机构：长江证券 研究员：李锦/罗祎/曾维朵 事件描述 公司发布2025 年中报。2025H1，公司营收25.9 亿元，同比增长31.3%；归母净利润6.7 亿元，同比增长 36.1%；经调利润6.72 亿元，同比增长32%，经调利润率26%。 事件评论 1）毛利率下滑0.7 个百分点，主因彩妆、培训学校毛利率有所下降；2）费率显著优化，销售/管理/财 务费率分别变动-2.4/-1.5/-0.1 个百分点，合计收窄3.9 个百分点，其中管理费率优化，主因较去年同期 有约1485 万的上市费用（税后）及股份奖励开支节余；3）其他支出项同比增加约2527 万元，主因汇兑 损失增加；4）其他收入及收益同比减少768万元，主因政府补助金额减少。 投资建议：根据公司会员增长、老客复购均处于良性上升通道，我们判断毛戈平仍处品牌势能快速提升 阶段。我们认为，公司中短期增长趋势仍然明晰，源于较多的中型单品储备、较高的电商渠道弹性、以 及线下店效的持续提升；中长期空间值得期待，包括品类延拓、更多高端品牌协同以及出海布局，考虑 到下半年进入收入业绩双低基数，以及品牌的稀缺和成长性，下半年高增值得期待。预计2025-2027 年 经 ...

丨证券研究报告丨 报告要点 [Table_Summary] 公司发布 2025 年中报。2025H1，公司营收 25.9 亿元，同比增长 31.3%；归母净利润 6.7 亿 元，同比增长 36.1%；经调利润 6.72 亿元，同比增长 32%，经调利润率 26%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 港股研究丨公司点评丨毛戈平（1318.HK） [Table_Title] 毛戈平 2025 年中报点评：护肤增速快于彩妆， 品牌高增同时经营质量优 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 毛戈平（1318.HK） cjzqdt11111 [Table_Title 毛戈平 20252]年中报点评：护肤增速快于彩妆， 品牌高增同时经营质量优 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1，公司营收 25.9 亿元，同比增长 31.3%；归母净利润 6.7 亿 元，同比增长 36.1%；经调利润 6. ...

机构：东方财富证券 研究员：刘嘉仁 【投资要点】 公司公告：25H1 实现收入人民币25.88 亿元/yoy+31.3%；实现净利润6.70 亿元/yoy+36.1%，实现经调整 净利润6.72 亿元/yoy+32.0%。 毛利率为84.2%/yoy-0.7pct，净利率25.9%/yoy+0.9pct，主要源于销售费率-2.3pct。 分品类看：核心品类表现优异 1）彩妆：25H1 实现收入14.2 亿元/yoy+31.1%，拆分量/价分别同比+37%/-4%，大单品奢华鱼子气垫、 光感柔纱凝颜粉饼GMV 均超2 亿元。25H1 彩妆毛利率为82.7%/yoy-0.9pct，我们预计毛利率略有下降或 源于产品升级/包装升级带来成本提升。 2）护肤：25H1 实现收入10.9 亿元/yoy+33.4%，拆分量/价分别同比+32%/+1%，明星单品鱼子面膜/黑 霜GMV 分别超6/2 亿元，鱼子面膜增速超33%，今年新品黑金焕颜鎏光菁华水GMV 达0.16 亿元，虽然 24H2 护肤增速放缓，但目前来看已经回到良好增长轨道。25H1护肤毛利率为87.5%/yoy-0.2pct，基本保 持稳定。 4）培训业务：2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4]. Core Insights - The company reported a revenue of RMB 2.588 billion for the first half of 2025, representing a year-on-year increase of 31.3%, and a net profit of RMB 670 million, up 36.1% year-on-year [1]. - The gross margin stood at 84.2%, slightly down by 0.7 percentage points year-on-year, while the net profit margin improved by 0.9 percentage points to 25.9%, primarily due to a reduction in sales expense ratio [1]. - The company is experiencing strong growth across its core product categories, with makeup and skincare showing particularly robust performance [2][7]. Revenue Breakdown by Product Category - **Makeup**: Revenue reached RMB 1.42 billion in H1 2025, a 31.1% increase year-on-year, with significant contributions from flagship products [2]. - **Skincare**: Revenue was RMB 1.09 billion, up 33.4% year-on-year, with strong sales from key products [2]. - **Fragrance**: The fragrance category generated RMB 0.11 billion in its first year, with a gross margin of 77.6% [2]. - **Training Business**: Revenue declined to RMB 67 million, down 5.9% year-on-year, due to a strategic decision to limit enrollment for quality improvement [3]. Revenue Breakdown by Channel - **Online Sales**: Revenue from online channels was RMB 1.3 billion, a 39% increase year-on-year, surpassing offline sales for the first time [6]. - **Offline Sales**: Offline revenue reached RMB 1.22 billion, up 26.6% year-on-year, with a notable increase in same-store sales [6]. Financial Projections - The company expects net profits of RMB 1.22 billion, RMB 1.54 billion, and RMB 1.90 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.7%, 26.1%, and 23.4% [7][8]. - Revenue projections for 2025, 2026, and 2027 are RMB 5.153 billion, RMB 6.485 billion, and RMB 7.826 billion, reflecting growth rates of 32.65%, 25.85%, and 20.66% [8].

Core Viewpoint - The company, Mao Geping, is leveraging the growing young consumer demographic that values experience and emotional connection in purchasing decisions, leading to a strong performance in the Hong Kong new consumption sector [1] Financial Performance - In the first half of 2025, Mao Geping achieved total revenue of 2.588 billion RMB, a year-on-year increase of 31.3%, indicating continuous business expansion [2] - The company's net profit grew by 36.1% to 670 million RMB, with profit growth outpacing revenue growth, reflecting high-quality core business development [2] - The gross profit margin reached 84.2%, driven by high margins in core categories and optimized expenses, with makeup products at 82.7% and skincare products at 87.5% [2] Product Strategy - Mao Geping has established a robust product matrix that avoids reliance on single-hit products, focusing on long-cycle core items and rapid introduction of new products [3] - The makeup segment generated 1.422 billion RMB in revenue, accounting for 55.0% of total revenue, with strong performance from key products [3] - The skincare segment saw a revenue increase of 33.4% to 1.087 billion RMB, highlighting its role as a key growth driver [4] New Product Development - The company launched new skincare products that quickly gained traction, with the luxury caviar mask exceeding 600 million RMB in retail sales [4] - The introduction of fragrance products has opened new growth avenues, with two series generating over 10 million RMB in less than a month [5] Channel Strategy - Mao Geping's online sales reached 1.297 billion RMB, a 39.0% increase, representing 51.4% of total revenue, with high profitability in direct sales [7] - The offline channel generated 1.224 billion RMB, a 26.6% increase, with a focus on high-end retail locations and enhanced customer experience [8] International Expansion - The company has begun international expansion, achieving a 503.1% increase in overseas revenue, indicating a clear growth trend [9] Long-term Value Proposition - Mao Geping aims to redefine the value standards in high-end beauty, positioning itself as a leader in Chinese luxury brands with a focus on "Oriental aesthetics" [11]

Core Insights - The article highlights the growing influence of young consumers in driving new consumption trends, emphasizing their focus on experience, cost-effectiveness, and emotional value, which has positively impacted the Hong Kong stock market's new consumption sector [1] - The company, Mao Geping, stands out in the high-end domestic beauty market by leveraging "Oriental aesthetics" as its core strategy, focusing on multi-dimensional collaboration across product categories, channels, and profitability to build a sustainable value system [1][10] Financial Performance - Mao Geping reported a total revenue of 2.588 billion RMB for the first half of 2025, marking a year-on-year growth of 31.3%, indicating continuous business expansion [2] - The company's net profit increased by 36.1% to 670 million RMB, with profit growth outpacing revenue growth, reflecting high-quality core business development [2] - The gross profit margin reached 84.2%, driven by high margins in core categories and optimized expenses, with makeup products achieving a gross margin of 82.7% and skincare products at 87.5% [2] Product Strategy - Mao Geping has established a robust product matrix that avoids reliance on single-hit products, instead focusing on a combination of long-cycle core products and rapid introduction of new items [3] - The makeup category remains a stronghold, generating 1.422 billion RMB in revenue, accounting for 55.0% of total revenue, with key products achieving significant sales [3][4] - The skincare segment has seen explosive growth, contributing 1.087 billion RMB in revenue, with key products like the luxury caviar mask and black cream driving sales [4] Channel Strategy - The company has effectively integrated online and offline channels, achieving 1.297 billion RMB in online revenue, a 39.0% increase, and 1.224 billion RMB in offline revenue, a 26.6% increase [7][8] - Online channels account for 51.4% of total revenue, with high profitability maintained across direct sales and distributor channels [7] - The offline strategy focuses on high-end experiences, with over 400 self-operated counters and a strong presence in premium shopping areas, enhancing brand image and customer loyalty [8] International Expansion - Mao Geping has begun international expansion, notably through a partnership with Sephora, resulting in a 503.1% increase in overseas revenue [9] - The establishment of a research center in Hangzhou and plans for further international development aim to position Mao Geping as a representative of high-end Chinese beauty in the global market [9] Long-term Value Proposition - The company is redefining the value standards in high-end beauty by emphasizing potential in product categories, cultural premium, and channel barriers, moving away from being a follower of international brands [10] - Mao Geping's appeal lies in its dual high growth in revenue and profit, alongside a sustainable and replicable long-term value system [10]

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, aligning with previous forecasts, driven by robust sales in the cosmetics and skincare segments [1][2][3] Financial Performance - In H1 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% [1] - Adjusted net profit for H1 2025 was also 670 million yuan, reflecting a 32.0% year-on-year growth [1] - The overall gross margin for H1 2025 was 84.2%, a slight decrease of 0.7 percentage points compared to the previous year [2] Business Segments - Revenue breakdown for H1 2025 showed cosmetics at 1.42 billion yuan, skincare at 1.01 billion yuan, fragrance at 10 million yuan, and makeup training and sales at 70 million yuan, with respective year-on-year growth rates of +31.1% and +33.4% for cosmetics and skincare [1] - The gross margins for cosmetics, skincare, fragrance, and makeup training were 82.7%, 87.5%, 77.6%, and 62.9%, with declines in cosmetics and skincare margins of 0.9 and 0.2 percentage points respectively [1] Channel Performance - Online and offline channels generated revenues of 1.30 billion yuan and 1.22 billion yuan respectively, with year-on-year growth rates of +39.0% and +26.6% [2] - Online sales accounted for 51.4% of total revenue, while offline sales made up 48.6% [2] - Membership numbers reached 13.4 million online and 5.6 million offline, with online and offline repurchase rates of 24.1% and 30.3%, reflecting increases of 2.6 and 1.6 percentage points year-on-year [2] Product Development - The company launched new products in the cosmetics and skincare segments, with flagship items generating significant sales, including over 200 million yuan for luxury caviar cushion and soft-focus powder [3] - The newly introduced fragrance series "Guo Yun Ning Xiang" and "Wen Dao Dong Fang" expanded the product portfolio [3] Profit Forecast and Investment Rating - The company is recognized as a rare high-end beauty brand in China, with an upgraded profit forecast for 2025-2027, projecting net profits of 1.20 billion, 1.52 billion, and 1.91 billion yuan respectively, reflecting year-on-year growth rates of +36.6%, +26.7%, and +25.2% [3] - The latest closing price corresponds to a price-to-earnings ratio of 35, 28, and 22 for 2025-2027, maintaining a "buy" rating [3]

Core Viewpoint - The company has demonstrated strong and rapid growth in its performance, with significant increases in both revenue and net profit for the first half of 2025 compared to the previous year [1][4]. Financial Performance - The company achieved a revenue of 2.588 billion with a year-on-year growth of 31.3%, and a net profit of 670 million, reflecting a year-on-year increase of 36.1% [1]. - Adjusted net profit stood at 672 million, marking a year-on-year growth of 32.0%, with an adjusted net profit margin of 26.0%, up by 0.2 percentage points [1]. Product Category Performance - In the cosmetics segment, revenue reached 1.422 billion, growing by 31.1%, with luxury products like caviar cushion and soft-focus powder both exceeding 200 million in sales [1]. - The skincare segment generated 1.087 billion, up by 33.4%, with key products like caviar masks and black cream achieving sales of 600 million and 200 million respectively [1]. - The newly expanded fragrance category generated 110 million, while the makeup artistry training business saw revenue of 67 million, down by 5.9% due to a deliberate reduction in enrollment [1]. Channel Performance - Online channels generated 1.297 billion, reflecting a year-on-year increase of 39.0%, with direct online sales contributing 1.024 billion, also up by 39.0% [2]. - Offline channels achieved revenue of 1.224 billion, growing by 26.6%, with direct offline sales at 1.094 billion, up by 25.0% [2]. - The company operated 437 counters, adding 28 new ones, with comparable counter average revenue increasing to 2.9 million, a year-on-year growth of 21% [2]. - Member repurchase rates for online and offline channels improved to 24.1% and 30.3%, respectively, with increases of 2.6 percentage points and 1.6 percentage points [2]. Profitability - The company's gross margin and net margin for the first half of 2025 were 84.2% and 25.9%, respectively, with a decrease in gross margin by 0.7 percentage points and an increase in net margin by 0.9 percentage points [3]. - The gross margins for cosmetics and skincare were 82.7% and 87.5%, reflecting declines of 0.9 and 0.2 percentage points, respectively, primarily due to increased product costs and training expenses [3]. - Sales and marketing expense ratio, administrative expenses, and R&D expense ratio were 45.2%, 5.3%, and 0.6%, showing decreases of 2.3 percentage points, 1.5 percentage points, and 0.2 percentage points, respectively [3]. Investment Outlook - The company is expected to maintain strong mid-term performance, with rapid growth in both revenue and profit, supported by its strong brand and continuous product innovation [4]. - The company aims for synergistic development in cosmetics and skincare while expanding into the fragrance category [4]. - Online revenue has surpassed offline for the first time, indicating a shift in the sales strategy [4].

证券研究报告·海外公司点评·美容护理 毛戈平（01318.HK） 2025 年半年报点评：25H1 归母净利同比 +36.1%，产品矩阵推新升级带动增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,886 | 3,885 | 5,151 | 6,523 | 8,161 | | 同比(%) | 57.78 | 34.61 | 32.60 | 26.63 | 25.12 | | 归母净利润（百万元） | 661.93 | 880.61 | 1,202.82 | 1,523.81 | 1,908.32 | | 同比(%) | 88.00 | 33.04 | 36.59 | 26.69 | 25.23 | | EPS-最新摊薄（元/股） | 1.35 | 1.80 | 2.45 | 3.11 | 3.89 | | P/E（现价&最新摊薄） | 63.38 | 47.64 | 34.88 | 27.53 | 21. ...

Core Viewpoint - Despite strong performance in revenue and profit, the stock price of the domestic beauty brand Mao Geping has declined significantly, indicating a disconnect between financial results and market valuation [1][4]. Financial Performance - In the first half of the year, Mao Geping reported revenue of 2.588 billion yuan, a year-on-year increase of 31.3% [1] - Gross profit reached approximately 2.179 billion yuan, up 30.25% year-on-year [1] - Net profit was 670 million yuan, reflecting a growth of 36.1% compared to the previous year [1] - The increase in revenue was attributed to a rise in product sales across online, offline, and overseas channels, supported by a gross margin exceeding 80% [1] Product Sales Breakdown - Makeup and skincare products remain the main sales drivers, with makeup revenue at 1.422 billion yuan, a 31.1% increase, accounting for over 54.95% of total revenue [2] - Skincare sales grew by 33.4% year-on-year, reaching 1.087 billion yuan, with the luxury caviar mask being the top-selling item at over 600 million yuan [2] - The average selling price of makeup products decreased by 4.1% to 157 yuan per item due to bulk purchasing discounts [2] New Product Launches - Mao Geping entered the fragrance market with the launch of 13 "Wen Dao Dong Fang" series perfumes in late June, generating approximately 11.41 million yuan in revenue from 35,400 units sold [3] - The revenue from makeup artistry training and related sales reached 67.31 million yuan, but this segment saw a year-on-year decline of 5.82% [3] Margin Analysis - The gross margin for makeup products decreased by 0.9 percentage points to 82.7%, while skincare margins fell by 0.2 percentage points to 87.5% [5] - The gross margin for makeup artistry training dropped significantly by 9.5 percentage points to 62.9%, attributed to increased personnel costs from expanding the teaching staff [6] Stock Price Trends - Mao Geping's stock price peaked at 130.6 HKD per share in June but has since fallen to 94.35 HKD, a decline of nearly 30% [1][7] - The current price reflects a dynamic price-to-earnings (PE) ratio close to 50, which is considered high compared to peers like Proya [7] - The limited market size for makeup products and the lack of a clear "second growth curve" contribute to concerns about future growth potential [7]