套现14亿港元，“美妆茅台”家族减持引争议

Core Viewpoint - The founder's family of MAOGEPING, a leading Chinese beauty brand, plans to reduce their holdings shortly after a lock-up period, raising questions among investors about the motivations behind the sell-off and the company's financial health [1][2]. Group 1: Shareholding and Financial Performance - MAOGEPING's six executive directors hold a combined 73.09% of the company's shares, with the founder and his wife owning 46.73% [2]. - The family has received over 2 billion yuan in dividends over the past two years, including the recent cash-out from the share reduction [2]. - For the first half of 2025, MAOGEPING reported revenue of 2.588 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1% [3]. Group 2: IPO and Market Reception - MAOGEPING's IPO attracted a total subscription amount of 173.814 billion HKD, making it the "frozen capital king" of 2024 [3]. - Following the announcement of the share reduction, MAOGEPING's stock price rose by 7.26%, closing at 87.95 HKD per share, with a total market capitalization of 43.112 billion HKD [4]. Group 3: R&D and Industry Position - The company has faced criticism for its low R&D spending, which was only 0.59% of revenue in the first half of 2025, significantly lower than competitors [5]. - MAOGEPING has implemented substantial dividend payouts, totaling 1 billion yuan in 2024, which exceeded the company's net profit for that year [5]. - The Chinese beauty industry is characterized by high entry and elimination rates, with a significant number of startups, while established brands like MAOGEPING are still catching up in terms of technology and consumer perception [6]. Group 4: Market Trends - The high-end beauty segment in China is experiencing rapid growth, with sales of products priced over 1,000 yuan increasing by 531.6% during the 2025 Double Eleven shopping festival, outpacing lower-priced segments [6].