Core Viewpoint - The company maintains its profit forecast for 2025-2026, with the current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026, indicating a target price of HKD 127, which represents a 22.5% upside potential [1] Product Development - The skincare product matrix continues to expand, with positive market feedback for new perfume products. The company is building its brand identity around Eastern aesthetics, facilitating successful category extensions [2] - Skincare: The product matrix is enriched with serums and creams, with the launch of the black gold water in 1H25 and the new spark root series in September, targeting anti-aging solutions for Eastern skin types [2] - Makeup: The color product line is being enhanced, with the launch of the starry sky eyeshadow in 1H25 and earth-tone eyeshadows in Q3 [2] - Perfume: 13 new products were launched in May, with continued high demand in July and August, indicating strong market reception [2] Channel Expansion - Offline: The company has successfully entered high-end retail locations, with plans for further expansion in 2H25, including a new counter in Hangzhou and ongoing planning for Shenzhen and other locations. Same-store sales growth of approximately 18% in 1H25 outperformed the offline market average [3] - Online: The company has maintained a balanced structure in self-broadcasting and influencer marketing, achieving a 47% year-on-year increase in GMV on Tmall and Douyin from July to August, indicating successful outreach to younger demographics [3] International Expansion - The company has entered the Hong Kong market with a presence in Sephora and plans to open its first counter in Harbour City, Hong Kong, in October. There are expectations to expand into Southeast Asia, Japan, and Europe starting in 2026, highlighting the company's growth potential as a rare high-end domestic beauty brand [4]

Core Viewpoint - The report from CICC maintains the profit forecast for Maogeping (01318) for 2025-2026, with the current stock price corresponding to a P/E of 41/31x for those years, and a target price of HKD 127, indicating a potential upside of 22.5% [1] Group 1: Product Development - The skincare product matrix continues to expand, with positive market feedback on new perfume products [2] - In skincare, the company is launching a series of products targeting anti-aging issues, including the "Fire Source" series and the black gold series [2] - In color cosmetics, new products such as the "Starry Sky" eyeshadow and earth-tone eyeshadows have been introduced [2] - The perfume segment saw the launch of 13 new products in May, which remain in high demand [2] Group 2: Channel Expansion - The company is strengthening its brand presence by entering high-end retail locations, with significant same-store growth outperforming the market [3] - Offline, the company has opened new counters in prestigious locations, with a same-store growth of approximately 18% in the first half of 2025 [3] - Online, the company has successfully engaged younger demographics, with a combined GMV growth of 47% on Tmall and Douyin from July to August [3] Group 3: International Expansion - The company is expanding its brand internationally, having entered Sephora in Hong Kong and planning to open its first counter in Harbour City, Hong Kong in October [4] - The company aims to expand into Southeast Asia, Japan, and Europe starting in 2026, indicating strong growth potential as a rare high-end domestic beauty brand [4]

Core Viewpoint - The report from Xingzheng International maintains an "overweight" rating for Maogeping (01318), expecting continued growth momentum in the second half of the year due to a low base effect and the launch of new products in the fourth quarter [1] Group 1: Sales Performance - In the first half of 2025, the company's sales reached 2.588 billion yuan, a year-on-year increase of 31.3% [2] - Makeup revenue accounted for 1.422 billion yuan, representing 55.1% of total sales, with a growth rate of 31.1% [2] - The core base makeup products, including the caviar cushion and soft silk powder, each surpassed 200 million yuan in retail sales, validating the effectiveness of the big product strategy [2] - Skincare revenue was 1.087 billion yuan, making up 42.0% of total sales, with a year-on-year growth of 33.4% [2] Group 2: Profitability Metrics - The company's gross margin for the first half of 2025 was 84.2%, impacted by rising unit costs from makeup upgrades and increased training expenses [3] - The selling and distribution expense ratio was 45.2% [3] - Net profit reached 670 million yuan, a year-on-year increase of 36.1%, with the net profit margin improving by 0.9 percentage points to 25.9% due to enhanced operational efficiency and reduced listing expenses [3] Group 3: Brand Positioning and Market Expansion - The total number of members exceeded 19 million, with offline repurchase rates at 30.3% and online repurchase rates at 24.1%, indicating increasing brand loyalty [4] - The company plans to continue launching advanced perfumes, high-end skincare, and multifunctional makeup products centered around Eastern aesthetics [4] - The distribution strategy includes deepening offline presence in department stores and shopping centers while enhancing online efficiency through content and live streaming, with plans to open a new counter in Hong Kong and expand into Singapore, Japan, and South Korea [4]

Core Viewpoint - The company maintains a "buy" rating, expecting continued growth in the second half of the year due to a low base effect and the launch of new products in Q4, supported by a high-end membership system and Eastern aesthetic positioning [1] Group 1: Sales Performance - In H1 2025, the company's sales reached 2.588 billion yuan, a year-on-year increase of 31.3%, with color cosmetics contributing 1.422 billion yuan, accounting for 55.1% of total sales and growing by 31.1% [2] - The core base makeup products achieved retail sales exceeding 200 million yuan each, validating the effectiveness of the big product strategy [2] - The company launched a co-branded perfume with the Palace Museum in May, generating sales of 11.41 million yuan in two months, with plans to introduce more Eastern-themed fragrance products throughout the year [2] - Skincare revenue reached 1.087 billion yuan, representing 42.0% of total sales and a growth of 33.4%, with key products like caviar masks and black cream continuing to gain traction [2] Group 2: Profitability and Margins - The company's gross margin in H1 2025 was 84.2%, impacted by rising unit costs from color cosmetics upgrades and increased training expenses [3] - The selling and distribution expense ratio was 45.2%, but net profit margin improved by 0.9 percentage points to 25.9% due to enhanced operational efficiency and reduced listing expenses, resulting in a net profit of 670 million yuan, a year-on-year increase of 36.1% [3] Group 3: Brand Positioning and Market Expansion - The company has over 19 million members, with offline and online repurchase rates at 30.3% and 24.1% respectively, indicating strong brand loyalty [4] - Future product launches will focus on Eastern aesthetics, including advanced perfumes, high-end skincare, and multifunctional color cosmetics [4] - The company plans to enhance its distribution channels through a combination of department stores and shopping centers offline, and content-driven and live-streaming strategies online, with plans to open a new store in Hong Kong and expand into Singapore, Japan, and South Korea [4]

Core Insights - The high-end domestic cosmetics market in China has significant potential, with Mao Geping successfully positioning itself in a scarce segment, becoming a rare domestic brand that can compete with international luxury brands [1][1][1] Market Overview - The Chinese cosmetics market is large and continues to recover, with the high-end makeup segment showing strong growth, indicating a clear trend towards premiumization and specialization [1][1][1] Brand Positioning - Mao Geping has filled the gap in the domestic high-end cosmetics market with a differentiated positioning of "high-end, professional, domestic goods," highlighting its strong market competitiveness and brand scarcity value [1][1][1] Competitive Advantages - The brand has established a deep and unique barrier through the "founder IP + Eastern aesthetics" model, leveraging the founder's reputation and personal charm to build consumer trust [1][1][1] - The successful transition from a personal brand to a cultural brand, exemplified by collaborations with the Palace Museum, has created a strong brand identity that is difficult for competitors to replicate [1][1][1] Product and Operational Strategy - The company has developed a rich product matrix centered on makeup effects, with notable performance in high-end skincare, and has achieved significant growth in sales through an omnichannel strategy [1][1][1] - The online presence has improved significantly on platforms like Tmall and Douyin, while offline experiences through high-experience counters enhance brand perception, creating a synergistic effect [1][1][1] Financial Projections - The company is expected to achieve substantial revenue growth, with projected revenues of 5.117 billion, 6.656 billion, and 8.555 billion yuan for 2025-2027, and net profits of 1.198 billion, 1.552 billion, and 1.976 billion yuan respectively [1][1][1] - Corresponding EPS for 2025-2027 is projected to be 2.44, 3.17, and 4.03 yuan, with PE ratios of 37.52, 28.98, and 22.76 times [1][1][1] Investment Recommendation - Mao Geping is positioned as a rare domestic brand with a successful high-end image and premium pricing, presenting significant long-term investment value [1][1][1] - Key investment highlights include a unique brand barrier, clear growth engines, improved channel and operational efficiency, and potential in new product categories and international expansion [1][1][1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.59 billion yuan for H1 2025, representing a year-on-year growth of 31.3%. The net profit attributable to shareholders was 670 million yuan, up 36.1% year-on-year. The adjusted profit reached 672 million yuan, with a growth of 32% and an adjusted profit margin of 26% [2][4]. Summary by Sections Revenue Breakdown - In H1 2025, the revenue from different product categories was as follows: makeup 1.42 billion yuan, skincare 1.09 billion yuan, fragrance 11 million yuan, and training schools 67 million yuan, with year-on-year growth rates of +31%, +33%, no growth for fragrance, and -6% for training schools. Excluding training schools, total product sales grew by 32.7% [5]. Product Performance - Within the makeup category, the base makeup segment performed strongly, with retail sales of caviar cushion and light sensation powder exceeding 200 million yuan each. The skincare segment saw classic products like caviar masks achieving retail sales of over 600 million yuan (up 33% year-on-year) and black cream exceeding 200 million yuan. New high-end products are being introduced steadily [5]. Channel Performance - Online sales continued to grow significantly, with revenues of 1.3 billion yuan (up 39% year-on-year), while offline sales reached 1.22 billion yuan (up 27% year-on-year). The repurchase rates improved by 2.6 percentage points for online and 1.6 percentage points for offline channels [5]. Profitability - The net profit margin for H1 2025 reached 26%, an increase of 0.9 percentage points year-on-year. This was attributed to a 0.7 percentage point decline in gross margin, primarily due to lower margins in makeup and training schools, and a significant optimization in expense ratios [5]. Future Outlook - The company is expected to maintain a clear growth trend in the short to medium term, driven by a robust pipeline of mid-tier products, high elasticity in e-commerce channels, and continuous improvement in offline store efficiency. The long-term potential includes category expansion, collaboration with more high-end brands, and international market entry [5]. The projected adjusted net profits for 2025-2027 are 1.25 billion, 1.57 billion, and 1.92 billion yuan, with corresponding P/E ratios of 35.9, 28.4, and 23.3 times [5].

Core Insights - The company reported a revenue of RMB 2.588 billion for the first half of 2025, representing a year-on-year increase of 31.3% [1] - Net profit reached RMB 670 million, up 36.1% year-on-year, with adjusted net profit at RMB 672 million, reflecting a 32.0% increase [1] - Gross margin stood at 84.2%, down 0.7 percentage points year-on-year, while net margin improved to 25.9%, up 0.9 percentage points, primarily due to a decrease in sales expense ratio [1] Product Category Performance - **Makeup**: Revenue for the first half of 2025 was RMB 1.42 billion, a 31.1% increase year-on-year, with volume and price changes of +37% and -4% respectively. Key products like luxury caviar cushion and soft-focus powder both exceeded RMB 200 million in GMV [1] - **Skincare**: Revenue reached RMB 1.09 billion, up 33.4% year-on-year, with volume and price changes of +32% and +1% respectively. Star products like caviar masks and black cream achieved GMV of over RMB 600 million and RMB 200 million respectively, with the caviar mask growing over 33% [1] - **Fragrance**: The fragrance category generated RMB 11 million in its first year, with a gross margin of 77.6%, continuing the brand's high-end oriental aesthetic recognition [2] - **Training Business**: Revenue was RMB 67 million, down 5.9% year-on-year, due to controlled enrollment to enhance service quality and student satisfaction [2] Channel Performance - **Online Sales**: Revenue from online channels was RMB 1.3 billion, a 39.0% increase year-on-year, surpassing offline channels. The repurchase rate reached 24.1%, up 2.6 percentage points [2] - **Offline Sales**: Revenue from offline channels was RMB 1.22 billion, up 26.6% year-on-year, with same-store sales growth of 18%. The company had a total of 437 counters by the end of the first half of 2025, netting an increase of 27 self-operated and 1 distributor counter [2] Expense Management - The sales expense ratio improved to 45.2%, down 2.3 percentage points year-on-year, with marketing and promotional expenses growing by 23.9%, slower than revenue growth, indicating efficient operational capabilities [3] Profit Forecast - The company expects net profits for 2025, 2026, and 2027 to be RMB 1.22 billion, RMB 1.54 billion, and RMB 1.90 billion respectively, with year-on-year growth rates of 38.7%, 26.1%, and 23.4% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company reported a revenue of RMB 2.588 billion for the first half of 2025, representing a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% year-on-year [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points year-on-year, while the net profit margin improved by 0.9 percentage points to 25.9%, primarily due to a reduction in sales expense ratio [1]. - The company is experiencing strong growth across its core product categories, with makeup and skincare showing particularly robust performance [2][7]. Revenue Breakdown by Product Category - **Makeup**: Revenue reached RMB 1.42 billion in H1 2025, a 31.1% increase year-on-year, with significant contributions from flagship products [2]. - **Skincare**: Revenue was RMB 1.09 billion, up 33.4% year-on-year, with strong sales from key products [2]. - **Fragrance**: The fragrance category generated RMB 0.11 billion in its first year, with a gross margin of 77.6% [2]. - **Training Business**: Revenue declined to RMB 67 million, down 5.9% year-on-year, due to a strategic decision to limit enrollment for quality improvement [3]. Revenue Breakdown by Channel - **Online Sales**: Revenue from online channels was RMB 1.3 billion, a 39% increase year-on-year, surpassing offline sales for the first time [6]. - **Offline Sales**: Offline revenue reached RMB 1.22 billion, up 26.6% year-on-year, with a notable increase in same-store sales [6]. Financial Projections - The company expects net profits of RMB 1.22 billion, RMB 1.54 billion, and RMB 1.90 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.7%, 26.1%, and 23.4% [7][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 5.153 billion, RMB 6.485 billion, and RMB 7.826 billion, reflecting growth rates of 32.65%, 25.85%, and 20.66% [8].

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8月31日 狀態: 新提交 呈交日期: 2025年9月4日 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 | | 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 | ...

Core Viewpoint - The company Mao Geping (01318) has shown strong financial performance in the first half of the year, with significant increases in both revenue and net profit, indicating a positive growth trajectory in the high-end cosmetics market [1]. Financial Performance - In the first half of the year, Mao Geping achieved revenue of 2.588 billion yuan, representing a year-on-year increase of 31.28% [1]. - The net profit for the same period was 670 million yuan, reflecting a year-on-year growth of 36.11% [1]. Market Position and Strategy - According to Zheshang Securities, the company's high growth in performance is attributed to its high-end positioning and the rarity of Eastern aesthetic appeal [1]. - The company is recognized as a scarce high-end makeup brand in China, currently in a brand momentum rising phase, as noted by招商证券 [1]. - The product strategy includes driving sales through popular products and establishing a second-tier product matrix, while the channel strategy focuses on steady expansion of offline stores and strengthening online operations [1]. Growth Potential - The company has increased customer repurchase rates, indicating higher customer loyalty and suggesting significant growth potential in the future [1].