<div id="readability-page-1"><div>BofAS released a beauty sector report noting that online growth has accelerated from 2Q to date compared with 1Q, mainly driven by a stronger-than-expected start to the 618 shopping festival and the earlier launch of spot sales. During the early stage of last year’s 618 campaign, the model mainly relied on pre-sales and deposit-only payments, which suppressed early GMV. After a weak performance in April this year, online beauty growth re-accelerated to around 11% in May.By category, color cosmetics outperformed skincare in 10 of the past 12 months. Notably, subsidy spending has been more back-end loaded this year, with most of the budget concentrated in the core period of June 16-18. However, given the still subdued consumption environment, the broker remains cautious about the sustainability of growth after the 618 campaign.The broker therefore slightly adjusted its earnings forecasts and revised target prices for the beauty sector. It reiterated a Buy rating on MAO GEPING (01318.HK) -2.950 (-4.750%) Short selling $15.02M; Ratio 24.879% , citing its unique positioning that better withstands competition, and cut its TP from HKD125 to HKD105. It maintained a Neutral rating on PROYA (603605.SH) -0.610 (-0.908%) due to balanced risk-reward, raising its TP from RMB64.2 to RMB70. It rated SH JAHWA (600315.SH) -0.090 (-0.482%) Underperform given limited earnings visibility, lowering its TP from RMB21.6 to RMB19. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-15 12:25.) (A Shares quote is delayed for at least 15 mins.)</div></div>

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600315

BofAS cut its target price for MAO GEPING to HKD105 from HKD125, maintaining a Buy rating due to the company's competitive positioning. The broker remains cautious about the sustainability of post-618 color cosmetics growth amid subdued consumption. While online beauty growth re-accelerated in May, subsidy spending was back-loaded. BofAS also raised PROYA's target price to RMB70 with a Neutral rating and lowered SH JAHWA's target to RMB19 with an Underperform rating.

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BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

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BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

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BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

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BofAS Cuts MAO GEPING  TP to HKD105, Cautious on Sustainability of Post-618 Color Cosmetics GMV Growth