Core Viewpoint - The controlling shareholder and several executive directors of Maogeping Cosmetics Co., Ltd. plan to collectively reduce their holdings, indicating a significant event in the Chinese beauty industry that reflects deeper trends and challenges [1][8]. Company Summary - Maogeping Cosmetics, founded on July 28, 2000, in Hangzhou, went public in Hong Kong on December 10, 2024, and is ranked eighth among the top ten high-end beauty groups in China based on 2022 sales [8]. - The company’s founder, Maogeping, is a prominent figure in the Chinese makeup industry with over 40 years of experience and has received numerous awards for his work [8]. - The planned share reduction involves a maximum of 17.2 million H-shares, representing 3.51% of the total issued shares, with an estimated cash-out of HKD 1.41 billion based on the closing price of HKD 82 per share [1][4]. Industry Summary - The partial cash-out of HKD 1.4 billion by the Maogeping family is seen as a recognition of the brand's value and the successful commercialization of a personal brand in the beauty industry [9]. - The Maogeping brand has successfully positioned itself against international luxury beauty brands, breaking the trend of domestic cosmetics being priced at mid to low-end levels [9]. - The past decade has seen the Chinese beauty industry, particularly emerging brands, focus on capital financing and aggressive marketing strategies, but Maogeping's actions signal a shift towards a "value harvesting period" for leading companies [9]. - The long-term competitiveness of beauty brands relies on product and brand strength, raising questions about how Maogeping will transition from a founder-driven model to a systematized brand strength model [10].

Core Viewpoint - The report from Huayuan Securities indicates that Mao Geping (01318) is positioned as a leading high-end cosmetics brand in China, with strong growth in skincare and makeup categories, benefiting from both online and offline channels, and a robust single product matrix driving growth. The company's brand value, channel advantages, and growth potential suggest a high certainty of future performance, maintaining a "Buy" rating [1]. Group 1 - The company announced a voluntary shareholder reduction plan, where major shareholders, including founder Mao Geping and other directors, plan to reduce their holdings by up to 3.51% of the total issued shares within six months, primarily through block trades [2]. - The proceeds from the share reduction will be used for investments in the beauty industry chain and personal improvements, while the major shareholders express confidence in the company's development and commitment to enhancing brand value and performance [2]. Group 2 - The company has signed a strategic cooperation framework agreement with L Catterton Asia Advisors, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction [3]. - L Catterton, a leading global consumer investment firm managing approximately $39 billion in equity capital, will assist the company in expanding its high-end retail channels overseas and aims to establish a joint equity investment fund focused on the global high-end beauty sector [3]. Group 3 - Based on the company's strong sales performance in both online and offline channels, the forecast for net profit attributable to the parent company is projected to be 1.21 billion, 1.58 billion, and 2.03 billion yuan for 2025, 2026, and 2027, representing year-on-year growth of 38%, 30%, and 28% respectively [4].

Core Viewpoint - The report from Huayuan Securities indicates that Mao Geping (01318), a domestic high-end cosmetics brand, is experiencing steady growth in skincare and makeup categories, with significant advantages in both offline and online channels. The brand's momentum is on an upward trajectory, and the single product matrix continues to grow rapidly. The company's IP brand value, channel endowment, and future growth potential are viewed positively, leading to a high certainty of performance growth, maintaining a "Buy" rating [1]. Group 1 - The company announced a voluntary shareholder reduction plan, where the controlling shareholder and executive directors plan to reduce their holdings by up to 3.51% of the total issued shares within six months, primarily through block trading. The proceeds will be used for investments in the beauty industry and personal improvements. The controlling shareholders express confidence in the company's development and will continue to focus on product research and operational management to enhance brand value and performance [1]. - The company has signed a strategic cooperation framework agreement with L Catterton Asia Advisors, aiming for global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction. L Catterton will leverage its global investment network to assist the company in expanding high-end retail channels overseas and will jointly establish a private equity fund focused on the global high-end beauty sector [1]. Group 2 - Based on the company's strong sales performance in both online and offline channels, it is projected that the net profit attributable to the parent company will reach 1.21 billion, 1.58 billion, and 2.03 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 38%, 30%, and 28% respectively [2].

Group 1 - The core point of the announcement is that the controlling shareholders and executive directors of MAOGEPING Company plan to reduce their holdings by up to 17.2 million H-shares, which is 3.51% of the total issued shares, within six months through block trades [2] - The six individuals involved in the share reduction are primarily family members of the founder, MAO Ge Ping, with one non-family executive, SONG Hongqian, who is responsible for brand management [4] - The proceeds from the share reduction will be used for investments in the beauty-related industry chain and personal lifestyle improvements [5] Group 2 - Based on the closing price of HKD 82 per share on January 6, the total cash raised from the share reduction is estimated to exceed HKD 1.4 billion (approximately RMB 1.3 billion) [6] - As of June 30, 2025, the six executive directors will collectively hold 73.09% of MAOGEPING Company’s shares, indicating strong insider ownership [6] - MAOGEPING Company has been preparing for its capital market debut since December 2016 and is set to officially list on the Hong Kong Stock Exchange in December 2024, with a projected revenue of RMB 2.588 billion and a net profit of RMB 670 million for the first half of 2025, reflecting year-on-year growth of 31.3% and 36.1% respectively [6]

Group 1 - The core point of the article is that Mao Geping Cosmetics Co., Ltd. has announced a share reduction plan by its major shareholders, which includes a total reduction of up to 17.2 million H-shares, accounting for 3.51% of the company's total issued shares [2] - The shareholders plan to reduce their holdings mainly through block trading within six months due to personal financial needs, with proceeds intended for investments in the beauty industry and personal living improvements [2] - Mao Geping was listed on the Hong Kong Stock Exchange in December 2024, with an initial offering price of HKD 29.8, raising a total of HKD 2.337 billion, and a net fundraising amount of HKD 2.187 billion after deducting listing expenses [2] Group 2 - Mao Geping, the founder and current chairman of the company, has a background in the performing arts and established the company in 1998, while his wife, Wang Liqun, also plays a significant role in the company as vice chairman [3] - As of the last closing price, Mao Geping's stock was valued at HKD 87.95, giving the company a market capitalization of HKD 43.1 billion, allowing the family to potentially cash out HKD 1.5 billion [3]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has entered into a strategic cooperation framework agreement with L Catterton, aiming for global market expansion and optimization of capital structure [1][2]. - The partnership will leverage L Catterton's extensive investment experience in the consumer goods sector to enhance the company's high-end beauty brand positioning and facilitate overseas retail channel expansion [2]. - The company has shown strong sales performance, with a 32% year-on-year increase in sales across major platforms for the period from January to November 2025, indicating robust growth in both makeup and skincare categories [3]. Financial Projections - The company forecasts revenue growth from 2,886 million RMB in 2023 to 8,812 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.9% [4][10]. - Net profit is projected to increase from 662 million RMB in 2023 to 2,041 million RMB in 2027, reflecting a strong growth trajectory [4][10]. - Earnings per share (EPS) are expected to rise from 1.35 RMB in 2023 to 4.16 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 19 over the same period [4][10]. Profitability and Valuation Metrics - The company maintains a high gross margin, projected at around 84% for the next few years, indicating strong pricing power and cost management [12]. - Return on equity (ROE) is expected to remain robust, with estimates of 42.8% in 2023 and stabilizing around 33.4% by 2027 [12]. - The valuation metrics suggest a decreasing trend in P/E and P/B ratios, indicating potential for investment attractiveness as earnings grow [13].

Group 1 - The core point of the news is that the controlling shareholders and directors of 毛戈平 (01318.HK) plan to reduce their holdings by up to 17.2 million H-shares, representing 3.51% of the company's total issued shares, primarily due to personal financial needs [1] - The estimated amount from the share reduction is approximately HKD 141.04 million (RMB 13.6 billion), based on the closing price of HKD 82.00 per share on January 6, 2026 [1] - The shareholders involved in the reduction include 毛戈平, 汪立群, 毛霓萍, 毛慧萍, 汪立华, and 宋虹佺, all of whom are executive directors of the company [1] Group 2 - 毛戈平's final offering price was HKD 29.80, with total proceeds amounting to HKD 2,337.02 million, and net proceeds after expenses were HKD 2,187.26 million [3] - The company plans to allocate the net proceeds as follows: 25% for expanding the sales network, 20% for brand building, 15% for overseas expansion and acquisitions, 10% for enhancing production and supply chain capabilities, 9% for product design and development, 6% for a makeup training institution, 5% for digital infrastructure, and 10% for working capital and general corporate purposes [3] Group 3 - In 2021 and 2023, the company declared dividends of RMB 40 million and RMB 250 million respectively, with a total payable dividend of RMB 25 million as of December 31, 2023, fully paid in January 2024 [4] - In 2024, the company announced dividends totaling RMB 1 billion, with significant portions benefiting the 毛 family [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The report highlights that the reduction in shareholding by major shareholders has been completed, which is expected to contribute to the creation of a high-end luxury beauty ecosystem [5] - The company has signed a strategic cooperation framework agreement with L Catterton Asia Advisors to assist in global market expansion, acquisitions, and strategic investments [8] - The company's strong sales performance in both online and offline channels supports the positive outlook for its future profitability [8] Financial Performance and Forecast - Revenue projections for the company are as follows: - 2023: 2,885.96 million RMB - 2024: 3,884.69 million RMB (growth of 34.61%) - 2025: 5,153.06 million RMB (growth of 32.65%) - 2026: 6,608.46 million RMB (growth of 28.24%) - 2027: 8,340.36 million RMB (growth of 26.21%) [7] - Net profit forecasts are: - 2023: 661.9 million RMB - 2024: 880.6 million RMB (growth of 33.0%) - 2025: 1,212.7 million RMB (growth of 37.7%) - 2026: 1,580.4 million RMB (growth of 30.3%) - 2027: 2,030.8 million RMB (growth of 28.5%) [7] - Earnings per share (EPS) estimates are: - 2023: 3.31 RMB - 2024: 2.18 RMB - 2025: 2.47 RMB - 2026: 3.22 RMB - 2027: 4.14 RMB [7] Strategic Developments - The company plans to utilize the proceeds from the share reduction for investments in the beauty-related industry and personal improvements [8] - The collaboration with L Catterton aims to leverage their global investment network to enhance the company's brand presence in high-end retail channels [8]

Core Viewpoint - 毛戈平化妆品股份有限公司 has entered into a strategic cooperation framework agreement with L Catterton Asia Advisors, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction [1] Group 1: Strategic Cooperation - The cooperation is not a capital investment but a strategic partnership aimed at leveraging L Catterton's global investment network to assist 毛戈平公司 in expanding its high-end retail channels overseas [1] - Both parties plan to establish a private equity investment fund focused on the global high-end beauty sector [1] - The collaboration will also involve optimizing capital structure and governance, as well as talent acquisition [1] Group 2: Background and Market Context - L Catterton is the largest consumer goods investment firm globally, with extensive resources and cross-regional investment experience in the beauty and personal care sectors [2] - 毛戈平公司 went public in Hong Kong on December 10, 2024, with an initial offering price of HKD 29.80 per share, and the stock reached a peak of HKD 96.55 per share last year [2] - On January 6, 毛戈平公司 announced a plan for core shareholders to reduce their holdings by up to 17.2 million shares, representing 3.51% of the total issued shares, primarily for personal financial needs [2][3] Group 3: Financial Implications - The reduction in shareholding by executives could yield approximately HKD 1.6 billion based on a share price of around HKD 90 [4]

Group 1 - The core viewpoint of the article is that 毛戈平 maintains a "buy" rating due to its strategic partnership with global consumer investment giant 路威凯腾, which will assist in expanding overseas high-end channels and establishing a beauty industry investment fund [1] - 毛戈平 signed a strategic cooperation framework agreement with 路威凯腾 on January 7, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, talent introduction, and governance [1] - 路威凯腾 will leverage its global investment layout and strategic partner network to help 毛戈平 expand its overseas high-end retail channels and jointly establish an equity investment fund focused on the global high-end beauty sector [2] Group 2 - 路威凯腾 has extensive investment experience in the global consumer goods sector, managing approximately $39 billion in equity capital and having invested in over 300 well-known consumer brands globally [2] - 毛戈平 has shown strong sales performance in 2025, with a 32% year-on-year increase in sales across major platforms, with notable growth on 抖音 (50%) and 京东 (70%) [3] - The company is reinforcing its high-end beauty positioning, with a new skincare series set to launch in December 2025 [3]