MAO GEPING (01318) is projected to achieve revenues of RMB 50.83 billion, RMB 64.98 billion, and RMB 82.45 billion for 2025-2027 respectively, with EPS of RMB 2.36, RMB 3.00, and RMB 3.81 respectively. At current stock prices, the corresponding PE ratios are 42x, 33x, and 26x respectively, maintaining a "buy" investment rating.

In the first half of 2025, MAO GEPING achieved operating revenue of RMB 25.88 billion, representing a year-on-year increase of 31.3%, and net profit of RMB 6.70 billion, up 36.1% year-on-year. The company's gross margin reached 84.2% and net margin stood at 25.9%, demonstrating strong profitability.

From a business composition perspective, cosmetics and skincare served as the primary growth drivers: cosmetics business revenue reached RMB 14.22 billion, up 31.1% year-on-year, while skincare business revenue totaled RMB 10.87 billion, increasing 33.4% year-on-year.

Additionally, MAO GEPING expanded into the fragrance category, launching two premium perfume series "Guoyun Ningxiang" and "Wendao Dongfang," generating revenue of RMB 114.13 million. Although revenue from makeup artistry training business declined, the company indicated this was due to actively controlling enrollment scale to improve service quality.

Overall, MAO GEPING delivered impressive first-half performance, showcasing its strong competitiveness in the premium beauty market.