Core Viewpoint - The company reported strong performance in 1H25, with revenue and net profit growth aligning with previous forecasts and expectations [1][2]. Financial Performance - Revenue for 1H25 reached 2.59 billion yuan, a year-on-year increase of 31.3% - Net profit attributable to shareholders was 670 million yuan, up 36.1% year-on-year - Adjusted net profit stood at 672 million yuan, reflecting a 32.0% increase year-on-year - The performance was consistent with prior forecasts, which anticipated revenue growth of 30.4%-31.9% and net profit growth of 35.0%-37.0% [1]. Growth Trends - All-channel revenue showed rapid growth, with classic products performing well and strong same-store sales growth - By category, cosmetic revenue was 1.42 billion yuan, up 31% year-on-year, with key products like caviar cushion and gold fan powder exceeding 200 million yuan in retail sales - Skincare revenue reached 1.09 billion yuan, a 33% increase year-on-year, with significant sales from caviar masks and black cream - Offline revenue was 1.22 billion yuan, up 27% year-on-year, with same-store revenue growth of approximately 18% - Online revenue was 1.30 billion yuan, a 39% increase year-on-year, accounting for 50% of total revenue [1][2]. Operational Efficiency - Gross margin for 1H25 was 84.2%, a decrease of 0.7 percentage points year-on-year, primarily due to the increased share of online direct sales - Sales expense ratio decreased by 2.4 percentage points to 45.2%, attributed to effective online cost control and optimization of offline store locations - Management expense ratio fell by 1.5 percentage points to 5.3%, influenced by a high base from the previous year and scale effects - Net profit margin attributable to shareholders increased by 0.9 percentage points to 25.9% [2]. Future Outlook - The company plans to develop professional makeup products for different skin types and colors, expand skincare offerings, and enhance fragrance products based on Eastern culture and aesthetics - There is a focus on increasing coverage in high-end department stores in major cities and expanding online consumer reach - Long-term plans include entering overseas markets and strategically expanding a new high-end brand matrix [2]. Profit Forecast and Valuation - The profit forecast for 2025-2026 is set at 1.15 billion yuan and 1.46 billion yuan, respectively - The current stock price corresponds to a P/E ratio of 38x for 2025 and 29x for 2026 - The company maintains an outperform rating and a target price of 127 HKD, indicating a potential upside of 32% [3].
毛戈平(01318.HK)：1H净利同增36% 多品类/全渠道势能持续释放