2024年初，毛戈平第三次从A股撤回IPO申请时，曾给出一个体面的理由："鉴于业务前景、未来发展战略及市场环境"。 但真实的剧本或许更为直白——撤回A股申请后的72小时内，毛戈平家族便启动了对九鼎系所持10%股权的回购，7.3亿元现金悉数奉上；紧接着的三个月 里，公司连续两轮派息10亿元，超过上年全部净利润；转战港股成功上市后，又在2025年追加分红3.53亿元。 如今，上市满一年不久，毛戈平家族6人便以"改善个人生活"为由，宣布减持套现14亿港元。 【文/王力 编辑/周远方】 一道简单的算术题：A股三次IPO拟募资11.21亿元，港股实际募资约21亿港元。而毛戈平家族两年间通过分红加减持落袋超过20亿元——几乎与募资额相 当。 这不禁让人追问：究竟要怎样改善个人生活需要套现20亿？当"国货高端美妆第一股"的实际运作轨迹与其招股书里描绘的"研发升级、品牌出海"愿景渐行渐 远，投资者是否正在为一场"家族财富盛宴"买单？ 毛戈平家族累计套现近20亿 近日，登陆港股市场刚满一年的毛戈平化妆品股份有限公司发布了一则引发市场关注的公告：公司控股股东毛戈平、其配偶汪立群，以及毛戈平的两位姐姐 毛霓萍、毛慧萍，汪立群的弟弟 ...

上市以来股价倍增，毛戈平公司执行董事拟集体减持公司股份。 1月6日晚间，毛戈平化妆品股份有限公司公告，控股股东及执行董事毛戈平、汪立群、执行董事毛霓萍、毛慧萍、汪立华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。 据此前年报显示，上述股东中汪立群为毛戈平的配偶，毛霓萍和毛慧萍为毛戈平的姐姐，汪立华为汪立群的弟弟。宋虹佺是毛戈平公司的核心高管，担任 执行董事、公司总裁、同时兼任MAOGEPING品牌事业部总经理。上述六人均为公司执行董事。 | | | | | | 佔本公司 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 有團股本類別 | 佔本公司 | | | | | 好意/ | | 股權之櫃的 | 股權總數之 | | 姓名 | 樓益性質 | 殷份頻別 | 淡盒 | 所持股份數目 | 百分比 | 概的百分比 | | 毛戈平先生(2) ...

上市以来股价倍增后，毛戈平创始人家族拟集体减持公司股份。 1月6日晚，毛戈平化妆品股份有限公司（简称"毛戈平"）公告，控股股东及执行董事毛戈 平、汪立群、执行董事毛霓萍、毛慧萍、汪立华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。 值得注意的是，减持公告发布后，毛戈平股价不跌反涨，盘中最大涨幅超8%，截至1月7日 收盘，毛戈平股价报87.95港元，较昨日收盘价上涨7.26%，市值为431亿港元。 此次毛戈平创始人家族等集体减持，股价却出现大幅上涨的背后，公司近年来的业绩持续保 持高增长。 资料显示，毛戈平公司由化妆师毛戈平于2000年创立，2024年12月10日在香港上市，被称 为港股"国货高端美妆第一股"，主要业务包括化妆品业务、化妆艺术培训、产品设计及开发 等。 截至2025年6月底，毛戈平在全国120个城市布局405个自营专柜和32个经销商专柜，配备 超过3100名专业美妆顾问。与此同时，毛戈平 ...

1月6日晚间，毛戈平化妆品股份有限公司（1318.HK，以下简称"毛戈平公司"）公告，控股股东及执行 董事毛戈平、汪立群、执行董事毛霓萍、毛慧萍、汪立华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%。 来源：智通财经 上市以来股价倍增，毛戈平公司执行董事拟集体减持公司股份。 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。 据此前年报显示，上述股东中汪立群为毛戈平的配偶，毛霓萍和毛慧萍为毛戈平的姐姐，汪立华为汪立 群的弟弟。宋虹佺是毛戈平公司的核心高管，担任执行董事、公司总裁、同时兼任MAOGEPING品牌事 业部总经理。上述六人均为公司执行董事。 | | | | | | 佔本公司 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 有關股本類別 | 佔本公司 | | | | | 好盒/ | | 股權之櫃的 | 股權總數之 | | 姓名 | 樓益性質 | 殷兮類別 | 淡盒 | 所持股 ...

公告称，上述股东此次减持股份所得款项用途包括但不限于美妆相关产业链的投资、改善个人生活等。上述股东对公司发展充满信心，将持续致力于公司的 产品研发及生产经营管理，本次减持计划的实施不会导致公司控制权发生变更，不会对公司治理结构和持续经营产生重大影响。 据该公司年报显示，上述股东中汪立群为毛戈平的配偶，毛霓萍和毛慧萍为毛戈平的姐姐，汪立华为汪立群的弟弟。宋虹佺是毛戈平公司的核心高管，担任 执行董事、公司总裁、同时兼任MAOGEPING品牌事业部总经理。上述六人均为公司执行董事。 毛戈平公司由化妆师毛戈平于2000年创立，2024年12月10日在香港上市，被称为港股"国货高端美妆第一股"，主要业务包括化妆品业务、化妆艺术培训、产 品设计及开发等。截至2025年6月30日，该公司品牌专柜遍布于全国120多个城市，包含405个自营专柜和32个经销商专柜。 毛戈平化妆品股份有限公司(简称毛戈平，01318.HK)宣布多位执行董事合计减持不超过1720万股后，公司股价大涨。 1月7日，毛戈平股价涨幅一度超过8%。截至发稿前，该股股价涨幅为6.46%，报87.30港元/股，市值为427.93亿港元。 毛戈平1月6日发布消息 ...

Core Insights - MAOGEPING, a domestic beauty brand, successfully listed on the Hong Kong Stock Exchange after eight years of attempts, raising over HKD 2.1 billion and attracting six cornerstone investors [1][5][27]. Financial Performance - MAOGEPING's comprehensive gross profit margin has consistently exceeded the industry average, reaching RMB 2.448 billion in 2023 [2][14]. - The brand's skincare revenue grew from RMB 469 million in 2021 to RMB 1.16 billion in 2023, with a compound annual growth rate of 57.3% [12][30]. - The overall revenue for MAOGEPING was RMB 2.879 billion in 2023, with a year-on-year growth of 57.8% [30]. Business Model - MAOGEPING employs a dual sales strategy combining high-end department store direct sales and e-commerce, which differentiates it from competitors [3][20]. - The company plans to allocate approximately 25% of its IPO proceeds to expand its sales network and 20% for brand building [6][29]. Market Positioning - MAOGEPING aims to transition from a "makeup brand" to a "high-end beauty brand," aspiring to become a representative of Chinese brands in the international high-end beauty sector [8][34]. - The brand's flagship product line, MAOGEPING, accounted for 99% of total revenue in 2023, indicating a strong reliance on a single brand [15][30]. Challenges and Opportunities - The company has faced significant challenges in its IPO journey, primarily due to external factors, including issues with a major shareholder, which have now been resolved [23][26]. - Despite its successful listing, MAOGEPING must enhance its product development capabilities, as its R&D expenditure has historically been low [34][36]. - The high-end beauty market in China is projected to grow significantly, with expectations of reaching approximately RMB 300 billion by 2027, presenting a substantial opportunity for MAOGEPING [45].

Core Viewpoint - The company has demonstrated strong financial performance in H1 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and effective cost management [1][4]. Financial Performance - In H1 2025, the company achieved revenue of 2.59 billion (CNY), representing a year-on-year increase of 31.3%, and a net profit of 670 million (CNY), up 36.1% year-on-year, aligning with market expectations [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points, while the net margin improved to 25.9%, up by 0.9 percentage points [1]. Business Segmentation - Revenue breakdown by product category shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2]. - Revenue by channel indicates 47% from offline sales and 50% from online sales, with online sales growing by 39% year-on-year [2]. Product and Brand Development - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its product matrix [3]. - The brand is focusing on high-end positioning through flagship store openings in key commercial areas and entry into premium department stores [3]. Future Growth Potential - There is significant potential for SKU expansion and improvement in store efficiency, with the company currently having around 400 SKUs, indicating room for growth in various product categories [3]. - The company is expected to maintain a healthy dual-channel development strategy, leveraging both online growth and offline experiential services [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 1.19 billion, 1.53 billion, and 1.94 billion (CNY) respectively, with a compound annual growth rate of 27.5% over three years [4]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 38.2, 29.8, and 23.5 for the respective years, with a target price set at 124.4 HKD, maintaining a "strong buy" rating [4].

Core Viewpoint - The report from Huachuang Securities projects that Maogeping (01318) will achieve a net profit of 1.19 billion, 1.53 billion, and 1.94 billion yuan for the years 2025 to 2027, with a compound annual growth rate of 27.5% over three years, leading to a target price of 124.4 HKD and a "strong buy" rating [1] Financial Performance - In the first half of 2025, the company reported a revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit of 670 million yuan, up 36.1%, meeting market expectations [1] - The gross margin for the first half of 2025 was 84.2%, a decrease of 0.7 percentage points, while the net profit margin was 25.9%, an increase of 0.9 percentage points [2] Cost Management - The sales and management expense ratios were 45.2% and 5.3%, respectively, showing a decrease of 2.4 percentage points and 1.5 percentage points [2] - Despite an increase in marketing and promotional expenses to 540 million yuan, the company effectively controlled the sales expense ratio, contributing to the improvement in net profit margin [2] Revenue Breakdown by Product Category - The revenue composition by brand shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [2] - Color cosmetics generated 1.42 billion yuan in revenue, up 31%, with a gross margin of 82.7% [2] - Skincare revenue reached 1.09 billion yuan, a 33% increase, with a gross margin of 87.5% [2] Revenue Breakdown by Channel - Revenue by channel indicates 47% from offline sales and 50% from online sales [3] - Offline revenue was 1.22 billion yuan, a 27% increase, with a gross margin of 85.7% [3] - Online revenue reached 1.297 billion yuan, up 39%, with a gross margin of 83.9% [3] Brand Development and Market Positioning - The company has expanded into the fragrance market with the launch of two high-end perfume series, enhancing its brand image and positioning [4] - The opening of a flagship store in a core business district of Hangzhou and entry into high-end department stores like Beijing SKP further solidifies the brand's high-end positioning [4] Future Growth Potential - The company has significant room for SKU expansion and improvement in store efficiency, which is expected to drive future growth [4] - The dual-channel strategy of online and offline sales is showing healthy collaborative growth, with the potential for continued momentum [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][17]. Core Insights - The company demonstrated impressive performance in the first half of 2025, with revenue increasing by 31.3% year-on-year to 2.59 billion and net profit rising by 36.1% to 670 million, aligning with market expectations [1][9]. - The company is expanding its product categories, particularly in the fragrance segment, and has successfully launched high-end perfume series, enhancing its brand positioning [9]. - The dual-channel strategy (online and offline) is showing robust growth, with online sales increasing by 39% and offline sales by 27%, indicating a healthy synergy between the two channels [9]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: 2024A at 3.885 billion, 2025E at 5.142 billion, 2026E at 6.588 billion, and 2027E at 8.273 billion, with respective growth rates of 34.6%, 32.4%, 28.1%, and 25.6% [3][11]. - The net profit is expected to grow from 881 million in 2024A to 1.936 billion in 2027E, with growth rates of 33.0%, 35.3%, 28.2%, and 26.8% [3][11]. - The company maintains a strong gross margin of 84.2% and a net margin of 25.9% in the first half of 2025, reflecting stable profitability [9]. Business Segmentation - Revenue breakdown shows 55% from color cosmetics, 42% from skincare, 3% from makeup artistry training, and 0.4% from fragrances [9]. - The offline sales contribute 47% of total revenue, while online sales account for 50%, showcasing a balanced distribution between channels [9]. Future Growth Potential - The company has significant room for SKU expansion, currently at approximately 400 SKUs, particularly in lip, eye, and foundation products [9]. - The report highlights the potential for improved store efficiency compared to international brands, suggesting ongoing growth opportunities [9].

中国市场十五大高端美妆品牌中唯一的国货美妆品牌。 毛戈平在本次IPO中总计发行70,588,200股H股。 其中， 香港 公开 发售 部分获9 19.18 倍认 购， 国际发售 部分亦获 30.34 倍认购，累计认购 总额超华润饮料时的认购规模、成为今年港股 「冻资王」。 同时，毛戈平在本次IPO发行中共引入6名基石投资者，累计认购1亿美元。其中，CPE认购3500万 美元，正心谷资本认购2000万美元，ACCF Capital（由原L Catterton Asia合伙人王俊创办）认 购1500万美元，常春藤基金、Brilliant Partners Fund LP以及大湾区共同家园投资基金分别认购 1000万美元。 截至10:15，毛戈平报于每股51.25港元，较发行价上涨71.98%，市值241.18亿港元。 成立于2000年的毛戈平现旗下拥有两大品牌——旗舰品牌MAOGEPING于2000年推出，根据弗若 斯特沙利文的资料，其为中国第一个高端美妆品牌且在所有国货品牌中处于领先地位；按2023年零 售额计算，MAOGEPING品牌是中国市场十五大高端美妆品牌中唯一的国货美妆品牌，排名第十 二，市场份额为1 ...