毛戈平（01318）：财报点评：业绩如期兑现，大单品矩阵持续丰富

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 achieved a revenue of 5.05 billion RMB in 2025, representing a year-over-year growth of 30.0%, with a net profit of 1.21 billion RMB, up 36.8% year-over-year [1]. - The growth in revenue and net profit is attributed to the successful performance of major product categories, including cosmetics and skincare, with several products exceeding 1 billion RMB in sales [7]. - The company is expected to continue its growth trajectory, with projected net profits of 1.59 billion RMB, 1.99 billion RMB, and 2.42 billion RMB for 2026, 2027, and 2028, respectively, reflecting growth rates of 32%, 25%, and 22% [7]. Revenue Breakdown - Cosmetics: In 2025, revenue reached 3.0 billion RMB, with a year-over-year growth of 30.0%. The average selling price decreased by 1%, while the volume increased by 31% [2]. - Skincare: Revenue for skincare products was 1.87 billion RMB, growing by 31.1% year-over-year, with significant contributions from star products [2]. - Fragrance: The fragrance segment generated 34 million RMB in its first year, indicating potential for brand development [2]. - Training Business: This segment saw a slight decline, with revenue of 150 million RMB, down 2.8% year-over-year [2]. Channel Performance - Online Channels: Revenue from online sales was 2.48 billion RMB, reflecting a year-over-year increase of 38.8%, with a customer repurchase rate of 30.3% [6]. - Offline Channels: Offline sales reached 2.43 billion RMB, up 24.5% year-over-year, with a repurchase rate of 36.5% [6]. Financial Metrics - The company’s gross margin for 2025 was 84.2%, with a net profit margin of 23.9%, indicating stable profitability [6]. - The projected earnings per share (EPS) for 2026 is 3.24 RMB, with a price-to-earnings (P/E) ratio of 21.14 [8].