The Zhitong Finance App learned that CITIC Securities released a research report stating that the target price of Shanghai US shares (02145) was adjusted to HK$29 to maintain the “buy” rating. The bank maintained the company's revenue forecasts for 2026 to 2028 at RMB 8.912 billion, RMB 10.436 billion and RMB 12.105 billion (same below), and net profit forecasts of $499 million, 904 million and RMB 1,148 million, respectively.

The bank pointed out that since the 2026 Double 11 promotion, GMV increased by more than 30% on a quarterly basis in October. Currently, Han Shu relies on major product upgrades and new product additions, and sales are expected to gradually stabilize; second-tier brands such as Yipage and An Min Premium are growing rapidly, and newly cultivated brands such as Ji Fang and Cui Yutao are rapidly climbing. The company is cultivating co-branded IP cosmetics such as Hello Kitty and Guardians of Light, and is preparing to commercialize PDRN's leading brand, Regent, in China.

At the same time, the company is officially expanding overseas. Vietnam's sales volume in October has already exceeded 10 million yuan, and the global layout can be expected. The bank is firmly optimistic that the company's core logic will continue to be implemented. It believes that it is expected to continue to gain market share in the beauty and personal care market, where domestic product trends are on the rise, based on strong central and office capabilities and an effective and flexible front desk mechanism.

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