公司簡介
毛戈平 (1318.HK) 主要從事 MGPIN 與至愛終生兩大品牌彩妝、護膚系列產品的研
發、生產、銷售及化妝技能培訓業務。憑藉著創始人、化妝藝術大師毛戈平先生對化
妝美學的深刻認識,對東方女性面部輪廓及膚質特性的獨到理解以及自身影響力,公
司逐漸在化妝品及化妝技能培訓領域樹立起品牌優勢。隨著產品種類日益豐富,線上
線下管道均實現穩定增長,公司成為高端美妝的國貨之光。
業績摘要
2025H1 公司收入為 25.88 億元(人民幣,下同),同比增長 31.28%,對比 2024 年
全年增速有所放緩,我們認為主要是受到以下因素影響:1. 市場競爭加劇,歐萊雅、
雅詩蘭黛等國際知名美妝品牌實力雄厚;另一方面,本土美妝企業也在不斷發力。一
些競爭對手也開始採用與毛戈平類似的“專業化妝師 IP”策略(例如珀萊雅旗下的彩
棠、上美股份與化妝師春楠合作的 NAN beauty),這會在一定程度上分流公司部分
目標客群。2. 核心業務(包括化妝品以及護膚品)增速自然放緩。3. 香水新業務尚未
形成顯著貢獻。歸母淨利為 6.70 億元,同比增長 36.1%;每股盈利為 1.37 元,同比
下降 44.3%。
線上線下均實現穩定增長,持續于電商平臺發力
2025H1 公司線下收入為 12.24 億元,同比增長 26.6%,占比為 48.6%,主要是因為
公司加大了銷售及營銷力度,每個專櫃的平均銷售額增加,且向一家高端跨國美妝零
售商銷售收入恢復增長;線上收入為 12.97 億元,同比增長 39%,占比為 51.4%,主
要是因為公司加強了在電商平臺的銷售及營銷活動。截至 2025 年 6 月 30 日,公司的
線上及線下會員忠誠度計劃的註冊會員總數分別約為 13.4 百萬人及 5.6 百萬人。總體
復購率從截至進一步上升到 26.8%,同比提升 2 個百分點。
彩妝、護膚持續高增,香氛業務開始貢獻增量
2025H1 公司彩妝銷售收入為 14.22 億元,同比增長 31.08%,占比為 55%;護膚收
入為 10.87 億元,同比增長 33.4%,占比為 42%;新業務香氛收入為 0.11 億元,占
比為 0.4%,新推出的“國韻凝香”和“聞道東方”兩大高端香水系列上市一個多月實
現了銷量 3.5 萬件,我們看好高端國貨品牌香氛業務未來的持續增長;化妝藝術培訓
及相關銷售收入為 0.67 億元,同比減少 5.86%,占比為 2.6%,主要由於在現有的培
訓場地條件下,為提高培訓服務水準和學員滿意度,公司嚴控招生人數和滿班率,且
自 2025 年起不再收取學員考前培訓費。
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本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.