本报讯 （记者矫月）2026年1月7日，毛戈平化妆品股份有限公司（以下简称"毛戈平"）自愿公告披露，该公司已与全球领 先的消费投资机构路威凯腾（L Catterton）签署战略合作框架协议，双方将在全球市场扩张、收购及战略投资、资本结构优 化、人才引进与治理四大领域深度协作，为品牌全球化布局注入重磅动能。 （编辑 黄力） 品牌建设层面，毛戈平持续深化东方美学差异化定位。三大重磅营销事件接连破圈："一带一路"主题"荒野之花"活动将东 方美妆与丝路文化深度绑定；上海豫园九曲桥"以梦为马 万象生辉"主题走秀，实现园林雅致与美妆艺术的沉浸式融合；以"马 踏飞燕+山海经"为灵感的限定皮影礼盒，创新性融合非遗元素与美妆产品，上市后迅速成为爆款，实现文化价值与市场价值双 赢。 2025年，毛戈平在香港海港城落地首家直营旗舰店，最新数据显示，2025年12月份该店经营数据持续攀升，人流量、客单 价及复购等指标表现优于预期。未来，毛戈平有望以香港为支点，进一步辐射东南亚及更广阔的海外市场。 此次合作的路威凯腾实力雄厚，作为全球领先的消费投资机构，其管理约390亿美元股权资本，在全球18个办公室部署200 余名投资与运营专家，自 ...

Core Viewpoint - Huogeping (01318) is projected to achieve significant revenue growth from 2025 to 2027, with a "buy" investment rating maintained by Huaxin Securities [1] Financial Performance - For the first half of 2025, Huogeping reported revenue of 2.588 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 670 million RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for Huogeping are the makeup and skincare segments, with makeup revenue reaching 1.422 billion RMB, up 31.1% year-on-year [1] - Skincare revenue was 1.087 billion RMB, showing a year-on-year increase of 33.4% [1] - Huogeping has also expanded into the fragrance category, launching two high-end perfume series, generating revenue of 11.413 million RMB [1] Strategic Decisions - The decline in revenue from the makeup artistry training business is a strategic decision aimed at improving service quality by controlling enrollment size [1] - Overall, Huogeping's performance in the first half of the year demonstrates its strong competitive position in the high-end beauty market [1]

Core Viewpoint - Huaxin Securities predicts that Mao Geping (01318) will achieve revenues of 50.83 billion, 64.98 billion, and 82.45 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.36, 3.00, and 3.81 RMB, maintaining a "Buy" investment rating [1] Financial Performance - In the first half of 2025, Mao Geping reported operating revenue of 25.88 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 6.70 billion RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net profit margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for the company are the makeup and skincare segments, with makeup revenue reaching 14.22 billion RMB, up 31.1% year-on-year, and skincare revenue at 10.87 billion RMB, increasing by 33.4% [1] - Mao Geping has also expanded into the fragrance category, launching two high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang," generating revenue of 11.41 million RMB [1] - Although revenue from the makeup artistry training business has declined, the company stated this was a strategic decision to enhance service quality by controlling enrollment size [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The beauty industry is experiencing significant export trends, with the company, 毛戈平, making substantial progress in its global layout [1]. - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, representing a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% year-on-year [6]. - 毛戈平 plans to enter Hong Kong's Harbour City in October 2025, enhancing its high-end offline global presence [5]. Summary by Sections Market Performance - The Chinese cosmetics industry is witnessing a strong trend towards internationalization, with a total export value of 18.71 billion RMB in the first half of 2025, a year-on-year increase of 11.97% [4]. - Southeast Asia is a key market for Chinese beauty brands, projected to reach a market size of 34.55 billion USD by 2027, growing at an annual rate of 3.57% [4]. Company Developments - 毛戈平's offline sales in the first half of 2025 grew approximately 18%, significantly outperforming the industry average [5]. - The company has established 378 self-operated counters and 31 dealer counters across 120 cities in China, employing over 2,800 professional beauty consultants [5]. Financial Performance - 毛戈平's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [6]. - The company forecasts revenues of 5.083 billion RMB, 6.498 billion RMB, and 8.245 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.36, 3.00, and 3.81 RMB [8].

Core Insights - The company reported a revenue of RMB 2.5882 billion for the first half of 2025, representing a year-on-year growth of 31.3% [1] - The net profit for the same period was RMB 670.4 million, showing a year-on-year increase of 36.1% [1] Revenue Breakdown - The sales revenue from color cosmetics reached RMB 1.4223 billion, with a year-on-year growth of 31.1% [1] - The sales revenue from skincare products amounted to RMB 1.0872 billion, reflecting a year-on-year increase of 33.4% [1] Product Innovation and Market Expansion - The company launched two new high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang," expanding its product offerings into the fragrance market [1] - The new series emphasizes the company's philosophy of Eastern aesthetics, utilizing high-quality raw materials and craftsmanship [1] Brand Presence and Customer Engagement - As of June 30, 2025, the company has established brand counters in over 120 cities across China, including 405 self-operated counters and 32 distributor counters [2] - The company employs over 3,100 beauty consultants at its counters, making it one of the largest service teams among domestic and international beauty brands in China [2]