Core Viewpoint - Mao Geping Cosmetics Co., Ltd. announced a share reduction plan involving the sale of up to 17.2 million H-shares, representing 3.51% of the total issued shares, primarily due to the financial needs of its major shareholders [2][5]. Group 1: Share Reduction Announcement - The controlling shareholders, including Mao Geping and family members, plan to reduce their holdings through block trades within six months from the announcement date [2][5]. - The proceeds from the share reduction will be used for investments in the beauty industry and personal financial needs [2][5]. - The company reassured that this share reduction will not lead to a change in control or significantly impact its governance structure and ongoing operations [2][5]. Group 2: Stock Performance - On January 7, the opening price of Mao Geping's shares was HKD 81.75, closing at HKD 87.95, indicating a potential cash-out of HKD 15.1 billion (approximately RMB 1.36 billion) based on the closing price [2][5]. Group 3: Financial Performance - Mao Geping is set to be listed on the Hong Kong Stock Exchange in October 2024 [3][6]. - For the first half of 2025, the company reported revenue of RMB 2.588 billion, a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% [3][6]. - The overall gross margin for the company was reported at 84.2% [3][6].

Core Insights - The event highlighted the growing collaboration between South Korean and Chinese beauty industries, with over 50 Korean beauty brands showcasing a wide range of products including skincare, makeup, and personal care [1] Group 1 - The event took place on January 7, featuring first lady Kim Hye-kyung who engaged with various beauty products [1] - Kim Hye-kyung expressed her support for increased exchanges and cooperation between the Korean and Chinese beauty sectors [1] - The brands present at the event were noted for their responsiveness to market demands [1]

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 ...

作者 | 郝文 编辑 | 趣解商业资讯组 1月6日，知名国货美妆品牌毛戈平发布公告，公司近日收到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、汪立华及宋虹佺减持计划告知 函。 上述股东及其所控制的主体拟自公告披露之日起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%。 图片来源：公告截图 公告称，股东系因自身财务需求拟减持其所持有的部分股份，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。 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。根据公告，减持后，毛戈平及其一致行动人仍合计持有公司约63.8%的股份。 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。 今年6月，毛戈平股价最高一度冲到130港元/股，总市值突破624亿港元，大幅超越了珀莱雅、上海家化等同行，成为国内美妆企业市值"一哥"，更被不少人 称为"美妆茅台"。 然而，高光时刻未能持久。截至1月7日收盘，毛戈平 ...

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 ...

Core Viewpoint - The core management team of MAOGEPING, a leading Chinese cosmetics brand, has announced a significant share reduction, raising questions about the company's governance and future direction. Despite this, the stock price increased by 7.26% following the announcement, indicating market confidence in the brand's performance and potential [1][3][29]. Company Overview - MAOGEPING, known as the "first domestic cosmetics stock" in Hong Kong, has a family-dominated governance structure, with five out of six board members being relatives of the founder, MAO Ge Ping [3][4][5]. - The company plans to reduce its shareholding by 3.51%, equating to a potential cash-out of approximately 1.5 billion HKD, which has sparked discussions among investors regarding the motivations behind this decision [3][7][29]. Financial Performance - For the first half of 2025, MAOGEPING reported a revenue of 2.588 billion CNY, a year-on-year increase of 31.28%, and a net profit of 670 million CNY, up 36.11% [11][44]. - Despite the impressive revenue growth, there are signs of declining growth rates in revenue, net profit, and gross margins, with the average selling price of products dropping from 163.8 CNY to 157 CNY, indicating increased promotional pressures [11][44]. Market Context - The Chinese cosmetics market has seen significant growth, with total transactions exceeding 1 trillion CNY for two consecutive years. However, the growth rate is expected to slow to 2.8% in 2024, indicating a shift to a more stable growth phase [16][49]. - The competitive landscape is intensifying, with domestic brands gaining market share at the expense of international giants like L'Oréal and Estée Lauder, which have faced declining sales in China [16][51]. R&D and Marketing Strategy - MAOGEPING has a notably high sales expense to R&D investment ratio of 59.5, the highest among domestic brands, reflecting a strategy that prioritizes marketing over research and development [19][52]. - In the first half of 2025, R&D spending was only 15.257 million CNY, accounting for just 0.59% of total revenue, which is among the lowest in the top domestic brands [19][52]. Consumer Perception - Despite the brand's strong market position, there are increasing consumer complaints regarding product quality, which could pose risks to brand reputation and future sales [11][44][56]. - The brand's unique selling proposition lies in its integration of MAO Ge Ping's personal IP and the experiential aspect of its products, which has attracted a loyal customer base, although this model may also present risks if the founder's image falters [23][56].

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 ...

Core Viewpoint - The announcement of a planned reduction of up to 3.51% of H-shares by major shareholders of Mao Geping reflects a structured and controlled approach to liquidity management, emphasizing the importance of market stability [1] Group 1: Shareholder Actions - The reduction plan involves six related shareholders, including the actual controller Mao Geping, and is designed to minimize market disruption through a gradual and channelized approach [1] - The structured nature of the reduction, primarily through block trades, indicates a strategic shift in shareholding aimed at enhancing liquidity and attracting long-term capital [4][8] Group 2: Financial Planning and Governance - The orderly and gradual nature of the share reduction serves as a confidence statement, suggesting that the management believes in the company's strong cash flow and does not foresee immediate needs for significant equity financing [5][6] - The transparency of the information disclosure regarding the reduction sets a governance benchmark, reducing market uncertainty and enhancing trust [7] Group 3: Market Dynamics and Valuation - The reduction is seen as a proactive measure to optimize the shareholder structure and improve liquidity, which may lead to a more stable valuation in the capital market [8] - The actions of the founding shareholders are interpreted as a signal of the company's transition from a growth premium to a governance premium, indicating a deeper valuation logic in the market [12][13] Group 4: Business Fundamentals - Mao Geping has successfully established a differentiated competitive model, achieving a gross margin of 84.2% in mid-2025, driven by a strong product mix and effective cost management [10][11] - The company has diversified its product matrix, balancing its core makeup business with high-growth skincare and emerging fragrance categories, which supports sustainable growth [10][11] Group 5: Future Outlook - The capital market's evaluation of beauty companies is shifting towards a multi-dimensional approach, focusing not only on short-term performance but also on brand asset accumulation and product innovation sustainability [12][13] - The recent share reduction provides an opportunity for rational investors to reassess the company's value anchor, as it aligns with the evolving market dynamics favoring companies that enhance capital allocation efficiency and deepen brand moats [13]

Core Viewpoint - The announcement of a planned reduction of up to 3.51% of H-shares by major shareholders of Mao Geping reflects a structured and controlled approach to liquidity management, emphasizing the importance of market stability [1] Group 1: Shareholder Actions - The reduction plan involves six related shareholders, including the actual controller Mao Geping, and is designed to minimize market disruption through a gradual and channelized approach [1] - The use of block trading as the primary method for the reduction indicates a strategic shift of shares from original shareholders to institutional investors, enhancing the free float in the public market [5] - The structured reduction is seen as a rational financial planning and asset allocation behavior by core shareholders, indicating confidence in the company's long-term fundamentals [6][9] Group 2: Market Implications - The reduction is expected to optimize the liquidity structure and attract long-term capital, which is essential for meeting the requirements of major institutional investors [5] - A diversified shareholder structure is anticipated to improve corporate governance and market recognition, providing a more stable valuation anchor for the company [5] - The orderly nature of the reduction serves as a confidence statement, suggesting that the management believes in the sufficiency of internal cash flow to support strategic development without immediate financing needs [7] Group 3: Financial Performance - Mao Geping's mid-2025 profit growth is projected to outpace revenue growth, demonstrating the effectiveness of its high-end strategy and differentiated competitive model [11] - The company achieved a record high gross margin of 84.2%, driven by a strong product mix and effective cost control, with specific categories like skincare reaching gross margins of 87.5% [11] - The product matrix has diversified, reducing reliance on any single category and providing multiple growth drivers, with a focus on high-margin skincare and emerging fragrance categories [11][12] Group 4: Governance and Transparency - The transparency of the reduction announcement is highlighted as a benchmark for governance, reducing market uncertainty and establishing trust [8] - The actions of the founding shareholders are viewed as a thermometer for the company's intrinsic value, indicating a transition from a value discovery phase to a value stabilization phase [8][9] Group 5: Future Outlook - The capital market's evaluation of beauty companies is shifting towards a more multidimensional approach, focusing on sustainable profitability and brand asset accumulation [13][14] - Mao Geping's financial discipline, strategic clarity, and governance transparency align with the evolving valuation paradigm, suggesting potential for future valuation reappraisal [13][14]

Core Viewpoint - The major shareholder of Mao Geping (01318.HK), known as the "first beauty stock" in Hong Kong, announced a share reduction, which surprisingly did not lead to a decline in stock price but instead resulted in a strong market response, indicating confidence in the company's fundamentals and the nature of the reduction [1][2]. Group 1: Share Reduction Announcement - Mao Geping plans to reduce its holdings by up to 17.2 million H-shares, accounting for approximately 3.51% of the total share capital [2]. - The company proactively disclosed the reduction plan, ensuring transparency and respecting investors' right to know, which helps mitigate concerns about the founder's exit [2]. - The reduction is aimed at personal financial improvement and investments in the beauty industry, indicating a long-term growth strategy [2]. Group 2: Market Reaction and Performance - Following the announcement, the stock price initially dipped by 0.3% but quickly rebounded, with a peak increase of 8.29%, signaling a "buying opportunity" for investors [2]. - The company's revenue for the first half of 2025 is projected to be 2.588 billion yuan, with a net profit of 670 million yuan, reflecting year-on-year growth of 31.28% and 36.11% respectively, alongside a high gross margin of 84.2% [3]. - Online sales are expected to grow by no less than 40% year-on-year in Q4 2025, while offline sales are projected to increase by over 20%, significantly outpacing industry growth [3]. Group 3: Institutional Interest - The limited scale of the share reduction aligns well with the company's strong performance, making it an attractive target for institutional investors [3]. - There are reports of multiple funds and investment institutions showing interest in acquiring shares post-announcement, as acquiring large volumes in the secondary market is challenging and costly [4]. - The reduction is viewed as a "chip replacement," where existing shareholders reduce their stakes while long-term investors take over, optimizing the shareholder structure and validating the stock's scarcity among professional investors [4].