CICC: Raise the target price of Shangmei Stock to HK$111 and maintain "Outperform" rating in the industry.

CICC released a report, raising the target price of Shangmei stock by 5% to HK$111, maintaining an outperform rating, based on the boost in medium to long-term space from the launch of new brands. The bank pointed out that the expansion of Han Shu, the company's main brand category, is progressing smoothly, continuously broadening its customer base; since the middle of this year, multiple small brand models have rapidly gained momentum, and the logic of a multi-brand group is gradually being realized; in the long term, talent and organizational structure provide the underlying support for building a platform-based cosmetics group.