Group 1: Industry Overview - The trend of Chinese cosmetics industry going global is becoming increasingly significant, serving as a key driver for industry growth [1] - In the first half of 2025, China's total cosmetics export reached 18.71 billion RMB, a year-on-year increase of 11.97% [1] - The Southeast Asian market is a focal area for Chinese beauty brands, expected to grow at an annual rate of 3.57%, reaching a market size of 34.55 billion USD by 2027 [1] Group 2: Company Performance - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% [2] - The company's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [2] - The main growth drivers are the color cosmetics and skincare segments, with revenues of 1.422 billion RMB and 1.087 billion RMB, growing by 31.1% and 33.4% respectively [2] Group 3: Strategic Initiatives - The company is expanding its high-end fragrance category with the launch of two premium perfume series, "Guo Yun Ning Xiang" and "Wen Dao Dong Fang," generating revenue of 11.413 million RMB [2] - The company plans to enter Hong Kong's Harbour City in October 2025, enhancing its international presence and competing with top luxury brands [1] - The company has established 378 self-operated counters and 31 distributor counters across 120 cities, employing over 2,800 professional beauty consultants to promote Eastern aesthetics [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The beauty industry is experiencing significant export trends, with the company, 毛戈平, making substantial progress in its global layout [1]. - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, representing a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% year-on-year [6]. - 毛戈平 plans to enter Hong Kong's Harbour City in October 2025, enhancing its high-end offline global presence [5]. Summary by Sections Market Performance - The Chinese cosmetics industry is witnessing a strong trend towards internationalization, with a total export value of 18.71 billion RMB in the first half of 2025, a year-on-year increase of 11.97% [4]. - Southeast Asia is a key market for Chinese beauty brands, projected to reach a market size of 34.55 billion USD by 2027, growing at an annual rate of 3.57% [4]. Company Developments - 毛戈平's offline sales in the first half of 2025 grew approximately 18%, significantly outperforming the industry average [5]. - The company has established 378 self-operated counters and 31 dealer counters across 120 cities in China, employing over 2,800 professional beauty consultants [5]. Financial Performance - 毛戈平's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [6]. - The company forecasts revenues of 5.083 billion RMB, 6.498 billion RMB, and 8.245 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.36, 3.00, and 3.81 RMB [8].