业绩如期靓丽增长，高端美妆定位不断强化 2025 年 8 月 28 日 公司研究 ——毛戈平（1318.HK）2025 年中期业绩点评 买入（维持） 当前价：96.45 港元 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 4.90 | | --- | --- | | 总市值(亿元)： | 472.79 | | 一年最低/最高(元)： | 47.65-130.6 | | 近 3 月换手率： | 105.8% | 股价相对走势 -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2024-12-10 2025-02-10 2025-04-10 2025-06-10 2025-08-10 毛戈平 恒生指数 | 收益表现 | | ...

28 August 2025 | 1:58AM HKT Mao Geping Cosmetics Co. (1318.HK): First Take: 1H25 Sales/NI at mid-point of profit alert; OP beat on lower selling expenses ratio yet Source: Company data, Goldman Sachs Global Investment Research, Visible Alpha Consensus Data Key operating metrics in 1H25 Sales: 31% yoy in 1H25 to RMB2,588m, 2% lower than GSe mainly due to weaker performance of skincare and online channel. n By category: Color cosmetics sales grew by 31% yoy in 1H25 to RMB1,422m, of 55% sales mix, down 0.1ppt ...

公告称，收入增加主要由于产品销售由上年同期的19亿元增加32.7%至截至2025年6月30日止六个月的 25.21亿元。 毛戈平(01318)发布截至2025年6月30日止六个月的中期业绩，收入25.88亿元(人民币，下同)，同比增加 31.28%;股东应占溢利6.7亿元，同比增加36.11%;每股基本盈利1.37元。 ...

格隆汇8月27日丨毛戈平(01318.HK)公布中期业绩，2025年上半年，实现收入人民币25.882亿元，同比 增长31.3%；实现净利润人民币6.704亿元，同比增长36.1%。 报告期内，持续精进产品创新和品类拓展，全新推出「国蕴凝香」和「闻道东方」两个高端香水系列， 将美妆产品的品类拓展到香氛香水市场。这两个系列均承载了公司对东方美学的哲学思考，甄选高品质 原料和工艺，为消费者提供东方造境美学体验。在渠道端，公司持续推进品牌形象升级和店效提升，进 一步强化高端美妆品牌形象，巩固品牌行业地位。 截至2025年6月30日止六个月，公司的彩妆产品销售所得收入为人民币14.223亿元，同比增长31.1%。抖 音平台官方榜单显示，于抖音商城3·8好物节和6·18好物节期间，均夺得彩妆类目榜第一名。。截至2025 年6月30日止六个月，护肤产品销售所得收入为人民币10.872亿元，同比增长33.4%。 截至2025年6月30日，公司的品牌专柜遍布于全国120多个城市，包含405个自营专柜和32个经销商专 柜。此专柜网络使我们能够扩大我们的产品覆盖范围、培养直接的消费者关系及提高品牌的知名度。截 至2025年6月3 ...

公告称，收入增加主要由于产品销售由上年同期的19亿元增加32.7%至截至2025年6月30日止六个月的 25.21亿元。 智通财经APP讯，毛戈平(01318)发布截至2025年6月30日止六个月的中期业绩，收入25.88亿元(人民 币，下同)，同比增加31.28%;股东应占溢利6.7亿元，同比增加36.11%;每股基本盈利1.37元。 ...

MAO GEPING COSMETICS CO., LTD. 毛戈平化妝品股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 提名委員會職權範圍 毛 戈 平 化 妝 品 股 份 有 限 公 司（「本公司」）的 提 名 委 員 會（「委員會」）職 權 範 圍（「職權範圍」）載 列 如 下。 1. 目 的 1.1 委 員 會 旨 在 物 色、考 慮 和 向 本 公 司 董 事（「董 事」）會（「董事會」）推 薦 合 適 人 選 出 任 董 事、監 管 評 估 董 事 會 表 現 的 流 程、制 訂 提 名 指 引 及 向 董 事 會 提 供 推 薦 建 議，有 關 指 引 須 符 合 任 何 適 用 法 律、 法 規 及 上 市 準 則。 2. 組 成 3. 會 議 3.1 除 下 文 另 有 指 明 外，本 公 司 的 公 司 章 程（「章 程」）（經 不 時 修 訂）所 載有關規範董事會議及議事程序的條文應適用於委員會會議及 議 事 程 序。 – 1 – 2.1 委 員 會 由 董 事 會 不 時 委 任，至 少 由 三 名 成 員 組 成，多 數 成 員 須 為 獨 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 MAO GEPING COSMETICS CO., LTD. 毛戈平化妝品股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1318） 截 至2025年6月30日止六個月之中期業績公告 毛 戈 平 化 妝 品 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2025年6月30日 止 六 個 月 之 未 經 審 計 業 績。 本公告列載本公司2025年 中 期 報 告 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 要 求。 本公司審計委員會已審閱本集團截至2025年6月30日止六個月之中期 ...

Summary of Conference Call Industry Overview - The 2024 cosmetics market is showing a trend towards female-oriented consumption, with the high-end cosmetics segment performing exceptionally well, indicating significant potential for market upgrades [2][4] - Within high-end cosmetics, the base makeup category accounts for over 50% of the market share, making it the largest category, with structural upgrades driving the high-end trend [2][5] Key Insights and Arguments - The high-end base makeup price segment is growing faster than the mass price segment, with average prices across all price ranges on platforms like Tmall increasing [2][5] - Over the past five years, the overall average price of base makeup has consistently risen, with high-end brands on Tmall and Douyin showing a significantly higher market share compared to other categories, indicating a strong demand growth [2][5] - The company has seen a steady increase in its overall market share, with a growth rate from 2019 to 2023 that is only surpassed by USL and NAS. In 2023, the company achieved a 2% market share in the cosmetics sector, ranking 15th overall and 8th among high-end brands [2][6] Company Performance and Strategies - The company's online market share is increasing at a rate that far exceeds other foreign high-end brands, attributed to strong performances in traditional categories such as foundation, cushion, concealer, and highlighter, with these products ranking in the top ten [2][6] - The company is actively expanding into new product lines, such as black cream and skin clothing, which are expected to become new growth points and further solidify its position in the high-end base makeup market [2][6] Product Development Advantages - The company boasts a strong product development capability, led by a team centered around "Teacher Wang" and an artistic committee that deeply understands domestic consumer needs, continuously improving product quality [3][7] - This technical insight and research capability enable the company to launch high-quality products tailored to the characteristics of Chinese consumers, supporting its core competitiveness [3][7] Future Growth Drivers - From an investment perspective, the main drivers for the company's future development are the trend towards high-end base makeup products and the company's multi-faceted product layout strategy [2][8] - These factors together form the company's core competitive advantage, allowing it to maintain market leadership and achieve stable growth [2][8]

Group 1 - The top three companies with the highest short positions as of August 15 are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 14.92%, 14.41%, and 13.40% respectively [1][2] - The companies with the largest absolute increase in short positions are Heng Rui Medicine (01276), Yao Cai Securities (01428), and Modern Animal Husbandry (01117), with increases of 2.49%, 1.34%, and 1.31% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), WuXi AppTec (02359), and Fourth Paradigm (06682), with decreases of -2.98%, -2.67%, and -2.28% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Ping An Insurance (02318) at 12.46%, Green Leaf Pharmaceutical (02186) at 12.36%, and Vanke Enterprises (02202) at 12.13% [2] - The companies with the most significant increases in short ratios include Heng Rui Medicine (01276) from 0.51% to 2.99%, Yao Cai Securities (01428) from 3.47% to 4.81%, and Modern Animal Husbandry (01117) from 4.74% to 6.05% [2] - The companies with the most significant decreases in short ratios include Ganfeng Lithium (01772) from 13.32% to 10.34%, WuXi AppTec (02359) from 17.59% to 14.92%, and Fourth Paradigm (06682) from 2.74% to 0.46% [2][3]

Summary of the Conference Call for Mao Geping Brand Industry and Company Overview - The conference call discusses the Mao Geping brand, which operates in the high-end beauty and skincare market in China. The brand has established a strong presence with over 400 counters in more than 120 cities and employs over 2,800 beauty consultants, emphasizing its offline channel advantage [2][4]. Core Insights and Arguments - **Brand Recognition and Positioning**: Mao Geping has built a unique brand identity through its personal makeup IP, which is difficult to replicate. The brand focuses on Oriental aesthetics and high-end positioning, creating a strong brand recognition that can extend into skincare and fragrance categories [2][4]. - **Skincare Product Performance**: The brand's high-end skincare line, particularly the luxury caviar mask, has achieved significant sales, with retail sales exceeding 800 million yuan, accounting for over 55% of its total skincare revenue. This success is attributed to the brand's emphasis on high-end aesthetic values rather than just product efficacy [2][8]. - **Fragrance Market Potential**: The fragrance business is seen as a crucial area for expansion. The "Smell of the East" series, inspired by cultural elements, is positioned at a price point of 680 yuan for 45ml, appealing to both entry-level and high-end consumers. The Chinese fragrance market is projected to exceed 58.8 billion yuan by 2030, and achieving a 3% market share could yield over 600 million yuan in sales for Mao Geping [3][9]. - **Growth Projections**: Mao Geping anticipates a compound annual growth rate (CAGR) of 30% to 35% over the next few years, with profit growth expected to outpace revenue growth. The brand also aims to maintain double-digit growth in cosmetic art training and related sales [4][10]. Additional Important Insights - **Competitive Advantage**: The brand's competitive edge lies in its ability to meet the specific skin characteristics and aesthetic needs of Asian consumers through a comprehensive offline experience and personalized service [4][5]. - **Learning from International Brands**: The brand can draw lessons from successful international cases like Chanel, which has successfully transitioned from makeup to skincare by maintaining a classic and elegant brand image, avoiding the pitfalls of chasing youth-oriented trends [6][7]. - **Market Dynamics**: The call highlights that many international makeup brands have struggled to transition into skincare due to conflicting brand identities focused on youth and trendiness, which do not align with the high-end skincare market's requirements [7]. This summary encapsulates the key points discussed in the conference call regarding the Mao Geping brand's strategy, market potential, and growth outlook in the high-end beauty and skincare industry.