Core Viewpoint - The collaboration between Chando Group and Shanghai Natural History Museum aims to integrate beauty industry with science education and promote public awareness of biodiversity and sustainable consumption [1][2] Group 1: Exhibition Details - The "Beauty and Nature Coexist" biodiversity theme exhibition combines science popularization, interactive experiences, and artistic co-creation [1] - The exhibition is based on the Shanghai Natural History Museum's "My Natural Treasure Box" science popularization brand, showcasing public achievements in biodiversity investigation and protection [1] - The science popularization activities under this brand have attracted over 4.7 million participants over the past nine years [1] Group 2: Future Plans - Chando Group plans to further deepen cooperation with Shanghai Natural History Museum to explore the integration of cultural tourism, commerce, and industrial tourism within the beauty industry [2] - The future beauty city project by Chando Group will serve as a full-chain experience space combining beauty science communication, smart production visits, and immediate consumption [1]

Group 1 - The core point of the news is the strategic cooperation framework agreement signed between Mao Geping and L Catterton, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, talent introduction, and governance [1] - L Catterton, as the largest global consumer goods investment company, will leverage its investment network to assist Mao Geping in expanding overseas high-end retail channels and will co-establish a private equity fund focused on the global high-end beauty sector [1][2] - The partnership aims to enhance Mao Geping's global presence and capitalize on L Catterton's extensive experience in the beauty and personal care investment sector, managing approximately $39 billion in equity capital [1][2] Group 2 - Mao Geping has shown strong sales performance in the high-end beauty segment, with a reported 32% year-on-year sales growth across major platforms like Taobao, Douyin, and JD.com for the period from January to November 2025 [2] - The company is expected to maintain its high-end beauty positioning, with projected net profits of 1.21 billion, 1.58 billion, and 2.04 billion yuan for 2025 to 2027, and corresponding EPS of 2.46, 3.22, and 4.16 yuan [2] - The current stock price corresponds to a PE ratio of 32, 25, and 19 for the years 2025 to 2027, with a maintained "buy" rating for the company [2]

Core Viewpoint - The recent family share reduction by MAOGEPING (1318.HK) has raised concerns about the company's future growth potential and governance structure, as it reflects internal skepticism regarding the current stock valuation and market conditions [1][2][3]. Group 1: Share Reduction Details - MAOGEPING announced a plan for family members to reduce their holdings, potentially selling up to 17.2 million shares, estimated to yield approximately 1.477 billion HKD (about 1.331 billion RMB) based on the closing price of 85.85 HKD per share on January 8 [1][2][3]. - The share reduction is set to occur within six months, primarily through block trades, and will not exceed 3.51% of the total issued shares [5][33]. - As of January 9, MAOGEPING's stock closed at 89.9 HKD per share, reflecting a 2.39% decline, with a total market capitalization of 441 billion HKD (approximately 395 billion RMB) [3][33]. Group 2: Market Reactions and Implications - Analysts suggest that the family share reduction signals internal concerns about the company's short-term valuation, potentially leading to increased market pressure and governance worries [2][8]. - The timing of the share reduction coincides with the end of a lock-up period, allowing family members to capitalize on high stock prices while avoiding performance scrutiny during earnings season [8][36]. - The potential for a significant share reduction (up to 6.6% of H-shares and 16% of free float) may exert short-term pressure on the stock price, despite the company's strong earnings outlook [8][39]. Group 3: Financial Performance and Strategy - MAOGEPING reported a revenue of 38.85 billion RMB in 2024, a year-on-year increase of 34.61%, with a net profit of 8.81 billion RMB, up 32.8% [12][42]. - The company maintains a high gross margin of 84.2%, but its R&D expenditure is notably low at 0.59% of revenue, raising concerns about long-term sustainability [39][42]. - A strategic partnership with L Catterton Asia Advisors aims to enhance MAOGEPING's international expansion and capital structure, indicating a focus on growth despite current challenges [16][46]. Group 4: Governance and Future Outlook - The family-centric governance structure may lead to investor concerns about control stability and potential conflicts of interest, especially with the recent share reduction [2][8]. - Analysts emphasize the need for MAOGEPING to diversify its leadership and reduce reliance on the founder to ensure long-term brand viability and market competitiveness [28][55]. - The company's future success will depend on its ability to balance marketing expenditures with R&D investments to foster innovation and product differentiation in a competitive market [43][55].

Core Viewpoint - The company, known for its significant presence in the beauty industry, is facing criticism from investors due to the actions of its controlling family, which appear to prioritize personal financial gain over shareholder interests [1][6]. Group 1: Company Background - The founder, referred to as the "Father of Beauty," gained fame by creating iconic makeup looks, particularly for historical dramas [1]. - After several attempts over eight years, the company finally went public in October 2024, listing on the Hong Kong stock exchange [2]. Group 2: Financial Actions - Prior to the IPO, the company distributed a substantial dividend of 1 billion yuan, with over 90% of shares held by the controlling family, indicating a significant transfer of wealth to family members [1]. - Shortly after the IPO, the family announced a 1.4 billion yuan share reduction plan, citing the vague reason of "improving life" [1][2]. Group 3: Market Performance - Initially, the company was celebrated alongside other successful brands in the Hong Kong market, being part of the "Hong Kong Consumption F4" [3]. - The company's gross margin has consistently exceeded 80%, likening it to a premium brand in the cosmetics sector [4]. - However, the stock price has seen a decline of approximately 30% from its peak of 130.6 yuan in June 2025 [5]. Group 4: Investor Sentiment - The actions of the founder's family have led to a perception among investors that they are prioritizing personal financial interests over the company's long-term growth, resulting in a loss of trust [6][8]. - Concerns have been raised by economists regarding the risks associated with companies where a single entity holds a dominant share, as it can lead to detrimental financial practices [7].

1月7日，全球最大消费品投资公司路威凯腾（L Catterton）宣布，与中国高端美妆集团毛戈平集 团达成战略合作。 根据战略合作框架协议，双方将在全球市场扩张、收购及战略投资、资本结构优化、人才引进与治 理方面达成战略合作意向。 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 此外，双方拟共同组建专注于全球高端美妆领域的股权投资基金，为毛戈平集团的长期发展注入新 动力。 来源：路威凯腾 ...

Core Viewpoint - The collaboration between Naturals Group and Shanghai Natural History Museum aims to promote biodiversity and the integration of beauty and nature through an immersive exhibition titled "Coexistence of Beauty and Nature" [1][2] Group 1: Exhibition Details - The exhibition will run from January 8, 2026, to March 15, 2026, focusing on the theme of "harmonious coexistence between humans and nature" [1] - It features a combination of scientific displays, interactive experiences, and artistic collaborations, showcasing the results of the "Natural Coexistence" public science project [1] - The exhibition includes a customized "Natural Treasure Box" from Fengxian, integrating beauty technology with natural science [1] Group 2: Industry and Community Impact - The Vice Mayor of Fengxian District emphasized the goal of becoming a significant growth hub in South Shanghai, with a focus on the beautiful health industry [2] - Naturals Group is recognized as a leading industry player in Fengxian, promoting beauty products and the philosophy of beauty while actively engaging in social responsibility [2] - The collaboration signifies a deep integration of the beauty industry with science education and natural sciences, aiming to create value through cultural expression and public scientific communication [2]

Core Viewpoint - The strategic partnership between Mao Geping and L Catterton aims to enhance global market expansion, acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [1] Group 1: Strategic Partnership - Mao Geping has signed a strategic cooperation framework agreement with L Catterton, the world's largest consumer goods investment company [1] - The collaboration is expected to leverage the complementary strengths of both companies to further their globalization efforts [1] Group 2: Sales Performance - Mao Geping has shown strong sales performance this year, with a reported 32% year-on-year growth in sales across major platforms (TaoTian, Douyin, and JD) from January to November 2025 [1] - Sales growth by platform includes 8% for TaoTian, 50% for Douyin, and 70% for JD, indicating particularly strong performance in Douyin and JD channels [1] Group 3: Product Development - The company is focusing on high-end beauty positioning, with a solid foundation in the makeup category and ongoing efforts in the skincare category [1] - A new skincare series, the Snow Domain Radiance series, is set to be launched in December 2025 [1]

Core Viewpoint - Mao Geping (01318) has seen a stock increase of over 4%, currently trading at 90.15 HKD with a transaction volume of 172 million HKD, following a strategic cooperation agreement with global consumer goods investment firm L Catterton [1] Group 1: Strategic Partnership - Mao Geping has signed a strategic cooperation framework agreement with L Catterton, focusing on global market expansion, acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [1] - The partnership is expected to leverage the complementary strengths of both companies, advancing Mao Geping's globalization efforts [1] Group 2: Sales Performance - The company has reinforced its high-end beauty positioning, with impressive sales performance reported this year [1] - According to data from Magic Mirror, from January to November 2025, Mao Geping's total sales on platforms such as Taobao, Douyin, and JD.com increased by 32% year-on-year, with individual platform growth rates of 8%, 50%, and 70% respectively [1] - The makeup category has established a solid foundation, while the skincare category continues to gain momentum, with a new snow domain light skincare series set to launch in December 2025 [1]

在一开始进入中国市场时，KENZO主要依托百货商场和丝芙兰渠道进行销售，2021年宣布设立天猫旗舰店，店铺主要经营香氛、护肤两大品类。然而仅过 了一年时间，KENZO凯卓美妆天猫官方旗舰店便发布了闭店公告，称于2022年12月30日23点59分起关闭其天猫官方旗舰店。 彼时KENZO给出的理由是"品牌策略调整"，虽然关闭了天猫旗舰店，但还是可以通过丝芙兰线上、线下渠道购买到KENZO的产品，如今这一渠道也已关 闭。 据妆颜社报道，KENZO香水已经退出了丝芙兰渠道。多家丝芙兰门店柜员确认，目前丝芙兰线上线下均已不再销售KENZO香水，国内主流电商平台也难以 买到正价专柜货，消费者只能在免税渠道买到。 公开资料显示，KENZO是由日本设计师高田贤三于1970年在法国创立的品牌，1988年进军香水市场，1993年LVMH集团收购了KENZO，2001年KENZO推 出了护肤品系列。 ...

2026 年 1 月 9 日 晨会速递 分析师点评 公司研究 【石化】践行增量降本之路，油气巨头助力建设海洋强国——中国海油 （600938.SH/0883.HK）动态跟踪报告(A 股：买入；H 股：买入) 得益于优秀的产量增长和成本控制，公司在油价下行期业绩韧性凸显，公司有望油气 与新能源业务并举，助力海洋强国建设。预计公司 25-27 年归母净利润分别为 1354、 1398、1443 亿元，我们维持公司 A 股的"买入"评级，并首次覆盖公司 H 股，给予 "买入"评级。风险分析：油气价格大幅波动，勘探开发项目进度不及预期，海外市 场风险。 【纺服】与路威凯腾达成战略合作，进一步迈向全球化——毛戈平（1318.HK）与路 威凯腾达成战略合作框架协议点评(买入) 毛戈平与全球最大消费品投资公司路威凯腾签订了战略合作框架协议，双方在全球市 场扩张、收购及战略投资、资本结构进一步优化、人才引进与治理方面达成战略合作 意向。路威凯腾是美国消费投资机构，在打造全球美妆及个人护理品牌方面拥有丰富 的投资及赋能经验。毛戈平与路威凯腾优势互补，进一步迈向全球化。我们维持公司 2025~2027 年归母净利润预测为 12. ...