Core Viewpoint - The article discusses the growth logic and investment value of the company Maogeping in the context of the new consumption landscape in China, highlighting its unique positioning in the high-end cosmetics market and its strong performance amidst a recovering consumer market [5][29]. Group 1: Company Overview - Maogeping is positioned in the mid-to-high-end cosmetics market, differentiating itself from many domestic brands that target the mid-to-low-end segments [5][7]. - The brand has been operating for over 20 years, with its "IP influence + time asset" being a core brand asset that enhances its market presence [7][8]. Group 2: Financial Performance - Maogeping's revenue has shown a compound annual growth rate (CAGR) of over 25% from 2021 to 2024, with a further increase to 31% in the first half of 2025 [8][10]. - The company's gross margin has remained stable at over 84%, while its net profit margin has increased from 19% in 2022 to nearly 23% in 2024, indicating a strong performance compared to international brands like Estée Lauder [10][11]. Group 3: Business Model and Strategy - The company employs an experiential retail model, utilizing beauty consultants to enhance customer interaction and brand value transmission [8][22]. - Maogeping's training business, although less than 5% of total revenue, provides high-quality beauty consultants for its stores, creating a synergistic effect that enhances brand perception and operational efficiency [8][10]. Group 4: Market Position and Competitive Advantage - The brand's average selling prices for cosmetics are significantly higher than many domestic competitors, with makeup and skincare averaging 157 RMB and 351 RMB per item, respectively [6][10]. - Maogeping's offline channel strategy focuses on self-operated stores in high-end department stores, maintaining a 50% share of its sales from offline channels, which is a competitive advantage as many brands shift online [16][22]. Group 5: Future Growth Potential - The company is planning to establish its own production capacity, with a new facility expected to be operational by 2026, which will enhance its gross margin and support future growth [11][29]. - Despite not having a "second growth curve" yet, Maogeping's main brand still holds significant commercial promotion potential and brand value, suggesting a strong growth trajectory in the medium term [28][29].

证券时报记者 刘俊伶 今年以来，港股市场尤其是新消费板块，凭借良好的市场表现，吸引了内地公募基金加大投资力 度，QDII基金和其他公募基金对港股的持仓市值显著提升。 新消费板块领涨港股 今年一季度，香港市场表现领跑全球，恒生指数第一季度大涨15.25%，在全球重要指数中居于首 位，恒生科技指数涨幅更是达到20.74%。与此同时，美股主要股指均有所下跌，纳斯达克指数一季度 下跌超10%，标普500、道琼斯工业指数也分别下跌4.59%、1.28%。 从个股来看，多只消费股一季度表现亮眼，带动市场整体向上。恒生消费指数一季度上涨5.59%， 最新涨幅扩大至9.88%。其中，老铺黄金、泡泡玛特、毛戈平、蜜雪集团4只新消费股，凭借各自独特 的商业模式和市场地位，成为港股消费板块的明星股，共同构成了"新消费F4"概念，其强劲表现点燃投 资者的热情。 如老铺黄金，今年一季度大涨202.24%，截至最新年内涨幅更是达到277.62%，泡泡玛特、毛戈平 一季度涨幅也在70%以上。蜜雪集团于今年3月3日上市，首日即大涨43.21%，随后股价持续攀升，最新 价较发行价涨幅超过160%。 对于新消费板块，多家机构持续看好其后市表现。 ...