公告称，收入增加主要由于产品销售由上年同期的19亿元增加32.7%至截至2025年6月30日止六个月的 25.21亿元。 毛戈平(01318)发布截至2025年6月30日止六个月的中期业绩，收入25.88亿元(人民币，下同)，同比增加 31.28%;股东应占溢利6.7亿元，同比增加36.11%;每股基本盈利1.37元。 ...

公告称，收入增加主要由于产品销售由上年同期的19亿元增加32.7%至截至2025年6月30日止六个月的 25.21亿元。 智通财经APP讯，毛戈平(01318)发布截至2025年6月30日止六个月的中期业绩，收入25.88亿元(人民 币，下同)，同比增加31.28%;股东应占溢利6.7亿元，同比增加36.11%;每股基本盈利1.37元。 ...

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].

"我们在生产端和企业签订了保密协议，在流通端建立一物一码溯源系统，希望通过'明码+暗码'双 码防伪，全链条加强知识产权保护。但假货还是层出不穷，单靠企业自身打假维权，太难了！"近日， 在毛戈平化妆品股份有限公司产品展厅内，该公司副董事长毛霓萍一边向上门提供服务的"法治问诊 团"介绍商标防伪设计，一边发出感慨。 近年来，国货高端美妆品牌毛戈平在市场上的知名度越来越高。与此同时，消费者购买到假货的投 诉也屡见不鲜。据不完全统计，2024年，该公司因假货造成的直接、间接损失达4150万元，品牌形象及 声誉的损失更是无法估量。 为了精准对接企业需求，杭州铁路运输检察院与杭州市上城区检察院、上城区公安分局、阿里巴巴 集团共同组成"法治问诊团"，走进该公司，现场为其提供知识产权保护"一对一"专家会诊服务。 现场，毛霓萍急切咨询："不少网络售假店铺采取游击战术，经常性更换店铺重新上架假货，屡禁 不止、防不胜防。该怎么办？" "法治问诊团"分析平台投诉数据和相关案例后发现，打假最重要的是要打掉生产端。"可以借助阿 里巴巴平台良好的数据研判机制和系统监控维权，通过数据溯源找到生产端。"阿里巴巴集团安全专家 张浚回应。 "检察机 ...