External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.</li><li>Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.</li><li>Double 11 will be a test window for demand resilience and the sustainability of brand growth. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance continuing to diverge.Maogeping’s (1318 HK, NR) growth accelerated to +42.9% on skincare rebound, Forest Cabin (2657 HK, NR) maintained steady growth at +32.2%, and Proya returned to a broadly flat level on a low base.Double 11 will be a test window for demand resilience and the sustainability of brand growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Smartkarma AI Primers, Smartkarma

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Equity Bottom-Up

Forest Cabin Cosmetics / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd">Shanghai Forest Cabin Biological-Tech</a> is a leading player in China's premium skincare market, distinguished by its focus on camellia-based anti-wrinkle and firming products under its flagship brand, Forest Cabin.</li>
 <li>The company has demonstrated a strong growth trajectory, driven by its hero product, the Camellia Essence Oil, which has been a top-seller in China's facial oil category for eleven consecutive years.</li>
 <li>With a dual online and offline distribution strategy and a vertically integrated business model for its core camellia ingredients, the company is well-positioned to capitalize on the growing demand for premium and natural ingredient-based skincare in China.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Shanghai Forest Cabin Biological-Tech is a leading player in China's premium skincare market, distinguished by its focus on camellia-based anti-wrinkle and firming products under its flagship brand, Forest Cabin.
  The company has demonstrated a strong growth trajectory, driven by its hero product, the Camellia Essence Oil, which has been a top-seller in China's facial oil category for eleven consecutive years.
  With a dual online and offline distribution strategy and a vertically integrated business model for its core camellia ingredients, the company is well-positioned to capitalize on the growing demand for premium and natural ingredient-based skincare in China.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Shanghai Forest Cabin Biological-Tech (2657 HK) - Apr 2026

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Forest Cabin Cosmetics / Equity Capital Markets

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:45249:1" rel="noopener">Shanghai Forest Cabin Biological-Tech (SFCBT HK)</a> is looking to raise up to US$139m in its upcoming Hong Kong IPO.</li>
<li>SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise up to US$139m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:45249:1" rel="noopener">Shanghai Forest Cabin Biological-Tech (SFCBT HK)</a> is looking to raise US$140m in its upcoming Hong Kong IPO.</li>
<li>SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.</li>
</ul>



Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.


Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

China

Forest Cabin is a premium domestic skincare brand in China, specializing in anti-wrinkle and firming skincare products. The company offers a comprehensive range of skincare solutions, including its flagship Camellia Essence Oil, face creams, toners, and facial masks. Founded in 2003, its headquarters are located in Shanghai, China.

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Forest Cabin Cosmetics (2657 HK)

Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance...

CMB International

Primer: Shanghai Forest Cabin Biological-Tech (2657 HK) - Apr 2026

Shanghai Forest Cabin Biological-Tech is a leading player in China's premium skincare market, distinguished by its focus on camellia-based...

αSK Primers

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

Hong Jie Seow

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Price Gauge

52-week Range

Market Cap (USDm)

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Consumer Staples - Cosmetics E-Commerce Tracker: Softer Sep Growth...

Tracked cosmetics e-commerce GMV (Taobao/Tmall, Douyin, JD) growth slowed to -0.6% YoY in Sep from +1.8% YoY in Aug with brand performance...

CMB International

Primer: Shanghai Forest Cabin Biological-Tech (2657 HK) - Apr 2026

Shanghai Forest Cabin Biological-Tech is a leading player in China's premium skincare market, distinguished by its focus on camellia-based...

αSK Primers

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Shanghai Forest Cabin IPO: High Growth And Margins, Priced At A Discount

​Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

Hong Jie Seow

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

​Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Shanghai Forest Cabin plans to raise $139m in Hong Kong IPO, leading China's premium skincare market with focus on anti-wrinkle products....

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...