毛戈平招股说明书梳理：毛戈平：成功路径难以复制的高端国货美妆

Investment Rating - The industry investment rating is optimistic [2] Core Insights - The beauty and personal care market in China is transitioning from a period of high growth to a more mature competitive landscape, with international brands dominating the high-end market while domestic brands focus on high cost-performance [3] - The compound annual growth rate (CAGR) of the Chinese beauty market decreased from 11% (2015-2019) to 3% (2019-2023), with the market size reaching 548 billion yuan [3][12] - Domestic brands hold 13.5% market share in the top 20 skincare brands, while international brands hold 33% [3][43] - The online sales channel is growing rapidly, with a CAGR of 20% from 2013 to 2023, while offline sales are growing at 3% [3] Summary by Sections Business Model: Skincare vs. Makeup / Domestic vs. International / High-end vs. Mass Market / E-commerce vs. Offline - The market is characterized by a clear distinction between skincare and makeup, with domestic brands primarily focusing on cost-effective products [3] - High-end makeup brands are predominantly international, while domestic brands are making inroads into the mass market [3] Company Achievements: Insights from Mao Geping - Mao Geping has maintained a revenue CAGR of approximately 30-40%, with profit margins significantly higher than the industry average [4] - The company achieved a revenue of 2.89 billion yuan and a net profit of 660 million yuan from 2021 to 2023, with a 41% year-on-year increase in the first half of 2024 [4] Why Mao Geping is Difficult to Replicate - Mao Geping's success is attributed to strong brand IP, effective channel segmentation, and excellent offline makeup service experiences [5] - The revenue breakdown for the first half of 2024 shows 55% from makeup, 41% from skincare, and 4% from makeup training, indicating a diversified product strategy [5] Comparison: Domestic Makeup Brands - Mao Geping stands out among domestic brands like Perfect Diary and Huaxizi, which focus on specific product lines, while Mao Geping successfully integrates both makeup and skincare [5][36]