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[Brokerage Focus] Goldman Sachs indicates that local Cosmetic brands continue to grow, outperforming multinational companies.
Jinwu Financial News | Goldman Sachs' monthly tracking report on China's Cosmetic Industry shows the development trends of the cosmetic market in December 2024 as follows: On e-commerce platforms, the GMV of cosmetics on Tmall/Taobao decreased by 6% year-on-year, similar to the year-on-year decline of -7% in October and November; meanwhile, the GMV on Douyin increased by 29%, driving the total GMV of Tmall/Taobao and Douyin to grow by 8% year-on-year in December. For the whole year, the GMV of cosmetics on Tmall/Taobao decreased by 7% year-on-year, with sales dropping by 15% year-on-year, but the average selling price (ASP) increased by 9% year-on-year; along with Douyin's 27% year-on-year growth, the annual performance.
Mao Geping's stock rose over 7% in the middle of the session, reaching a new high. Institutions expect the company's same-store revenue to have room for improvement.
Mao Geping (01318) rose over 7% during trading, reaching a high of 62.5 HKD, setting a new record since its listing, which is nearly 1.1 times higher than the offering price of 29.8 HKD. As of the time of writing, the stock price has risen by 4.82%, currently reported at 60.95 HKD, with a trading volume of 85.3236 million HKD.
[Brokerage Focus] GTJA gives Mao Ge Ping (01318) an initial "Shareholding" rating, expecting sustained high growth under the expansion of product categories and channels.
Jingwu Financial News | GTJA issued a Research Report stating that Mao Geping (01318) is a rare professional high-end cosmetics brand in China, empowered by its founder to build the brand. It is currently in a period of brand momentum explosion, and with category expansion and channel diversification, it is expected to continue high growth. The report states that in 2023, the market size for skincare and cosmetics in China will reach 463 billion yuan and 116.8 billion yuan respectively, with a CAGR of +8.4% and +4.7% from 2018 to 2023. The cosmetics market shows a trend toward premiumization, with the share of the high-end market increasing from 37% in 2018 to 40% in 2023. On the channel front, the online penetration rates for cosmetics and skincare categories are 64.
Mao Ge Ping (01318.HK) fully exercised the over-allotment option, price stabilization actions, and the end of the price stabilization period.
Gelonghui January 6丨Mao Ge Ping (01318.HK) announced that the exclusive overall coordinator (acting for itself and representing the international underwriters) fully exercised the over-allotment option stated in the prospectus on January 4, 2025 (Saturday), involving a total of 11,763,500 Listed in Hong Kong shares, accounting for approximately 15% of the total number of shares offered for subscription under the Global offering (after considering the adjustment right of the offering volume but before any exercise of the over-allotment option). The over-allotted shares will be priced at HKD 29.80 per Listed in Hong Kong share (i.e., the offering price per Listed in Hong Kong share under the Global offering, excluding 1% brokerage commission.
[Brokerage Focus] Guotou Securities initially gives Mao Ge Ping (01318) a "Buy-A" rating, noting its outstanding growth potential.
Jinwu Financial News | Guotou Securities research points out that MaoGeping (01318) is a brand-driven rather than a product-driven company. High-end brands need to be seen and purchased by the target audience, and the key is to capture the core demographic. As of the first half of 2024, MaoGeping's brand online and offline membership is 12.4 million. Note that the growth of MaoGeping is driven on the surface by products and channels, but behind it is the expansion of the core member group. Moreover, the bank believes that the supply chain is not a weakness. MaoGeping's products are not focused on strong efficacy, but rather on overall aesthetics and user experience. MaoGeping is not without research and development but focuses its R&D efforts on aesthetic design. Additionally, in the field of makeup...
Hong Kong stocks Concept tracking | The recovery of beauty Consumer purchasing cycles returns to normal in 2024, with a rise of new domestic beauty and personal care brands (including Concept stocks).
The output value of the Cosmetic industry in Guangzhou has exceeded 100 billion yuan.
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