Core Viewpoint - 毛戈平 has entered into a strategic cooperation framework agreement with L Catterton Asia Advisors to enhance global market expansion, acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [1] Group 1: Strategic Cooperation - The agreement aims to leverage L Catterton's global investment layout and strategic partner network to assist 毛戈平 in expanding its high-end retail channels overseas [1] - Both parties plan to jointly establish a private equity investment fund focused on the global high-end beauty sector to inject new momentum into the long-term development of the group [1] - Collaboration will also extend to optimizing capital structure, talent acquisition, and governance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 MAO GEPING COSMETICS CO., LTD. 毛戈平化妝品股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1318） 自願公告 戰略合作框架協議 本 公 告 乃 由 毛 戈 平 化 妝 品 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」）自 願 作 出，以 將 本 集 團 業 務 發 展 之 最 新 情 況 告 知 本 公 司 股 東 及 潛 在 投 資 者。 戰略合作框架協議 – 1 – 後，雙 方 將 根 據 適 用 法 律 法 規 簽 署 一 份 或 多 份 最 終 合 作 協 議，並 適 時 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」）的 規 定 刊 發 公 告 （如 ...

Core Viewpoint - Mao Geping Cosmetics Co., Ltd. announced a share reduction plan involving the sale of up to 17.2 million H-shares, representing 3.51% of the total issued shares, primarily due to the financial needs of its major shareholders [2][5]. Group 1: Share Reduction Announcement - The controlling shareholders, including Mao Geping and family members, plan to reduce their holdings through block trades within six months from the announcement date [2][5]. - The proceeds from the share reduction will be used for investments in the beauty industry and personal financial needs [2][5]. - The company reassured that this share reduction will not lead to a change in control or significantly impact its governance structure and ongoing operations [2][5]. Group 2: Stock Performance - On January 7, the opening price of Mao Geping's shares was HKD 81.75, closing at HKD 87.95, indicating a potential cash-out of HKD 15.1 billion (approximately RMB 1.36 billion) based on the closing price [2][5]. Group 3: Financial Performance - Mao Geping is set to be listed on the Hong Kong Stock Exchange in October 2024 [3][6]. - For the first half of 2025, the company reported revenue of RMB 2.588 billion, a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% [3][6]. - The overall gross margin for the company was reported at 84.2% [3][6].

Core Viewpoint - The core management team of MAOGEPING, a leading Chinese cosmetics brand, has announced a significant share reduction, raising questions about the company's governance and future direction. Despite this, the stock price increased by 7.26% following the announcement, indicating market confidence in the brand's performance and potential [1][3][29]. Company Overview - MAOGEPING, known as the "first domestic cosmetics stock" in Hong Kong, has a family-dominated governance structure, with five out of six board members being relatives of the founder, MAO Ge Ping [3][4][5]. - The company plans to reduce its shareholding by 3.51%, equating to a potential cash-out of approximately 1.5 billion HKD, which has sparked discussions among investors regarding the motivations behind this decision [3][7][29]. Financial Performance - For the first half of 2025, MAOGEPING reported a revenue of 2.588 billion CNY, a year-on-year increase of 31.28%, and a net profit of 670 million CNY, up 36.11% [11][44]. - Despite the impressive revenue growth, there are signs of declining growth rates in revenue, net profit, and gross margins, with the average selling price of products dropping from 163.8 CNY to 157 CNY, indicating increased promotional pressures [11][44]. Market Context - The Chinese cosmetics market has seen significant growth, with total transactions exceeding 1 trillion CNY for two consecutive years. However, the growth rate is expected to slow to 2.8% in 2024, indicating a shift to a more stable growth phase [16][49]. - The competitive landscape is intensifying, with domestic brands gaining market share at the expense of international giants like L'Oréal and Estée Lauder, which have faced declining sales in China [16][51]. R&D and Marketing Strategy - MAOGEPING has a notably high sales expense to R&D investment ratio of 59.5, the highest among domestic brands, reflecting a strategy that prioritizes marketing over research and development [19][52]. - In the first half of 2025, R&D spending was only 15.257 million CNY, accounting for just 0.59% of total revenue, which is among the lowest in the top domestic brands [19][52]. Consumer Perception - Despite the brand's strong market position, there are increasing consumer complaints regarding product quality, which could pose risks to brand reputation and future sales [11][44][56]. - The brand's unique selling proposition lies in its integration of MAO Ge Ping's personal IP and the experiential aspect of its products, which has attracted a loyal customer base, although this model may also present risks if the founder's image falters [23][56].

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12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: 2026年1月7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 ...

Core Viewpoint - The announcement of a planned reduction of up to 3.51% of H-shares by major shareholders of Mao Geping reflects a structured and controlled approach to liquidity management, emphasizing the importance of market stability [1] Group 1: Shareholder Actions - The reduction plan involves six related shareholders, including the actual controller Mao Geping, and is designed to minimize market disruption through a gradual and channelized approach [1] - The structured nature of the reduction, primarily through block trades, indicates a strategic shift in shareholding aimed at enhancing liquidity and attracting long-term capital [4][8] Group 2: Financial Planning and Governance - The orderly and gradual nature of the share reduction serves as a confidence statement, suggesting that the management believes in the company's strong cash flow and does not foresee immediate needs for significant equity financing [5][6] - The transparency of the information disclosure regarding the reduction sets a governance benchmark, reducing market uncertainty and enhancing trust [7] Group 3: Market Dynamics and Valuation - The reduction is seen as a proactive measure to optimize the shareholder structure and improve liquidity, which may lead to a more stable valuation in the capital market [8] - The actions of the founding shareholders are interpreted as a signal of the company's transition from a growth premium to a governance premium, indicating a deeper valuation logic in the market [12][13] Group 4: Business Fundamentals - Mao Geping has successfully established a differentiated competitive model, achieving a gross margin of 84.2% in mid-2025, driven by a strong product mix and effective cost management [10][11] - The company has diversified its product matrix, balancing its core makeup business with high-growth skincare and emerging fragrance categories, which supports sustainable growth [10][11] Group 5: Future Outlook - The capital market's evaluation of beauty companies is shifting towards a multi-dimensional approach, focusing not only on short-term performance but also on brand asset accumulation and product innovation sustainability [12][13] - The recent share reduction provides an opportunity for rational investors to reassess the company's value anchor, as it aligns with the evolving market dynamics favoring companies that enhance capital allocation efficiency and deepen brand moats [13]

Core Viewpoint - The announcement of a planned reduction of up to 3.51% of H-shares by major shareholders of Mao Geping reflects a structured and controlled approach to liquidity management, emphasizing the importance of market stability [1] Group 1: Shareholder Actions - The reduction plan involves six related shareholders, including the actual controller Mao Geping, and is designed to minimize market disruption through a gradual and channelized approach [1] - The use of block trading as the primary method for the reduction indicates a strategic shift of shares from original shareholders to institutional investors, enhancing the free float in the public market [5] - The structured reduction is seen as a rational financial planning and asset allocation behavior by core shareholders, indicating confidence in the company's long-term fundamentals [6][9] Group 2: Market Implications - The reduction is expected to optimize the liquidity structure and attract long-term capital, which is essential for meeting the requirements of major institutional investors [5] - A diversified shareholder structure is anticipated to improve corporate governance and market recognition, providing a more stable valuation anchor for the company [5] - The orderly nature of the reduction serves as a confidence statement, suggesting that the management believes in the sufficiency of internal cash flow to support strategic development without immediate financing needs [7] Group 3: Financial Performance - Mao Geping's mid-2025 profit growth is projected to outpace revenue growth, demonstrating the effectiveness of its high-end strategy and differentiated competitive model [11] - The company achieved a record high gross margin of 84.2%, driven by a strong product mix and effective cost control, with specific categories like skincare reaching gross margins of 87.5% [11] - The product matrix has diversified, reducing reliance on any single category and providing multiple growth drivers, with a focus on high-margin skincare and emerging fragrance categories [11][12] Group 4: Governance and Transparency - The transparency of the reduction announcement is highlighted as a benchmark for governance, reducing market uncertainty and establishing trust [8] - The actions of the founding shareholders are viewed as a thermometer for the company's intrinsic value, indicating a transition from a value discovery phase to a value stabilization phase [8][9] Group 5: Future Outlook - The capital market's evaluation of beauty companies is shifting towards a more multidimensional approach, focusing on sustainable profitability and brand asset accumulation [13][14] - Mao Geping's financial discipline, strategic clarity, and governance transparency align with the evolving valuation paradigm, suggesting potential for future valuation reappraisal [13][14]

2024年底，毛戈平以29.80港元/股的发行价登陆港交所，香港公开发售部分获超919倍超额认购，成为年度"冻资王"，上市首日股价高开近60%。 1月6日晚间，毛戈平化妆品股份有限公司（HK01318，以下简称毛戈平公司）发布减持公告。公司控股股东及执行董事毛戈平、汪立群（毛戈平配偶）、 执行董事毛霓萍（毛戈平姐姐）、毛慧萍（毛戈平姐姐）、汪立华（汪立群弟弟）及宋虹佺基于自身财务需求，拟在减持预披露公告发布之日起6个月 内，主要通过大宗交易方式合计减持其所持有的公司H股股份数量不超过1720万股，即不超过公司已发行股份总数的3.51%。公告称，股东系因自身财务 需求拟减持其所持有的部分股份，减持所得款用途包括但限于美妆相关产业链的投资、改善个人生活等。 2026年1月7日，毛戈平公司的股票以81.75港元/股开盘，盘中涨超5%。即便按照80港元/股计算，1720万股也价值13.76亿港元，折合人民币超12亿元。 财报显示，2025年上半年毛戈平实现营收25.88亿元，同比增长31.3%；实现净利润6.7亿元，同比增长36.1%；整体毛利率为84.2%，较2024年同期轻微下 滑。尽管收入仍保持增长，但与202 ...

Core Viewpoint - The major shareholder of Mao Geping (01318.HK), known as the "first beauty stock" in Hong Kong, announced a share reduction, which surprisingly did not lead to a decline in stock price but instead resulted in a strong market response, indicating confidence in the company's fundamentals and the nature of the reduction [1][2]. Group 1: Share Reduction Announcement - Mao Geping plans to reduce its holdings by up to 17.2 million H-shares, accounting for approximately 3.51% of the total share capital [2]. - The company proactively disclosed the reduction plan, ensuring transparency and respecting investors' right to know, which helps mitigate concerns about the founder's exit [2]. - The reduction is aimed at personal financial improvement and investments in the beauty industry, indicating a long-term growth strategy [2]. Group 2: Market Reaction and Performance - Following the announcement, the stock price initially dipped by 0.3% but quickly rebounded, with a peak increase of 8.29%, signaling a "buying opportunity" for investors [2]. - The company's revenue for the first half of 2025 is projected to be 2.588 billion yuan, with a net profit of 670 million yuan, reflecting year-on-year growth of 31.28% and 36.11% respectively, alongside a high gross margin of 84.2% [3]. - Online sales are expected to grow by no less than 40% year-on-year in Q4 2025, while offline sales are projected to increase by over 20%, significantly outpacing industry growth [3]. Group 3: Institutional Interest - The limited scale of the share reduction aligns well with the company's strong performance, making it an attractive target for institutional investors [3]. - There are reports of multiple funds and investment institutions showing interest in acquiring shares post-announcement, as acquiring large volumes in the secondary market is challenging and costly [4]. - The reduction is viewed as a "chip replacement," where existing shareholders reduce their stakes while long-term investors take over, optimizing the shareholder structure and validating the stock's scarcity among professional investors [4].

每经记者｜宋美璐 每经编辑｜何小桃 文多 1月6日晚间，毛戈平化妆品股份有限公司（HK01318，以下简称毛戈平公司）发布减持公告。公司控股股东及执行董事毛戈平、汪立群（毛戈平配偶）、 执行董事毛霓萍（毛戈平姐姐）、毛慧萍（毛戈平姐姐）、汪立华（汪立群弟弟）及宋虹佺基于自身财务需求，拟在减持预披露公告发布之日起6个月 内，主要通过大宗交易方式合计减持其所持有的公司H股股份数量不超过1720万股，即不超过公司已发行股份总数的3.51%。公告称，股东系因自身财务 需求拟减持其所持有的部分股份，减持所得款用途包括但限于美妆相关产业链的投资、改善个人生活等。 毛戈平，视频截图 2026年1月7日，毛戈平公司的股票以81.75港元/股开盘，盘中涨超5%。即便按照80港元/股计算，1720万股也价值13.76亿港元，折合人民币超12亿元。 （免责声明：文章内容和数据仅供参考，不构成投资建议。投资者据此操作，风险自担。） 记者|宋美璐 编辑|何小桃 文多 杜波 校对|段炼 ｜每日经济新闻 nbdnews 原创文章｜ 未经许可禁止转载、摘编、复制及镜像等使用 2024年底，毛戈平以29.80港元/股的发行价登陆港交所，香港公 ...