Group 1 - The Hong Kong stock market saw new consumer stocks rise against the trend, with Pop Mart leading the gains at nearly 5% [1] - Other notable gainers included Blukoo, Maogeping, and Gu Ming, which rose over 3% [1] - Additional companies such as Laopu Gold, Shangmei, Mixue Group, Miniso, Weilon Delicious, and others experienced increases of over 2% [1] Group 2 - Pop Mart's stock increased by 4.81%, reaching a latest price of 248.600, with a total market capitalization of 333.08 billion and a year-to-date increase of 32.45% [2] - Blukoo's stock rose by 3.84% to a price of 72.950, with a market cap of 18.131 billion and a year-to-date increase of 8.96% [2] - Maogeping's stock increased by 3.83%, reaching 89.350, with a market cap of 43.798 billion and a year-to-date increase of 9.36% [2] - Gu Ming's stock rose by 3.58% to 29.500, with a market cap of 70.156 billion and a year-to-date increase of 19.05% [2] - Laopu Gold's stock increased by 2.91% to 759.500, with a market cap of 134.237 billion and a year-to-date increase of 22.90% [2] - Shangmei's stock rose by 2.92% to 67.000, with a market cap of 26.673 billion and a year-to-date decrease of 7.97% [2] - Mixue Group's stock increased by 2.80% to 396.600, with a market cap of 150.557 billion and a year-to-date decrease of 3.22% [2] - Miniso's stock rose by 2.43% to 37.100, with a market cap of 44.916 billion and a year-to-date increase of 1.92% [2] - Weilon Delicious's stock increased by 2.63% to 12.470, with a market cap of 30.316 billion and a year-to-date increase of 10.84% [2] - Hushang Ayi's stock rose by 1.28% to 86.750, with a market cap of 9.126 billion and a year-to-date increase of 1.34% [2] - Chabaidao's stock increased by 1.11% to 6.370, with a market cap of 9.413 billion and a year-to-date decrease of 3.19% [2] - Wuwu Hen Mang's stock rose by 0.90% to 403.000, with a market cap of 86.851 billion and a year-to-date increase of 70.33% [2]

Group 1 - The new consumption concept in Hong Kong stocks is showing active performance, with notable increases in companies such as Giant Bio (+5.54%), Mao Geping (+4.42%), Miniso (+3.92%), and Pop Mart (+3.79%) [2][3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on enhancing key areas such as transportation, housekeeping, online audio-visual services, and inbound consumption [2][4] Group 2 - Pop Mart's new product series, PUCKY and Starry People, have gained significant popularity, with market estimates suggesting that the valuation of Pop Mart's IP potential is still underestimated [5] - Recent trends indicate that Pop Mart's new products are selling out on official websites and commanding high premiums on second-hand platforms, with hidden versions priced at 2-3 times and 3-6 times their original prices [5] - The cosmetics industry is projected to grow, with a retail sales increase of 6.18% year-on-year in 2023, as consumer spending stabilizes and the demand for product upgrades continues [5] Group 3 - The channel landscape is showing differentiated characteristics, with platforms like Douyin leading in sales and Tmall achieving its best growth in four years during the Double Eleven shopping festival [6] - Local brands are steadily increasing their market share, although market differentiation is intensifying, with companies like Anta, Pop Mart, and Haidilao identified as industry favorites for optional consumption [6][7] - Five major investment themes have been identified for 2026, focusing on emotional value consumption, health and wellness needs, the silver economy, emerging channel penetration, and multi-brand strategies [7]

Core Insights - The report emphasizes the historical positioning of silver indicators, noting that 93% of historical dates are below 200%, while the current level exceeds 1800%, indicating potential price adjustments during the decline phase of silver [11] - It highlights the macroeconomic narratives, including geopolitical tensions and the impact of the new Federal Reserve chair, suggesting that the current market is less influenced by overseas factors [3][12] - The investment strategy focuses on three main areas: core growth assets, global competitive advantages, and emerging growth sectors, with specific recommendations for companies in these categories [14] Company Summaries TCL Electronics (01070) - TCL Electronics is forming a joint venture with Sony, where TCL will hold 51% and Sony 49%, aiming to leverage cost and technology advantages in the large-size and mini LED sectors [15] - The joint venture is expected to enhance TCL's high-end product series capabilities [15] Mao Geping (01318) - The brand is expanding its global presence with a new store in Hong Kong and a focus on integrating Eastern aesthetics with modern art, enhancing its international brand narrative [16] Anjuke Food (603345) - The company is shifting from a reliance on large B2B clients to a selective supermarket customization strategy, collaborating with major retailers to launch tailored products, resulting in a 28.1% year-on-year revenue increase in the supermarket channel [17] Chengda Pharmaceutical (301201) - Chengda is transitioning towards biocell therapy, developing innovative drug pipelines and forming strategic partnerships, including a significant collaboration with Chiron Pharma, which has led to clinical advancements [19] Xinquan Co., Ltd. (603179) - The company has established strong partnerships with major domestic truck manufacturers and is focused on expanding its automotive component offerings, leveraging over 20 years of industry experience [20] Jianghuai Automobile (600418) - Jianghuai is developing a new generation of high-end intelligent electric vehicles, integrating advanced technologies from partnerships with high-tech companies like Huawei [21] Chip Origin (688521) - The company reported significant growth in its chip design and mass production businesses, with a 290.82% quarter-on-quarter increase in design revenue and a 132.77% increase in mass production revenue [22] Tencent Holdings (00700) - Tencent's performance exceeded expectations with a 15.4% year-on-year revenue growth, driven by strong sales and R&D efficiency, leading to a notable increase in net profit [23] China Resources Land (01109) - The company is transitioning its real estate service platform to offer comprehensive lifecycle services, enhancing customer engagement through a new digital platform [24] China Merchants Energy Shipping (601872) - The company is benefiting from rising oil shipping rates, with Q4 2025 VLCC average rates reaching $94,000 per day, marking a significant increase in operational profits [26]

Summary of the Conference Call for Mao Geping Company Overview - **Company**: Mao Geping - **Industry**: Beauty and Cosmetics Key Points Membership Management and Customer Engagement - Mao Geping enhances customer loyalty and repurchase rates through refined membership management, achieving a same-store growth rate of approximately 18% in the first half of 2025, with a repurchase rate around 30% and new customer ratio increasing to 70% [2][11] - The company employs a differentiated membership system that encourages customers to transition from online to offline shopping, offering richer beauty or skincare customization services in-store compared to simpler online membership benefits [2][7] Product Category Expansion - Mao Geping is actively expanding its product categories from makeup to skincare, introducing products like caviar masks and black creams that emphasize repairing makeup damage and enhancing makeup effects [2][4] - Future focus includes skincare products unrelated to makeup and a newly launched perfume line in 2025, which are crucial for expanding market space [4][5][12] Online Channel Development - The online channel has positively impacted brand youthfulness, with the 25-30 age group increasing from 12% to 19% and over 75% of new customers coming from online channels, with a conversion rate of 25-30% to offline consumers [6][12] - Despite rapid online sales growth, the quality is lower than offline due to lower customer stickiness and repurchase rates, which rely heavily on high marketing costs [6] New Initiatives for Member Engagement - New initiatives include inviting non-purchasing members through a mini-program to receive sample perfumes and cosmetics, aiming to engage potential customers and guide them to offline counters [9][10] High-End Customer Services - Mao Geping has increased high-end beauty services, offering a 75-minute beauty care service for purchases over 3,800 yuan, and expanded beauty salon events to cover more cities, generating sales of 300,000 to over 1 million yuan per event [10] Sales Performance and Trends - The company reported a same-store growth rate of about 18% in the first half of 2025, with a stable repurchase rate of around 30% and an increase in new customer contribution to retail sales [11] - The reliance on top-selling products has decreased, with the sales contribution of the top ten products dropping from 80% in 2024 to 60% in 2025, indicating a shift towards a more diversified product portfolio [15] Skincare and Perfume Development - The skincare category relies heavily on offline channels and existing member repurchases, with new products like caviar eye masks performing well, and the company is filling the price gap between domestic and international brands [17] - The perfume business is developing through two series, with the second series performing better, reflecting a shift in consumer preferences towards personalized and niche fragrances [18][21] Market Trends - The perfume market is experiencing a trend towards everyday use, especially among younger consumers, which is driving the rise of domestic and niche brands [19][20] - The overall growth rate of the perfume industry is higher than that of makeup and skincare, aligning well with Mao Geping's channel structure, which is primarily offline [22]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - In December 2025, the year-on-year growth of social retail sales was 0.9%, with a total of 4.5 trillion yuan, indicating a decline of 0.4 percentage points compared to November 2025. Excluding automobiles, the total was 4.0 trillion yuan, growing by 1.7% year-on-year [5] - The report emphasizes the importance of service consumption sectors for the upcoming Spring Festival opportunities [5] - The report suggests a shift in retail industry logic from "adjusting input" to "adjusting output," with a focus on improving same-store sales and customer flow, which will enhance profit elasticity as the share of high-margin private brands increases [5] Summary by Sections Retail Sector Performance - In December 2025, retail sales of goods reached 3.9 trillion yuan, growing by 0.7% year-on-year, while catering revenue was 0.6 trillion yuan, with a year-on-year growth of 2.2% [5] - The growth rates for various categories in December included: - Grain and oil food retail sales grew by 3.9% - Beverage retail sales grew by 1.7% - Tobacco and alcohol retail sales declined by 2.9% [5] - In the optional consumer goods category, cosmetics and gold and silver jewelry retail sales grew by 8.8% and 5.9%, respectively [5] E-commerce Insights - The e-commerce penetration rate slightly decreased, with online retail sales of physical goods reaching 13.1 trillion yuan in 2025, a year-on-year increase of 5.2%. The penetration rate was 26.1%, a decrease of 0.7 percentage points year-on-year [5] - For the year, the growth rates for e-commerce categories were: food (14.5%), clothing (1.9%), and daily necessities (4.1%) [5] Investment Recommendations - Retail: Focus on companies like Bubugao, Huijia Times, Yonghui Supermarket, and Chongqing Department Store [5] - Cosmetics: Prefer high-end brand assets and consider low-positioned stocks like Maogeping and Yixian E-commerce [5] - Jewelry: Anticipate strong sales during the traditional gold sales peak in Q1, with recommendations for Laopu Gold and Mankalon [5] - Tourism: Focus on winter sports themes and the Spring Festival market, with recommendations for Changbai Mountain and Huangshan Tourism [5] - Education: Highlight opportunities in undervalued vocational education stocks like China Oriental Education and Action Education [5]

Group 1 - The stock of Mao Ge Ping (01318.HK) has increased by over 5%, specifically rising by 5.33% to reach 90.9 HKD [2] - The trading volume for the stock amounted to 155 million HKD [2]

Core Viewpoint - The company 毛戈平 (01318) has seen a significant stock increase of over 5%, attributed to strong sales performance and strategic growth plans [1] Group 1: Sales Performance - The company reported online sales growth of over 40% year-on-year and offline sales growth of approximately 20% for the last quarter, driven by the Double Eleven promotion and strong December performance [1] - The management anticipates that by the end of 2025, offline membership will increase by about 25% annually, reaching 6 million members [1] Group 2: Future Growth Plans - 毛戈平 plans to launch diversified products in the first quarter of 2026, with projected sales growth of 35% online and 20% offline starting in 2026 [1] - The company expects to maintain low double-digit same-store sales growth, with stable gross and operating profit margins, and a net profit margin exceeding 20% [1] Group 3: Long-term Projections - The company aims to achieve sales of 10 billion RMB by 2028, indicating a compound annual growth rate of 27% from 2024 to 2028 [1]

Core Viewpoint - The company Mao Geping (01318) has seen a stock increase of over 5%, attributed to strong sales performance during the Double Eleven promotion and December, with online and offline sales growth of over 40% and approximately 20% year-on-year respectively [1] Group 1: Sales Performance - The company reported online sales growth of over 40% and offline sales growth of about 20% year-on-year [1] - The management anticipates that by the end of 2025, offline membership will increase by approximately 25% to 6 million [1] Group 2: Future Plans - Mao Geping plans to launch diversified products in the first quarter of 2026 [1] - The management expects sales growth of 35% for online and 20% for offline channels starting in 2026, driven by volume growth [1] Group 3: Financial Projections - The company aims to achieve sales of 10 billion RMB by 2028, indicating a compound annual growth rate of 27% from 2024 to 2028 [1] - The management projects that same-store sales growth will remain in the low single digits, with stable gross and operating profit margins, and a net profit margin exceeding 20% [1]

Core Viewpoint - The company, 毛戈平 (01318), has received a notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, allowing for the conversion of 228 million unlisted shares into H-shares, effective from January 13, 2026, for a period of 12 months [1]. Group 1 - The company will implement full circulation of a total of 228,344,600 unlisted shares, which currently represent 46.58% of the total issued shares [1]. - After the conversion and listing, the total number of H-shares will increase to 490,186,900, representing 100% of the total issued shares [1]. - The company plans to apply for approval from the Hong Kong Stock Exchange for the listing and trading of the relevant H-shares [1]. Group 2 - As of the announcement date, the implementation plan for the full circulation and conversion of H-shares has not been finalized, and the company will provide further updates in accordance with relevant regulations [1].

Core Viewpoint - The company Mao Ge Ping (01318) has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, effective from January 13, 2026 [1] Group 1 - The company has completed the filing for a total of 228 million unlisted shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months from January 13, 2026 [1] - The company will apply to the Stock Exchange of Hong Kong for approval of the related H-share listing and trading [1]