【华福商社】毛戈平招股说明书整理：高成长高端美妆龙头，港股上市开启新纪元

Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The report highlights the high growth potential of the beauty and personal care industry, particularly focusing on the high-end market segment led by MAOGEPING brand, which integrates Eastern aesthetics with modern beauty concepts [5][30] - The beauty market in China is projected to grow significantly, with an expected market size of 8,763 billion by 2028, driven by increasing consumer spending and a growing demand for high-quality beauty products [48][67] Company Overview - The company, founded in 2000, is rooted in the founder's philosophy of Eastern aesthetics and has established itself in the high-end beauty market with two main brands: MAOGEPING and LOVE.FORKEEPS [11][30] - MAOGEPING brand is recognized as the only domestic brand among the top fifteen high-end beauty brands in China, with a market share of 1.8% in 2023 [5][63] Product Matrix - The product offerings include a diverse range of cosmetics and skincare products, with a total of 387 SKUs as of June 30, 2024, catering to various consumer needs [6][30] - The average selling price for makeup products has increased from 148.8 RMB in 2021 to 163.8 RMB in 2024, while skincare products have seen a slight fluctuation in average prices [6] Market Dynamics - The beauty industry in China is experiencing a compound annual growth rate (CAGR) of 7.6% from 2018 to 2023, with skincare products holding a significant market share of 54% in 2023 [48][67] - The high-end beauty segment is expected to grow at a CAGR of 9.9% from 2023 to 2028, indicating strong demand for premium products [54] Competitive Landscape - The beauty industry is characterized by high concentration, with the top five beauty groups holding 55.4% of the market share, and MAOGEPING ranked seventh among the top ten groups [63][64] - The report emphasizes the increasing recognition of domestic brands, which is expected to enhance their market presence and consumer confidence [67] Fundraising Utilization - The company plans to allocate approximately 25% of the raised funds to expand its sales network, with 10% for offline channels and 15% for online channels [39] - Other allocations include 20% for brand building, 15% for overseas expansion, and 10% for enhancing production and supply chain capabilities [39]