CHICMAX (02145) gained over 3%, rising 3.1% to HK$96.4 with trading volume of HK$49.12 million as of press time. On the news front, according to industry intelligence, the top 20 beauty brands on Douyin achieved a combined GMV exceeding 3 billion yuan in September 2025, capturing a 17.6% market share with 38.59% year-on-year growth. Hansu continued to lead with GMV surpassing 500 million yuan. Huatai Securities noted that the company delivered impressive revenue and profit growth in the first half of the year. Since entering the second half, the firm has observed CHICMAX's flagship brand Hansu continuing to expand into multiple categories including single-use serums and fragrance body wash, showing strong growth momentum in August with trends expected to continue. Multi-brand expansion is also progressing smoothly, with Spotlight White, Anpanman, and NAN Beauty successively launching since the second half, providing continuous catalysts. The company's multi-brand and multi-category incubation and operational capabilities have been preliminarily validated. If these capabilities can be continuously replicated, the growth ceiling could potentially be raised further. The internal high-efficiency and strong execution organizational structure provides a solid foundation, maintaining a Buy rating.