2024年初，毛戈平第三次从A股撤回IPO申请时，曾给出一个体面的理由："鉴于业务前景、未来发展战略及市场环境"。 但真实的剧本或许更为直白——撤回A股申请后的72小时内，毛戈平家族便启动了对九鼎系所持10%股权的回购，7.3亿元现金悉数奉上；紧接着的三个月 里，公司连续两轮派息10亿元，超过上年全部净利润；转战港股成功上市后，又在2025年追加分红3.53亿元。 如今，上市满一年不久，毛戈平家族6人便以"改善个人生活"为由，宣布减持套现14亿港元。 【文/王力 编辑/周远方】 一道简单的算术题：A股三次IPO拟募资11.21亿元，港股实际募资约21亿港元。而毛戈平家族两年间通过分红加减持落袋超过20亿元——几乎与募资额相 当。 这不禁让人追问：究竟要怎样改善个人生活需要套现20亿？当"国货高端美妆第一股"的实际运作轨迹与其招股书里描绘的"研发升级、品牌出海"愿景渐行渐 远，投资者是否正在为一场"家族财富盛宴"买单？ 毛戈平家族累计套现近20亿 近日，登陆港股市场刚满一年的毛戈平化妆品股份有限公司发布了一则引发市场关注的公告：公司控股股东毛戈平、其配偶汪立群，以及毛戈平的两位姐姐 毛霓萍、毛慧萍，汪立群的弟弟 ...

2026.01.08 微信编辑| 七三 1月7日，毛戈平公司的股价盘中上涨达到5.3%, 当日开盘价为81.75港元，最高飙升至88.900港元。按这 样的股价范围，这六名控股股东和执行董事最少能套现14亿港元。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 公告显示，本次减持的人员除了毛戈平、汪立群夫妇，还包括执行董事毛霓萍、毛慧萍、汪立华及宋虹 佺。据了解，前两位是毛戈平的姐姐，汪立华为汪立群的弟弟，宋虹佺为公司核心高管。 对于这次减持的目的，公告显示，公司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。同时，公告强调，控股股东及董事对公 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。另外，本次股份减持计划的实施不会 导致本公司控制权发生变更，不会对本公司治理结构和持续经营产生重大影响。 据悉，毛戈平于2024年10月在港交所上市，上市时头顶"港股国货彩妆第一股"光环，之后，其股价表现 一直不俗，当时的发行价为29.8港元，开盘价达到47 ...

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。 1月6日晚间，毛戈平化妆品股份有限公司公告，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%。 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 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 有團股本類別 | 佔本公司 | | | | | 好意/ | | 股權之櫃的 | 股權總數之 | | 姓名 | 樓益性質 | 殷份頻別 | 淡盒 | 所持股份數目 | 百分比 | 概的百分比 | | 毛戈平先生(2) ...

公告称，上述股东此次减持股份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。 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。上述六人均为公司执行董事。 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30日，该公司品牌专柜遍布于全国120多个城市，包含405个自营专柜和32个经销商专柜。 毛戈平化妆品股份有限公司(简称毛戈平，01318.HK)宣布多位执行董事合计减持不超过1720万股后，公司股价大涨。 1月7日，毛戈平股价涨幅一度超过8%。截至发稿前，该股股价涨幅为6.46%，报87.30港元/股，市值为427.93亿港元。 毛戈平1月6日发布消息 ...

Core Insights - The global luxury goods giants are facing challenges from the Chinese market as consumer preferences shift from international brands to local high-end brands [1][2] - This structural change in consumer behavior is reshaping the competitive landscape of the world's largest luxury market, with local brands experiencing significant sales growth [1][2] Group 1: Market Trends - Chinese consumers are increasingly favoring domestic high-end brands, leading to a decline in sales for traditional international brands like Gucci and Louis Vuitton [1] - In the first three quarters of 2023, local brands such as Laopuhuangjin, Songmont, and Maogeping have seen substantial sales increases, surpassing the growth rates of seven major foreign competitors [1] - The shift in consumer preference is driven by a systemic upgrade in consumer values, moving from external displays of wealth to internal satisfaction and self-expression [1][2] Group 2: Cultural Influence - The rise of national pride and cultural connection is influencing consumer preferences towards domestic luxury brands, initially seen in mass consumption and now penetrating the high-end market [2] - High-end Chinese brands are increasingly accepted at premium price points, with brands like Yangwang and Zun Jie achieving sales comparable to or exceeding Western counterparts [2] - Local brands are integrating traditional craftsmanship with modern design, creating cultural value beyond the material itself, as seen with Laopuhuangjin and Songmont [2] Group 3: Global Consumer Behavior - There is a global trend towards more affordable, quality-focused brands, reflecting the democratizing effect of the internet on consumption [3] - Young consumers are shifting their focus from brand names to product innovation and quality, moving away from luxury items that merely symbolize wealth and status [3] - The current Chinese luxury market is characterized by cultural confidence, mature consumers, and competition between local and international brands, positioning Chinese companies for future global expansion [3]

Core Viewpoint - 毛戈平 (01318) reported a significant increase in both revenue and profit for the six months ending June 30, 2025, indicating strong business performance and growth potential [1] Financial Performance - Revenue reached 2.588 billion RMB, representing a year-on-year increase of 31.28% [1] - Shareholder profit amounted to 670 million RMB, reflecting a year-on-year growth of 36.11% [1] - Basic earnings per share were reported at 1.37 RMB [1] Sales Growth - The increase in revenue was primarily driven by product sales, which rose from 1.9 billion RMB in the same period last year to 2.521 billion RMB, marking a 32.7% increase [1]

Core Viewpoint - The company reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong business performance and growth potential [1] Financial Performance - Revenue reached 2.588 billion RMB, representing a year-on-year increase of 31.28% [1] - Shareholder profit amounted to 670 million RMB, reflecting a year-on-year growth of 36.11% [1] - Basic earnings per share were reported at 1.37 RMB [1] Sales Growth - The increase in revenue was primarily driven by product sales, which rose from 1.9 billion RMB in the same period last year to 2.521 billion RMB, marking a 32.7% increase [1]

Core Viewpoint - The article highlights that Mao Geping, a domestic high-end cosmetics brand, has benefited from the consumption downgrade trend in the luxury goods market, achieving significant revenue growth despite a challenging industry backdrop [1]. Group 1: Company Performance - Mao Geping has achieved a compound revenue growth of 35%-40% over the past three years and is expected to maintain a growth rate of around 30% in the next 2-3 years [1]. - The brand's sales expense ratio is 49%, which is considered moderate in the industry, with a significant portion allocated to employee salaries and rental costs [7]. - The number of offline counters for Mao Geping has increased from 135 in 2017 to 372 by the first half of 2024, indicating a strong expansion strategy [7]. Group 2: Market Positioning - The brand has successfully captured the market share lost by foreign high-end brands like Estée Lauder and YSL due to their poor performance in China [1]. - Mao Geping's strategy focuses on offline sales and a robust membership system, which differentiates it from other domestic brands that primarily rely on online traffic for growth [4][10]. Group 3: Membership and Customer Engagement - Mao Geping has developed a strong private membership operation, with core member repurchase rates exceeding 80% and core member consumption accounting for over 75% of total sales [16]. - The brand's unique service experience includes a well-trained staff of over 2,700 beauty consultants, providing personalized makeup advice and services [19]. - The company has established a comprehensive membership system with various tiers, enhancing customer loyalty and engagement [22]. Group 4: Sales Strategy - Mao Geping's sales strategy involves using online platforms to attract new customers while focusing on offline experiences to deepen customer relationships [25]. - The average annual revenue per counter has shown a steady increase, from 3.2 million in 2021 to an expected 4.3 million in 2023 [27]. - The brand emphasizes a consistent pricing strategy across online and offline channels, encouraging customers to purchase in-store [21].

Core Viewpoint - The retail landscape is shifting, with traditional beauty brands being replaced by new categories such as trendy toys, outdoor sports, and tea beverage brands, which are now dominating the first floor of shopping malls [4][5][7]. Group 1: Changing Retail Dynamics - The flagship store of Innisfree, a Korean beauty brand, was replaced by Pop Mart, a trendy toy company, highlighting a significant shift in consumer preferences [4]. - The emergence of the "Four Kings" (trendy toys, outdoor sports, new energy vehicles, and tea beverages) reflects a broader trend where traditional beauty counters are losing prominence in shopping malls [5][6]. - The vacancy rate in shopping malls, even in major cities, has approached 14%, providing an opportunity for the "Four Kings" to establish a presence [7]. Group 2: Impact on Beauty Brands - The number of beauty counters in China has decreased from 15,415 in 2020 to 11,365 in 2022, with low-end beauty counters experiencing the most significant decline [7]. - High-end beauty brands like Chanel and Lancôme continue to maintain their presence in malls despite overall declines in sales, as they contribute to the mall's image and customer traffic [8][9]. - The first floor of shopping malls serves as a "face" for the mall, influencing consumer perceptions and foot traffic [8]. Group 3: The Rise of New Categories - New energy vehicle brands have become a significant presence in shopping malls, with Tesla being a pioneer in this space [11][12]. - The tea beverage sector is rapidly evolving, with brands like Nayuki and Heytea adjusting their pricing strategies to adapt to changing consumer behaviors [15][16]. - The number of tea beverage brands is increasing, with some brands like Bawang Tea Ji opening nearly 3,000 new stores in 2024, indicating a strong expansion trend [16]. Group 4: Strategic Brand Positioning - Brands like Lululemon and Pop Mart are focusing on prime locations in high-end shopping malls, which enhances their brand visibility and consumer engagement [20][22]. - The "Bird Nest Plan" by brands like Arc'teryx emphasizes opening flagship stores in key urban areas, reflecting a strategic shift towards high-value locations [22][23]. - The competition for prime retail space is intensifying, with many mid-tier malls struggling to attract high-end brands, leading to a concentration of successful brands in top-tier malls [23]. Group 5: Future Outlook - The retail environment remains unpredictable, with some brands thriving while others struggle to maintain their presence [24]. - Emerging brands like Mao Geping are successfully expanding in the offline market, demonstrating that opportunities still exist for brands that offer unique customer experiences [24]. - The future of the "Four Kings" and their potential replacements remains uncertain, as consumer preferences continue to evolve [24].

Core Viewpoint - The article discusses the transformation of shopping malls in China, highlighting the shift from traditional cosmetics brands to new categories such as trendy toys, outdoor sports, and tea beverage brands, referred to as the "Four Kings" of modern retail [6][11][12]. Group 1: Transformation of Retail Landscape - The flagship store of Innisfree, a Korean beauty brand, has been replaced by Pop Mart, a trendy toy company, symbolizing a broader trend in retail [6][8]. - The "Four Kings" now dominating mall spaces include trendy toys, outdoor sports, new energy vehicles, and diverse tea brands, reflecting changing consumer preferences [8][11]. - The vacancy rate in shopping malls has approached 14% in major cities, providing an opportunity for the "Four Kings" to establish a presence [11]. Group 2: Decline of Traditional Brands - The number of cosmetic counters in China has decreased from 15,415 in 2020 to 11,365 in 2022, with low-end cosmetics experiencing the most significant decline [11][12]. - High-end cosmetic brands like Chanel and Lancôme continue to maintain their presence in malls despite overall declines in sales [12][14]. Group 3: New Entrants and Market Dynamics - New energy vehicle brands have become prominent in malls, with Tesla being a pioneer in this space, shifting the focus from traditional car dealerships to experiential retail [18][19]. - The tea beverage market has seen rapid changes, with brands like Nayuki and Heytea adapting to consumer preferences, while others like Tiger Sugar have exited the market [22][24]. Group 4: Future Trends and Opportunities - The article notes that while the "Four Kings" dominate, there are still opportunities for emerging brands like Mao Geping, which has expanded rapidly in the offline market [32][35]. - The future of retail remains uncertain, with the potential for new categories to emerge and replace existing ones, indicating a dynamic and evolving market landscape [36].