#记录我的2024#在中国美妆市场上, Mao Geping can be described as a very special company, as a company named after the founder, Mao Geping can be described as unique, but Mao Geping's listing road has not been smooth in recent years.
1. Mao Geping moved to Hong Kong for listing?
According to the report of Poster News, the official website of the Hong Kong Stock Exchange shows that Mao Geping Cosmetics Co., Ltd. (hereinafter referred to as "Mao Geping") submitted a form to apply for the main board IPO. From the end of 2016 when Mao Geping first disclosed the prospectus to the beginning of 2024 when the Shanghai Stock Exchange terminated its issuance and listing review due to the withdrawal of Mao Geping's application for issuance and listing, Mao Geping's tortuous road to listing has been 7 years.
According to the application, Mao Geping Beauty Group's main business is beauty products and makeup technology training, which was founded in 2000 by Mao Geping, an iconic figure in China's beauty industry, according to Frost & Sullivan, Mao Geping is the only Chinese company among the top ten high-end beauty groups in the Chinese market, and the product price is between 200 yuan and 800 yuan.
In terms of financial data, from 2021 to 2023, Mao Geping's revenue will be 1.577 billion yuan, 1.829 billion yuan and 2.886 billion yuan respectively, with a compound annual growth rate of 35.3%, and in the same period, the net profit will be 331 million yuan, 352 million yuan and 664 million yuan respectively, with a compound annual growth rate of 41.6%, and the net profit margin will be 21.0%, 19.2% and 23.0% respectively, and the revenue and net profit will achieve substantial growth in 2023.
In terms of sales channels, offline direct sales through self-operated counters in department stores remained the main source of revenue for Mao Geping. In addition, Mao Geping also actively sells online through e-commerce platforms such as Tmall, Xiaohongshu, and Douyin. In 2023, Mao Geping's offline channel revenue will account for 57.6%, and online channel revenue will account for 42.4%.
2. Can Mao Geping's Hong Kong listing be smoother?
Mao Geping is a well-known makeup artist and founder of a cosmetics brand in China, whose brand focuses on high-end makeup and skincare products, and enjoys a high reputation in the Chinese market. Recently, the news that the Mao Geping brand is seeking to be listed in Hong Kong has attracted widespread attention in the market, how should we analyze and judge this matter?
First of all, Mao Geping Cosmetics Company has successfully created a makeup brand with unique charm through its unique artistic style and high-quality products with its distinctive characteristics of the personal color of its founder Mao Geping. However, with the continuous expansion of the scale of the enterprise and the increasingly fierce market competition, Mao Geping makeup enterprises are facing problems such as capital bottlenecks and brand development. Therefore, listing has become an important way for Mao Geping makeup companies to solve these problems. Mao Geping chose to go public in Hong Kong mainly because of Hong Kong's more free and open capital market environment. As an international financial centre, Hong Kong has a mature capital market system and sound laws and regulations, which provide a good financing environment and regulatory protection for listed companies. In addition, Hong Kong's capital market also has a high international reputation and influence, which helps to enhance the brand image and market position of Mao Geping cosmetics enterprises.
Secondly, for a long time, Mao Geping has given the market a corporate image that emphasizes marketing and ignores research and development. For makeup companies, this strategy is inevitable for profitable growth in the early days. Through a large number of marketing activities, Mao Geping quickly gained popularity in the market and attracted a large number of consumers. However, as the market continues to evolve, so does consumer demand for products. Especially for the cosmetics industry, consumers are paying more attention to the quality, innovation and personalization of products. Therefore, once Mao Geping is going to become a listed company, these issues are very critical.
Third, Mao Geping's personal color is also a major difficulty on his way to listing. In the early stages of a business, personal touches can often bring more traffic and attention to the business. However, as a business continues to grow, especially after becoming a publicly traded public company, personal touches can become a constraint. On the one hand, companies with excessive personal colors are often susceptible to the influence of the founder's personal style, which leads to the instability of the company's strategy and development direction. On the other hand, personal touches may also raise concerns among investors about corporate governance structures and internal controls. Therefore, if Mao Geping wants to succeed in Hong Kong's capital market, he must gradually dilute his personal personality and establish a sound corporate governance structure and internal control system to win the trust and support of investors.
Fourth, in the long run, Mao Geping's move to Hong Kong listing is not a bad thing. As an international financial center, Hong Kong has a mature capital market and a sound legal and regulatory system, which can provide Mao Geping with a broader financing platform and more flexible development space. At the same time, the high acceptance of the cosmetics industry in Hong Kong's capital market is conducive to Mao Geping's brand awareness and market influence. In addition, Hong Kong's capital market also has the characteristics of internationalization, which will help Mao Geping expand overseas markets and realize the international development strategy.
However, for Mao Geping, listing is only a phased goal in the development process of the enterprise, not the end. After the listing, Mao Geping needs to pay more attention to the long-term development and sustainable development of the company. This includes increasing R&D investment, optimizing product structure, enhancing brand image, expanding market channels and other aspects. At the same time, Mao Geping also needs to pay attention to the changes in market dynamics and consumer demand, and constantly adjust the corporate strategy and development direction to adapt to the changes and development trends of the market.