Han Shu's new product “Overclocking X Peptide Series” has been released. The product matrix has been extended, and the future is worth looking forward to

On August 30, '24, the company's main brand, Han Shu, launched the new X peptide series, a major new product in the X peptide series, and positioned it as a “beauty applicator”. X-peptide is another major component of the company after Cyclic Hexapeptide-9. By simulating the principle of photoelectric radiofrequency, it penetrates deep into the skin to achieve deep anti-aging. Soul ingredients+data verification+clear selling points, the X-peptide series has the selling point of becoming a major single product with strong consumer recognition. The 24M1-M7 Han Shu Tao series/Douyin GMV are 3.61/0.5 billion respectively. Douyin weighs more, and Tmall is growing fast and has a limited volume. It mainly sells sets of boxes, and the structure is relatively single. This new product debuted on Tmall's Little Black Box, which is expected to enrich the product structure and bring new growth poles to Tmall; Douyin continues to improve the self-broadcast room matrix, and men's skincare/care also has highlights. Considering the time it takes to cultivate new products, EPS2.27/2.99/3.54 yuan (maintenance) is expected to be 23 times the average PE in 24-26. Considering that the main brand Han Shu is growing strongly and the new series is expected to contribute new growth points, the company is given 24 times PE in 24 years, and the target price is HKD59.93 (RMB to HKD 1.10) to maintain the “buy” rating.

Soul ingredients+data verification+clear selling point. The X peptide series has become a well-known product. It is a specialty cyclohexapeptide complex based on Han Shu's self-developed collagen anti-aging ingredient cyclic hexapeptide-9, combined with complex neuropeptides and exclusive small-molecule collagen peptides. Inspired by radiofrequency beauty, it cuts electrical signal conduction to smooth lines and promote skin collagen. It penetrates deep into the muscle layer of the skin to truly achieve multi-dimensional anti-aging from the inside out. X-peptide overclocking cream uses it as its core ingredient. It is a “application-type beauty device” based on its underlying efficacy mechanism, and is supported by authoritative data such as SGS efficacy measurement data. The selling points are clear and the efficacy can be tested, which helps to quickly spread content and form consumer awareness. The product first appeared in the Tmall Little Black Box. The pre-sale deposit was 40 yuan, the pre-sale price was 279 yuan/50g, and 30g of the same product and 60ml toner were purchased.

There is great potential in the anti-aging cream market. The X peptide series has a lot of potential in Tmall. According to the Beauty Research Institute, the GMV of the 23-year marketing cream/anti-aging cream was 13.2/7.4 billion, accounting for 56% of anti-aging creams. Anti-aging creams over 500 yuan/200-300 yuan had the highest share of GMV, 58%/17%, respectively.

The top 3 GMV anti-aging creams in '23 are Pelaea Ruby Cream/HR Black Bandage Cream/Shurico AGE Cream, respectively, with a GMV of 0.75/0.74/0.48 billion yuan. Perea Ruby Cream and L'Oréal Honeypot Face Cream are priced close to those of Han Shu's new products. The two were iteratively upgraded to version 3.0 and the second generation in September/December 23, respectively. As of the new 24M7 version, the Tmall channel had a cumulative GMV of 0.92/0.21 billion.

Han Shu's new product is accurately positioned and has remarkable efficacy. Referring to the above products, we look forward to its rapid penetration and rising sales volume.

Douyin also has new highlights, and the product matrix continues to be rich

Han Shu's Douyin self-broadcast matrix continues to improve. In addition to the brand's self-broadcast room, separate self-broadcast rooms are set up according to benefits such as oil control/whitening/men's skin care, etc., and according to major products such as Hongman Waist Cream/Hongman Waist Essence. Currently, there are over 20 self-operated accounts. Red and white waist packs still account for a large proportion. In addition, sales of individual products such as Men's Oil Control Essence/White Waist Sunscreen are also impressive in the self-broadcast room. As the product matrix continues to be rich, Douyin still has great potential for improvement.

Risk warning: Sales expenses increased, market competition intensified, new product sales fell short of expectations.