Core Viewpoint - The report from Xingzheng International maintains an "overweight" rating for Maogeping (01318), expecting continued growth momentum in the second half of the year due to a low base effect and the launch of new products in the fourth quarter [1] Group 1: Sales Performance - In the first half of 2025, the company's sales reached 2.588 billion yuan, a year-on-year increase of 31.3% [2] - Makeup revenue accounted for 1.422 billion yuan, representing 55.1% of total sales, with a growth rate of 31.1% [2] - The core base makeup products, including the caviar cushion and soft silk powder, each surpassed 200 million yuan in retail sales, validating the effectiveness of the big product strategy [2] - Skincare revenue was 1.087 billion yuan, making up 42.0% of total sales, with a year-on-year growth of 33.4% [2] Group 2: Profitability Metrics - The company's gross margin for the first half of 2025 was 84.2%, impacted by rising unit costs from makeup upgrades and increased training expenses [3] - The selling and distribution expense ratio was 45.2% [3] - Net profit reached 670 million yuan, a year-on-year increase of 36.1%, with the net profit margin improving by 0.9 percentage points to 25.9% due to enhanced operational efficiency and reduced listing expenses [3] Group 3: Brand Positioning and Market Expansion - The total number of members exceeded 19 million, with offline repurchase rates at 30.3% and online repurchase rates at 24.1%, indicating increasing brand loyalty [4] - The company plans to continue launching advanced perfumes, high-end skincare, and multifunctional makeup products centered around Eastern aesthetics [4] - The distribution strategy includes deepening offline presence in department stores and shopping centers while enhancing online efficiency through content and live streaming, with plans to open a new counter in Hong Kong and expand into Singapore, Japan, and South Korea [4]
兴证国际：维持毛戈平“增持”评级 多品类+多渠道打开长期空间