Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a net profit growth of 37% year-on-year in 2025, driven by both skincare and makeup segments [5][8] - The total revenue for 2025 was 5.05 billion RMB, representing a year-on-year increase of 30.01% [8] - The company maintains a gross margin of 84.22%, which is relatively stable compared to the previous year [8] Financial Performance - Revenue projections for the upcoming years are as follows: - 2026: 6.49 billion RMB (growth of 28.5%) - 2027: 8.19 billion RMB (growth of 26.3%) - 2028: 9.83 billion RMB (growth of 20.0%) [7] - Net profit forecasts are: - 2026: 1.56 billion RMB (growth of 29.9%) - 2027: 2.01 billion RMB (growth of 28.5%) - 2028: 2.47 billion RMB (growth of 22.9%) [7] - Earnings per share (EPS) is projected to be 3.19 RMB in 2026, 4.10 RMB in 2027, and 5.04 RMB in 2028 [7] Business Segments - Skincare revenue in 2025 was 1.87 billion RMB, up 31.1% year-on-year, with key products contributing significantly [8] - Makeup revenue reached 3.00 billion RMB, also reflecting a 30.0% increase year-on-year, with several products achieving over 1 billion RMB in retail sales [8] - The company is expanding its high-end department store channels and has a total of 445 self-operated counters [8] Market Position - The company has been recognized as the top domestic makeup brand during major shopping festivals on platforms like Douyin [8] - The brand is enhancing its high-end positioning with new fragrance products, contributing additional revenue [8] Profitability and Cost Management - The company’s net profit margin improved to 23.9%, an increase of 1.2 percentage points year-on-year [8] - The sales expense ratio decreased to 48.3%, indicating effective cost management and scale effects [8]
毛戈平（01318）：25年净利润同比增长37%护肤、彩妆双轮驱动营收增长