机构：华源证券 研究员：丁一 盈利预测与评级：基于公司线上及线下渠道靓丽销售表现，我们预计公司2025-2027年归母净利润分别 为12.1/15.8/20.3 亿元，同比增长38%/30%/28%。公司作为国内高端彩妆品牌，创始人IP 深度赋能品 牌，护肤&彩妆品类稳步增长，线下&线上优势显著，当前品牌势能处于稳步向上阶段，大单品矩阵仍 在高速增长，我们看好公司的IP 品牌价值稀缺＋渠道禀赋＋后续成长潜能，未来业绩增长确定性较 高，维持"买入"评级。 公司发布自愿公告股东减持计划。公司控股股东及执行董事毛戈平先生、汪立群女士、执行董事毛霓萍 女士、毛慧萍女士、汪立华先生及宋虹佺女士拟在6 个月内，主要通过大宗交易方式合计减持不超过公 司已发行股份总数的3.51%。减持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。公司控股股东及董事对公司发展充满信心，将持续致力于集团的产品研发及生产经营管理，努力为 集团品牌价值提升及业绩增长作出卓越贡献。此外公司通过大宗方式减持，影响或较为温和。 风险提示：化妆品行业竞争加剧风险；渠道竞争加剧风险；新品孵化风险。 公司近期与L Catterton Asia ...

智通财经APP获悉，海通国际发布研报称，维持毛戈平(01318)"优于大市"评级，给与毛戈平2026年32X PE，对应目标价108.2港元，有23.1%上行空间。该行认为其品牌力与基本面依然稳固，相信公司的核心 价值在于其坚固的高端品牌定位与持续的产品创新能力。战略合作的推进有望打开新的成长曲线。该行 建议投资者关注后续合作细则的落地以及减持的具体实施情况，并维持对公司长期价值的积极看法。 海通国际主要观点如下： 预期2H25毛戈平将延续1H25的强势增长 随着海外高端品牌在低基数下的强势回归，2025年以来化妆品行业竞争持续加剧，该行判断该趋势将延 续至26年。该行预期2H25毛戈平将延续1H25的强势增长，一方面受益于销量带动的强劲线下同店表 现，尽管下半年居民消费力有所走弱，但会员数的扩展和高复购率支持销量上行；另一方面，线上增长 仍旧强势，双十一竞争加剧，公司通过分配营销资源把握双十二和圣诞节销售节点，推动线上增速。行 业竞争加剧可能对利润空间带来一定压力，但公司凭借其高端品牌定位、持续的产品创新，线下和线上 产品区隔，以及灵活的市场策略，有望在2026年继续保持较快增长。基于此，该行预计公司202 ...

研究报告 Research Report 8 Jan 2026 毛戈平 Mao Geping Cosmetics (1318 HK) 近况更新：25 年业绩稳健，与全球领先消费投资机构签署战略合作框架协议 Recent Update: Strong 2025 Results, Strategic Partnership Signed with Global Consumer Investment Leader [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$87.95 目标价 HK$108.20 HTI ESG 3.1-3.4-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$23.03bn / US$2.96bn 日交易额 (3 个月均值) US$16.09mn 发行股票数目 261.84mn 自由流通股 (%) 41% 1 年股价最高最低值 HK$127.50- ...

盈利预测：基于公司线上及线下渠道靓丽销售表现，该行预计公司2025-2027年归母净利润分别为 12.1/15.8/20.3亿元，同比增长38%/30%/28%。 风险提示：化妆品行业竞争加剧风险；渠道竞争加剧风险；新品孵化风险。 华源证券发布研报称，毛戈平(01318)作为国内高端彩妆品牌，创始人IP深度赋能品牌，护肤&彩妆品类 稳步增长，线下&线上优势显著，当前品牌势能处于稳步向上阶段，大单品矩阵仍在高速增长，看好公 司的IP品牌价值稀缺＋渠道禀赋＋后续成长潜能，未来业绩增长确定性较高，维持"买入"评级。 华源证券主要观点如下： 公司发布自愿公告股东减持计划 公司控股股东及执行董事毛戈平先生、汪立群女士、执行董事毛霓萍女士、毛慧萍女士、汪立华先生及 宋虹佺女士拟在6个月内，主要通过大宗交易方式合计减持不超过公司已发行股份总数的3.51%。减持 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。公司控股股东及董事对公司发展 充满信心，将持续致力于集团的产品研发及生产经营管理，努力为集团品牌价值提升及业绩增长作出卓 越贡献。此外公司通过大宗方式减持，影响或较为温和。 公司近期与LCatterton ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has entered into a strategic cooperation framework agreement with L Catterton, aiming for global market expansion and optimization of capital structure [1][2]. - The partnership will leverage L Catterton's extensive investment experience in the consumer goods sector to enhance the company's high-end beauty brand positioning and facilitate overseas retail channel expansion [2]. - The company has shown strong sales performance, with a 32% year-on-year increase in sales across major platforms for the period from January to November 2025, indicating robust growth in both makeup and skincare categories [3]. Financial Projections - The company forecasts revenue growth from 2,886 million RMB in 2023 to 8,812 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.9% [4][10]. - Net profit is projected to increase from 662 million RMB in 2023 to 2,041 million RMB in 2027, reflecting a strong growth trajectory [4][10]. - Earnings per share (EPS) are expected to rise from 1.35 RMB in 2023 to 4.16 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 19 over the same period [4][10]. Profitability and Valuation Metrics - The company maintains a high gross margin, projected at around 84% for the next few years, indicating strong pricing power and cost management [12]. - Return on equity (ROE) is expected to remain robust, with estimates of 42.8% in 2023 and stabilizing around 33.4% by 2027 [12]. - The valuation metrics suggest a decreasing trend in P/E and P/B ratios, indicating potential for investment attractiveness as earnings grow [13].

上市以来股价倍增，毛戈平家族拟集体减持"毛戈平"港股上市公司股票。 昨日(1月6日)晚间，登陆港股市场刚满一年的毛戈平(证券代码：01318.HK)发布自愿公告，披露其控股股东及多名执行董事计划减持公司股份。 △图源：雪球 公告显示，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、汪立华及宋虹佺因自身财务需求，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，合计减持不超过1720万股公司H股股份，占公司已发行股份总数的3.51%。且从合规角度看，毛戈平此次减持时机符合港股 规则。 若以公告发布当日(1月6日)公司股票收盘价82港元/股计算，此次拟减持股份总市值高达约14.10亿港元。 | 毛戈平(HK:01318) 港殿通 可卖空 | 已添加 | W | HK$82.00 -0.75 -0.91% | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 9284 球友关注 | C2实时行情 | 已收盘 01-06 16:08:15 北京时间 | | | | | | | 今开:82.75 | 最高: 83.75 | 成交 ...

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。 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 ...

深度拆解：透明化披露+克制性减持+稀缺性份额 公告显示，毛戈平及其一致行动人计划通过大宗交易方式减持不超过1720万股H股，约占总股本的 3.51%。 透明化披露：毛戈平在港股市场罕见地主动提前披露减持计划，充分保障投资者知情权，助力市场理性 决策，彰显对市场与投资者的尊重。减持用途明确指向美妆产业链投资及个人财务改善，公开透明的沟 通方式有效消解了市场对创始人"离场"的疑虑，本质是为公司长远扩张蓄力。 昨日，港股"美妆第一股"毛戈平(01318.HK)发布大股东减持公告引发市场关注。与常规减持引发的股价 重挫不同，毛戈平股价走出"反向行情"，机构投资者依旧表现踊跃。此次减持凸显透明、克制、稀缺三 大核心特质，彰显公司发展底气。 盘面扫描：股价上演强势"V"型反转 1月6日，毛戈平(01318.HK)并未受减持公告拖累。早盘低开0.3%后即获大量买盘涌入，股价迅速拉升， 盘中一度上涨8.29%。 业内人士分析："减持披露后首个交易日不跌反涨，是港股典型'利空出尽'信号。体现市场以真金白银 认可公司基本面及此次减持性质。" 市场传闻：机构"哄抢"稀缺筹码，现有股东或加仓 优质标的减持常被视为"大户调仓"良机。毛 ...

Core Viewpoint - The company, Mao Ge Ping, has proposed a restricted stock incentive plan aimed at enhancing its long-term incentive mechanism and aligning the interests of shareholders, the company, and management to promote sustainable development [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [1] - For the third quarter of 2025, sales on various platforms showed significant growth, with Taobao, Douyin, and JD platforms reporting year-on-year increases of 25.4%, 55.6%, and 45.7% respectively [1] Group 2: Sales Performance During Promotions - In October, during the "Double Eleven" promotional period, sales on Taobao, Douyin, and JD platforms grew by 60.5%, 39.8%, and 22.3% year-on-year [2] - The brand entered the top 20 in the beauty category on Tmall for the first time, ranking 20th, and secured the 1st position in the domestic makeup category on JD [2] - Several key products performed exceptionally well, with annual sales exceeding 200,000 for the Xiaojin Fan powder and over 100,000 for the Caviar Cushion Foundation and Caviar Mask [2] Group 3: Strategic Positioning and Future Outlook - The company is reinforcing its high-end beauty positioning, with strong growth in main categories and channels [2] - The product range is expanding into fragrances, with new series launched to enhance the product matrix [2] - The company maintains profit forecasts for 2025-2027, projecting net profits of 1.21 billion, 1.58 billion, and 2.04 billion yuan, with corresponding EPS of 2.46, 3.22, and 4.16 yuan, and a "buy" rating is upheld [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has launched a restricted stock incentive plan to enhance its long-term development confidence and align the interests of shareholders, the company, and management [1] - The company's performance has been strong, with a 31.3% year-on-year increase in revenue to 2.59 billion yuan and a 36.1% increase in net profit to 670 million yuan in the first half of 2025 [2] - The company is focusing on high-end beauty positioning, expanding its product range into fragrances, and has seen significant growth in both online and offline channels [3] Summary by Sections Company Performance - In the first half of 2025, the company achieved revenue of 2.59 billion yuan, a 31.3% increase year-on-year, and a net profit of 670 million yuan, up 36.1% [2] - Sales on major platforms during the "Double Eleven" shopping festival showed strong growth, with year-on-year increases of 60.5% on Taobao, 39.8% on Douyin, and 22.3% on JD [2] Product and Market Strategy - The company is enhancing its high-end beauty positioning and has expanded its product categories to include fragrances, with successful product launches in various high-end department stores [3] - The product matrix has been enriched with new series such as Guo Yun Ning Xiang and Wen Dao Dong Fang [3] Financial Forecast - The company forecasts net profits of 1.21 billion yuan, 1.58 billion yuan, and 2.04 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.46 yuan, 3.22 yuan, and 4.16 yuan [3][10] - The current stock price corresponds to a PE ratio of 34, 26, and 20 for the years 2025, 2026, and 2027 respectively [3][10]