Core Insights - The company, founded by Mr. Mao Ge Ping in 2000, focuses on integrating art and products to create a competitive cosmetics brand with a revenue of 3.885 billion yuan in 2024, including 2.304 billion yuan from color cosmetics, 1.429 billion yuan from skincare, and 0.152 billion yuan from makeup training, achieving a net profit of 0.881 billion yuan [1] Group 1: Brand Positioning and Development - The company is positioned as a high-end brand, leveraging Mr. Mao's extensive experience as a renowned makeup artist to enhance brand perception and marketing efforts [2] - The brand has a high customer retention rate, with an overall repurchase rate of 30.9% and a higher offline repurchase rate of 34.9% in 2024 [2] Group 2: Growth Drivers - The company has expanded its distribution channels significantly, with 409 offline counters by the end of 2024, including 378 direct-operated counters, and online sales accounting for 47.8% of total product sales [2] - Color cosmetics remain the core product line with sales of 2.304 billion yuan in 2024, a year-on-year increase of 42.04%, while skincare sales reached 1.429 billion yuan, up 23.21% year-on-year [2] Group 3: Future Outlook and Financial Projections - The company is expected to continue its growth trajectory, with projected net profits of 1.16 billion yuan, 1.53 billion yuan, and 1.96 billion yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of approximately 37, 28, and 22 times based on current market valuation [3]