| 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]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The beauty industry is experiencing significant export trends, with the company, 毛戈平, making substantial progress in its global layout [1]. - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, representing a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% year-on-year [6]. - 毛戈平 plans to enter Hong Kong's Harbour City in October 2025, enhancing its high-end offline global presence [5]. Summary by Sections Market Performance - The Chinese cosmetics industry is witnessing a strong trend towards internationalization, with a total export value of 18.71 billion RMB in the first half of 2025, a year-on-year increase of 11.97% [4]. - Southeast Asia is a key market for Chinese beauty brands, projected to reach a market size of 34.55 billion USD by 2027, growing at an annual rate of 3.57% [4]. Company Developments - 毛戈平's offline sales in the first half of 2025 grew approximately 18%, significantly outperforming the industry average [5]. - The company has established 378 self-operated counters and 31 dealer counters across 120 cities in China, employing over 2,800 professional beauty consultants [5]. Financial Performance - 毛戈平's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [6]. - The company forecasts revenues of 5.083 billion RMB, 6.498 billion RMB, and 8.245 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.36, 3.00, and 3.81 RMB [8].

Company Overview - The company has successfully extended its product categories, launching new skincare and makeup products in Q3, with positive market feedback for the new fragrance line [1] - The skincare product matrix continues to expand, with the introduction of the "Fire Spark Source" series aimed at addressing early aging issues for Oriental skin types [1] - The company is focusing on high-end positioning and has made significant progress in both offline and online channels, indicating strong brand momentum [2] Product Development - The skincare line includes serums and creams, with the launch of the "Black Gold Water" and the "Fire Spark Source" series, which includes anti-aging products [1] - In makeup, new color products have been introduced, including the "Starry Sky Eyeshadow" and earth-tone eyeshadows [1] - The fragrance line saw the launch of 13 new products in May, which have been well-received in the market [1] Channel Strategy - The company has entered high-end retail locations, with plans for new counters in major cities, showing strong same-store sales growth of approximately 18% in 1H25 [2] - Online sales have also been robust, with a combined GMV growth of 47% on Tmall and Douyin in July and August [2] International Expansion - The company is expanding its brand internationally, having entered Hong Kong's Sephora and planning to open its first counter in Harbour City in October [2] - Future expansion plans include Southeast Asia, Japan, and Europe starting in 2026, indicating a long-term growth strategy [2] Financial Outlook - The company maintains its profit forecast for 2025-2026, with current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026 [2] - The target price is set at 127 yuan, reflecting a potential upside of 22.5% based on projected P/E ratios [2]

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]