosmetics and premium skin care. We focus on the 發、生產及銷售。我們專注實行多品牌戰略，自 implementation of multi-brand strategy and have remained dedicated 成立以來，我們一直奉行該戰略。憑藉逾20年的 to it since our establishment. With an operational history of more than 運?歷史，如今我們為中國化妝品行業內擁有全 20 years, today we are one of the front runners in China’s cosmetics 面的多品牌發展、運?能力和專業知識的領跑 industry, possessing comprehensive multi-brand development and 之一，成功打造了多個受歡迎化妝品品牌。我們 operational capability and expertise, and we have successfully built 最初果斷地採取並堅持多品牌戰略，給予我們及 a variety of popular cosmetic brands. Our decisive strategy originally 時把握市場先機的優勢，讓我們從同業中脫穎而 to embark on and persist with a multi-brand strategy gives us an 出。 advantage to timely grasp market opportunities and sets us apart from our peers. KANS 韓束 Established in 2003, KANS is a Chinese beauty and fashion brand 韓束成立於2003年，是以「科學、專業、精準、 “ ” with science, professionalism, precision, and efficiency as its core. 高效」為核心的中國美尚品牌。自2025年，品 Commencing from 2025, KANS has further refined its full-category 牌進一步完善全品類佈局，為消費提供兼具功 product portfolio, providing consumers with full-category solutions 效性與專業性的護膚、彩妝、男士、洗護及個護 encompassing skincare, color cosmetics, men’s care, wash & care 等全品類解決方案，持續打造具有全球競爭力的 and personal care that combine both efficacy and professionalism, 中國超級美尚品牌。 with a view to continuously building a Chinese super beauty and fashion brand with global competitiveness. For 1H2026, affected by periodic market factors, the revenue of 2026年上半年，受階段性市場因素影，韓束 KANS recorded a decrease. However, this brand continued to rank 收入有所下降，但品牌仍繼續位列抖音個人護理 first in market segments such as personal care brands and facial 品牌、面部護理等細分賽道第一名。此外，韓束 care on Douyin. Furthermore, KANS achieved solid breakthroughs 在多個品類上實現良好突破，韓束彩妝、男士護 across various product categories. Diversified categories, including 理、洗護及身體護理等多元品類持續擴容，品牌 KANS makeup, men’s care, wash & care, and body care, continued 影力與市場競爭力持續提升。 ’ to expand, thereby continuously enhancing the brand s influence and market competitiveness. 業務回顧及展望 For 1H2026, KANS, with scientific research as its foundation, 2026年上半年，韓束以科研為基石，持續深耕多 continued to deepen its research and development in the field of ?研發領域。與此同時，品牌進一步完善高端抗 polypeptides. Meanwhile, the brand further enhanced its high-end 衰產品矩陣，推出玻色因紫金系列，構建更加完 anti-aging product matrix by launching the Pro-Xylane Purple Gold 整的多?抗衰護膚體系。基於品牌在抗衰領域的 series (玻色因紫金系列) to establish a more complete polypeptide 科研積累與實踐成果，韓束受邀先後亮相中華醫 ’ anti-aging skincare system. Leveraging the brands accumulated 學會第三十一次皮膚性病學術年會、中國抗衰老 scientific research expertise and practical achievements in the anti- 產業融合大會等行業權威大會，圍繞重點消費人 aging field, KANS was successively invited to attend authoritative 群的肌膚護理痛點，以臨床實證提供科學解決方 industry conferences including the 31st Annual Meeting of Chinese 案，相關研究成果獲得專家委員會收錄與認可。 Society of Dermatology and the China Anti-Aging Industry Integration Conference (中國抗衰老產業融合大會). Centering on the skincare pain points of key consumer groups, KANS provided scientific solutions supported by clinical evidence, and the relevant research results were included and recognised by the expert committee.For 1H2026, KANS adopted a dual-matrix marketing framework 2026年上半年，韓束圍繞「爆款?銷、形象建centred on “hit product marketing and brand image building”, 設」雙矩陣為核心?銷框架，推動年輕人群拓新 thereby driving the expansion of its younger consumer base and 與品牌資產同步積累。在爆款?銷層面，韓束以 the simultaneous accumulation of brand assets. At the hit product 春節、母親節兩大節日為抓手，成功打造兩場現 marketing level, KANS successfully created two phenomenal 象級破圈事件。在形象建設層面，韓束全面優化 breakthrough events by capitalizing on two major festivals, namely 代言體系，構建完善代言梯隊，依託新生代合作 ’ the Spring Festival and the Mother s Day. In terms of image building, 資源拓寬年輕用戶群體。同時，韓束攜手權威媒 KANS has comprehensively optimized its brand ambassador strategy 體打造文化內容，推動韓束從「實力國貨抗衰品 and established a well-structured brand ambassador matrix. It 牌」向「具有全球影力的超級美尚品牌」持續邁 has expanded the young user base through the cooperation with 進。 emerging-generation artists resources. Meanwhile, KANS has partnered with authoritative media to create cultural content, which “ drove KANS to continuously advance from a competitive domestic anti-aging brand” towards a “super beauty and fashion brand with ” global influence . The revenue generated from KANS in 1H2026 was RMB2,661.4 韓束於 2026年上半年產生的收入為人民幣million, representing a decrease of 20.4% as compared to 2,661.4百萬元，較2025年上半年的人民幣RMB3,344.0 million in 1H2025 and accounting for 70.8% of our total 3,344.0百萬元減少20.4%，佔我們2026年上半 revenue for 1H2026. 年總收入的70.8%。 newpage newpage一頁 The brand newpage was launched in May 2022, focusing on the field 一頁品牌於2022年5月推出，專注於0至18歲嬰 of efficacy skincare for infants, children and adolescents aged 0 to 18. 童及青少年功效護膚領域，由章子怡女士、崔玉 It was jointly established by Ms. Zhang Ziyi (章子怡), Mr. Cui Yutao 濤先生及科學家團隊聯合創立。品牌定位為「醫 “ (崔玉濤) and our scientists. The brand was positioned as medical + 研共創」，結合用戶需求、兒科臨床經驗及科研 research”, integrating user needs, pediatric clinical experience and 能力進行產品開發，產品線涵蓋護膚、洗浴、清 scientific research capabilities for product development. Its product 潔及驅蚊等品類。 lines cover categories including skincare, washing, cleaning and mosquito repellents. For 1H2026, newpage brand was awarded the 2026 Tmall Annual 2026上半年，newpage一頁品牌獲得2026年天Super Leading Brand (2026年天貓年度超級領航品牌) and the Most 貓年度超級領航品牌、2026第十一屆京東超市 Promising Store of the 11th JD Supermarket Baby Party in 2026 (2026 寶貝趴最具潛力店舖。同時經艾瑞諮詢認證， 第十一屆京東超市寶貝趴最具潛力店舖). Furthermore, according to newpage一頁品牌在中國高端嬰童潤膚油領域 iResearch, newpage brand ranked first in online sales in the premium 為全網銷量第一。一頁嬰童安心霜獲2026金嬰 baby moisturizing oil in China. The newpage’s Baby Balancing Cream 獎－年度超級單品獎、一頁特護精華霜獲2026 (嬰童安心霜) won the 2026 Golden Baby Award – Signature Product 金嬰獎－年度專業呵護獎。 of the Year (2026金嬰獎－年度超級單品獎), while newpage’s Special Care Essence Cream (特護精華霜) won the 2026 Golden Baby Award – Professional Care of the Year (2026金嬰獎－年度專業呵護獎).業務回顧及展望 “ ’ Within the core infants and children business segment, newpage s 在核心嬰童業務板塊，「一頁嬰童安心霜」於 Baby Balancing Cream (嬰童安心霜)” continued to rank among the 「618」電商促銷期間，繼續位列天貓及抖音平台 “ ” top on the best-selling baby face cream lists across Tmall and 「寶寶面霜」熱銷榜單前列；「618」電商促銷期 Douyin platforms during the “618” Shopping Festival; during the 間，夏季應季產品銷售錄得顯著增長。於2025 “ ” 618 Shopping Festival this year, sales of seasonal summer products 年底推出的新產品「AD特護霜」期內已成為嬰童 recorded significant growth. The new product “AD Intensive Care 產品線銷售額貢獻排名前列的單品之一，提升了 ” Cream (AD特護霜) launched at the end of 2025 became one of the 品牌於嬰童面霜及乳液市場的市場份額，並鞏固 top single products in terms of sales contribution within the infant and 「醫研共創」專業功效護膚定位。 ’ children product line during the period, which enhanced the brand s market share in the infants and children face cream and lotion market, and consolidated its professional efficacy skincare positioning of “medical + research”. NEWPAGE1218 Youth Product Line, as the brand’s second growth NEWPAGE1218青少年線作為品牌第二增長曲curve, achieved a substantial increase in overall sales during 1H2026. 線，2026年上半年整體銷售額實現大幅增長。於 During the “618” Shopping Festival, the sales of adolescent products 「618」期間，天貓店舖青少年產品銷售額同比大 at the Tmall store recorded a significant year-on-year increase, and 幅增長，抖音平台銷售額亦錄得強勁增長。根據 sales on the Douyin platform also recorded robust growth. According 抖音平台榜單，該產品線兩款主力產品「祛痘精 to the rankings on the Douyin platform, the two key products of this 華」及「爆冰霜（面霜）」均位列爆款榜首位。 product line, namely the “Acne Clearing Essence (祛痘精華)” and the “ ” Ice-Burst Cream (Face Cream) (爆冰霜) , both ranked first on the trending products list (爆款榜). In terms of public welfare and social responsibility practices, with the 公益與社會責任踐行方面，品牌以「讓健康快樂 “ mission of Letting Health and Happiness Accompany the Growth of 伴隨孩子成長」為使命，發「特皮友好夥伴計 Children (讓健康快樂伴隨孩子成長)”, the brand initiated the “Friendly 劃」、「呵護大涼山的紅」偏遠山區兒童物資捐贈 Partner Program for Users with Special Skin Conditions (特皮友好夥 活動、公益義賣活動，並聯合權威機構發兒童 伴計劃)”, the “Caring for Vulnerable Skin in the Daliang Mountains (呵 關愛等多項公益行動，例如「小小心願」公益捐贈 ” 護大涼山的紅) material donation campaign for children in remote 項目，以實際行動踐行社會責任。 mountainous areas, and the charity bazaar activities. In addition, the brand collaborated with authoritative institutions to jointly launch various public welfare campaigns focusing on child care, such as the “ ” Little Wishes (小小心願) public welfare donation project, thereby fulfilling its social responsibilities through practical actions.The revenue generated from newpage in 1H2026 was RMB635.2 newpage一頁於2026年上半年產生的收入為人 million, representing an increase of 59.9% as compared to RMB397.3 民幣635.2百萬元，較2025年上半年的人民幣 million in 1H2025, accounting for 16.9% of the total revenue for 397.3百萬元增加59.9%，佔2026年上半年總收 1H2026. 入的16.9%。業務回顧及展望 ARMIYO 安敏優 For 1H2026, the ARMIYO brand’s business achieved rapid 2026年上半年，安敏優品牌業務實現較快發展，development, with its core product, Artemisia Annua Redness-Relief 核心單品青蒿修紅棒為品牌主要增長來源，同期 Stick (青蒿修紅棒) serving as the principal source of growth for the 新推出的青蒿凝光油取得良好市場表現，進一步 brand. During the same period, the newly launched Artemisia Annua 擴充品牌產品矩陣，助力整體收入增長。 Radiance Oil (青蒿凝光油) achieved favorable market performance, ’ further expanding the brand s product matrix and contributing to the overall revenue growth. The ARMIYO brand achieved synergistic development across multiple 安敏優品牌在多平台協同發展，於抖音、天貓、 platforms and recorded business growth on mainstream e-commerce 京東、拼多多等主流電商平台均實現業務增長。 platforms such as Douyin, Tmall, JD and Pinduoduo. In 1H2026, 2026上半年，安敏優在天貓、抖音平台面部精 ARMIYO maintained leading rankings in the facial essence and facial 華、面部精華油類目維持靠前排名。2026年上 essence oil categories on the Tmall and Douyin platforms. During 半年，品牌行業影力與專業認可度持續提升， ’ 1H2026, the brands industry influence and professional recognition 先後獲評抖音「美容護膚增長新勢力品牌」及京東 were continuously enhanced. It was successively awarded the Rising 「年度新銳品牌」；核心單品「青蒿修紅棒」亦榮獲 Star in Beauty and Skincare (美容護膚增長新勢力品牌) by Douyin 美妝頭條「金植獎－植萃科技成分獎」。 and the Emerging Brand of the Year (年度新銳品牌) by JD. Its core product, the Artemisia Annua Redness-Relief Stick (青蒿修紅棒), also won the Golden Plant Award – Plant-Derived Technology Ingredient Award (金植獎－植萃科技成分獎) from Beauty Headlines (美妝頭條). In 1H2026, Artemisia Annua Oil AN+ continued to strengthen its R&D 2026上半年，青蒿油AN+持續強化科研及品牌壁 and brand moats. Its core active ingredient, Artemisia annua volatile 壘。核心成分青蒿揮發油完成高標準單中心前瞻 oil, has completed a high-standard single-centre prospective clinical 性臨床試驗，並於全國皮膚性病學術年會展示相 trial. Relevant study findings were presented at the Annual Meeting of 關成果，為敏感肌修護功效提供循證醫學支持。 the Chinese Society of Dermatology, providing formal evidence-based medical substantiation for the product’s efficacy in sensitive skin barrier repair. In 1H2026, the R&D achievements of Artemisia Annua Oil AN+ 2026上半年，青蒿油AN+的研發成果獲得行業received widespread industry recognition. During the year, it was 集中認可，年內先後獲評「了不的中國原料 “ successively conferred the following honours: Top 10 Outstanding Top10」、「中國好配方年度修護精華」、「榮格技 Chinese Raw Materials” (了不的中國原料Top 10), “China Good 術創新獎」及「2026 ICIC科技創新舒緩產品獎」， ” Formula – Repair Essence of the Year (中國好配方年度修護精華), 並入選《中國化妝品科研成果藍皮書》創新成分榜 “Ringier Technology Innovation Award” (榮格技術創新獎) and “2026 單。 ” ICIC Technological Innovation Soothing Product Award (2026 ICIC科技創新舒緩產品獎). It was also selected for the innovative ingredients list in the Blue Book of Scientific Research Achievements of Cosmetics in China (《中國化妝品科研成果藍皮書》). On the fourth anniversary of its establishment, ARMIYO has completed 品牌成立四週年之際，安敏優完成用戶運?體系 the upgrade of its user operation framework. Through celebrity 升級，並通過代言人合作及用戶共創進一步強化 endorsement partnerships and user co-creation initiatives, the brand 專業敏感肌修護定位，持續夯實核心消費群體認 has further consolidated its market positioning as a professional 知與信任。 sensitive skin repair specialist, and continuously reinforced recognition and trust among its core consumer base. The revenue generated from ARMIYO in 1H2026 was RMB139.5 安敏優於2026上半年期內整體?收達人民幣 million, representing an increase of 89.3% as compared to that of 139.5百萬元，較2025年同期增長89.3%，佔我 1H2025, and accounting for 3.7% of our total revenue for 1H2026. 們2026年上半年總收入的3.7%。業務回顧及展望 Baby Elephant 紅色小象 We launched Baby Elephant in 2015. With “Making growing up safer” 我們於2015年推出紅色小象，以「讓成長更安 as its core, it is positioned as a professional maternity and childcare 心」為核心，將其定位為適合中國嬰童肌膚以陪 brand that suits the skin of Chinese babies and children to accompany 伴每個寶寶健康快樂成長的專業母嬰護理品牌。 each baby during its happy and healthy growth. For 1H2026, the brand continued to deeply engage in scientific 2026年上半年，品牌持續深耕科研創新與品類迭 research and innovation and category iteration, strengthened the 代，強化核心成分研發，豐富產品矩陣。針對嬰 research and development of core ingredients, and enriched its 童細分護膚需求，品牌相繼推出嬰童次拋乳霜、 product matrix. Targeting the segmented skincare needs of infants 多效洗髮水等創新產品，精準覆蓋嬰童多元化護 and children, the brand successively launched innovative products 理場景。 such as single-use baby creams and multi-action shampoos, precisely covering the diversified care scenarios for infants and children. In terms of brand marketing, Baby Elephant focused on core 品牌?銷層面，紅色小象聚焦核心?銷節點，開 marketing periods and conducted scenario-based brand operations 展場景化品牌運?，深化用戶情感鏈接。2026 to deepen its emotional connection with users. During 1H2026, the 年上半年，品牌結合春節、六一兒童節等重要節 brand implemented themed brand campaigns during key events 點，落地主題品牌活動，聯動非遺文化、升級核 ’ such as the Spring Festival and the Children s Day. By collaborating 心彩妝產品，持續傳遞品牌溫度，進一步鞏固與 with intangible cultural heritage and upgrading its core makeup 消費的情感聯結，提升用戶品牌認同感。 products, the brand continuously conveyed its brand warmth, further consolidated its emotional connection with consumers, and enhanced ’ users brand recognition.During 1H2026, the brand received numerous authoritative industry 2026年上半年，品牌斬獲多項權威行業認證及獎 certifications and awards. Among these, the brand’s innovative 項。其中，品牌創新產品嬰童次拋乳霜獲艾瑞諮 “ single-use baby cream was certified as the Pioneer of Single-Use 詢「嬰童次拋乳霜首創」認證，兒童彩妝禮盒榮 Baby Cream (嬰童次拋乳霜首創)” by iResearch (艾瑞諮詢), and the 獲天貓金嬰獎「最具情價值獎項」。同時，紅色 ’ “ children s makeup gift box won the Most Emotional Value Award (最小象成功入選國家工信部「2025年度中國消費名 具情價值獎項)” under the Tmall Golden Baby Award (天貓金嬰獎). 品名單」，品牌公信力與行業影力持續提升。 “ Meanwhile, Baby Elephant was successfully shortlisted for the 2025 China’s Famous Consumer Products List (2025年度中國消費名品名” 單) issued by the Ministry of Industry and Information Technology of the PRC, demonstrating a continuous enhancement of its brand credibility and industry influence. In terms of financial performance, the revenue generated from Baby 財務表現方面，紅色小象於2026年上半年產生的 Elephant in 1H2026 was RMB112.7 million. 收入為人民幣112.7百萬元。 Other Brands 其他品牌 To meet the increased demands for high-quality products from 為滿足消費對優質產品不斷增加的需求，我們 consumers, we have a multi-brand layout in multiple categories. In the 在多個品類進行多品牌佈局。在護膚品品類，已 skincare category, we launched ATISER (聚光白), a professional-grade 經推出聚焦皮膚光白抗衰的院線功效護膚品牌聚 efficacy skincare brand focused on brightening and anti-ageing. In the 光白。在母嬰護理品類，推出獲授權使用知名知 maternity and childcare category, we launched Anpanman (麵超人), 識產權的同名母嬰護理品牌麵超人，正在籌備 a brand licensed to bearing the same name with the well-known IP; 推出醫生IP母嬰護理品牌崔玉濤及獲授權使用知 we are also preparing to launch the brand Cui Yutao (崔玉濤) based 名知識產權的同名母嬰護理品牌光之守護奧特 on a physician IP, as well as the brand Guardian of Light Ultraman 曼。在洗護品類，我們推出了致力於固韌及頭 that was licensed to bearing the same name with the well-known IP. 皮減壓的洗護品牌極方。我們也在籌備推出獲授 In the wash&care category, we launched a wash&care brand KYOCA, 權使用知名知識產權的同名品牌Hello Kitty，產 which is committed to strengthening hair and scalp decompression. 品覆蓋大眾護膚、洗護個護及彩妝品線。除此之 We are also preparing to launch an eponymous brand Hello Kitty, 外，我們還在培育更多新品牌。 which is licensed to use the well-known IP, with products covering the mass-market skin care, wash&care and personal care, and makeup product lines. In addition, we are also developing more new brands.業務回顧及展望 Research and Development 研發 R&D Strategy and Forward-looking Layout 研發戰略與前瞻性佈局For 1H2026, focusing on long-term high-quality development, the 2026年上半年，本集團圍繞長期高質量發展， Group further upgraded its R&D strategic system and established 進一步升級研發戰略體系，確立「以皮膚系統科 “ its scientific research direction for the next five years as advancing 學，引AI驅動健康美」的未來五年科研方向：以 health and beauty with AI through skin system science”. Taking 皮膚系統科學為底層方法，構建「一核三學科四 skin system science as its underlying methodology, the Group has 引擎」的研發總架構，重點佈局光生物學、神經 developed an overall R&D framework of “One Core, Three Disciplines 生物學及衰老生物學三大前沿方向，持續推進基 ” and Four Engines (一核三學科四引擎). Within this framework, 礎研究、原料創新、應用技術及醫學轉化的融合 the Group has focused on three frontier scientific areas, namely 發展。未來五年，本集團將圍繞新靶點、新分 photobiology, neurobiology and ageing biology, while continuing to 子、新原料、新技術及新產品持續投入，持續沉 promote the integrated development of fundamental research, raw 澱可跨品牌、跨品類及跨產品週期複用的核心技 material innovation, applied technology and medical translation. 術資產。 Over the next five years, the Group will continue to invest in new targets, new molecules, new raw materials, new technologies and new products, continuously accumulating core technological assets that are reusable across brands, product categories and product life cycles. The Group continued to strengthen the development of the Scientific 本集團持續完善上美科學委員會(SCC)建設， Chicmax Committee (SCC). During 1H2026, Professor Zheng 2026年上半年，皮膚學專家鄭志忠教授加入上美Zhizhong (鄭志忠), a dermatology expert, joined the SCC to jointly 科學委員會，與國際多?領域專家Karl Lintner等 provide professional support to the Group in clinical dermatology, 核心專家共同為本集團在臨床皮膚醫學、功效評 efficacy evaluation, medical translation and active peptide research 價、醫學轉化及活性多?研究等方向提供專業支 alongside core experts such as Karl Lintner, an international expert in 持，進一步強化企業研發、全球科學家、臨床醫 the field of peptides, further strengthening an open scientific research 學及產業轉化協同的開放科研生態。 ecosystem that synergizes corporate R&D, global scientists, clinical medicine and industrial translation. During 1H2026, the Group continued to increase its investment in 2026年上半年，集團持續加大底層科研創新投 fundamental scientific research innovation. It systematically advanced 入，圍繞核心科研方向系統推進基礎研究攻關、 breakthroughs in basic research, the development of the collaborative 產學研醫協同創新體系建設與知識產權戰略佈 “ ” innovation system of Industry-University-Research-Medicine , and the 局，夯實技術創新的底層根基。 strategic layout of intellectual property rights, thereby consolidating the underlying foundation of technological innovation. In terms of scientific research innovation and intellectual property 在科研創新與知識產權佈局方面，集團推進AI超 rights layout, the Group advanced the construction of an AI 算多?數據庫建設，推動研發模式由傳統經驗式 supercomputing peptide database, driving the upgrade of its R&D 篩選向AI輔助生成式發現升級。2026年上半年， model from traditional empirical screening to AI-assisted generative 集團新申請專利30項，其中發明專利26項；新獲 discovery. During 1H2026, the Group newly applied for 30 patents, 授權專利22項，其中發明專利11項，主要圍繞天 including 26 invention patents, and was granted 22 new patents, 然來源多?、雙環?、抗糖?等技術方向形成多 including 11 invention patents, forming multiple technological reserves 項技術儲備。集團打通「AI算法設計－分子結構 primarily in technical directions such as naturally-derived peptides, 創新－自主合成工藝－功效驗證」的完整研發閉 bicyclic peptides, and anti-glycation peptides. The Group established 環，進一步強化下一代功效多?領域的自主創新 a complete closed-loop R&D process encompassing “AI algorithm 能力與技術壁壘。 design - molecular structure innovation - proprietary synthesis process - efficacy validation”, further strengthening its independent innovation capabilities and technological barriers in the field of next-generation functional peptides. In respect of industry-academia-research-medicine collaboration, the 產學研醫協同方面，集團與浙大共建研究工作站 Group has jointly established a research workstation with Zhejiang 並獲批上海市院士（專家）工作站，開展遞送技術 University, which has been accredited as an Academician Expert 研究；韓束與世領製藥共建靶向遞送技術聯合實 Workstation in Shanghai and aims to conduct delivery technology 驗室；聯合禾大CRODA共建亞太區胎脂神經? research; KANS and World Leader (世領製藥) have jointly established 胺創新實驗室，推進嬰童護膚技術轉化。 the Targeted Delivery Technology Joint Laboratory (靶向遞送技術聯合實驗室); the Group has jointly established the Asia-Pacific Vernix Caseosa Ceramide Innovation Laboratory (亞太區胎脂神經?胺創新實驗室) with CRODA (禾大CRODA), to promote the application and commercialisation of skincare technologies for babies and children.Academic Achievements 學術成果 In respect of academic output, during 1H2026, the Group published 在學術成果產出方面，2026年上半年，集團共有 two academic papers in international journals, and nine academic 2篇學術論文刊載於國際期刊，另有9份學術壁報 posters were selected for presentation at authoritative domestic and 入選中華醫學會皮膚性病學術年會(CSD)、美國 international academic conferences, including the Annual Meeting of 皮膚研究年會(SID)及世界毛髮大會(WCHR)等國 the Chinese Society of Dermatology (CSD), the Annual Meeting of the 內外權威學術會議。 Society for Investigative Dermatology (SID) and the World Congress for Hair Research (WCHR). Industry Standards 行業標準 In respect of the development of industry standards, during 在行業標準建設方面，2026年上半年，集團持續 1H2026, the Group continued to participate in the standardisation 參與化妝品行業標準化建設，覆蓋功效評價、安 initiatives of the cosmetics industry, covering various areas including 全評估、創新原料評價及行業規範等多個領域， efficacy evaluation, safety assessment, evaluation of innovative raw 並參與制定國內首個《非動物試驗化妝品評價指 materials, and the development of industry norms. The Group also 南》，助力構建科學規範、可持續發展且與國際 participated in the formulation of the first domestic Guidelines for the 接軌的化妝品評價體系。 Evaluation of Non-Animal Testing Cosmetics (《非動物試驗化妝品評價指南》), facilitating the establishment of a scientific, standardised 業務回顧及展望 Employees and Remuneration Policy 僱員及薪酬政策 As at 30 June 2026, we had 2,926 full-time employees, of whom 截至2026年6月30日，我們有2,926名全職僱 2,774 full-time employees were based in the PRC and 152 full-time 員，其中2,774名全職僱員居於中國，而152名全 employees were based overseas. The total remuneration cost for 職僱員居於海外。2026年上半年的總薪酬成本為 1H2026 was RMB523.7 million, as compared to RMB369.9 million for 人民幣523.7百萬元，而2025年上半年為人民幣 1H2025. The increase of remuneration costs was primarily attributable 369.9百萬元，薪酬成本有所上升，主要是本集 to the Group’s continued investment in talent based on its strategic 團基於戰略佈局，持續加強人才投入。 layout. The Group continues to recruit employees through diversified 本集團持續透過多元化渠道招募僱員，括校園 channels, including campus recruitment, job fairs, professional 招聘、招聘會、專業招聘機構以及內外部推薦， recruitment agencies, and internal and external referrals, and 並不斷優化人才引進策略以貼合業務發展需求。 continuously optimizes its talent acquisition strategy to meet the 我們於所有僱傭實務中堅持平等機會原則，已制 needs of business development. We adhere to the principle of equal 定相關政策及程序，括持續沿用專業的候選人 opportunity in all employment practices and have formulated relevant 能力評估模型，確保甄選過程的客觀性、公正性 policies and procedures, including the continuous application of a 與一致性，招聘及聘用流程規範有序。作為人才 professional candidate competency assessment framework, to ensure 挽留策略的核心組成部分，本集團向僱員提供具 objectivity, fairness, and consistency in the selection process, as 競爭力的薪酬、保險及其他福利待遇、與績效掛 well as to maintain standardized and orderly recruitment and hiring 的激勵安排，並對卓越僱員適配股權激勵或股 processes. As a core component of its talent retention strategy, the 份獎勵計劃，以強化僱員與本集團的長期利益綁 Group provides employees with competitive remuneration, insurance 定，促進共同發展。 coverage and other welfare benefits, and performance-linked incentive arrangements. Furthermore, equity incentive or share award schemes are adopted for outstanding employees to strengthen the alignment of long-term interests between the employees and the Group and to promote mutual development. The Group attaches great importance to the development of 本集團高度重視僱員培訓及職業發展體系建設。 employee training and career development system. All newly recruited 新入職僱員須參加涵蓋企業文化、業務?運及行 employees are required to complete a structured onboarding training 業認知的系統性入職培訓，以加速其融入公司並 program covering corporate culture, business operations, and industry 提升崗位勝任能力。我們定期按業務需求及崗位 knowledge, to accelerate their integration into the Company and 特性為僱員提供量身定制的內部培訓課程，並安 enhance their role competency. We regularly provide our employees 排參與第三方專業培訓項目，持續提升其專業技 with tailored internal training courses based on business needs and 術能力及數字化素養。同時，本集團為具備管理 job characteristics, and arrange for their participation in third-party 潛質的僱員提供管理及領導力進階培訓，助力其 professional training programs, in order to continuously enhance 逐步承擔管理職責，實現從專業骨幹向管理角色 their professional and technical capabilities as well as digital literacy. 的平穩過渡。本集團亦持續關注員工多元化發 Meanwhile, the Group provides advanced management and leadership 展，致力構建容、可持續的職場環境。 training for employees with demonstrated management potential, to support them in progressively assuming management responsibilities and enable a smooth transition from specialist professional roles to management positions. The Group also maintains ongoing focus on the diversified development of its workforce and is committed to fostering an inclusive and sustainable workplace environment.Capital Expenditures 資本開支 ’ The Groups capital expenditure of RMB208.7 million for 1H2026 本集團於2026年上半年的資本開支為人民幣 was mainly related to the new items of property, plant and equipment 208.7百萬元，主要與新物業、廠房及設備項目 amounting to RMB207.9 million, and other intangible assets 人民幣207.9百萬元及其他無形資產人民幣0.8百 amounting to RMB0.8 million. 萬元有關。 Right-of-use Assets and Lease Liability 使用權資產及租賃負債The right-of-use assets and lease liabilities are located in the PRC and 使用權資產及租賃負債位於中國及海外。於 ’ overseas. As at 30 June 2026, the Group s right-of-use assets were 2026年6月30日，本集團的使用權資產為人民 RMB457.4 million (RMB480.8 million as at 31 December 2025) and 幣457.4百萬元（於2025年12月31日為人民幣 its lease liabilities were RMB334.9 million (RMB342.1 million as at 31 480.8百萬元）及其租賃負債為人民幣334.9百 December 2025). For 1H2026, depreciation charges of right-of-use 萬元（於2025年12月31日為人民幣342.1百萬 assets amounted to RMB23.5 million and interest charges of lease 元）。於2026年上半年，使用權資產折舊開支為 liabilities amounted to RMB6.2 million. 人民幣23.5百萬元，而租賃負債的利息開支為人民幣6.2百萬元。 OUTLOOK 展望 We are committed to our “six-six” strategy to promote overall business 我們致力於推行「六六」戰略，通過六大競爭面、 growth through six main competitive aspects and the planning of six 六大板塊規劃推動整體業務增長，以支本集團 major sectors in order to support sustainable development of the 的可持續發展。 Group. Six main competitive aspects: 六大競爭面： 1. Maintain organization-driven leadership and support 1. 保持組織驅動領先，以人才支集團可持sustainable development of the Group with talents 續發展 We believe that talents with excellent management or technical 我們認為，具備優秀的管理或技術技能的skills are our valuable assets, the impetus of providing 人才是我們的寶貴資產，是為客戶提供持customers with products of continuous innovation and high 續創新優質產品的源動力，是成就一個多quality, and the necessary condition for the achievement of 品牌化妝品集團的必備條件。貫徹「多元、a multi-brand cosmetics group. Implementing our corporate 樂觀、創新及傳承」的企業價值觀，我們計values of “Diversity, Optimism, Innovation and Legacy”, we plan 劃不斷完善企業架構及企業文化，吸引人 to continuously improve our corporate structure and corporate 才。 culture to attract talents. 業務回顧及展望 We will continue to focus on improving our recruitment 我們將繼續聚焦於完善我們的招聘及培訓and training system to recruit talents with an international 體系，招聘具有國際視野的人才，如雙一perspective, such as graduates from prestigious schools such 流及QS200等名校畢業生。透過與高校as the world’s first-class universities and disciplines and the 合作成立聯合培養項目，更有效地物色合 QS200. By establishing joint training projects in cooperation with 適人才。為在招聘市場保持競爭力，我們 universities, we can more effectively identify suitable talents. In 力求提供行業領先的薪酬福利制度，打通 order to remain competitive in the recruitment market, we strive 晉升通道，形成科學的人才選拔及激勵機 to provide industry-leading salary and welfare systems and open 制。此外，我們將對僱員實行輪崗輪值， up promotion channels, forming a scientific talent selection 以推行全能型僱員模式，防止職級固化。 and incentive mechanism. In addition, we will implement job 透過運用扁平、有效的管理體系，我們鼓rotation and duty rotation for our employees to promote the all- 勵基層員工發揮創造力，保持管理和技術 rounder employee model, and prevent solidification of hierarchy. 人員的積極性和穩定性。我們的目標是在 By leveraging a flat and effective management system, we 僱員中建立企業文化及團隊氛圍，增強員encourage employees at the primary level to give play to 工的歸屬感，並為僱員提供人才培訓體their creativity, and maintain the enthusiasm and stability of 系，實現個人成長，支本集團多個品牌management and technical staff. We aim to build up corporate 的運?及發展。 culture and team atmosphere among employees to enhance their sense of belonging, and a talent training system for our employees to achieve their personal growth and to support the operation and development of multiple brands of the Group. 2. Maintain R&D leadership, continue to invest in R&D to drive 2. 保持研發領先，持續投入研發，推動產品 product innovations and make popular products enjoyed by 創新，做出消費喜愛的產品our consumers Leveraging our advanced R&D and production capabilities in the 利用我們在中國及海外的先進研發及生產能力，我們將增加對護膚領域熱點核心成 PRC and overseas, we will increase investments in fundamental research projects on trendy core ingredients in the skincare 分的基礎研究項目的投資，例如抗衰老技術、皮膚屏障修復技術，括開發新原材 area such as anti-aging technology and skin barrier repairing technology, including development on new raw materials, new 料、新技術及新配方；以及對應用科學項目的投資，括原料及配方的應用，改 technologies, and new formulas; and investments in applied science projects including application of the raw materials and 善消費的整體膚感。我們目前已構建了 上美自主科研體系，目標打破國際科研壁 formulas, and improving the overall skin feel of consumers. We have now established an independent scientific research 壘。我們將繼續開展新品牌、新產品的試點項目，改善消費體驗，滿足消費多 system of Chicmax, with the aim of breaking down international scientific research barriers. We will continue to conduct pilot 樣化需求，最終創造更多增長機遇。 projects for new brands and new products to improve consumer experience and meet diverse consumer demands, and ultimately create more growth opportunities. 3. Artificial intelligence (AI) leadership: introduce AI 3. 人工智能(AI)領先，引入AI管理工具，提高’ empowered management tools to improve the Group s 本集團管理及運?效率management and operation efficiency We introduce leading AI empowered tools which will be used 我們引入領先的AI工具用於智能化處理大量的數據和信息，進行智能數據分析及預 to intelligently process large volumes of data and information to conduct intelligent data analysis and prediction, providing data 測，為決策提供數據支持，進一步優化資 源分配和利用，提高本集團管理及運?效 to support decision-making, further optimising the allocation and utilization of resources, and thus improving the Group’s 率、創新能力和競爭力。 management and operation efficiency, innovation capabilities and competitiveness. 4. 保持?銷領先，繼續加強和擴大產品?銷 4. Maintain marketing leadership and continue to enhance and 網絡，普及用戶並建立消費心智 expand products marketing networks to penetrate users and build a consumer-centric mindset 我們將充分利用優勢資源，採取更強有力 We will make full use of our advantageous resources and adopt 和更有效的競爭策略和?銷手段，增加各 stronger and more effective competitive strategies and marketing 銷售渠道的廣度和深度，尤其是進一步深 tools to increase the breadth and depth of our sales channels 化線上各電商平台以及線下全渠道的?銷 and in particular, to further deepen the marketing and promotion 推廣，除繼續保持韓束在抖音渠道的領先 of our online e-commerce platforms and the offline omnichannel 地位擴大領先優勢、帶動本集團更多的品 strategy. In addition to continuing to maintain and enhance 牌在抖音實現突破之外，要在天貓╱淘 KANS’s leading position in the Douyin channel and driving more ’ 寶、京東、快手等平台取得更好的發展。 of the Group s brands to achieve breakthroughs in Douyin, we aim to achieve better development on platforms such as Tmall/Taobao, JD and Kuaishou. 5. 保持智能化生產領先，加快本集團智能化 5. Maintain intelligent production leadership and accelerate 生產，提升生產效率和標準化產品質量 the Group’s intelligent production to enhance the production efficiency and standardized product quality 我們將繼續結合實際生產和運?，設計和 We will continue to design and establish the direction and plan 確立本集團智能化改造的方向和規劃，綜 of the Group’s intelligent transformation in conjunction with our 合應用人工智能和其他技術，建設和完善 practical production and operation, comprehensively applying 智能化生產線，提高本集團的生產效率和 the artificial intelligence and other technologies to build and 提升標準化產品質量。 refine intelligent production lines to increase the production efficiency and improve standardized product quality of the Group. 業務回顧及展望 ’ “ ” 6. Promote the Groups strategies from personalization 6. 推動本集團戰略從「個性化」發展到「共性“ ” development to generality development and drive 化」發展，以平台推動發展，進一步拓展業development with platforms to further expand our business 務We aim to achieve development of our business by diversified 我們的目標是通過與人才和商業夥伴的多cooperation with our talents and business partners. We are 元化合作，實現我們的業務發展。我們致committed to gathering talents and providing them with a broad 力於聚集人才，為他們提供廣闊的平台，platform to assist them in achieving their development. We will 幫助他們實現發展。我們將繼續加強與多 continue to strengthen cooperation with multiple partners to 方合作夥伴的合作，打造品牌孵化平台，build a brand incubation platform and to continuously cultivate 不斷實現業務的突破。 breakthroughs in various aspects of our business. Planning of six major sectors: 六大板塊規劃： Based on our existing multi-brand matrix, we will have a broader 立足於現有多品牌矩陣基礎，未來十年我們將進 strategic layout in the next decade in building six major sectors of 一步拓寬戰略版圖，搭建大眾護膚、母嬰&青少 mass skin care, maternal, baby & teenagers skin care, cleansing and 年護膚、洗護個護、彩妝、功效（醫學）護膚、高 personal care, makeup, dermocosmetics and premium skin care, 端護膚的六大板塊，拓展我們在化妝品行業的業 hence expanding our business boundaries in the cosmetics industry. 務邊界。 Looking forward, we are committed to conveying Chinese branding 展望未來，我們承諾向世界傳遞中國品牌力，提 power to the world and promoting the brand image of Chinese 升國貨化妝品的品牌形象。我們的目標是通過發 domestic cosmetics products. Through developing our R&D 展我們的研發能力、人才和組織力、業務版圖及capabilities, human resources and organizing capacities, business 品牌知名度，成為世界一流的化妝品集團。 presence and brand awareness, we aim to become a world-class cosmetics group. The revenue of Shanghai Chicmax Cosmetic Co., Ltd. (the 上海上美化妝品股份有限公司（「本公司」）及其 “ ” “ ” Company ) and its subsidiaries (collectively, the Group ) decreased 附屬公司（統稱「本集團」）的收入由截至2025年 to RMB3,756.5 million for the six months ended 30 June 2026 (the 6月30日止六個月（「2025年上半年」）的人民幣 “ ” “ ” 1H2026 or Reporting Period ) from RMB4,108.0 million for the 4,108.0百萬元減少至截至2026年6月30日止六 “ ” six months ended 30 June 2025 (the 1H2025 ). Our gross profit 個月（「2026年上半年」或「報告期」）的人民幣 decreased to RMB2,881.5 million for 1H2026 from RMB3,102.4 3,756.5百萬元。我們的毛利由2025年上半年的 million for 1H2025. Our profit for 1H2026 was RMB125.7 million 人民幣3,102.4百萬元減少至2026年上半年的人 whereas our profit for 1H2025 was RMB555.6 million. 民幣2,881.5百萬元。我們2026年上半年利潤為人民幣125.7百萬元，而2025年上半年利潤為人 民幣555.6百萬元。 No interim dividend declared by the Company during the period (30 本公司於期內概無宣派中期股息（2025年6月30 June 2025: RMB0.50 per ordinary share, amounting to a total of 日：每股普通股人民幣0.50元，合共約人民幣 approximately RMB199 million). 199百萬元）。 For the six months ended 30 June 截至6月30日止六個月 2026 2025 2024 2026年 2025年 2024年 (Unaudited) (Unaudited) (Unaudited) （未經審計） （未經審計） （未經審計） ’ ’ ’ RMB 000 RMB 000 RMB 000 人民幣千元 人民幣千元 人民幣千元 Revenue 收入 3,756,467 4,108,001 3,502,399 Gross profit 毛利 2,881,512 3,102,424 2,679,879 Profit for the period 期內利潤 125,671 555,600 412,425 Profit for the period attributable to 母公司擁有人應佔期內利潤 owners of the parent 108,179 524,156 401,199 Basic and diluted earnings per Share 每股基本及攤薄盈利 RMB0.27 RMB1.32 RMB1.01人民幣0.27元 人民幣1.32元 人民幣1.01元 As at As at As at 30 June 31 December 31 December 2026 2025 2024 於2026年 於2025年 於2024年 6月30日 12月31日 12月31日 (Unaudited) (Audited) (Audited) （未經審計） （經審計） （經審計） ’ ’ ’ RMB 000 RMB 000 RMB 000 人民幣千元 人民幣千元 人民幣千元 管理層討論與分析 FINANCIAL REVIEW 財務回顧 Revenue 收入 We generated revenue primarily from the manufacture and sale 我們的收入主要來自化妝品生產及銷售。由於本 of cosmetic products. Revenue of the Group in 1H2026 was 集團主要品牌之一韓束產生的收入減少，2026RMB3,756.5 million, representing a decrease of 8.6% as compared 年上半年，本集團的收入為人民幣3,756.5百萬 to RMB4,108.0 million in 1H2025, owing to the decreased revenue 元，相比2025年上半年的人民幣4,108.0百萬元 ’ generated from KANS, one of the Group s major brands. 減少8.6%。 Revenue by brands 按品牌劃分的收入 Six months ended 30 June 截至6月30日止六個月 2026 2025 2026年 2025年 % of % of Revenue Revenue Amount Amount Amount Amount 收入 收入 金額 佔比(%) 金額 佔比(%) (RMB in millions, except percentages) （人民幣百萬元，百分比除外） (Unaudited) (Unaudited) （未經審計） （未經審計） KANS 韓束 2,661.4 70.8 3,344.0 81.4 newpage newpage一頁 635.2 16.9 397.3 9.6 ARMIYO 安敏優 139.5 3.7 73.7 1.8 Baby Elephant 紅色小象 112.7 3.0 159.0 3.9 (Note) （附註） Other brands 其他品牌 207.7 5.6 134.0 3.3 Total 總計 3,756.5 100.0 4,108.0 100.0 附註： 其他品牌主要括極方、一葉子等。 Note: Other brands primarily consist of KYOCA, oneleaf, etc.’ 2026年上半年，韓束應佔本集團的收入為人民 The Groups revenue attributable to KANS was RMB2,661.4 million 幣2,661.4百萬元，相比2025年上半年的人民幣 in 1H2026, representing a decrease of 20.4% as compared to 3,344.0百萬元減少20.4%，主要是由於受階段性 RMB3,344.0 million in 1H2025, primarily due to a decline in sales 市場因素影，銷售收入有所下降。 revenue as a result of the impact of periodic market factors.’ The Group s revenue attributable to newpage was RMB635.2 million 2026年上半年，newpage一頁應佔本集團的收 in 1H2026, representing an increase of 59.9% as compared to 入為人民幣635.2百萬元，相比2025年上半年’ RMB397.3 million in 1H2025, primarily due to newpage s further 的人民幣397.3百萬元增加59.9%，主要是由於 consolidation of its market position in infants and children efficacy newpage一頁在嬰童功效型護膚市場地位進一步 skincare and breakthroughs in the adolescent and school-age care 鞏固，同時青少年、學齡護理品類實現突破，有 ’ categories, thereby effectively broadening the brand s consumer base 效拓寬品牌消費人群，推動品牌銷售規模快速持 and driving rapid and sustained growth in its sales scale. 續增長。 ’ The Group s revenue attributable to ARMIYO was RMB139.5 million 2026年上半年，安敏優應佔本集團的收入為人 in 1H2026, representing an increase of 89.3% as compared to 民幣139.5百萬元，相比2025年上半年的人民幣 RMB73.7 million in 1H2025, primarily because it continued to deepen 73.7百萬元增加89.3%，主要是由於在敏感肌護 its layouts in the sensitive skin care segment, and enhanced its brand 理賽道佈局持續深化，品牌認知、產品矩陣及渠 awareness, product matrix and channel capabilities at the same time, 道能力同步提升，推動銷售規模快速增長。 driving rapid growth in its sales scale. ’ The Groups revenue attributable to Baby Elephant was RMB112.7 2026年上半年，紅色小象應佔本集團的收入為人 million in 1H2026, representing a decrease of 29.1% as compared to 民幣112.7百萬元，相比2025年上半年的人民幣 RMB159.0 million in 1H2025, primarily due to the decrease of sales 159.0百萬元減少29.1%，主要是由於品牌處於 revenue as the brand was in a restructuring phase. 調整期，銷售收入還未實現提升。 Revenue by sales channel 按銷售渠道劃分的收入 Six months ended 30 June 截至6月30日止六個月 2026 2025 2026年 2025年 % of % of Revenue Revenue Amount Amount Amount Amount 收入 收入 金額 佔比(%) 金額 佔比(%) (RMB in millions, except percentages) （人民幣百萬元，百分比除外） (Unaudited) (Unaudited) （未經審計） （未經審計） Online channels 線上渠道 3,535.6 94.1 3,808.7 92.7 Offline channels 線下渠道 176.5 4.7 268.8 6.5 Others 其他 44.4 1.2 30.5 0.8 Total 總計 3,756.5 100.0 4,108.0 100.0 管理層討論與分析 ’ The Groups revenue attributable to online sales was RMB3,535.6 2026年上半年，線上銷售應佔本集團的收入為 million in 1H2026, representing a decrease of 7.2% as compared to 人民幣3,535.6百萬元，相比2025年上半年的人 RMB3,808.7 million in 1H2025, primarily due to a decline in sales 民幣3,808.7百萬元減少7.2%，主要是由於本集 revenue from KANS , which accounted for a relatively high proportion 團線上收入佔比較高的韓束品牌銷售收入下降導 ’ of the Group s online revenue. 致。 ’ The Groups revenue attributable to offline sales was RMB176.5 2026年上半年，線下銷售應佔本集團的收入為人 million in 1H2026, representing a decrease of 34.3% as compared 民幣176.5百萬元，相比2025年上半年的人民幣 to RMB268.8 million in 1H2025, primarily because in response to 268.8百萬元減少34.3%，主要是由於本集團基 changes in offline business formats, the Group has continued to 於線下業態的變化，持續探索新的方向，增強與 explore new directions to enhance interaction and engagement with 消費的互動與鏈接，上半年新模式暫未帶來突 consumers. During the first half of the year, the new business models 破性增長。 had not yet generated breakthrough growth. Revenue by categories 按類別劃分的收入 Six months ended 30 June 截至6月30日止六個月 2026 2025 2026年 2025年 % of % of Revenue Revenue Amount Amount Amount Amount 收入 收入 金額 佔比(%) 金額 佔比(%) (RMB in millions, except percentages) （人民幣百萬元，百分比除外） (Unaudited) (Unaudited) （未經審計） （未經審計） Skin care 護膚 2,477.7 66.0 3,423.9 83.3 Maternity and childcare 母嬰護理 748.2 19.9 556.7 13.6 Others 其他 530.6 14.1 127.4 3.1 Total 總計 3,756.5 100.0 4,108.0 100.0 2026年上半年，護膚應佔本集團的收入為人民 The Group’s revenue attributable to skin care was RMB2,477.7 幣2,477.7百萬元，相比2025年上半年的人民幣 million in 1H2026, representing a decrease of 27.6% as compared to 3,423.9百萬元減少27.6%，主要是由於本集團主 RMB3,423.9 million in 1H2025, primarily due to the decline in sales 要護膚品牌韓束品牌的銷售收入下降。 revenue of KANS, the Group’s principal skincare brand. 2026年上半年，母嬰護理應佔本集團的收入為人 The Group’s revenue attributable to maternity and childcare was 民幣748.2百萬元，相比2025年上半年的人民幣 RMB748.2 million in 1H2026, representing an increase of 34.4% 556.7百萬元增加34.4%，主要是由於newpage as compared to RMB556.7 million in 1H2025, primarily due to the 一頁產生的收入增加帶動。 increase in revenue generated from newpage. 毛利及毛利率 Gross Profit and Gross Profit Margin 2026年上半年，本集團的毛利為人民幣2,881.5 The Group’s gross profit was RMB2,881.5 million in 1H2026, 百萬元，相比2025年上半年的人民幣3,102.4百 representing a decrease of 7.1% as compared to RMB3,102.4 million 萬元減少7.1%。我們於2026年上半年及2025年 in 1H2025. Our gross profit margins were 76.7% and 75.5% in 上半年的毛利率分別為76.7%及75.5%，毛利率 1H2026 and 1H2025, respectively, representing an increase of 1.2 提高1.2個百分點。 percentage points in gross profit margin. 管理層討論與分析 Other Income and Gains 其他收入及收益 The Group’s other income and gains decreased from RMB179.5 本集團的其他收入及收益由2025年上半年的人 million in 1H2025 to RMB149.5 million in 1H2026, primarily due to the 民幣179.5百萬元降至2026年上半年的人民幣 decrease in the investment gains from financial assets as fair value 149.5百萬元，主要是由於按公平值計入損益的 through profit or loss. 金融資產投資收益減少。 Selling and Distribution Expenses 銷售及分銷開支 The Group’s selling and distribution expenses as a percentage of the 2026年上半年，本集團的銷售及分銷開支佔本 Group’s revenue was 66.1% in 1H2026, representing an increase 集團收入的百分比為66.1%，相比2025年上半 as compared with 56.9% in 1H2025. The selling and distribution 年的56.9%有所增加；銷售及分銷開支為人民 expenses were RMB2,481.4 million in 1H2026, representing an 幣2,481.4百萬元，相比2025年上半年的人民幣 increase of 6.2% from RMB2,336.8 million in 1H2025. This was 2,336.8百萬元增加6.2%，主要是由於本公司實 primarily due to increased investments in brand development and 際經?需要，品牌建設和人員支出等投入加大。 employee expenses driven by the Company’s actual operational needs. Administrative Expenses 行政開支 The Group’s administrative expenses were RMB181.7 million 2026年上半年，本集團的行政開支為人民幣in 1H2026, representing an increase of 18.9% as compared to 181.7百萬元，相比2025年上半年的人民幣RMB152.8 million in 1H2025. Administrative expenses mainly 152.8百萬元增加18.9%。2026年上半年的行政comprised employee benefits expenses (including directors’ 開支主要括僱員福利開支（括董事酬金）人（未完）  |