美容护理行业周报：毛戈平登陆港交所，关注国货高端美妆品牌

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [13] Core Views - The report highlights the launch of the high-end beauty brand Mao Geping on the Hong Kong Stock Exchange, emphasizing its unique position as the only Chinese company among the top ten high-end beauty groups in China [1] - Mao Geping's revenue for 2023 reached 2.886 billion yuan, a year-on-year increase of 57.78%, with a net profit of 662 million yuan, up 88% [1] - The company's sales strategy focuses on a "makeup + skincare" approach, with skincare and makeup products accounting for 42.9% and 57.1% of total sales respectively in H1 2024 [1] - The report notes the strong growth in skincare sales, with revenue figures for skincare products in 2022, 2023, and H1 2024 being 772 million, 1.16 billion, and 815 million yuan respectively, showing year-on-year growth rates of 64.7%, 50.23%, and 34.95% [1] Summary by Sections Company Overview - Mao Geping was founded in 2000 by renowned makeup artist Mao Geping, who has a rich background in makeup design for films and stage productions [1] - The brand draws inspiration from Eastern aesthetics and light and shadow aesthetics, which are fundamental to its product development [1] Sales Channels - The company has established 372 self-operated counters across China, ranking second among all beauty brands in the country [2] - In H1 2024, sales from offline and online channels accounted for 50.9% and 49.1% of total revenue, respectively [2] Training and Brand Value - Mao Geping has opened nine makeup art institutions across major cities in China to enhance brand value through professional training [3] - The training programs utilize Mao Geping products, which helps in increasing brand recognition within the professional makeup community [5] Market Performance - In the first eleven months of 2024, the total GMV for beauty products across major online platforms reached 509.34 billion yuan, with a year-on-year growth of 4.67% [6] - The report indicates that top domestic brands, including Mao Geping, are expected to continue leading the market due to their competitive advantages in branding, channels, products, and operations [7]