2025 年 08 月 28 日 毛戈平 (01318) ——国货高端美妆业绩高增，品牌势能强劲上扬 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 美容护理 | 市场数据： | 2025 年 08 月 27 日 | | --- | --- | | 收盘价（港币） | 96.45 | | 恒生中国企业指数 | 9020.26 | | 52 周最高/最低（港币） | 130.60/47.65 | | H 股市值（亿港币） | 472.79 | | 流通 H 股（百万股） | 261.84 | | 汇率（人民币/港币） | 1.0953 | 一年内股价与基准指数对比走势： -6% 94% 194% 12/10 01/10 02/10 03/10 04/10 05/10 06/10 07/10 08/10 HSCEI 毛戈平 资料来源：Bloomberg 相关研究 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621)23297818× wangpan@ ...

Summary of the Conference Call for Mao Geping Company Overview - The conference call discusses Mao Geping, a company operating in the cosmetics industry, focusing on makeup, skincare, and fragrance products. Key Points and Arguments 1. **Growth in Online and Offline Channels** Mao Geping's online and offline channels are both experiencing growth. The online channel on Douyin has seen over 40% year-on-year growth, with nearly 50% growth during the 618 shopping festival. Monthly GMV has reached over 100 million RMB. Offline same-store sales have increased by nearly double digits year-on-year, and the number of stores is expanding positively [2][3]. 2. **Performance of Key Products** In the makeup segment, the caviar cushion has maintained a doubling growth rate, while the small gold fan powder has seen an 89% increase in online channels. The light and transparent powder cream has grown over 55%, ranking among the top three online products. In skincare, the caviar mask and black cream remain core products, with the new soft skin primer experiencing a remarkable ninefold year-on-year growth [2][5]. 3. **New Product Launches** Mao Geping has launched new products across makeup, skincare, and fragrance categories. The Oriental fragrance series has seen significant demand, with many SKUs going out of stock shortly after launch, indicating strong market demand [2][5]. 4. **Market Resilience** Despite a general trend of cosmetics brands experiencing a peak followed by a decline during the 618 period, Mao Geping's half-year and annual reports maintain a positive outlook, demonstrating strong anti-cyclical characteristics [2][6]. 5. **Future Growth Potential** The company is expected to continue focusing on new makeup products and expanding into the fragrance category. There is potential for deeper exploration of higher-end and youth-oriented skincare products, which may lead to stronger product offerings and increased market confidence [4][6]. 6. **Investment Recommendation** Based on the tracking of Mao Geping's operational data and fundamentals, along with confidence in its product extension capabilities and governance structure, the current stock price below 100 HKD is considered to be in a value range. The company is strongly recommended for investment [2][6]. 7. **Dividend Policy** Mao Geping's active dividend policy is expected to enhance shareholder EPS, serving as a catalyst for EPS growth in the coming years, thereby increasing investment attractiveness [4]. Additional Important Content - The company has a strong operational performance in the first half of 2025, with online channels achieving nearly 50% GMV growth and offline channels showing significant same-store growth [3]. - The company has completed a store expansion plan, exceeding expectations with a growth rate of around 10% in store numbers [3]. This summary encapsulates the key insights from the conference call regarding Mao Geping's performance, product offerings, market dynamics, and investment outlook.

Group 1 - The high-end beauty market is experiencing a stark contrast, with luxury brand La Prairie seeing a significant decline in sales, while affordable brands like Pechoin are thriving [1][2] - La Prairie's sales dropped by 17.5% year-on-year, marking the largest decline in five years, with limited sales on high-priced products [2] - In contrast, Beiersdorf's affordable brand Nivea achieved global sales of €5.6 billion, with popular products in the Chinese market [6] Group 2 - Consumers are increasingly prioritizing ingredient transparency and value over brand prestige, leading to a rise in demand for effective, affordable skincare products [8][11] - Domestic brands like Pechoin and Han Shu are performing exceptionally well, with Pechoin's online GMV expected to exceed 10 billion yuan in 2024 [9] - The shift in consumer behavior is reshaping the beauty industry, as effective products become more important than expensive branding [12]