研究员：汤秀洁 事项： 业绩一览：25H1 收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1 实现收入25.9 亿 （+31.3%），归母净利润6.7 亿（+36.1%），经调净利润6.7 亿，符合市场预期。 评论： 盈利能力：销售费用率优化，盈利能力稳健。25H1 公司毛利率为84.2%（-0.7pp），净利率25.9% （+0.9pp），保持相对稳定；销售/管理费用率分别45.2%/5.3%（-2.4pp/-1.5pp）。尽管为提升品牌曝光 度，销售及分销开支同比增加至11.7 亿元，其中营销及推广开支提升至5.4 亿元，但得益于规模效应和 运营效率提升，销售费用率得到有效控制，带动净利率同比提升。 业务拆分：品牌口径，收入=55%彩妆+42%护肤+3%化妆艺术培训+0.4%香氛。1）彩妆：收入14.2 亿 （+31%），毛利率82.7%（-0.9pp）；2）护肤：收入10.9 亿（+33%），毛利率87.5%（-0.2pp）；3） 化妆艺术培训：收入0.7 亿（-6%），毛利率62.9%（-9.5pp）；4）香氛：收入0.11 亿，毛利率77.6%。 业务拆分：渠道口径，收入= ...

新华财经上海10月9日电（李一帆）10月9日，以"拓界·再定义"为主题的2026春夏上海时装周正式拉开帷幕。本届时装周突破传统秀场边界，将时尚发布、 展览展示与商业活动深度融入城市，打造了一场贯穿"一江一河"城市脉络的时尚漫游。从浦西的历史风貌区到浦东的现代地标，从百年老建筑到新兴商业空 间，时尚活动在各个城市角落生根发芽，展现出上海作为时尚之都的多元魅力。 历史地标焕新 新天地是上海的核心地标与流行文化策源地，亦是上海时装周十余年来的主秀场，是品牌首发经济与可持续创新的示范空间。本季时装周期间，新天地秀场 以"魔方"为设计理念，进一步深化自2024年首创的可持续秀场构想。 街区"活化"实践 街区"活化"实践成为本届时装周的又一亮点。位于静安区南京西路西端的永源路，一条长度仅500米却承载着南宋古井记忆的小马路，将于10月11日至10月 26日迎来新一季"上海时尚周末"活动。 在"崭新旧时光"的主题下，示場THEMARKETPLACE集合了国内外众多品牌及创意人，打造融合时尚、社区与公益的沉浸式体验。永源路中心的开放式大 草坪上矗立起高达6米的FOREVER21快闪店，呈现品牌全新秋冬系列及蓝精灵联名款；同期 ...

华创证券发布研报称，预计25-27年毛戈平(01318)归母净利润分别为11.9、15.3、19.4亿元，3年复合增 速为27.5%，当前股价分别对应38.2、29.8、23.5倍PE，参考可比公司以及考虑到公司为稀缺高端国货美 妆，给予次新股溢价及稀缺性溢价，该行给予公司1.7倍PEG，对应46.7倍PE，目标价124.4港元，维 持"强推"评级。 华创证券主要观点如下： 事项：业绩一览 25H1收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%)，归 母净利润6.7亿(+36.1%)，经调净利润6.7亿，符合市场预期。 盈利能力：销售费用率优化，盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp)，净利率25.9%(+0.9pp)，保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度，销售及分销开支同比增加至11.7亿元，其中营销及 推广开支提升至5.4亿元，但得益于规模效应和运营效率提升，销售费用率得到有效控制，带动净利率 同比提升。 业务拆分：品牌口径，收入=55%彩妆+42%护肤+ ...

业务拆分：渠道口径，收入=47%线下+50%线上 1)线下：收入12.2亿(+27%)，毛利率85.7%：其中百货专柜直销收入10.9亿(+25%)，毛利率87.3%;线下经 销商收入0.5亿(+28%)，毛利率76.8%(+2pp);高端跨国美妆零售商收入0.8亿(+54%)，毛利率68.2% (+1pp);2)线上：收入12.97亿(+39%)，毛利率83.9%。其中线上直销收入10.2亿(+39%)，毛利率84.1%;线 上经销商收入2.7亿(+39%)，毛利率83.1%。 事项：业绩一览 25H1收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%)，归 母净利润6.7亿(+36.1%)，经调净利润6.7亿，符合市场预期。 盈利能力：销售费用率优化，盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp)，净利率25.9%(+0.9pp)，保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度，销售及分销开支同比增加至11.7亿元，其中营销及 推广开支提升至5.4亿元，但得益于规模效应和运营 ...

证 券 研 究 报 告 毛戈平（01318.HK）2025 年中报点评 强推（维持） 渠道优势突出，品类拓展持续，香氛上新引擎 事项： 业绩一览：25H1 收入同比+31.3%、净利润同比+36.1%，业绩表现亮眼。毛戈 平 25H1 实现收入 25.9 亿（+31.3%），归母净利润 6.7 亿（+36.1%），经调净 利润 6.7 亿，符合市场预期。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,885 | 5,142 | 6,588 | | 8,273 | | 同比增速(%) | 34.6% | 32.4% | 28.1% | | 25.6% | | 归母净利润(百万) | 881 | 1,191 | 1,527 | | 1,936 | | 同比增速(%) | 33.0% | 35.3% | 28.2% | | 26.8% | | 每股盈利(元) | 1.84 | 2.43 | 3.12 | | 3. ...

Core Insights - The "Fragrance Season" event at Tianhuan Parc Central, starting from September 20, aims to blend traditional Lingnan aesthetics with immersive art, enhancing consumer experiences in Guangzhou during the Mid-Autumn and National Day holidays [1][4][9]. Group 1: Event Highlights - The event features over 20 fragrance brands, creating a multi-sensory experience that combines scent, visual art, and cultural elements [1][4]. - Activities include a wishing wall, rabbit-shaped fragrance sachets, and a traditional fragrance fan trial area, attracting many young visitors [4][9]. - The "NOSE IDEA" olfactory art exhibition, running until September 28, showcases numerous niche fragrance brands and offers consumers the chance to sample various scents [4][9]. Group 2: Market Trends - The fragrance economy is gaining traction in Guangzhou, evolving from mere scent sales to emotional consumption and cultural experiences [9][13]. - Tianhuan has introduced several unique fragrance brands this year, including the first store of AMOUAGE in South China and a new LE LABO store, resulting in over 40 high-end fragrance brands in the mall [9][13]. - The event reflects a broader trend in Guangzhou's retail landscape, shifting from traditional retail to experiential marketing, driven by cultural empowerment and cross-industry collaboration [13].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth driven by effective cost management and operational efficiency [1][5]. Financial Performance - The company achieved a revenue of 2.59 billion yuan in H1 2025, representing a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [1]. - The net profit margin for H1 2025 was 25.9%, an increase of 0.9 percentage points compared to the previous year, attributed to ideal revenue growth and effective cost control [1]. Product and Channel Performance - Major product categories showed robust growth, with color cosmetics, skincare, and makeup training contributing 55%, 42%, and 2.6% to total revenue, respectively. The newly launched fragrance category accounted for 0.4% of total revenue [1]. - Online and offline channel revenues grew by 39% and 26.6%, respectively, with online direct sales and sales to online distributors making up 40.6% and 10.8% of total revenue [2]. Cost and Efficiency Metrics - The gross margin for H1 2025 was 84.2%, a slight decrease of 0.7 percentage points year-on-year. The gross margins for color cosmetics, skincare, fragrance, and makeup training were 82.7%, 87.5%, 77.6%, and 62.9%, respectively [3]. - The operating expense ratio decreased by 3.9 percentage points to 50.5%, with sales, management, and financial expense ratios showing respective declines [3]. Inventory and Cash Flow - Inventory increased by 23.9% year-on-year to 390 million yuan, with inventory turnover days improving to 156 days, a reduction of 42 days [3]. - Operating net cash flow reached 830 million yuan, reflecting a year-on-year increase of 34.2% [3]. Brand and Market Positioning - The company continues to strengthen its high-end beauty positioning, launching new fragrance lines and enhancing its brand image through strategic store placements in premium retail locations [4]. - Membership numbers increased, with online and offline members reaching 13.4 million and 5.6 million, respectively, and the overall repurchase rate improved to 26.8% [4]. Future Outlook - The company is optimistic about maintaining its high-end beauty positioning and expects continued growth in both online and offline channels. Profit forecasts for 2025-2027 have been adjusted upward due to improved expense ratios [5].

Core Viewpoint - Recent rumors suggest that the Chengdu branch of the buyer's store brand Lane Crawford may cease operations after its lease expires in January 2026, following multiple staff departures. However, Lane Crawford has denied these claims, stating that discussions regarding the lease are premature and that they are optimizing their business layout [1][2]. Company Summary - Lane Crawford operates three stores in mainland China, located in Chengdu, Beijing, and Shanghai, with the Chengdu store opening in 2015. The Beijing store at Yintai Center closed in 2021 [2]. - The company is owned by the Lane Crawford Joyce Group, which is privately held and not required to disclose financial data [2]. - Lane Crawford has recently adjusted its business strategy, leading to some sales staff departures based on mutual agreements [2]. Industry Summary - The retail environment for Hong Kong-based buyer's stores has been challenging, with many struggling to attract foot traffic and sales as luxury brands increasingly favor direct sales or independent stores [8][9]. - Consumer preferences have shifted towards lower-priced overseas department stores and direct brand purchases, diminishing the role of local buyer's stores [9]. - Lane Crawford has attempted to innovate by supporting emerging Chinese designer brands through initiatives like the "Creative Gathering" project, but has not continued such efforts since 2020 [11]. - The overall market for designer brands has contracted, leading to decreased consumer interest and spending [11][12]. - The transformation of Hong Kong buyer's stores is ongoing, but significant challenges remain in adapting to rapidly changing consumer demands [15].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust performance in the first half of 2025, with revenue and net profit increasing by 31.3% and 36.1% year-on-year, respectively [4] - The introduction of new fragrance products has further strengthened the company's high-end beauty positioning [8] - The company has successfully improved its operational efficiency, leading to a significant decrease in expense ratios [6][9] - The online and offline channels have both shown strong growth, with online sales increasing by 39% and offline sales by 26.6% [5] Financial Performance - In the first half of 2025, the company reported revenue of 2.59 billion yuan and a net profit of 670 million yuan, with an earnings per share (EPS) of 1.37 yuan [4] - The gross profit margin slightly decreased to 84.2%, while the net profit margin improved to 25.9% [6] - The company’s operating cash flow reached 830 million yuan, reflecting a year-on-year increase of 34.2% [7] Product and Channel Analysis - The revenue breakdown for the first half of 2025 shows that color cosmetics, skincare, fragrance, and makeup artistry training contributed 55%, 42%, 0.4%, and 2.6% to total revenue, respectively [5] - The company has expanded its offline presence with 405 self-operated counters and 32 distributor counters, marking a net increase of 27 and 1, respectively [5] Future Outlook - The company expects continued high-quality growth, with revised net profit forecasts for 2025, 2026, and 2027 set at 1.21 billion, 1.58 billion, and 2.04 billion yuan, respectively [9] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 36 for 2025, indicating a favorable valuation [9]

Core Viewpoint - The article highlights the successful implementation of the "2025 Baiyun Airport Beauty Festival," which aims to enhance passenger experience and boost commercial benefits during the peak summer travel season at Baiyun Airport [1] Group 1: Passenger Traffic - Baiyun Airport has facilitated a total of 12.851 million passenger trips during the summer travel season, averaging over 230,000 passengers per day [1] Group 2: Event Details - The "2025 Baiyun Airport Beauty Festival" took place from August 26 to 30, covering both Terminal 1 and Terminal 2 [1] - The festival featured themes of "Fragrance and Cosmetics, Technology in Beauty, and Health and Wellness," engaging 33 shops in a dual-driven model of "experience + discounts" [1] Group 3: Interactive Experience - The event included 14 themed exhibition booths covering various sectors such as fragrance, technology beauty, and health [1] - Popular attractions included interactive beauty floats and an AI technology exhibition area, providing passengers with an immersive and tech-savvy experience [1]