HK Stock Market Move | CHICMAX (02145) rose more than 3% in September, with Douyin and Han Shu leading the way. Institutions are optimistic about the continued growth momentum of the company.

CHICMAX (02145) rose more than 3%, up 3.1% as of the time of writing, closing at HK$96.4 with a trading volume of HK$491.196 million. On the news front, according to Qingyan Intelligence, in September 2025, the total GMV of the top 20 beauty brands on Douyin exceeded 3 billion yuan, with a market share of 17.6%, a year-on-year increase of 38.59%. Hanshu continued to lead with a GMV of over 5 billion yuan. Huatai stated that the company's performance in revenue and profit growth in the first half of the year was impressive. Since entering the second half of the year, the bank observed that the main brand Hanshu continued to expand into categories such as essence and fragrant shower gel. The growth momentum in August was strong and is expected to continue. The expansion of multiple brands also progressed smoothly, with products such as Juguang White, Bread Superman, and NAN beauty successively launching in the second half of the year, acting as catalysts. The company's ability in incubating and operating multiple brands and categories has been preliminarily verified. If this ability can be continuously replicated, the ceiling is expected to be further opened. The efficient and strong executive organizational structure internally lays the foundation, maintaining a buy rating.