Core Viewpoint - The stock of Mao Geping (01318) has risen over 9%, currently at 106.8 HKD, driven by the upcoming Double 11 shopping festival and positive market sentiment towards domestic cosmetic brands [1] Group 1: Market Trends - The Double 11 shopping festival has commenced, with domestic cosmetic brands announcing promotional mechanisms [1] - Li Jiaqi's live streaming session will start pre-sales on the evening of October 15 [1] - The Double 11 period has been extended, with multiple platforms simplifying activity rules and shortening the purchasing decision process [1] Group 2: Company Performance - Guotai Junan Securities highlights the potential for brand momentum to amplify during the Double 11 event, recommending companies with strong product performance and brand recognition [1] - Morgan Stanley's report indicates that Mao Geping has significant growth opportunities due to its 25-year history and differentiated consumer experience [1] - The company aims to double its market share in the high-end cosmetics market from the current 2% [1] Group 3: Financial Projections - Morgan Stanley projects a compound annual growth rate (CAGR) of 31% for Mao Geping's revenue and profit from FY2025 to FY2027, surpassing industry peers' growth rates of 19% and 16% [1] - Key catalysts for growth include the upcoming Double 11 event and the company's efforts to enhance brand equity and expand product categories [1]

Core Insights - The report from CICC indicates that the consumption data for the National Day and Mid-Autumn Festival holidays in 2025 shows strong performance, driven by longer holiday periods and a high level of domestic and outbound travel [1] Group 1: Consumption Trends - Overall consumption data reflects a youthful and experience-oriented trend, with notable performance in discretionary categories such as home appliances and outdoor sports [1] - The average daily flow of cross-regional personnel in mainland China from October 1 to 8 increased by 6.2% year-on-year, indicating a robust travel environment [1] - The average spending per trip during the holiday increased by 14.6% year-on-year, attributed to the ongoing recovery of outbound tourism and a rise in long-distance and segmented travel within the country [1] Group 2: Retail Performance - The Ministry of Commerce's monitoring of 78 key business districts showed a year-on-year increase in foot traffic and sales of 4.2% and 4% respectively during the first three days of the holiday [1] - Data from the National Immigration Administration revealed that the average daily number of inbound and outbound travelers exceeded 2 million, marking a 15% year-on-year increase [1] Group 3: Investment Recommendations - CICC recommends focusing on sectors benefiting from self-indulgent consumption trends, such as trendy toys and e-cigarettes, highlighting companies like Pop Mart (09992), Blucor (00325), and Smoore International (06969) [1] - The report also suggests investing in domestic brands in the beauty and personal care sectors, recommending companies like Mao Geping (01318), Giant Bio (02367), and Shanghai Jahwa (600315) [1] - Attention is drawn to retail sectors that may benefit from supportive domestic policies and seasonal catalysts [1]

Core Viewpoint - The company has demonstrated strong financial performance in H1 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and effective cost management [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.59 billion (CNY), representing a year-on-year increase of 31.3%, and a net profit of 670 million (CNY), up 36.1% year-on-year, aligning with market expectations [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points, while the net margin improved to 25.9%, up by 0.9 percentage points [1]. Business Segmentation - Revenue breakdown by product category shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2]. - Revenue by channel indicates 47% from offline sales and 50% from online sales, with online sales growing by 39% year-on-year [2]. Product and Brand Development - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its product matrix [3]. - The brand is focusing on high-end positioning through flagship store openings in key commercial areas and entry into premium department stores [3]. Future Growth Potential - There is significant potential for SKU expansion and improvement in store efficiency, with the company currently having around 400 SKUs, indicating room for growth in various product categories [3]. - The company is expected to maintain a healthy dual-channel development strategy, leveraging both online growth and offline experiential services [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 1.19 billion, 1.53 billion, and 1.94 billion (CNY) respectively, with a compound annual growth rate of 27.5% over three years [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 38.2, 29.8, and 23.5 for the respective years, with a target price set at 124.4 HKD, maintaining a "strong buy" rating [4].

Core Viewpoint - The report from Huachuang Securities projects that Maogeping (01318) will achieve a net profit of 1.19 billion, 1.53 billion, and 1.94 billion yuan for the years 2025 to 2027, with a compound annual growth rate of 27.5% over three years, leading to a target price of 124.4 HKD and a "strong buy" rating [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1%, meeting market expectations [1] - The gross margin for the first half of 2025 was 84.2%, a decrease of 0.7 percentage points, while the net profit margin was 25.9%, an increase of 0.9 percentage points [2] Cost Management - The sales and management expense ratios were 45.2% and 5.3%, respectively, showing a decrease of 2.4 percentage points and 1.5 percentage points [2] - Despite an increase in marketing and promotional expenses to 540 million yuan, the company effectively controlled the sales expense ratio, contributing to the improvement in net profit margin [2] Revenue Breakdown by Product Category - The revenue composition by brand shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2] - Color cosmetics generated 1.42 billion yuan in revenue, up 31%, with a gross margin of 82.7% [2] - Skincare revenue reached 1.09 billion yuan, a 33% increase, with a gross margin of 87.5% [2] Revenue Breakdown by Channel - Revenue by channel indicates 47% from offline sales and 50% from online sales [3] - Offline revenue was 1.22 billion yuan, a 27% increase, with a gross margin of 85.7% [3] - Online revenue reached 1.297 billion yuan, up 39%, with a gross margin of 83.9% [3] Brand Development and Market Positioning - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its brand image and positioning [4] - The opening of a flagship store in a core business district of Hangzhou and entry into high-end department stores like Beijing SKP further solidifies the brand's high-end positioning [4] Future Growth Potential - The company has significant room for SKU expansion and improvement in store efficiency, which is expected to drive future growth [4] - The dual-channel strategy of online and offline sales is showing healthy collaborative growth, with the potential for continued momentum [5]

Core Viewpoint - The report from Huachuang Securities projects that Maogeping (01318) will achieve net profits of 1.19 billion, 1.53 billion, and 1.94 billion yuan for the years 2025 to 2027, with a compound annual growth rate of 27.5% over three years, leading to a target price of 124.4 HKD and a "strong buy" rating [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1%, meeting market expectations [2] Profitability - The gross margin for the first half of 2025 was 84.2%, a decrease of 0.7 percentage points, while the net profit margin was 25.9%, an increase of 0.9 percentage points. The sales and management expense ratios were 45.2% and 5.3%, respectively, showing a decrease of 2.4 percentage points and 1.5 percentage points [3] Business Segmentation by Brand - Revenue breakdown shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances. Specifically, color cosmetics generated 1.42 billion yuan (+31%) with a gross margin of 82.7%, skincare brought in 1.09 billion yuan (+33%) with a gross margin of 87.5%, makeup artistry training earned 70 million yuan with a gross margin of 62.9%, and fragrances generated 11 million yuan with a gross margin of 77.6% [4] Business Segmentation by Channel - Revenue distribution indicates 47% from offline sales and 50% from online sales. Offline revenue was 1.22 billion yuan (+27%) with a gross margin of 85.7%, while online revenue reached 1.297 billion yuan (+39%) with a gross margin of 83.9% [5] Brand Development - The company has expanded into the fragrance market with the launch of two high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang." It is also enhancing its brand image by opening flagship stores in key urban areas and entering high-end department stores, indicating a strong commitment to high-end brand positioning [6] Investment Recommendation - As a benchmark for high-end domestic cosmetics, the company has a strong brand moat and is experiencing steady growth driven by both color cosmetics and skincare. The successful expansion into fragrances demonstrates potential for multi-category development. The rapid growth of online channels and the strengthening of offline channels through experiential services indicate a healthy dual-channel synergy [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][17]. Core Insights - The company demonstrated impressive performance in the first half of 2025, with revenue increasing by 31.3% year-on-year to 2.59 billion and net profit rising by 36.1% to 670 million, aligning with market expectations [1][9]. - The company is expanding its product categories, particularly in the fragrance segment, and has successfully launched high-end perfume series, enhancing its brand positioning [9]. - The dual-channel strategy (online and offline) is showing robust growth, with online sales increasing by 39% and offline sales by 27%, indicating a healthy synergy between the two channels [9]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 3.885 billion, 2025E at 5.142 billion, 2026E at 6.588 billion, and 2027E at 8.273 billion, with respective growth rates of 34.6%, 32.4%, 28.1%, and 25.6% [3][11]. - The net profit is expected to grow from 881 million in 2024A to 1.936 billion in 2027E, with growth rates of 33.0%, 35.3%, 28.2%, and 26.8% [3][11]. - The company maintains a strong gross margin of 84.2% and a net margin of 25.9% in the first half of 2025, reflecting stable profitability [9]. Business Segmentation - Revenue breakdown shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [9]. - The offline sales contribute 47% of total revenue, while online sales account for 50%, showcasing a balanced distribution between channels [9]. Future Growth Potential - The company has significant room for SKU expansion, currently at approximately 400 SKUs, particularly in lip, eye, and foundation products [9]. - The report highlights the potential for improved store efficiency compared to international brands, suggesting ongoing growth opportunities [9].

Core Viewpoint - The Hong Kong stock market is witnessing a strong performance in new consumer stocks, with significant gains observed in several companies [1] Group 1: Company Performance - Mixue Group saw a rise of 9.07%, reaching a latest price of 409.000 and a total market capitalization of 155.264 billion, with a year-to-date increase of 101.98% [2] - Gu Ming experienced a 4.35% increase, with a latest price of 21.600 and a market cap of 51.369 billion, marking a year-to-date rise of 117.30% [2] - Miniso recorded a 3.55% gain, with a latest price of 43.800 and a market cap of 53.51 billion, although it has seen a year-to-date decline of 4.47% [2] - Guoquan increased by 3.24%, with a latest price of 3.190 and a market cap of 8.454 billion, reflecting a year-to-date rise of 79.23% [2] Group 2: Other Notable Companies - NIO-SW rose by 1.50%, with a latest price of 61.000 and a market cap of 150.315 billion, showing a year-to-date increase of 75.29% [2] - Mao Geping saw a 1.18% increase, with a latest price of 102.900 and a market cap of 50.447 billion, reflecting a year-to-date rise of 79.04% [2] - Bubble Mart experienced a slight increase of 0.47%, with a latest price of 256.000 and a market cap of 343.793 billion, showing a significant year-to-date increase of 188.41% [2]

| 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 | | | ...

Core Viewpoint - Huogeping (01318) is projected to achieve significant revenue growth from 2025 to 2027, with a "buy" investment rating maintained by Huaxin Securities [1] Financial Performance - For the first half of 2025, Huogeping reported revenue of 2.588 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 670 million RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for Huogeping are the makeup and skincare segments, with makeup revenue reaching 1.422 billion RMB, up 31.1% year-on-year [1] - Skincare revenue was 1.087 billion RMB, showing a year-on-year increase of 33.4% [1] - Huogeping has also expanded into the fragrance category, launching two high-end perfume series, generating revenue of 11.413 million RMB [1] Strategic Decisions - The decline in revenue from the makeup artistry training business is a strategic decision aimed at improving service quality by controlling enrollment size [1] - Overall, Huogeping's performance in the first half of the year demonstrates its strong competitive position in the high-end beauty market [1]

Core Viewpoint - Huaxin Securities predicts that Mao Geping (01318) will achieve revenues of 50.83 billion, 64.98 billion, and 82.45 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.36, 3.00, and 3.81 RMB, maintaining a "Buy" investment rating [1] Financial Performance - In the first half of 2025, Mao Geping reported operating revenue of 25.88 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 6.70 billion RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net profit margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for the company are the makeup and skincare segments, with makeup revenue reaching 14.22 billion RMB, up 31.1% year-on-year, and skincare revenue at 10.87 billion RMB, increasing by 33.4% [1] - Mao Geping has also expanded into the fragrance category, launching two high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang," generating revenue of 11.41 million RMB [1] - Although revenue from the makeup artistry training business has declined, the company stated this was a strategic decision to enhance service quality by controlling enrollment size [1]