根据框架协议，路威凯腾将利用其全球化的投资布局与战略伙伴网络，协助并赋能毛戈平集团旗下品 牌拓展海外高端零售渠道；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；同时，双方亦将在资本结构进一步优化、人才引进与治理方面进行合 作。 共同开创中国美妆企业的新篇章。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，毛戈平于1月7日在港交所发布公告称，近日已与全球最大消费品投资公司路威凯 腾（L Catterton）签订战略合作框架协议，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。 毛戈平集团旗下高端美妆品牌MAOGEPING创立于2000年，其明星产品如"光感柔润粉底液"、"无 瑕双色遮瑕膏"、"光影塑颜高光粉膏"、"奢华鱼子面膜"等凭借卓越妆效与匠心工艺，成为众多消费 者心中的"国货之光"。品牌在全国高端百货渠道已设立超过400个专柜，并连续多年在丝芙兰系统 中稳居国货销量榜首，被誉为"最能代表中国高端彩妆实力的品牌"。 毛戈平集团创始人毛戈平表示："非常荣 ...

Summary of Key Points from the Conference Call Company Overview - The conference call focuses on the performance and strategies of 毛戈平, a leading domestic high-end beauty brand in China. Sales Performance - Online sales are expected to exceed 2 billion yuan by the end of the year, with an annual growth rate of 30%-40% [1][2] - Offline sales have grown approximately 25%, maintaining strong momentum in the second half of the year [1][2] - During the Double Eleven shopping festival, online sales on the Douyin platform achieved over 50% growth [2] Same-Store Sales Growth - The company has a mature membership system that significantly contributes to same-store sales growth, which was about 18% in the first half of the year [3] - The expectation for the second half of the year is to maintain double-digit growth, driven by online traffic and upgraded membership services [3] Product Development and Category Expansion - In 2025, 毛戈平 launched fragrance products and is steadily advancing its skincare line [4] - The luxury caviar mask and new products like the black cream are showing sales potential, indicating future growth opportunities [4][6] User Acquisition and Conversion Strategy - The company effectively attracts new users through online channels, particularly on Douyin, where approximately 75% of new users have made purchases, and 20%-30% convert to offline consumers [5] - This strategy enhances brand youthfulness and increases foot traffic and conversion rates in physical stores [5] Future Product Strategy - 毛戈平 will focus on increasing repurchase rates of classic products like the luxury caviar mask and the invisible foundation [6] - The company will continue to monitor the development of new products, such as the fragrance series and black cream, which are crucial for sustained growth in the coming years [7]

Summary of Conference Call on Mao Geping's Business Performance Company Overview - The conference call focuses on Mao Geping, a leading brand in the high-end domestic beauty industry in China Key Points and Arguments Sales Performance - Online sales are expected to exceed 2 billion yuan by the end of the year, with an annual growth rate of 30%-40% [1][2] - Offline sales have grown approximately 25%, maintaining strong growth momentum in the second half of the year [1][2] - During the Double Eleven shopping festival, online sales on Douyin achieved over 50% growth, with an overall annual growth rate projected between 45% and 50% [2] Same-Store Sales Growth - The company has a mature membership system that significantly contributes to same-store sales growth, which was about 18% in the first half of the year [3] - The expectation for the second half of the year is to maintain double-digit growth, driven by online traffic and upgraded membership services [3] Product Development and Category Expansion - In 2025, Mao Geping launched fragrance products and is steadily advancing its skincare category [4] - The luxury caviar mask and new products like the black cream are showing sales potential, indicating a positive market reception [4][6] User Acquisition and Conversion - The company effectively attracts new users through online channels, particularly on Douyin, where approximately 75% of new users have made purchases, and 20%-30% convert to offline consumers [5] - This strategy enhances brand youthfulness and increases foot traffic and conversion rates in physical stores [5] Future Product Strategy - The focus for the coming years will be on enhancing the repurchase rate of classic products like the luxury caviar mask and the flawless foundation [6] - The company will continue to monitor the development trends of new products, which are crucial for sustained growth in the future [7] Additional Important Insights - The company is leveraging its membership services and online platforms to attract younger consumers, which is vital for long-term business expansion [1][6][7] - The introduction of new product lines is seen as essential for maintaining growth momentum, despite their current low contribution to overall sales [4][6]

Core Insights - MAOGEPING, a domestic beauty brand, successfully listed on the Hong Kong Stock Exchange after eight years of attempts, raising over HKD 2.1 billion and attracting six cornerstone investors [1][5][27]. Financial Performance - MAOGEPING's comprehensive gross profit margin has consistently exceeded the industry average, reaching RMB 2.448 billion in 2023 [2][14]. - The brand's skincare revenue grew from RMB 469 million in 2021 to RMB 1.16 billion in 2023, with a compound annual growth rate of 57.3% [12][30]. - The overall revenue for MAOGEPING was RMB 2.879 billion in 2023, with a year-on-year growth of 57.8% [30]. Business Model - MAOGEPING employs a dual sales strategy combining high-end department store direct sales and e-commerce, which differentiates it from competitors [3][20]. - The company plans to allocate approximately 25% of its IPO proceeds to expand its sales network and 20% for brand building [6][29]. Market Positioning - MAOGEPING aims to transition from a "makeup brand" to a "high-end beauty brand," aspiring to become a representative of Chinese brands in the international high-end beauty sector [8][34]. - The brand's flagship product line, MAOGEPING, accounted for 99% of total revenue in 2023, indicating a strong reliance on a single brand [15][30]. Challenges and Opportunities - The company has faced significant challenges in its IPO journey, primarily due to external factors, including issues with a major shareholder, which have now been resolved [23][26]. - Despite its successful listing, MAOGEPING must enhance its product development capabilities, as its R&D expenditure has historically been low [34][36]. - The high-end beauty market in China is projected to grow significantly, with expectations of reaching approximately RMB 300 billion by 2027, presenting a substantial opportunity for MAOGEPING [45].

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 article highlights the impressive performance of the Chinese beauty brand Mao Geping, showcasing its strong growth in revenue and profit, which significantly outpaces the industry average, marking it as a leading example of domestic brands in the high-end beauty sector [3][4][5]. Financial Performance - For the first half of 2025, Mao Geping reported a revenue of 2.588 billion RMB, a year-on-year increase of 31.3%, and a net profit of 670.4 million RMB, up 36.1%, both exceeding market expectations [5][6]. - The revenue breakdown shows that color cosmetics generated 1.422 billion RMB (55.0% of total revenue), skincare contributed 1.087 billion RMB (42.0%), and fragrance brought in 11.4 million RMB (0.4%) [6][7]. Product Categories - The company maintains a dual-core growth strategy with color cosmetics and skincare as the main revenue drivers, while the newly introduced fragrance category is beginning to establish itself [7][8]. - The average selling price of color cosmetics decreased from 163.8 RMB to 157.0 RMB, while sales volume increased by 36.8%, indicating a strategic price adjustment to maintain market share amid economic challenges [7][10]. Channel Strategy - Online sales surpassed offline for the first time, accounting for 51.4% of total revenue, with a significant year-on-year growth of 39.0% [10][11]. - The offline channel, while slightly declining in proportion, showed improved efficiency with same-store sales increasing by 17.9% [11][12]. Customer Engagement - The overall repurchase rate increased from 24.8% to 26.8%, with offline repurchase rates particularly strong at 30.3% [12][13]. - The company has invested in a large team of over 3,100 beauty consultants to enhance customer experience and loyalty [19][20]. Brand Positioning and Cultural Strategy - Mao Geping emphasizes "Oriental aesthetics" as its core brand philosophy, integrating traditional Chinese cultural elements with modern beauty technology [15][17]. - The brand's cultural narrative is reflected in its product lines, such as the "Guo Yun Ning Xiang" and "Wen Dao Dong Fang" fragrance series, which are designed to resonate with consumers' cultural confidence [15][17]. Future Outlook and Challenges - Despite strong performance, the company faces challenges in R&D investment, international expansion, and increasing market competition [22][23]. - Plans for a self-owned production base and a focus on high-margin skincare products indicate a strategic direction for future growth [22][23].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant growth in revenue and profit in H1 2025, with total revenue reaching 2.59 billion yuan, a year-on-year increase of 31.3%, and net profit attributable to the parent company at 670 million yuan, up 36.1% year-on-year [7] - The product matrix has been upgraded, leading to strong sales growth in both makeup and skincare segments, with makeup and skincare revenues growing by 31.1% and 33.4% respectively [7] - The company is recognized as a rare high-end beauty brand in China, with a unique beauty academy model and a professional makeup artist team enhancing the offline experience [7] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 2,886 million, 3,885 million, 5,151 million, 6,523 million, and 8,161 million yuan respectively, with year-on-year growth rates of 57.78%, 34.61%, 32.60%, 26.63%, and 25.12% [1] - Net profit attributable to the parent company is forecasted to be 661.93 million, 880.61 million, 1,202.82 million, 1,523.81 million, and 1,908.32 million yuan for the same years, with year-on-year growth rates of 88.00%, 33.04%, 36.59%, 26.69%, and 25.23% [1] - The latest diluted EPS for 2025E is projected at 2.45 yuan, with corresponding P/E ratios of 34.88, 27.53, and 21.98 for 2025E, 2026E, and 2027E respectively [1]

Core Viewpoint - The company, Mao Geping, reported a strong revenue growth of 31.3% year-on-year for the first half of 2025, but the growth rate has slowed compared to over 40% in the same period of 2024 [1][4]. Financial Performance - Revenue for the first half of 2025 reached 2.588 billion yuan, with a net profit of 670 million yuan, reflecting a year-on-year increase of 36.1% [1]. - The overall gross margin was 84.2%, showing a slight decline compared to the same period last year [1]. - Product sales remained the core driver of performance, generating 2.521 billion yuan in revenue, a 32.7% increase year-on-year, accounting for 97.4% of total revenue [4]. Market Expansion - The company has entered the fragrance market, launching two high-end perfume series, which achieved sales of 35,000 units in just over a month, contributing 11.41 million yuan to total sales [6]. - International sales saw a significant increase of 503.1% year-on-year, although they still represent a small portion of total revenue at only 0.05% [4]. Sales Channels - Online and offline sales were relatively balanced, with cosmetic sales of 1.224 billion yuan online and 1.297 billion yuan offline, reflecting year-on-year growth of 26.6% and 39.0%, respectively [5]. - The company has established over 405 self-operated counters and 32 distributor counters across more than 120 cities in China [5]. Industry Context - The overall growth of the Chinese beauty market is slowing, with high-end and differentiated products becoming the focus of competition [7]. - The fragrance market is seen as a key growth area, with a projected compound annual growth rate of 15% from 2018 to 2023, indicating significant potential for expansion [6][7]. - The company aims to develop a second growth curve through its fragrance and international market strategies, which are crucial for its future development [8].