Group 1 - The core viewpoint of the report is that 毛戈平 (Mao Ge Ping) is a rare high-end domestic brand, with a successful entry into premium channels and an increase in brand repurchase rates, validating its high-end image upgrade [1] - The company is expected to achieve net profits attributable to shareholders of 1.204 billion, 1.583 billion, and 2.025 billion yuan for the years 2025-2027, corresponding to price-to-earnings ratios of 32.9, 25.0, and 19.6 times respectively [1] - The company maintains a long-term perspective and is optimistic about the potential for continuous expansion of quality channels and new product categories under the high-end brand barrier, maintaining a "buy" rating [1] Group 2 - 毛戈平 is gradually stepping onto the global stage, with the recent opening of its first store in Hong Kong and the launch of the "美承东方·光影无界" event, which integrates Eastern aesthetics with modern light and shadow art [2] - The establishment of 毛戈平 (Hainan) Trading Co., Ltd. in Haikou is seen as another strategic point for global expansion, with plans for a headquarters R&D base and overseas R&D center to enhance product efficacy [2] - The company has opened its tenth beauty education campus in Guangzhou, which is a key step in its brand strategy and resource integration in the South China economic center [3]