Yesterday, Chinese beauty company Mao Geping released its first interim report on the Hong Kong Stock Exchange.
The report shows that in the first half of 2025, Mao Geping recorded revenue of RMB 2.588 billion ($362.5 million), up 31.3% year on year. Gross profit rose 31.7% to RMB 2.179 billion ($305.2 million), while net profit (listed in the report as “profit and total comprehensive income for the period”) reached RMB 670 million ($93.8 million), a surge of 36.1% compared with the first half of 2024.
From its business structure, Mao Geping operates mainly across product sales and makeup artistry training and related sales, with skincare and makeup remaining its core pillars. According to the report, makeup revenue in the first half of the year reached RMB 1.422 billion ($199.2 million), accounting for 55% of total revenue, up 31.1% year on year.
Notably, amid sustained rapid growth, Mao Geping ranked No.1 on Douyin during two major promotional events this year—the March 8 Shopping Festival and the June 18 Shopping Festival—surpassing brands such as Florasis.
However, the data also shows that the gross margin of makeup products declined from 83.6% a year earlier to 82.7%, while the average unit price fell from RMB 163.8 ($22.9) to RMB 157.0 ($22), mainly due to consumption downgrade and broader macroeconomic challenges.
In skincare, another core category, revenue rose 33.4% year on year to RMB 1.087 billion ($152.2 million), with gross margin maintained at 87.5%. Unlike makeup, the average price of skincare products increased from RMB 346.6 ($48.5) to RMB 351.3 ($49.2), indicating stronger purchasing power among skincare consumers.
According to Mao Geping, this reflects widespread recognition of its star products. The report revealed that retail sales of the Luxury Caviar Mask and Luxury Nourishing Black Cream exceeded RMB 600 million ($84 million) and RMB 200 million ($28 million), respectively.
With balanced growth across makeup and skincare, Mao Geping has also expanded into a third major category—fragrance, alongside its second brand Zhiai Zhongsheng. The report shows that its fragrance expansion is already bearing fruit, with two perfume lines, Guoyun Ningxiang and Wendao Dongfang, launched. In the first half of the year, fragrance sales reached RMB 11 million ($1.54 million), with a gross margin of 77.6%.
By sales channel, the report shows that online revenue accounted for 51.4% in the first half of 2025, reaching RMB 1.297 billion ($181.7 million), up 39.0% year on year. Online sales mainly came from self-operated stores and online distributors. Offline revenue, meanwhile, made up 48.6%, totaling RMB 1.224 billion ($171.4 million), up 26.6%, marking the first time that online sales surpassed offline.
Importantly, the report highlights that Mao Geping’s overall repurchase rate rose from 24.8% to 26.8% in the first half of the year. Both online and offline repurchase rates increased, with offline reaching 30.3%, higher than the 24.1% recorded online.
