In 2025, against a macroeconomic backdrop of diverging consumer willingness and intensified stock competition in the beauty industry, MAO GEPING (01318) delivered a performance report characterized by quality growth and structural resilience, thanks to its clear strategic focus and multi-dimensional operational capabilities. The company achieved high growth in both revenue and profit, while demonstrating systematic strategic execution in key areas such as product category optimization, channel layout refinement, brand equity accumulation, and international expansion. This analysis will progressively examine the competitive logic and long-term value pathway reflected in MAO GEPING's 2025 annual report from three perspectives: "Profit Efficiency and Cost Structure," "Product Matrix and Growth Drivers," and "Brand Moat and Globalization Path."
A decline in the sales expense ratio against the trend, driven by a "content-as-channel" strategy, has enabled an elastic release of net profit margin. The annual report shows company revenue reached 5.05 billion yuan, a year-on-year increase of 30%; net profit was 1.205 billion yuan, a year-on-year increase of 37%. Both revenue and net profit recorded double-digit growth, with the growth drivers exhibiting a significant "multi-engine" characteristic—built upon a robust structure featuring synergistic efforts across three major categories (color cosmetics, skincare, and fragrances) and a balanced online and offline omnichannel layout.
Analyzing the profit structure, the improvement in MAO GEPING's profitability possesses typical endogenous characteristics. The company has long adhered to a content-driven brand building strategy, creating efficient synergy between precise online advertising and offline experiential marketing. In 2025, the sales expense ratio decreased by 0.7 percentage points year-on-year, a notable decline. This reflects the company's ability to achieve an efficient balance between brand exposure and sales conversion even in a market environment characterized by continuously rising customer acquisition costs and increasingly fragmented user attention. This optimization of the cost structure signifies a continuous increase in the marginal revenue generated per unit of marketing investment, indicating that marketing efficiency has entered a positive feedback loop.
A further breakdown reveals that the decline in the sales expense ratio does not stem from simple cost-cutting but originates from the company's deep operation of brand equity and meticulous management of user relationships. Compared to a path reliant on heavy traffic purchasing for short-term GMV growth, MAO GEPING focuses more on establishing a low-cost, high-engagement user reach system through high-quality content output, cultural narrative construction, and emotional user connections. For instance, the company's deep collaborations with top-tier cultural IPs like the Palace Museum and Chinese National Geography Magazine, along with the continuous promotion of brand cultural projects like "Inheriting Eastern Aesthetics," essentially build the brand's own traffic portals on the content side, reducing dependence on external traffic platforms. This operational logic of "content as channel, brand as traffic," while improving cost efficiency, also significantly enhances the exclusivity of user mindshare and brand loyalty.
From a financial management perspective, the continuous optimization of the sales expense ratio is particularly crucial for its contribution to the profit side. With a stable gross margin, the improvement in the cost structure directly pushes the net profit margin higher, giving the company's profit growth more elasticity alongside revenue growth. More importantly, this efficiency gain is not a product of short-term financial engineering but is built upon long-term factors like enhanced brand power, increased user repurchase rates, and optimized channel structure, giving it sustainability. Compared to short-term growth driven by promotions or channel inventory loading, MAO GEPING's profit model demonstrates stronger anti-cyclical capabilities and capital return efficiency.
The company successfully achieved a structural leap from "single-point breakthrough" to "matrix synergy" in its category strategy for 2025. Financial report data indicates that the established "twin-engine drive" of color cosmetics and skincare set a high-growth baseline, with core engines remaining robust; the fragrance category grew rapidly, broadening the brand's boundaries.
Firstly, the company's two core business segments—color cosmetics and skincare—both recorded year-on-year growth rates exceeding 30%. This not only validates the brand's strong pricing power and user loyalty in the high-end beauty market but also constructs a highly resilient revenue anchor. Specifically, in the color cosmetics segment, a hero product strategy was pursued alongside iterative innovation. The company maximized product lifecycle value through a combination of "classic long-tail products + new blockbuster products." The annual retail sales of the Light-Sensing Soft Veil Compact exceeded the 300 million yuan mark, while the Plumping Primer achieved over 7-fold growth, demonstrating the market dominance of core hero products across cycles. Simultaneously, new product development precisely targeted niche segments. The rapid scaling of products like the "Crystal Constellation Eye Shadow" and the co-branded "Sculpting Crystal Color Eye Shadow" proves the company's capability to continuously incubate products for a second growth curve, effectively enriching the breadth and depth of the product matrix.
In the skincare segment, high-end penetration and product line upgrades deepened. The skincare business maintained high growth momentum. The annual sales of the Luxury Caviar Mask surpassed 1 billion yuan, establishing its benchmark position in the high-end repair segment. The impressive performance of auxiliary items like eye masks, ampoule serums, and essence oils signifies the company's balanced penetration across the entire category. Crucially, the renewal of the Black Gold series and the planning for the 2026 "Glowing Revival Series" reflect the company's strategic determination to continuously push the price ceiling and consolidate its high-end brand moat through product iteration.
The rise of the fragrance category is the standout highlight in the company's 2025 financial report, marking a successful breakthrough beyond the original category ceiling and the opening of a "third growth curve." Since its official commercial launch in May 2025, the fragrance segment's revenue approached 34 million yuan within just a few months. This "quick win" not only validates the high conversion rate of brand fans but also reflects the market's high recognition of MAO GEPING's "Eastern Aesthetics" philosophy in non-color cosmetics categories. Leveraging the co-branded "Qi Yun Oriental Season 6 – Scent of the Dao" series with the Palace Museum, the company deeply infused cultural connotations into the product DNA. This differentiated competitive strategy of "culture + fragrance" not only avoids head-on price wars with international giants in the traditional fragrance赛道 but also builds极高的 brand recognition and emotional溢价 through a unique Eastern narrative, laying a solid brand equity foundation for subsequent scaled expansion.
MAO GEPING's optimization of its category structure in 2025 was not merely an additive scaling but a deep vertical integration based on the core IP of "Eastern Aesthetics." The "twin-engine drive" of color cosmetics and skincare provides a stable base of cash flow and profit, while the emergence of the fragrance category opens up long-term growth potential. This business structure, characterized by "stability with progress and blossoming in multiple areas," significantly reduces operational risks associated with fluctuations in any single category, enhances the resilience and sustainability of the company's overall profit model, and offers more attractive long-term allocation value for the capital markets.
Against the macroeconomic background of slowing overall growth in the consumer sector and peaking traffic红利, the fundamental driver behind MAO GEPING's ability to achieve synchronized high growth across color cosmetics, skincare, and fragrance categories lies in the endogenous accumulation of brand equity. In 2025, the company continued to advance high-quality brand culture projects centered around the two core concepts of "Eastern Aesthetics" and "Light and Shadow Aesthetics," significantly elevating the brand's spiritual barrier and cultural溢价 capability.
From the perspective of the brand building path, MAO GEPING has transitioned from "product function narrative" to "cultural value narrative." Collaborations like the "Qi Yun Oriental Season 6 – Scent of the Dao" fragrance series with the Palace Museum and the "Earth Eye Shadow" series with Chinese National Geography Magazine use national-level cultural IPs as leverage to transform traditional cultural imagery into product language, constructing a moat that is difficult to replicate. On a deeper level, the "Inheriting Eastern Aesthetics - Chapter 3: Wild Flowers" project, released on the International Day of the "Belt and Road" Initiative, used historical figure narratives as a vehicle to translate Eastern philosophical reflections on resilience and perseverance into contemporary emotional resonance. This cultural practice, which transcends the product level, essentially establishes brand exclusivity at the心智 level, forming a low-cost, high-engagement user reach mechanism.
The continuous沉淀 of brand equity is manifested financially in the dual improvement of the membership system and repurchase rates. In 2025, the number of offline members reached 6.4 million, and online members reached 15.6 million, with repurchase rates increasing both online and offline. This reflects how brand loyalty has been translated into quantifiable user lifetime value. Compared to customer acquisition models reliant on traffic buying, this user stickiness driven by brand mindshare possesses stronger characteristics of increasing marginal returns.
In terms of channel and market expansion, the company adhered to a dual focus on "high-quality store openings" and "same-store sales growth." In 2025, it achieved a net increase of 36 stores, continuously penetrating high-tier cities and premium commercial districts. The establishment of flagship stores in locations like SKP and Hangzhou MixC enhanced the brand's potential energy density in core commercial areas. Same-store sales growth in existing counters validated the driving effect of refined operations on store efficiency. The overseas expansion strategy progressed simultaneously, with the performance of the first Hong Kong store continuing to trend positively after its opening, accumulating reusable operational experience and market understanding for brand internationalization.
In essence, MAO GEPING is building a long-term value barrier with both depth and breadth through the path of "culture empowering the brand, the brand driving growth." In the new phase where the consumer industry shifts from incremental competition to stock game, this business model with brand equity as its core moat is expected to continuously release anti-cyclical, high-溢价 competitive advantages.
In conclusion, what MAO GEPING's 2025 annual report reveals is not just the financial performance of a beauty company, but the validation of a business model capable of navigating cycles. Amid industry challenges like fading traffic红利 and high marketing costs, the company, with brand equity as its core moat and cultural narrative as its growth engine, has constructed a low-cost, high-engagement, sustainable user reach system. The counter-trend decline in the sales expense ratio, the synergistic high growth of the three major categories, and the continuous increase in member repurchase rates collectively outline a clear picture of "quality-driven growth." For the capital markets, what MAO GEPING demonstrates is the value leap of domestic beauty brands from "scale红利" to "brand红利," positioning it as a high-quality target with long-term allocation appeal.
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