毛戈平 20250613 摘要 毛戈平线上线下渠道均保持增长态势，线上抖音渠道同比增长超 40%，618 期间接近 50%，月 GMV 达亿元以上。京东渠道虽基数较小， 但环比增长高，天猫单月销售额达数千万元级别，整体线上 GMV 增长 接近 50%。线下同店销售额同比增长接近双位数，店铺数量亦有积极拓 展。 彩妆方面，鱼子酱气垫保持翻倍增长，小金扇粉饼线上渠道增长 89%， 光感清透无痕粉霜增长超 55%，位列线上前三。护肤品方面，鱼子面膜 和黑霜仍是核心产品，凝脂柔肌妆前乳增速迅猛，同比增长九倍。腮红 新品及空气舱唇釉在线下动销良好。 毛戈平公司在彩妆、护肤和香水三个赛道均有新品推出，东方香水系列 线下大量 SKU 出现断货，上新一周即需补货，显示市场需求旺盛。 基于对毛戈平经营数据和基本面的跟踪，以及对其品类延展能力和治理 结构的信心，目前股价跌破 100 港币，公司处于性价比区间，维持明确 推荐评级。 618 期间化妆品品牌普遍呈现前高后低态势，但毛戈平半年报甚至年报 维度都保持积极信心，显示出较强的抗周期性。 Q&A 2025 年毛戈平公司有哪些亮眼产品表现？ 毛戈平公司在彩妆、护肤和香水三个赛道都 ...

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]