Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company reported a revenue of RMB 2.588 billion for the first half of 2025, representing a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% year-on-year [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points year-on-year, while the net profit margin improved by 0.9 percentage points to 25.9%, primarily due to a reduction in sales expense ratio [1]. - The company is experiencing strong growth across its core product categories, with makeup and skincare showing particularly robust performance [2][7]. Revenue Breakdown by Product Category - Makeup: Revenue reached RMB 1.42 billion in H1 2025, a 31.1% increase year-on-year, with significant contributions from flagship products [2]. - Skincare: Revenue was RMB 1.09 billion, up 33.4% year-on-year, with strong sales from key products [2]. - Fragrance: The fragrance category generated RMB 0.11 billion in its first year, with a gross margin of 77.6% [2]. - Training Business: Revenue declined to RMB 67 million, down 5.9% year-on-year, due to a strategic decision to limit enrollment for quality improvement [3]. Revenue Breakdown by Channel - Online Sales: Revenue from online channels was RMB 1.3 billion, a 39% increase year-on-year, surpassing offline sales for the first time [6]. - Offline Sales: Offline revenue reached RMB 1.22 billion, up 26.6% year-on-year, with a notable increase in same-store sales [6]. Financial Projections - The company expects net profits of RMB 1.22 billion, RMB 1.54 billion, and RMB 1.90 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.7%, 26.1%, and 23.4% [7][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 5.153 billion, RMB 6.485 billion, and RMB 7.826 billion, reflecting growth rates of 32.65%, 25.85%, and 20.66% [8].
毛戈平（01318）：盈利能力持续优化，高端品牌势能进一步提升