Lü Yixiong Reframes Shangmei as an Investment-Driven Brand Portfolio

*Qingyan (青眼) · 2026-10-22 · Corporate strategy* **原文：** 吕义雄再发一封信：以“投资为驱动”为上美定调 In his second internal letter of 2026, dated 21 October, Shangmei founder Lü Yixiong called this the most challenging year since he started the company 24 years ago, then used the moment to redefine it: Shangmei is not a conventional cosmetics company but an investment-driven brand management company. The distinction is portfolio versus single bet. A hero product, a channel or a cycle will eventually age, he argues, whereas a managed portfolio of brands can be renewed indefinitely — and he quotes the folk saying that no flower blooms for a hundred days. The targets are explicit: one super-brand at ¥20bn, five global brands at ¥5bn each, ten potential brands at ¥3bn each and thirty niche category brands at ¥1bn each. Kans anchors the base, newpage grows quickly, and Anminyou and Jifang are emerging, with Cui Yutao, Hello Kitty and Korea's Lizhulan added this year. On globalisation he insists on entering markets rather than exporting to them, pointing to an Indonesian plant in the Kendel special economic zone, ground-broken in August 2026 at 500,000 bottles a day for phase one. Detail --- Second internal

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