Guosen Securities has released a research report stating that it has rated CHICMAX (02145) as "Outperform". The company is projected to achieve a net profit attributable to shareholders of 1.107 billion, 1.388 billion, and 1.702 billion yuan for the years 2025-2027, with earnings per share (EPS) expected to be 2.78, 3.49, and 4.27 yuan per share respectively. Considering both absolute and relative valuations, the target price set for the company is HKD 104.5-120.9 per share.
As a leading domestic beauty brand, CHICMAX leverages its foundational capacities, including inclusive mechanisms, deep R&D, and diverse channel strategies, to reinforce its performance. On one hand, the main brand Han Shu has expanded its market presence through gift sets and an all-category expansion, while on the other hand, multiple brands have been utilized to precisely penetrate the mid-to-high-end maternal and infant care and anti-hair loss sectors to drive incremental performance.
The report highlights that the cosmetics industry has entered a phase of stable growth post-pandemic. While channel dividends are diminishing, new brands continue to emerge, intensifying competition and shortening the growth lifecycle of individual products. In this context, the ability to operate on a platform is crucial for beauty enterprises to overcome growth bottlenecks. By constructing an organization closely centered around consumer needs, companies can flexibly adapt to market changes and progressively establish a business matrix characterized by multiple brands and categories with continuous iteration.
Historical examples like Shanghai Jahwa, Proya, and the current CHICMAX have all achieved sustainable growth through the establishment of such platform systems, enabling them to navigate industry fluctuations. Currently, the company has developed reusable foundational capabilities in areas like distribution, R&D, and marketing, fostering a trend of platform-based development across various categories and brands.
The main brand Han Shu has entered the market with its Hongman Waist gift set (which dominated the Douyin beauty list for eight consecutive months in 2023) and achieved a breakthrough with its X Peptide cream launched last year. It has also expanded into hair care (with a top seller oil-control shampoo on Douyin), men's products (with a core essence ranked first in Douyin sales in H1 2025), and cosmetics (with the Hongyun series).
Furthermore, the company is intensively developing multiple brands in niche markets: Yi Ye (mid-to-high-end maternal and infant care, expected revenue of 376 million yuan in 2024, with a growth rate exceeding 100% on 618 platform), Ji Fang (anti-hair loss care, GMV exceeding 10 million yuan in July 2025), Ju Guang Bai (clinic-level PDRN ingredient, GMV surpassing 50 million yuan in August 2025), and An Min You (for sensitive skin, GMV of 17 million yuan in August 2025), collectively constructing the company's multi-brand growth trajectory.