研究员：汤秀洁 事项： 业绩一览：25H1 收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1 实现收入25.9 亿 （+31.3%），归母净利润6.7 亿（+36.1%），经调净利润6.7 亿，符合市场预期。 评论： 盈利能力：销售费用率优化，盈利能力稳健。25H1 公司毛利率为84.2%（-0.7pp），净利率25.9% （+0.9pp），保持相对稳定；销售/管理费用率分别45.2%/5.3%（-2.4pp/-1.5pp）。尽管为提升品牌曝光 度，销售及分销开支同比增加至11.7 亿元，其中营销及推广开支提升至5.4 亿元，但得益于规模效应和 运营效率提升，销售费用率得到有效控制，带动净利率同比提升。 业务拆分：品牌口径，收入=55%彩妆+42%护肤+3%化妆艺术培训+0.4%香氛。1）彩妆：收入14.2 亿 （+31%），毛利率82.7%（-0.9pp）；2）护肤：收入10.9 亿（+33%），毛利率87.5%（-0.2pp）；3） 化妆艺术培训：收入0.7 亿（-6%），毛利率62.9%（-9.5pp）；4）香氛：收入0.11 亿，毛利率77.6%。 业务拆分：渠道口径，收入= ...

华创证券发布研报称，预计25-27年毛戈平(01318)归母净利润分别为11.9、15.3、19.4亿元，3年复合增 速为27.5%，当前股价分别对应38.2、29.8、23.5倍PE，参考可比公司以及考虑到公司为稀缺高端国货美 妆，给予次新股溢价及稀缺性溢价，该行给予公司1.7倍PEG，对应46.7倍PE，目标价124.4港元，维 持"强推"评级。 华创证券主要观点如下： 事项：业绩一览 25H1收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%)，归 母净利润6.7亿(+36.1%)，经调净利润6.7亿，符合市场预期。 盈利能力：销售费用率优化，盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp)，净利率25.9%(+0.9pp)，保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度，销售及分销开支同比增加至11.7亿元，其中营销及 推广开支提升至5.4亿元，但得益于规模效应和运营效率提升，销售费用率得到有效控制，带动净利率 同比提升。 业务拆分：品牌口径，收入=55%彩妆+42%护肤+ ...

业务拆分：渠道口径，收入=47%线下+50%线上 1)线下：收入12.2亿(+27%)，毛利率85.7%：其中百货专柜直销收入10.9亿(+25%)，毛利率87.3%;线下经 销商收入0.5亿(+28%)，毛利率76.8%(+2pp);高端跨国美妆零售商收入0.8亿(+54%)，毛利率68.2% (+1pp);2)线上：收入12.97亿(+39%)，毛利率83.9%。其中线上直销收入10.2亿(+39%)，毛利率84.1%;线 上经销商收入2.7亿(+39%)，毛利率83.1%。 事项：业绩一览 25H1收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%)，归 母净利润6.7亿(+36.1%)，经调净利润6.7亿，符合市场预期。 盈利能力：销售费用率优化，盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp)，净利率25.9%(+0.9pp)，保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度，销售及分销开支同比增加至11.7亿元，其中营销及 推广开支提升至5.4亿元，但得益于规模效应和运营 ...

证 券 研 究 报 告 毛戈平（01318.HK）2025 年中报点评 强推（维持） 渠道优势突出，品类拓展持续，香氛上新引擎 事项： 业绩一览：25H1 收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈 平 25H1 实现收入 25.9 亿（+31.3%），归母净利润 6.7 亿（+36.1%），经调净 利润 6.7 亿，符合市场预期。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,885 | 5,142 | 6,588 | | 8,273 | | 同比增速(%) | 34.6% | 32.4% | 28.1% | | 25.6% | | 归母净利润(百万) | 881 | 1,191 | 1,527 | | 1,936 | | 同比增速(%) | 33.0% | 35.3% | 28.2% | | 26.8% | | 每股盈利(元) | 1.84 | 2.43 | 3.12 | | 3. ...

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 02097 | 蜜雪集团 | 9.07% | 409.000 | 1552.64亿 | 101.98% | | 01364 | 古茗 | 4.35% | 21.600 | 513.69 Z | 117.30% | | 09896 | 名创优品 | 3.55% | 43.800 | 535.1亿 | -4.47% | | 02517 | 锅圈 | 3.24% | 3.190 | 84.54亿 | 79.23% | | 09866 | 蔚来-SW | 1.50% | 61.000 | 1503.15亿 | 75.29% | | 01318 | 毛戈平 | 1.18% | 102.900 | 504.47 | 79.04% | | 00325 | 布鲁可 | 0.50% | 89.950 | 223.8亿 | 49.05% | | 09992 | 泡泡玛特 | 0.47% | 256.000 | 3437.93亿 | 188.41% | | 02015 | ...

| 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01318 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 261,842,300 | RMB | | 0.5 RMB | | 130,921,150 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 261,842,300 | RMB | | 0.5 RMB | | 130,921,150 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | 說明 | 未上市內資股 | | | ...

报告中称，2025年上半年，毛戈平实现营业收入25.88亿元人民币，同比增长31.3%;净利润6.70亿元人民 币，同比增长36.1%。公司毛利率为84.2%，净利率为25.9%，显示出其强大的盈利能力。从业务构成来 看，彩妆和护肤为主要增长动力：彩妆业务收入14.22亿元，同比增长31.1%;护肤业务收入10.87亿元， 同比增长33.4%。 华鑫证券发布研报称，预测毛戈平(01318)2025-2027年收入分别为50.83、64.98、82.45亿元，EPS分别为 2.36、3.00、3.81元，当前股价对应PE分别为42、33、26倍，维持"买入"投资评级。 此外，毛戈平还拓展了香氛品类，推出"国蕴凝香"和"闻道东方"两个高端香水系列，实现营收1141.3万 元。尽管化妆艺术培训业务收入有所下降，但公司表示这是出于提升服务质量的目的，主动控制招生规 模所致。整体来看，毛戈平上半年业绩表现亮眼，展现出其在高端美妆市场的强大竞争力。 ...

智通财经APP获悉，华鑫证券发布研报称，预测毛戈平(01318)2025-2027年收入分别为50.83、64.98、 82.45亿元，EPS分别为2.36、3.00、3.81元，当前股价对应PE分别为42、33、26倍，维持"买入"投资评 级。 此外，毛戈平还拓展了香氛品类，推出"国蕴凝香"和"闻道东方"两个高端香水系列，实现营收1141.3万 元。尽管化妆艺术培训业务收入有所下降，但公司表示这是出于提升服务质量的目的，主动控制招生规 模所致。整体来看，毛戈平上半年业绩表现亮眼，展现出其在高端美妆市场的强大竞争力。 报告中称，2025年上半年，毛戈平实现营业收入25.88亿元人民币，同比增长31.3%;净利润6.70亿元人民 币，同比增长36.1%。公司毛利率为84.2%，净利率为25.9%，显示出其强大的盈利能力。从业务构成来 看，彩妆和护肤为主要增长动力：彩妆业务收入14.22亿元，同比增长31.1%;护肤业务收入10.87亿元， 同比增长33.4%。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The beauty industry is experiencing significant export trends, with the company, 毛戈平, making substantial progress in its global layout [1]. - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, representing a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% year-on-year [6]. - 毛戈平 plans to enter Hong Kong's Harbour City in October 2025, enhancing its high-end offline global presence [5]. Summary by Sections Market Performance - The Chinese cosmetics industry is witnessing a strong trend towards internationalization, with a total export value of 18.71 billion RMB in the first half of 2025, a year-on-year increase of 11.97% [4]. - Southeast Asia is a key market for Chinese beauty brands, projected to reach a market size of 34.55 billion USD by 2027, growing at an annual rate of 3.57% [4]. Company Developments - 毛戈平's offline sales in the first half of 2025 grew approximately 18%, significantly outperforming the industry average [5]. - The company has established 378 self-operated counters and 31 dealer counters across 120 cities in China, employing over 2,800 professional beauty consultants [5]. Financial Performance - 毛戈平's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [6]. - The company forecasts revenues of 5.083 billion RMB, 6.498 billion RMB, and 8.245 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.36, 3.00, and 3.81 RMB [8].

Company Overview - The company has successfully extended its product categories, launching new skincare and makeup products in Q3, with positive market feedback for the new fragrance line [1] - The skincare product matrix continues to expand, with the introduction of the "Fire Spark Source" series aimed at addressing early aging issues for Oriental skin types [1] - The company is focusing on high-end positioning and has made significant progress in both offline and online channels, indicating strong brand momentum [2] Product Development - The skincare line includes serums and creams, with the launch of the "Black Gold Water" and the "Fire Spark Source" series, which includes anti-aging products [1] - In makeup, new color products have been introduced, including the "Starry Sky Eyeshadow" and earth-tone eyeshadows [1] - The fragrance line saw the launch of 13 new products in May, which have been well-received in the market [1] Channel Strategy - The company has entered high-end retail locations, with plans for new counters in major cities, showing strong same-store sales growth of approximately 18% in 1H25 [2] - Online sales have also been robust, with a combined GMV growth of 47% on Tmall and Douyin in July and August [2] International Expansion - The company is expanding its brand internationally, having entered Hong Kong's Sephora and planning to open its first counter in Harbour City in October [2] - Future expansion plans include Southeast Asia, Japan, and Europe starting in 2026, indicating a long-term growth strategy [2] Financial Outlook - The company maintains its profit forecast for 2025-2026, with current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026 [2] - The target price is set at 127 yuan, reflecting a potential upside of 22.5% based on projected P/E ratios [2]