Group 1 - The stock of Mao Ge Ping (01318.HK) has increased by over 9%, currently up 8.94% at HKD 91.35 [1] - The trading volume reached HKD 201 million [1]

Core Viewpoint - Mao Geping (01318) has seen a significant stock price increase of over 9%, currently trading at 91.35 HKD with a transaction volume of 201 million HKD, driven by strong sales performance during the Double 11 shopping festival [1] Group 1: Sales Performance - Mao Geping has entered the top 20 sales rankings for the first time during the Double 11 event, indicating a strong sales surge [1] - The brand ranked 20th in the beauty category on Douyin, showcasing its growing presence in online sales channels [1] Group 2: Market Position and Growth Potential - Huachuang Securities highlights Mao Geping as a benchmark for high-end domestic beauty brands, emphasizing its strong brand moat and stable growth driven by both color cosmetics and skincare [1] - The company has successfully expanded into the fragrance category, demonstrating potential for a multi-category development strategy [1] Group 3: Channel Strategy - The rapid growth of online channels is complemented by the strengthening of offline channels through experiential services, indicating a healthy dual-channel development strategy [1] - There remains significant room for SKU expansion and improvement in store efficiency, which is expected to continuously release growth momentum for the company [1]

Core Insights - The A-share market's consumer stocks have surged, positively impacting Hong Kong's new consumer concept stocks, with notable increases in various companies' stock prices [1] Group 1: Market Performance - Stocks such as "沪上阿姨" rose over 14%, "卫龙美味" increased over 7%, and "泡泡玛特" and "蜜雪集团" both saw gains exceeding 6% [1] - Other companies like "奈雪的茶," "古茗," and "毛戈平" experienced increases of over 5%, while "茶百道," "锅圈," and "老铺黄金" rose over 3% [1] Group 2: Economic Indicators - The National Bureau of Statistics released positive inflation data for October, indicating a 0.2% month-on-month and year-on-year increase in the Consumer Price Index (CPI), marking a shift from decline to growth [1] - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year, with the growth rate expanding for the sixth consecutive month [1] Group 3: Government Policy - The Ministry of Finance plans to continue implementing measures to boost consumption, including providing financial subsidies for personal consumption loans in key sectors [1]

I. 法定/註冊股本變動 | 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 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 毛戈平化妝品股份有限公司 呈交日期: 2025年11月5日 | 2. 股份分 ...

Summary of the Conference Call for Mao Geping Beauty Industry Overview - The domestic high-end cosmetics market is led by Mao Geping, which leverages the founder's professional background and Eastern aesthetics to maintain a leading position. The market potential is significant, with a scale reaching hundreds of billions, but still lags behind Western Europe, Japan, and South Korea [2][7]. Company Performance - As of 2024, the overall revenue of Mao Geping is close to 3.9 billion yuan, with makeup revenue at 2.3 billion yuan and skincare revenue at 1.4 billion yuan. The net profit reached 881 million yuan, reflecting over 30% growth in the first half of the year [4]. - By June 30, 2024, 367 out of 372 counters were profitable, with single counter revenue increasing from 2-2.5 million yuan in 2021 to 4.78 million yuan in 2024, a year-on-year growth of over 15% [3][14]. Marketing and Brand Strategy - The company utilizes the founder's personal brand and participation in major events like the Olympics to enhance brand exposure. The Tmall flagship store has over 7 million followers, and the Douyin official store has over 4.2 million followers, indicating strong marketing influence [8][9]. - Collaborations with national teams and cultural institutions, such as the Palace Museum, have been pivotal in brand building, with co-branded products launched for significant events [11]. Product Positioning and Pricing - Mao Geping positions itself in the high-end beauty market, with makeup products priced at 177.5 yuan and skincare products at 312.2 yuan for 2024. The company emphasizes a combination of online and offline sales strategies [6][10]. Channel Development - As of August 6, 2025, the number of counters reached 445, with a focus on first-tier cities and partnerships with retailers like Sephora. The company has expanded its presence in cities like Shanghai, Beijing, and Hong Kong [13]. - Online sales channels have been developed since entering Tmall in 2018, with an online sales ratio of 47.8% by the end of 2024. Despite high sales expenses, the gross margin remains high, with makeup gross margins exceeding 80% [15]. Customer Insights - The company has over 12 million online members, with a significant contribution from core offline members. The online repurchase rate is approximately 25-30%, while offline repurchase rates reach 30-35% [16]. Future Directions - Future strategies include expanding the perfume business, enhancing product lines, and maintaining a family management model to ensure strategic consistency. The company aims to continue leveraging major events and collaborations to enhance brand positioning and influence [10][17].

Group 1 - The stock of Mao Ge Ping (01318.HK) has increased by over 9%, specifically by 9.2%, reaching a price of 106.8 HKD [1] - The trading volume for Mao Ge Ping is reported at 278 million HKD [1]

Core Viewpoint - The stock of Mao Geping (01318) has risen over 9%, currently at 106.8 HKD, with a trading volume of 278 million HKD, driven by the upcoming Double Eleven shopping festival and positive market sentiment towards domestic cosmetic brands [1] Group 1: Market Trends - The Double Eleven 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 Eleven 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 Eleven festival, recommending stocks with significant trends in new brands and stable high-growth indicators [1] - Morgan Stanley's report indicates that Mao Geping has a significant opportunity for growth, aiming to double its market share in the high-end cosmetics market from the current 2% [1] - The company is expected to achieve a compound annual growth rate (CAGR) of 31% in revenue and profit from FY2025 to FY2027, surpassing industry peers' growth rates of 19% and 16% [1] Group 3: Catalysts for Growth - Upcoming Double Eleven activities are seen as a key catalyst for Mao Geping's growth [1] - The company's unique consumer experience and differentiated services are expected to enhance brand equity and market penetration [1] - Strengthened product supply and category expansion are anticipated to drive future performance [1]

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].