Summary of the Conference Call for Mao Geping Company Overview - Mao Geping is positioned as a high-end luxury beauty brand, leveraging the founder's unique makeup techniques to establish a premium brand identity. In 2023, it held a market share of 1.8% in China's high-end beauty sector, ranking 12th overall and being the only domestic brand in the top 15 [2][4]. Industry Insights - The Chinese beauty market is projected to exceed 800 billion RMB by 2028, with a compound annual growth rate (CAGR) of 8.6%. The high-end beauty market is expected to grow even faster, reaching 300 billion RMB [3][17]. - The average per capita spending on cosmetics in China is significantly lower than in developed countries, indicating substantial growth potential [10]. Key Points Brand Positioning and Strategy - Mao Geping's differentiation strategy is built on the founder's personal brand and unique makeup techniques, creating a barrier for competitors in the domestic beauty market [4]. - The company has established a robust channel strategy with 378 self-operated counters and 2,800 beauty consultants, enhancing customer experience and loyalty [2][5]. Product Categories - The makeup category is stable, projected to account for 59.3% of revenue in 2024, with 337 SKUs including popular items like the Light-Feeling Foundation [2][5]. - The skincare category shows growth potential, currently offering 50 SKUs, with products like luxury caviar masks gaining traction [5][12]. Customer Demographics - The core customer base consists of refined mothers and young professionals aged 25-40, with a high membership repurchase rate exceeding 90% [10]. Revenue Growth and Financial Performance - From 2021 to 2024, the company expects a revenue CAGR of 35% and a net profit CAGR of 39%. Forecasts for 2025-2027 indicate revenue growth rates of 34.5%, 28.4%, and 23.6%, respectively [3][22]. - The company’s revenue from online channels is projected to reach 17.8 billion RMB in 2024, accounting for 47.8% of total sales, while offline channels are expected to generate 19.5 billion RMB, making up 52.2% [16]. Marketing and Brand Development - Strategic collaborations with cultural institutions and influencers, such as the Palace Museum and Sephora, are aimed at enhancing brand image and market penetration [9]. - The company actively engages in social media marketing, with significant followings on platforms like Xiaohongshu and Douyin, to build brand awareness [16]. Future Directions - Future revenue growth is anticipated from channel expansion, product diversification, and enhancing brand influence through strategic partnerships and training initiatives [18][20]. - The company aims to enter overseas markets by establishing department store counters and online stores to capture additional market share [20]. Profitability and Cost Management - Profit growth is driven by optimizing product mix, improving cost control, and enhancing production efficiency, which is expected to increase brand premium and market share [21]. Conclusion Mao Geping is well-positioned to capitalize on the growing high-end beauty market in China, supported by a strong brand identity, innovative product offerings, and effective marketing strategies. The company's focus on customer experience and strategic partnerships will likely drive future growth and profitability.

截至5月30日收盘，减速器概念下跌3.18%，位居概念板块跌幅榜前列，板块内，精进电动、东风科 技、光洋股份等跌幅居前，股价上涨的有3只，涨幅居前的有内蒙一机、渤海汽车、英搏尔等，分别上 涨1.96%、1.32%、0.70%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 猪肉 | 2.39 | 可控核聚变 | -3.47 | | 养鸡 | 1.94 | 减速器 | -3.18 | | 创新药 | 1.56 | EDR概念 | -3.01 | | 动物疫苗 | 1.35 | 人形机器人 | -2.90 | | 眼科医疗 | 1.30 | 一体化压铸 | -2.79 | | 细胞免疫治疗 | 1.25 | 汽车热管理 | -2.63 | | 青蒿素 | 1.17 | 无线充电 | -2.51 | | 仿制药一致性评价 | 1.16 | 铜缆高速连接 | -2.49 | | 重组蛋白 | 1.11 | 拼多多概念 | -2.48 | | 生物疫苗 | 1.01 | 智能座舱 | -2.48 | 资金面上看，今日 ...

证券代码：603667 证券简称：五洲新春 公告编号：2025-042 浙江五洲新春集团股份有限公司关于部分募集资金专户完成销户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准浙江五洲新春集团股份有限公司非公开发行A股股票的批复》 （证监许可[2022]2136号）核准，公司于2023年7月非公开发行A股股票40,298,507股，发行价为每股人 民币13.40元，共计募集资金总额539,999,993.80元，扣除发行费用（不含增值税）人民币8,776,509.43元 后，本次发行募集资金净额为531,223,484.37元。上述款项已于2023年7月20日到公司募集资金专户，天 健会计师事务所（特殊普通合伙）对专户的募集资金到账情况进行了验资，并出具了"天健验（2023） 380号"《验资报告》。 公司已对募集资金进行专户存储管理，与存放募集资金的商业银行、保荐人签订了《募集资金专户存储 三方监管协议》（以下简称"《三方监管协议》"），并协同募投项目实施主体的 ...

Core Insights - The Chinese beauty market is gradually recovering, with a 7.2% year-on-year increase in cosmetic retail sales in April, reaching 30.9 billion yuan, marking four consecutive months of growth [1] - Despite the recovery, consumer purchasing behavior is shifting towards brands with strong loyalty and high repurchase rates, as evidenced by the absence of previously popular white-label brands in current sales rankings [1][2] - The CBI500 brand ranking, based on actual consumer purchasing behavior, highlights that brands with deep-rooted consumer recognition and value are outperforming others [2][4] Market Trends - Demand in the beauty sector continues to grow, but consumers are increasingly gravitating towards brands that offer real value [2] - The CBI500 ranking utilizes a quantitative approach to assess brands based on sales, pricing, search popularity, and user reviews, moving beyond traditional metrics like market capitalization [4][18] - The rise of white-label brands has been short-lived, with many failing to maintain consumer trust and brand value over time [9][8] Brand Development - The beauty industry is entering a "golden age" where brand value and product innovation are crucial for sustained growth [13][18] - Established brands are focusing on enhancing their brand power while new brands are prioritizing brand building to improve market competitiveness [13][17] - The CBI500 ranking indicates that brands like Proya and Natural Hall have successfully established strong consumer recognition through unique product offerings and innovation [10][17] Consumer Behavior - Consumers are increasingly seeking brands that provide genuine value rather than just low prices or promotional offers [10][16] - The success of brands in the recent Tmall 618 sales event aligns with the CBI500 rankings, indicating a preference for established brands with strong market presence [10][17] - The shift in consumer behavior emphasizes the importance of brand loyalty and the need for brands to innovate continuously to meet evolving consumer demands [18] Future Outlook - The beauty industry is expected to focus on brand value and product innovation as key drivers of growth in the coming years [18] - E-commerce platforms like Tmall are actively supporting quality and original brands, aiming to foster brand growth through various incentives [16][17] - Brands that can adapt to market changes and prioritize innovation will likely thrive in the competitive landscape ahead [18]

证券代码：603667 证券简称：五洲新春 公告编号：2025-042 浙江五洲新春集团股份有限公司 截止本公告披露日，公司募集资金专项账户的存续情况如下： | 序 号 | 开户行 | 账号 | 用途 | 状态 | | --- | --- | --- | --- | --- | | 3 | 浙江新昌农村商业银行股 份有限公司 | 201000320085902 | 年产 万件 2200 4 兆瓦（MW）以上风电机组精 密轴承滚子技改项目 | 已销 户 | | 4 | 中国农业银行股份有限公 | 19525201041818188 | 年产 万件 2200 4 兆瓦（MW）以上风电机组精 | 已销 | | | 司新昌县支行 | | 密轴承滚子技改项目 | 户 | | 5 | 上海浦东发展银行股份有 限公司绍兴嵊州支行 | 85090078801400000788 | 年产870万件汽车热管理系统零部件及570万件 家用空调管路件智能制造建设项目 | 本次 销户 | | 6 | 中国农业银行股份有限公 司新昌县支行 | 19525201045888880 | 线控执行系统核心零部件研发与产业化项目 | 存续 | ...

Summary of the Conference Call for Mao Geping Company Company Overview - Mao Geping Company reported a total revenue of 3.885 billion yuan in 2024, representing a year-on-year growth of 35% [3] - The adjusted profit was 920 million yuan, with a growth rate of 40%, while the net profit reached 880 million yuan, growing by 34% [3] - The company's main business is focused on color cosmetics, with color cosmetics revenue at 2.3 billion yuan (59% of total revenue) and skincare revenue at 1.43 billion yuan (37% of total revenue), showing a decline of 3.4 percentage points year-on-year in skincare revenue [2][3] Key Points and Arguments - **Sales Channels**: The sales distribution is relatively balanced between online and offline, with online sales accounting for 46% and offline for 53% [2][3] - **Growth Rates**: Offline sales grew by 22%, while online sales surged by 51% [4] - **Skincare Product Performance**: The growth rate for skincare products weakened in the second half of 2024, with only a few percentage points increase, attributed to adjustments in product strategy and operational rhythm [5] - **Future Outlook for Skincare**: The company remains optimistic about the future of skincare, planning to increase promotional efforts on platforms like Douyin in 2025, aiming for skincare's share to rise above 40% [6] - **New Product Launches**: In May 2025, the company launched a new perfume, which performed in line with or slightly above expectations, with some popular SKUs experiencing stockouts [7] Market Sentiment and Future Projections - **Market Focus**: Current market attention is on the proportion of skincare products and their future growth certainty, as well as the company's operational rhythm [5] - **Investment Outlook**: Guohai Securities maintains a positive outlook on the Mao Geping brand, predicting a growth rate of around 30% over the next three years and close to 20% over five years, indicating a relatively high degree of certainty [8] - **Stock Unlocking Events**: The company has stock unlock events scheduled for June and December 2025, which may create opportunities for exits or new entries in the market [4][8] Additional Important Insights - **Product Strategy Adjustments**: The company acknowledges that the previous lower proportion of skincare products was related to product strategy and marketing rhythm, which is expected to improve with increased marketing efforts [6] - **Sales Performance of Key Products**: Key products like sunscreen and caviar essence series have shown strong performance offline, although their online exposure has been limited [5]

证券研究报告 | 公司点评 | 通用设备 五洲新春(603667) 报告日期：2025 年 05 月 25 日 国产轴承龙头，卡位人形机器人、EMB 系统等高增长赛道 ——五洲新春点评报告 投资要点 ❑ 事件：2025 年 5 月 19 日，总书记考察五洲新春参股公司洛轴公司。 5 月 19 日下午，总书记考察国内轴承领先企业洛轴公司。 2024 年 1 月，五洲新春参与洛轴公司的股权公开摘牌受让，拟直接受让比例为 8.5%。本 次战略投资有利于公司风电滚子产品市场的开拓及双方的技术互补。 ❑ 人形机器人零部件业务加速布局，打造新增长曲线 2 月 28 日，公司发布公告，拟投资 15 亿布局行星滚柱丝杠、微型滚珠丝杆等产能，持续 加码具身智能赛道；3 月 11 日，公司发布公告称与杭州新剑签订《战略合作框架协议》， 针对行星滚柱丝杠、微型滚珠丝杠的行星滚柱和螺母套部件、谐波减速器，智能汽车用线 控系统丝杠（REPS），机械电子（EMB）制动系统丝杠，智能主动悬架滚柱丝杠，后转 向梯形丝杠等核心零部件和组件产品展开全方位战略合作。 我们预计 2030 年中美制造业、家政业的人形机器人需求合计约 210 万台，空 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned as a leading domestic bearing manufacturer, strategically investing in high-growth sectors such as humanoid robots and EMB systems [2][3] - The company is accelerating its layout in humanoid robot components, with an expected demand of approximately 2.1 million units in the US and China by 2030, representing a market space of about 314.6 billion RMB [2] - The company is optimizing its bearing product structure to meet emerging demands in AI and aerospace, aiming for high-quality growth [3] - The EMB system is nearing mass production, with the company having developed key components for various applications, expected to start order production in the second half of 2025 [4] Financial Summary - The company forecasts revenues of 3.59 billion, 4.12 billion, and 5.14 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10%, 15%, and 25% [5] - The projected net profit for 2025, 2026, and 2027 is 150 million, 182 million, and 228 million RMB, with growth rates of 64%, 21%, and 25% respectively [5] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 98, 81, and 64 [5]

Core Viewpoint - The article discusses the upcoming humanoid robot combat event organized by Yushu Technology, highlighting the significance of humanoid robots in the context of AI and advanced manufacturing, particularly focusing on the role of planetary roller screws as a core component in humanoid robots [1][3]. Summary by Sections Humanoid Robot Combat Event - Yushu Technology has announced the first humanoid robot combat event scheduled for May 25 in Hangzhou, featuring both performance and competitive segments [1]. - The performance segment will showcase humanoid robots engaging in traditional combat sports, while the competitive segment will involve four teams competing in real-time controlled matches [1]. Importance of Planetary Roller Screws - Planetary roller screws are identified as critical components that convert rotational motion into linear motion, affecting the precision and stability of humanoid robots [1]. - The main types of screws include trapezoidal screws, ball screws, and planetary roller screws, with the latter being favored for its high efficiency, precision, longevity, and load capacity, despite higher manufacturing costs [1][3]. Market Dynamics and Domestic Opportunities - The planetary roller screw market is currently dominated by foreign brands due to their technological lead and established customer bases, as domestic companies began developing these products only in the 1990s [3]. - Domestic leading companies are actively entering the planetary roller screw market, aiming for domestic substitution and growth opportunities in the humanoid robot sector [3]. Company Profiles Beite Technology - Established in 2002, Beite Technology specializes in automotive components and has a strong technical foundation in the industry [4][5]. - The company is expanding into the humanoid robot sector, leveraging its existing technology and product offerings to develop various screw products, including planetary roller screws [7][8]. Wuzhou Xinchun - Founded in 1999, Wuzhou Xinchun has over 20 years of experience in precision manufacturing and is transitioning into high-end applications, including components for humanoid robots [9][11]. - The company has developed several new products, including reverse planetary roller screws, and is focusing on high-end precision screw business as a new growth avenue [11]. Shuanglin Co., Ltd. - Established in 2000, Shuanglin Co., Ltd. specializes in automotive parts and is expanding into humanoid robot components, particularly reverse planetary roller screws [12][14]. - The company has successfully developed prototypes for humanoid robot joints and is establishing production lines for planetary roller screws [12][14]. Best - Founded in 1997, Best focuses on precision components and has extended its business into humanoid robots, developing high-precision screw products [15][17]. - The company is leveraging its subsidiary, Yuhua Precision Machinery, to enhance its technological capabilities in the screw industry [17]. Hengli Hydraulic - Established in 2005, Hengli Hydraulic specializes in hydraulic components and is advancing into linear actuators, including planetary roller screws [18][20]. - The company is investing significantly in R&D for its linear actuator project, which includes various screw products [20]. Slin Co., Ltd. - Founded in 2004, Slin Co., Ltd. is focusing on automotive bearings and is now entering the robot components market, particularly in harmonic reducers and actuators [21][23]. - The company is developing production lines for robot components, including planetary roller screws, to capitalize on the growing market [23].

中信证券股份有限公司 关于浙江五洲新春集团股份有限公司 2024年度持续督导报告书 | 上市公司：浙江五洲新春集团股份有限公司（以下简称"五洲新春"、"公司"） | | | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"或"保荐人"） | | | 保荐代表人姓名：杨帆 | 联系电话：021-20262211 | | 保荐代表人姓名：唐凯 | 联系电话：025-83261252 | 经中国证券监督管理委员会《关于核准浙江五洲新春集团股份有限公司非公 开发行 A 股股票的批复》（证监许可［2022］2136 号）核准公司非公开发行不 超过 90,368,678 股。公司本次实际非公开发行 A 股股票 40,298,507 股，每股发 行价格为人民币 13.40 元，募集资金总额为人民币 539,999,993.80 元，减除发行 费用（不含增值税）人民币 8,776,509.43 元后，募集资金净额 531,223,484.37 元。 上述款项已于 2023 年 7 月 20 日到账，天健会计师事务所（特殊普通合伙）对专 户的募集资金到账情况进行了验资，并出具了"天健验（202 ...