Core Insights - The reopening of the Mao Geping brand counter at Hangzhou Wulin Yintai Department Store marks a significant enhancement in the brand's high-end service experience, designed personally by the brand's founder [1][3] - Yintai Department Store has become a crucial partner for sustainable growth in the cosmetics sector, particularly for high-end brands, through digital transformation and enhanced service experiences [3] Company Performance - Mao Geping brand first entered Yintai Department Store in 2005 and achieved over 10 million in sales in its first year at the Hangzhou location [3] - The brand's counter in Wenzhou World Trade Yintai Department Store has been recognized as the "national sales champion" for six consecutive years [3] - In 2024, the brand will launch a custom 280g luxury caviar mask, which is expected to exceed 10 million in single product sales, highlighting its market influence [3] Strategic Partnership - The partnership between Mao Geping and Yintai Department Store has been ongoing for two decades, with both parties committed to exploring the next decade of high-end brand development in China [3][4] - The recent upgrade of the counter symbolizes a renewed commitment to driving the development of the high-end beauty market in China through innovation [4]

一个非典型"高端"美妆的生存法则。 作者 | 贺哲馨 编辑 | 乔芊 "不是我今天做一个低端品牌，想着市场变好了，做高端品牌能赚更多钱，就也变成做高端品牌。" 4月1日，毛戈平在交流会上这样回答投资者的关于品牌定位的疑问。去年年底，毛戈平顶着"国货高端第一股"登陆香港，前不久发布了收入盈利大增的 首份财报后，最终收盘113港元，也创下上市以来股价的最高点，比上市首日大涨了117%。 不过，一路上扬的股价也为这只消费牛股惹来不少争议。 有资深财经观察人士向36氪表示，部分投资者对毛戈平的质疑包括："公司个体的高增长与美 妆市场平价当道的现状有脱节，其次是我们会怀疑毛戈平本身的高端市场定位是不是能立得住。" 因此，本文试图探讨两个问题： 毛戈平所言的"高端"定位究竟该如何理解，它重要吗？以及，疯狂的股价上涨背后， 市场到底在为何买单？ 但毛戈平显然不属于此列。 一是它主攻的底妆品类价格高，但相较于护肤品类溢价空间更小，价格上限低； 二是与珀莱雅主打线上渠道不同，毛戈平一 直重点布局百货，这是一个没那么快看到成绩的渠道。 百货以中高收入人群为目标，对价格敏感度低，但渠道会收取较高的扣点（25%-40%为主），部分高 ...