上市刚满一年，毛戈平化妆品股份有限公司（HK01318，以下简称"毛戈平股份"）控股股东及多位执行 董事计划进行集体减持。 1月6日晚间，毛戈平股份发布公告称，公司控股股东及执行董事毛戈平、汪立群（毛戈平配偶）、执行 董事毛霓萍（毛戈平姐姐）、毛慧萍（毛戈平姐姐）、汪立华（汪立群弟弟）及宋虹佺基于自身财务需 求，拟在减持预披露公告发布之日起6个月内，主要通过大宗交易方式合计减持其所持有的公司H股股 份数量不超过1720万股，即不超过公司已发行股份总数的3.51%。以1月6日毛戈平港股收盘价每股82港 元计算，上述股东拟套现14.1亿港元。 从美妆行业的角度来看，毛戈平家族此次部分减持套现14亿，是一个极具标志性的事件，折射出中国美 妆行业发展的多个深层趋势和挑战。 毛戈平品牌（MAOGEPING）是中国美妆行业中将创始人个人专业声誉（作为顶尖化妆师）与品牌形象 绑定最成功的案例之一。 毛戈平公司于2000年7月28日在杭州成立，2024年12月10日，毛戈平公司在香港上市。据招股书援引的 佛若斯特沙利文的资料，毛戈平集团是中国市场十大高端美妆集团中唯一的中国公司，以2022年的销售 额计排名第八位。 公开资料 ...

作者｜于城 编辑｜文定 2025年末的港股市场，一抹"红山茶"的亮色异常抢眼。 12月30日，上海林清轩化妆品集团股份有限公司正式在香港联合交易所敲钟上市，开盘后，其市值迅速冲破100亿港元大关。 翻看其近三年的成绩单，我们能清晰地看到一个国货品牌如何通过"高毛利+高增长"的组合拳，叩开了资本市场的大门。 | | | | 林清轩2022-2024年核心业绩数据 | | | | --- | --- | --- | --- | --- | --- | | 年份 | 营收(亿元) | 同比增速 | 毛利率 | 净利率 | 解读 | | 2022年 | 6.91 | -2.1% | 78.5% | -0.8% | 战略投入期,面临弓 | | 2023年 | 8.05 | 16.5% | 80.2% | 10.5% | 突破盈亏平衡点 | | 2024年 | 12.10 | 50.3% | 82.5% | 15.4% | 爆发式增长 | 在过去很长一段时间里，国货美妆的崛起路径往往被锁定在"大牌平替"与"极致性价比"的叙事框架中，但林清轩的几个关键数据值得注意： 一是其核心单品山茶花精华油奢宠系列价格突破千元，直接杀入 ...

来源：野马财经 一年平均卖429万瓶精华油。 作者|刘俊群 编辑|刘钦文 "国货高端护肤第一股"来了！ 2025年12月30日，上海林清轩化妆品集团股份有限公司（下称"林清轩"）正式在港交所主板挂牌上市。 截至12月30日收盘，林清轩（2657.HK）股价报85港元/股，较发行价77.77港元/股上涨9.3%，总市值约 119亿港元。这一市值已经甩开水羊股份（300740.SZ）、福瑞达（600223.SH）等同行，离敷尔佳 （301371.SZ）、丸美生物（603983.SH）也仅一步之遥。 这家公司背后站着不少知名机构。IPO前就有雅戈尔、碧桂园创投等出手，这次上市还拉来了富达基 金、正心谷资本等7家基石投资者，一口气认购了6200万美元，占全球发售股份总数的44.43%。 说起林清轩，它的成名作是一瓶"山茶花精华油"。2014年，品牌推出首款山茶花精华油，该单品在十年 半的时间里累计售出超过4500万瓶。 图源：公开媒体 这背后不仅有创始人孙来春、孙福春两位东北兄弟亲自下场直播，家族二代们也早早开始经营短视频人 设，形成了别具一格的"林清轩家族IP矩阵"。孙福春的儿子"小孙总"在抖音、小红书以"企二代生 ...

海南"封关" 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文丨文斯 编辑丨张桔 12月18日海南自贸港封关运作，其核心模式为"一线放开、二线管住、岛内自由"，为海南跨越式发展注 入强劲动能。 封关将重塑当地消费旅游、高端服务业、高新技术产业格局，叠加旺季红利，免税板块迎来估值修复， 封关首日全岛离岛免税购物金额达1.61亿元，同比增长61%，旅游客流亦大幅提升。此前离岛免税已筑 底回暖，政策优化进一步拓宽消费场景。多家上市公司积极布局，本土企业深耕升级、外来企业抢滩入 驻，抢占政策红利先机。海南封关板块表现备受关注。 将重塑当地的产业与行业 12月18日海南自贸港封关，在封关前后，海南板块变得活跃起来，多家相关上市公司涨停。 "封关"，不是把海南岛封闭起来，恰恰相反是将海南全岛设立为一个海关监管特殊区域，实施一套全新 的管理制度。根据相关政策，封关运作的核心模式可以概括为"一线放开、二线管住、岛内自由"。 在"一线"，海关对进入海南的绝大多数货物，特别是列入"零关税"负面清单管理的货物，采取极简化的 通关模式；"二线"指的是海南与内地之间的边界。这里会对从海南进入内地的货物进行精 ...

Core Viewpoint - 毛戈平化妆品股份有限公司 has reported strong financial performance post-IPO, with a focus on expanding into international markets while maintaining high profit margins and unique business strategies [2][6][17]. 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% [2][17]. - The gross margin was 84.2%, slightly down from 84.9% year-on-year, but still high within the industry [2][6]. - The net profit growth rate outpaced revenue growth, indicating strong profitability [6]. Business Segments - The main revenue contributors are makeup, skincare, and makeup artistry training, with the skincare segment showing a growth rate of 33.4%, surpassing the makeup segment's growth of 31.1% [8][9]. - The makeup artistry training segment saw a decline of 5.9% to 67.3 million yuan, attributed to a strategic decision to control enrollment and enhance service quality [8][9]. Sales Channels - 毛戈平 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%) [9][8]. - The company has established a significant offline presence with 409 counters and over 2,800 beauty consultants, creating a unique service experience that enhances customer loyalty [9][8]. Market Position and Strategy - 毛戈平 has positioned itself as a high-end brand, successfully competing with international brands by offering products at premium prices, such as a powder priced at 354 yuan and a face mask at 715 yuan [16][17]. - The brand's strategy includes entering international markets with plans for department store counters and online stores, which presents new challenges in diverse cultural and competitive environments [2][17]. Challenges and Future Outlook - Despite strong growth, 毛戈平 faces rising cost pressures, with sales and distribution expenses increasing by 24.8% to 1.169 billion yuan, which is 45.2% of total revenue [9][17]. - The average product price has decreased from 163.8 yuan to 157 yuan, indicating increased market competition [9]. - The new perfume line generated only 11.41 million yuan in revenue, accounting for just 0.4% of total revenue, highlighting the need for new growth drivers [17].

Core Viewpoint - Mao Geping Cosmetics Co., Ltd. has reported strong financial performance post-IPO, with a revenue of 2.588 billion yuan and a net profit of 670 million yuan for the first half of 2025, indicating a year-on-year growth of 31.3% and 36.1% respectively, while also planning to expand into overseas markets [1][4][12]. Financial Performance - The company achieved a gross margin of 84.2%, slightly down from 84.9% year-on-year, but still remains high within the industry [1]. - Revenue from the core makeup segment was 1.422 billion yuan, accounting for 55% of total revenue, with a year-on-year growth of 31.1% [4]. - The skincare segment outperformed, generating 1.087 billion yuan, representing 42% of total revenue and a year-on-year growth of 33.4% [4]. - The makeup art training business saw a decline of 5.9% to 67.3 million yuan, attributed to a strategic decision to control enrollment and enhance service quality [4][9]. - Online sales reached 1.297 billion yuan, growing by 39%, while offline sales were 1.224 billion yuan, up by 26.6% [5]. Market Position and Strategy - Mao Geping ranked first in the latest Hurun list of China's top 50 makeup brands, surpassing competitors like Carzi Lan and Huaxizi [4]. - The brand's unique "bone structure makeup method" has created a high repurchase barrier and enhanced consumer experience [4]. - The company has established 409 counters across 120 cities, with a significant presence in mid to high-end commercial projects [13]. Challenges and Future Outlook - Despite strong growth, the average product price decreased from 163.8 yuan to 157 yuan, indicating increased market competition [6]. - The company faces rising cost pressures, with sales and distribution expenses increasing by 24.8% to 1.169 billion yuan, accounting for 45.2% of total revenue [5]. - New business segments, particularly the perfume line, generated only 11.41 million yuan, representing 0.4% of total revenue, indicating a need for these segments to scale effectively [14].

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].

Core Insights - 毛戈平化妆品股份有限公司 reported strong financial performance in its first half post-IPO, with revenue of 25.88 billion yuan, a year-on-year increase of 31.3%, and a net profit of 6.70 billion yuan, up 36.1% [1][10] - The company is strategically planning to enter overseas markets, aiming to establish both department store counters and online sales channels [1][12] - 毛戈平's revenue sources include makeup, skincare, and makeup artistry training, with the latter showing a decline due to a controlled enrollment strategy [2][3] Financial Performance - The net profit growth rate outpaced revenue growth, indicating strong profitability [2] - The core makeup segment generated 14.22 billion yuan, accounting for 55% of total revenue, with a growth rate of 31.1% [2] - Skincare revenue reached 10.87 billion yuan, representing 42% of total revenue and a growth of 33.4% [3] Business Segments - The makeup artistry training segment saw a decline of 5.9% to 673 million yuan, reflecting a reduction in growth momentum [3] - The company has a balanced performance in both online and offline channels, with offline sales reaching 12.24 billion yuan (up 26.6%) and online sales at 12.97 billion yuan (up 39%) [4] Cost and Pricing Pressure - Sales and distribution expenses increased by 24.8% to 11.69 billion yuan, constituting 45.2% of total revenue [5] - The average product price decreased from 163.8 yuan to 157 yuan, indicating pricing pressure due to intensified market competition [5] Market Position and Strategy - 毛戈平 has established a significant presence in high-end retail, with 409 counters across over 120 cities, including major shopping centers [11] - The brand's high-end positioning is reflected in its pricing strategy, with products priced competitively against international brands [11] - The company aims to leverage its unique "Oriental Bone Structure Makeup Method" as a key differentiator in both domestic and international markets [1][12] Future Challenges - The new perfume line generated only 11.41 million yuan, indicating it has not yet achieved significant scale [12] - 毛戈平 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 [12]

Core Viewpoint - Lin Qingxuan, a Chinese beauty brand, is set to become the first domestic high-end skincare stock in Hong Kong, marking a significant breakthrough for domestic brands in the high-end market [1][4]. Company Overview - Lin Qingxuan, founded in 2003, focuses on producing safe, natural, and effective cosmetics using high-altitude red camellia [4]. - The brand has established itself as a leader in the high-end domestic skincare market, with its flagship product, the Camellia Oil, being the top-selling facial oil in China for 11 consecutive years, with over 20 million units sold [4][5]. Market Position - Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales and is the only domestic brand among the top 15 high-end skincare brands [5]. - The company has invested heavily in R&D, with annual expenditures in the tens of millions, resulting in 81 patents, including 40 invention patents [5]. Product Development - The brand has developed two core ingredients, "Qingxuan Extract" and "Camellia Peptides," through extensive research on the active components of high-altitude red camellia [5]. - Lin Qingxuan's products are designed to provide anti-aging benefits, with a focus on continuous iteration and building a technological barrier [5]. Sales and Distribution Strategy - The company employs an OMO (Online-Merge-Offline) model, achieving significant online sales growth, with a 60% increase in sales during the 2023 Double Eleven shopping festival [5][6]. - Lin Qingxuan aims to open 1,500 new stores within three years, with a current total of 506 stores, primarily located in shopping malls [6]. Challenges and Competition - The brand faces challenges in balancing its high-end positioning with its expansion into lower-tier cities, which may dilute its premium image [7]. - Lin Qingxuan's pricing strategy has faced scrutiny, with some products priced higher than international competitors, leading to mixed market reception [7]. - The company competes with international giants like L'Oréal and Estée Lauder, which have superior R&D resources [7][8]. Future Outlook - Lin Qingxuan plans to use IPO proceeds for R&D, brand building, and channel expansion, with a new research center set to support its high-end strategy [8]. - The high-end skincare market in China is expected to grow significantly, with the market size projected to increase from RMB 594 billion in 2024 to RMB 1,555 billion by 2029, reflecting a compound annual growth rate of 21.2% [11]. - The company's revenue is projected to grow from RMB 6.91 billion in 2022 to RMB 12.1 billion in 2024, with a compound annual growth rate of 32.3% [11].