毛戈平进驻“全球店王”推高端化

Core Insights - 毛戈平 is expanding its presence in high-end shopping malls, positioning itself alongside international luxury brands [1][2] - The brand has maintained a balanced sales structure between online and offline channels, with a focus on mid-to-high-end pricing [1][6] - 毛戈平's skincare segment is emerging as a significant growth driver, contributing 30-40% of total revenue, while color cosmetics still dominate sales [6][9] Expansion Strategy - 毛戈平 plans to open permanent stores in high-end locations like Beijing SKP and has already tested temporary stores in various cities [1][2] - The brand is upgrading existing retail spaces, such as expanding its counter in 武林银泰 from a few square meters to 40 square meters [1] - 毛戈平 currently operates 378 self-operated counters and 31 distributor counters across 120 cities in China [1] Market Positioning - 毛戈平 is recognized as one of the few Chinese brands entering the high-end beauty market traditionally dominated by international players [1][4] - The brand's self-operated stores enhance profit margins and allow for better market feedback and customer data collection [5] - 毛戈平's sales staff have a starting salary of 3,000 yuan, with a performance-based incentive structure that differs from many international brands [5] Product Development - The brand has launched over 100 new products in 2024 and plans to enter the high-end perfume market with the "闻道东方" series in April 2025 [8][9] - 毛戈平's skincare products have a gross margin of 87.2%, which is higher than that of its color cosmetics [6] - The brand aims to build its own production base, with a factory in Hangzhou expected to be operational by mid-2026 [11] Financial Performance - 毛戈平's stock price has shown significant growth since its IPO, reaching a peak of 130.6 HKD per share in June 2025, although it has recently adjusted to 98.3 HKD [11]