Haitong Securities International·2025-08-17 14:05Group 1: Beauty Sector Insights - Mao Ge Ping's department store same-store sales growth exceeds 10% YoY, while shopping plaza stores show over 20% growth[2] - Average customer spending in department stores is around 600-900 yuan, higher than 300-600 yuan in shopping centers, reflecting different customer demographics[2] - Mao Ge Ping expects over 20% sales growth for the full year of 2025[2] Group 2: Skincare and Product Focus - Mao Ge Ping's product mix consists of approximately 50% makeup, 45% skincare, and 5% perfume, with a strong reliance on star products in skincare[3] - The skincare segment still heavily depends on caviar star products, which account for over half of skincare sales[3] Group 3: Jewelry Market Trends - From January to July 2025, sales of Chow Tai Fook, Chow Sang Sang, and Zhou Liu Fu declined by 10%-20% YoY, while CHJ Jewellery increased by 40% YoY[4] - CHJ Jewellery's growth is attributed to lower gold prices and fixed-price products that attract consumers[4] Group 4: Sports Apparel Performance - Adidas and Nike's average customer spending decreased to 800-1500 yuan, while Anta and Li Ning increased to 500-700 yuan[5] - Columbia's sales grew by 10-15% YoY, while The North Face and Jack Wolfskin saw declines of 5-10% YoY[5]