Core Viewpoint - Mao Geping Cosmetics Co., Ltd. has reported strong financial performance post-IPO, with a strategic focus on expanding into overseas markets while maintaining robust growth in domestic sales [1][9]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.588 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1% [1]. - The revenue growth rate for net profit exceeded that of total revenue, indicating strong profitability [1]. Business Segments - The core makeup segment generated 1.422 billion yuan, accounting for 55% of total revenue, with a growth rate of 31.1% [2]. - The skincare segment outperformed, with revenue of 1.087 billion yuan, representing 42% of total revenue and a growth rate of 33.4% [3]. - The makeup art training business saw a decline of 5.9%, with revenue at 67.3 million yuan, attributed to a strategic decision to control enrollment and enhance service quality [3]. Sales Channels - The company employs a dual-channel strategy, balancing online and offline sales, with offline revenue reaching 1.224 billion yuan (up 26.6%) and online revenue at 1.297 billion yuan (up 39%) [4]. - Mao Geping has established a significant offline presence with 409 counters and over 2,800 beauty consultants, creating a unique service experience that enhances customer loyalty [4]. Cost and Pricing Pressure - Sales and distribution expenses increased by 24.8% to 1.169 billion yuan, constituting 45.2% of total revenue, with marketing expenses exceeding 540 million yuan [5]. - The average product price decreased from 163.8 yuan to 157 yuan, indicating increased market competition [5]. Brand Strategy and Market Position - The brand has a high-end positioning strategy, with a focus on direct entry into international high-end markets, successfully competing with global brands [7][10]. - The company has established a collaborative system of "brand + channel + education," which has created a strong competitive barrier and a stable cash flow [8]. IPO Journey - Mao Geping has faced multiple challenges in its IPO journey, including withdrawing from the Shanghai Stock Exchange and subsequently applying to the Hong Kong Stock Exchange [9]. - Despite these challenges, the company has shown impressive financial growth, with revenue increasing from 1.577 billion yuan in 2021 to 2.886 billion yuan in 2023, and a gross margin of 84.8% [9][10]. New Business Development - The newly launched perfume line generated only 11.41 million yuan in revenue, accounting for a mere 0.4% of total revenue, indicating that it has not yet achieved significant scale [11]. - The company faces the challenge of identifying new growth drivers as initial growth momentum slows, particularly in the context of rising online marketing costs and stagnant training business growth [11].