无论是B站、微博、小红书等各大平台纷纷下场举办二次元展会，还是暑期《全职高手》《盗墓笔记》展现出的强文旅目的地带动效果，又或是屡次刷新 记录的乙游周边消费和在下沉市场进一步蔓延的谷店文化…… 今年，谷子经济已成为最热的Z世代消费新风。IP营销也一跃成为大量品牌年轻化的必经之路。 美妆圈也不例外。8月还未结束，便有谷雨、雅诗兰黛、自然堂、MAC等多个品牌官宣启动IP联名并推出礼盒，为即将到来的七夕大战预热。 "今年美妆行业联名明显回潮，咨询和合作比去年高了很多。大量品牌都不想错过这波流量热潮。"IP联名服务商Cathy告诉我们。 某国产美妆品牌市场负责人露露也透露："从去年下半年开始，二次元经济的热度就很高。所以今年也成为公司内要求的市场传播重点。老板内部要求是 人无我有，人有我多。" 但二次元领域自带的天然门槛和越来越卷的市场也难倒了不少品牌。据剁椒Spicy不完全统计，截止目前，今年已有近50个美妆品牌开启IP联名营销，不 乏品牌在一年内联名超3次，市场正变得愈发内卷。 同时，由于联名的不熟练，在合作圈层IP时，美妆品牌频频翻车。7月蜜丝婷与《光与夜之恋》的联名，MAC刚刚官宣与《世界之外》的联名，均因为联 ...

"你知道吗，2024年以前，举办了十多年的全球最大清真展之一：土耳其清真博览会，竟然从没出现过一家中国公司。"马来西亚中国清真企业家协会驻广州 市主席郑翰庭对虎嗅感叹。 连亚马逊深山老林里都曾闪现身影的中国人，竟鲜少涉足这个全球超20亿人（占总人口四分之一）的市场，着实令这位马来西亚华人感到惊讶。 这个市场究竟有多大？ 据数据，2024年，全球伊斯兰金融市场规模已达3.18万亿美元；2021年，全球清真食品和饮料市场规模已达2.09万亿美元；2024年清真化妆品市场也达477亿 美元。穆斯林市场总产值已数万亿美元。 但这仍像一块未被中国企业系统开垦的蓝海地，而在另一边，许多中企早已在欧美市场内卷到白热化。 这片充满诱惑的"新大陆"布满了文化、宗教、商业规则的壁垒和盲区。 "有人一口气做了5个Halal认证，但重点穆斯林国家仍是进不去。"郑翰庭告诉虎嗅，作为马来西亚Jakim（马来西亚伊斯兰教发展局）国际清真认证机构赫 拉多希班的执行董事，他看到了无数中企在认证上踩的坑。 印尼86%人口为穆斯林人群，约2.29亿人。沙特、阿联酋等中东国家自不必说，消费水平高，财力雄厚。 马来西亚虽然人口仅3598万，但穆斯林人 ...

Summary of Conference Call Industry Overview - The 2024 cosmetics market is showing a trend towards female-oriented consumption, with the high-end cosmetics segment performing exceptionally well, indicating significant potential for market upgrades [2][4] - Within high-end cosmetics, the base makeup category accounts for over 50% of the market share, making it the largest category, with structural upgrades driving the high-end trend [2][5] Key Insights and Arguments - The high-end base makeup price segment is growing faster than the mass price segment, with average prices across all price ranges on platforms like Tmall increasing [2][5] - Over the past five years, the overall average price of base makeup has consistently risen, with high-end brands on Tmall and Douyin showing a significantly higher market share compared to other categories, indicating a strong demand growth [2][5] - The company has seen a steady increase in its overall market share, with a growth rate from 2019 to 2023 that is only surpassed by USL and NAS. In 2023, the company achieved a 2% market share in the cosmetics sector, ranking 15th overall and 8th among high-end brands [2][6] Company Performance and Strategies - The company's online market share is increasing at a rate that far exceeds other foreign high-end brands, attributed to strong performances in traditional categories such as foundation, cushion, concealer, and highlighter, with these products ranking in the top ten [2][6] - The company is actively expanding into new product lines, such as black cream and skin clothing, which are expected to become new growth points and further solidify its position in the high-end base makeup market [2][6] Product Development Advantages - The company boasts a strong product development capability, led by a team centered around "Teacher Wang" and an artistic committee that deeply understands domestic consumer needs, continuously improving product quality [3][7] - This technical insight and research capability enable the company to launch high-quality products tailored to the characteristics of Chinese consumers, supporting its core competitiveness [3][7] Future Growth Drivers - From an investment perspective, the main drivers for the company's future development are the trend towards high-end base makeup products and the company's multi-faceted product layout strategy [2][8] - These factors together form the company's core competitive advantage, allowing it to maintain market leadership and achieve stable growth [2][8]

Group 1: Equity Transfer Event - Xingye Investment transferred its 6.99% stake in Xinghui Precision to Wang Xiaodong, involving 32 million unrestricted circulating shares at a price of RMB 4.50 per share, totaling RMB 144 million [1] Group 2: Foreign Acquisition Event - KKR plans to acquire South Korean beauty packaging manufacturer Samhwa for 800 billion KRW, approximately RMB 4.16 billion, marking a significant acquisition in the Asian market this year [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 127.89 HKD [6][4]. Core Insights - The company is expected to achieve a revenue of 25.7-26.0 billion RMB in 25H1, representing a year-on-year growth of 30.4%-31.9%, and a net profit of approximately 6.65-6.75 billion RMB, reflecting a year-on-year increase of 35%-37% [1]. - The growth is attributed to the company's commitment to creating value for consumers and the increasing recognition of its brand as a high-end product, which is driving long-term business growth [1]. - The company is experiencing rapid growth in its foundation makeup, color cosmetics, and skincare categories, while the fragrance category is expected to provide new growth opportunities in the long term [1]. Online Performance - In 1H25, the company's GMV on Douyin reached 7.87 billion RMB, up 50% year-on-year, while GMV on Taobao and JD.com increased by 44% and 77% respectively, leading to a total GMV of approximately 14.4 billion RMB, also up 50% year-on-year [2]. - The strong growth in the color cosmetics segment, particularly in products like powder and cushion foundations, is helping the brand expand its market presence [2]. Offline Expansion - The company continues to expand its presence in high-end shopping malls, successfully entering locations such as Beijing SKP and upgrading its flagship store in Hangzhou [3]. - The company is also steadily expanding its stores in second and third-tier cities, with improvements in single-store efficiency noted since March [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 11.75 billion RMB, 15.33 billion RMB, and 19.17 billion RMB respectively, with corresponding EPS of 2.40, 3.13, and 3.91 RMB [4]. - The report assigns a PE ratio of 38 times for 2026, maintaining the target price at 127.89 HKD, which reflects the company's strong product potential and sustained revenue growth across both online and offline channels [4].

Market Overview - The Chinese foundation makeup market is expected to grow steadily, with the market size increasing from 73.19 billion yuan in 2022 to 93.70 billion yuan in 2024, and is projected to exceed 100 billion yuan in 2025, indicating a healthy and active industry phase [1][9][10] - Online sales are dominated by Douyin, which holds a 51.23% share of the online GMV, followed by Taobao with 29.02%, while Pinduoduo has surpassed JD, highlighting the potential of lower-tier markets [1][12][15] Consumer Insights - The core consumer group is aged 31-35, with 37.54% residing in third-tier cities or below; nearly 90% of consumers have skin blemishes, emphasizing the demand for coverage and long-lasting makeup [2][5] - Daily commuting (64.36%) and social gatherings (85.64%) are the primary usage scenarios, with consumers preferring natural makeup (70.24%) and valuing lightweight, breathable, and long-lasting products [2][5] Product Trends - The market is witnessing continuous upgrades in long-lasting makeup technology, with brands like Caitang and Laose achieving 24-hour wear through patented technologies; the trend of combining makeup with skincare is becoming mainstream [2][7] - Scene-specific innovations, such as mini portable products and exclusive solutions for different occasions, are gaining popularity, along with cultural empowerment and IP collaborations enhancing product appeal [2][7] Competitive Landscape - The foundation makeup category is primarily dominated by basic foundation products, with Douyin users showing a strong preference for three-dimensional makeup effects [1][16] - Estee Lauder leads the foundation liquid market on Taobao, while Douyin is dominated by brands like Passional Lover; in the cushion category, YSL has a significant advantage on Taobao, while Douyin is a stronghold for domestic brands like Ruikefu and Laose [1][25][29] Category Performance - The foundation makeup products can be categorized into four main types: base makeup, makeup primer, local touch-up products, and setting products [7] - The basic foundation category holds a dominant position across platforms, with Douyin's local touch-up category accounting for 8.7%, reflecting users' pursuit of a three-dimensional makeup look [1][16]

Group 1 - MISTINE collaborates with the popular game "Light and Night of Love" to launch new products including sunscreen and cushion foundation, featuring game-themed designs to attract young consumers [2] - Face Gym, a UK skincare brand, receives investment from Reliance Industries, led by Mukesh Ambani, indicating interest in the international beauty market and providing strong financial support for global expansion [3] - Upm's brand Han Shu wins the Rongge Technology Innovation Award for its "X Peptide Cream" and has filed a patent for a hair loss prevention composition, showcasing innovation in the personal care sector [5] Group 2 - Henkel appoints Rajat Agarwal as North America President, effective July 1, 2025, to drive growth in the personal care business, strengthening the connection between packaging strategy and product portfolio [6] - Changzhou Baijiji Biopharmaceutical Co., Ltd. responds to IPO review and forecasts its functional skincare business to achieve breakeven by Q4 2027, with projected revenues of 73.14 million, 88.58 million, and 108.96 million over the next three years [7] - HBN collaborates with Pantone to define "Oriental Native White," creating four color cards and scientifically analyzing its texture, enhancing brand visibility in the color trend space [8]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 毛戈平：大师缔造、深厚底蕴成就中国高端化妆品唯一国产品牌 公司由中国美妆界顶级化妆师毛戈平先生创立，目前旗下包括两大美妆品牌MAOGEPING（以下简称 MGP）和至爱终生，另外有化妆艺术培训业务。 公司凭借创始人毛戈平先生的专业积累和影响力，成为国产化妆品行业中唯一一个实现了向高端市场成功 突围的品牌，2023年公司旗下MGP品牌为中国市场前15大高端美妆品牌中唯一的国货品牌，按零售额计算 排名第12、市场份额为1.8%。 近十年间，公司业绩实现了长周期内的高速增长。公司2024年实现营业收入38.85亿元，同比增长34.6%， 净利润8.81亿元，同比增长32.8%，2021~2024年营业收入和净利润的年复合增速分别为3 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.304 billion yuan and a net profit attributable to shareholders of 83.76 million yuan [1] - The company's dividend plan for 2024 is to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) [1] Group 2: Core Business and Market Strategy - The company focuses on two main pillars: proprietary brand business and OEM/ODM manufacturing, leveraging global production capabilities in Bangladesh, Vietnam, and China [1] - The proprietary brand business generated 773 million yuan in revenue, while the OEM/ODM business contributed 528 million yuan [1] - The company aims to enhance its brand presence and market share through integrated marketing strategies, including co-branding, content marketing, and community engagement [2] Group 3: Brand Development and Product Innovation - The company launched a new brand image "向野而生" (Towards the Wild) in 2024, promoting high-quality outdoor products and encouraging exploration [3][5] - The "冷山山地系列" (Cold Mountain Series) was developed specifically for high-altitude trekking, featuring advanced materials and designs tailored to challenging environments [6][8] - The company emphasizes a three-core product system: sleep products, carrying products, and clothing products, ensuring comprehensive coverage for outdoor activities [8] Group 4: Retail Expansion and Community Engagement - The company's first flagship store opened in Shanghai in March 2025, marking a new phase in its retail strategy [10] - The company collaborates with various events and platforms, such as the 小红书 (Xiaohongshu) music festival and 阿那亚戏剧节 (Anaya Drama Festival), to promote outdoor lifestyles and engage with younger audiences [10][12]