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　　上美股份（02145）早盘涨超6%，高见69.95港元，续刷上市新高，月内股价已累涨逾四成。截至发稿，股价上涨6.35%，现报69.50港元，成交额7721.67万港元。

　　上美股份2024年实现营业收入67.93亿元，同比增长62.1%；净利润8.03亿元，同比增长74.0%。其中，主力品牌韩束营收达55.91亿元，同比增长80.9%。另据青眼情报数据，2025年3月，韩束以6亿元GMV连续五个月霸榜抖音美妆类目第一。

　　国泰海通指出，内需预期提振下，该行认为美妆个护作为成长性的“新消费”品种显著受益，2024年报及2025年Q1美护板块多公司业绩增速亮眼、验证成长逻辑。该行认为，头部国货依托较强的组织效率，有望持续发力产品创新及渠道运营，实现品牌的焕新和创新、提升市场份额，看好美护板块优质标的的长期成长性。

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