Report published August 31, 2026
Shanghai Forest Cabin Cosmetics (2657.HK): Goldman Sachs 1H26 Earnings & Dividend Analysis
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 31, 2026
- Analysis as of
- August 31, 2026
Authors / editors: Valerie Zhou, Adrian Chung
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Forest Cabin posted a 1H26 adjusted net income beat of 9% vs. GS estimates on 43% yoy sales growth and improved cost control. Goldman Sachs reiterates a Buy rating with a 12-month target price of HK$76.00.
Key Takeaways
- 1.Forest Cabin reported a 1H26 adjusted net income beat of 9% above Goldman Sachs estimates (up 42% yoy to Rmb285mn) driven by 43% yoy revenue growth and expanding GPM-selling expense ratio.
- 2.Operating ROI and cost control were strong, with selling expense ratio dropping 1.5ppt yoy to 53.7%, resulting in a 1.7ppt beat in the GPM-selling expense ratio at 27.9%.
- 3.Shareholder return profile strengthened significantly with an interim dividend of Rmb1.32/share (72% payout ratio) and a newly announced 2026-2028 plan committing >=50% payout ratio.
Table of Contents
- Key operating metrics in 1H26
- Exhibit 1: Forest Cabin 1H26 Results summary
- Price Target Risks and Methodology - Shanghai Forest Cabin Cosmetics
- Disclosure Appendix
- GS Factor Profile
- M&A Rank
- Quantum
- Disclosures
- Company-specific regulatory disclosures
- Distribution of ratings/investment banking relationships
- Price target and rating history chart(s)
- Target price history table(s)
- Regulatory disclosures
- Ratings, coverage universe and related definitions
- Global product; distributing entities
- General disclosures
Report data
Exhibit 1: Forest Cabin 1H26 Results summary — as of August 31, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 1H26 Revenue | 1500 RMB mn | Forest Cabin revenue came in 2.5% above Goldman Sachs estimates of Rmb1,463m. |
| 1H26 Adjusted Net Income | 285 RMB mn | Adjusted NI beat GSe by 9.2% on stronger sales and GPM-selling ratio. |
| 1H26 Operating Profit | 311 RMB mn | Operating profit beat GSe by 7.2%, with operating margin expanding 1.1ppt yoy to 20.7%. |
| 1H26 Interim Dividend per Share | 1.32 RMB/share | Implies a 72.1% dividend payout ratio. |
| 12-Month Target Price | 76.00 HKD | Based on a 2027E PE of 16x discounted back to 2026E at 9.6% CoE. |
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Authors / Editors
Reported Data Context
- 1H26 Revenue: 1500 RMB mn (1H26) · Source: Company data, Goldman Sachs Global Investment Research
- 1H26 Adjusted Net Income: 285 RMB mn (1H26) · Source: Company data, Goldman Sachs Global Investment Research
- 1H26 Operating Profit: 311 RMB mn (1H26) · Source: Company data, Goldman Sachs Global Investment Research
- 1H26 Interim Dividend per Share: 1.32 RMB/share (1H26) · Source: Company data
- 12-Month Target Price: 76.00 HKD (12-month forward) · Source: Goldman Sachs Global Investment Research
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