Chinese High-end Makeup Brand to Go Public

After six years, MAOGEPING once again forays on IPO.

On March 3, the Shanghai Stock Exchange (SSE) has accepted the IPO application of MAOGEPING Cosmetics Co. (hereinafter referred to as MAOGEPING)

Public information shows that MAOGEPING was founded in 2000. It became famous due to the founder of MAOGEPING’s extraordinary make-up art. It is positioned as affordable luxury and high-end brand. The company’s other brand LOVE FOR KEEPS was founded in 2008, a mass popular color cosmetics and skincare brand. In addition, MAOGEPING’s business also covers make-up skills training schools.

As early as December 2016, MAOGEPING has submitted to the China Securities Regulatory Commission to declare the material. In 2017, it initiative to suspend the IPO. In 2021, the IPO of MAOGEPING passed. Until March this year, the SSE finally disclosed that it has accepted MAOGEPING IPO application. It means that the process of IPO of MAOGEPING has experienced more than 6 years.

From the prospectus, from 2020 to 2022, MAOGEPING revenue is 882 million yuan ($127.4 million), 1.43 billion yuan ($207 million), 1.682 billion yuan ($243 million). In 2021 and 2022, it grew 62.33%, and 17.5% year on year respectively. In terms of net profit, the net profit from 2020 to 2022 was 198 million yuan ($28.6 million), 327 million yuan ($47.3 million) and 349 million yuan ($50.4 million) respectively.

Specifically on the brand, from 2020 to 2022, the brand MAOGEPING sales revenue was 754 million yuan ($109 million), 1.28 billion yuan ($185 million) and 1.571 billion yuan ($227 million) respectively, with year-on-year growth of 69.34% and 23.01% from 2021 to 2022 respectively. During the same period, the sales revenue of LOVE FOR KEEPS was RMB 39,659,400,000, RMB 50,455,200,000 and RMB 28,992,500,000 respectively, accounting for 4.60%, 3.59% and 1.76% of the main business revenue respectively.

According to the prospectus, MAOGEPING brand accounted for more than 85% of the main business income in each period, which is the company’s core brand. What is more surprising is that the ratio of color cosmetics to skincare under the MAOGEPING brand has reached 6:4. Last year, MAOGEPING brand color cosmetics revenue was 900 million yuan ($130 million), up 1.7% year-on-year. Its skincare revenue was 670 million yuan ($96.8 million), up 71% year-on-year, accounting for 40%.

As for the environment of the industry, it is reasonable to see that MAOGEPING made effort to skincare. On the one hand, in the three-year pandemic, the color cosmetics market suffered a greater impact so companies need to seek new growth points. On the other hand, the user stickiness of skincare is stronger than color cosmetics and the cycle is longer, which is in line with the conglomerate’s multi-category strategy.

The prospectus introduces, skincare category of MAOGEPING brand has 37 single products, covering makeup remover, concealer, eyebrow pencil, face cream, eye cream, mask, essence and other multi-category.

MAOGEPING pointed out in the prospectus, the brand created new highs on its flagship shop on the Chinese e-commerce platform Tmall and Chinese social media platform Douyin (Chinese version of TikTok) and other platforms. Currently, the flagship shop of MAOGEPING has 4.4 million followers and 1.4 million followers on the Douyin platform. Its flagship store ranked 14 in color cosmetic category during Chinese Shopping Festival Double 11 in 2022. Its concealer category product sales ranked No. 1 on the Douyin platform. Its high-end highlighter and air cushion foundation ranked No. 2 on Douyin platform. Its foundation/cream ranked No. 1 and air cushion foundation during Chinese Shopping Festival Double 11 last year.

In addition, in terms of gross margin, the gross margin of MAOGEPING brand was higher from 2020 to 2022, 86.7%, 84.45% and 84.22% respectively, due to the positioning of mid-to-high-end. The company’s overall gross margin is also among the highest in the peer group of comparable companies.

As can be seen from the chart, from 2020 to 2022, MAOGEPING’s overall gross margin is 81.2%, 80.54% and 81.17% respectively, all higher than domestic and international beauty giants such as L’Oreal and BTN, and second only to L’Occitane.

Overall, according to the search of local cosmetics listed companies in the first three-quarters of 2022performance, CHAILEEDO found that companies enjoying better performance than MAOGEPING are Shanghai Jahwa, Bloomage Biotech, PROYA, S’Young, BTN, etc. In other words, MAOGEPING current is on par with Marubi. If the company is successfully listed, it may become TOP 10 of the local cosmetics listed companies.

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