毛戈平化妆品发布2026年中期报告，收入同比增长26.2%至32.67亿元，净利润同比增长20.3%至8.07亿元

毛戈平化妝品股份有限公司

毛戈平化妝品股份有限公司

（於中華人民共和國註冊成立的股份有限公司）

(A joint stock company incorporated in the People's Republic of China with limited liability)

股份代號：1318

Stock Code: 1318

Mao Geping Cosmetics Co., Ltd.

中期報告

2026 中期報告 Interim Report

2026

Mao Geping Cosmetics Co., Ltd.

2026

Interim Report

CONTENTS
CORPORATE INFORMATION

2

MANAGEMENT DISCUSSION AND ANALYSIS

4

CORPORATE GOVERNANCE AND OTHER
BUSINESS

30

INDEPENDENT REVIEW REPORT

42

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME

43

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION

45

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY

47

INTERIM CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS

49

NOTES TO INTERIM CONDENSED
CONSOLIDATED FINANCIAL INFORMATION

51

DEFINITIONS

65

CORPORATE INFORMATION
Board of Directors

Joint Company Secretaries

Executive Directors

Mr. DONG Leqin (董樂勤)

Mr. MAO Geping (毛戈平) (Chairman of the Board)
Ms. WANG Liqun (汪立群)
Ms. MAO Niping (毛霓萍)
Ms. MAO Huiping (毛慧萍)
Mr. WANG Lihua (汪立華)
Ms. SONG Hongquan (宋虹佺)

Independent Non-executive Directors

Ms. YIP Man Wai (葉文蕙) (an associate member of
both The Hong Kong Chartered Governance Institute
and The Chartered Governance Institute in the United
Kingdom)

Auditor
Ernst & Young
Certified Public Accountants

Mr. GU Jiong (顧炯)

Registered Public Interest Entity Auditor

Mr. HUANG Hui (黃輝)

27/F, One Taikoo Place

Mr. LI Hailong (李海龍)

979 King’s Road
Quarry Bay

Audit Committee

Hong Kong

Mr. GU Jiong (顧炯) (Chairperson)

Authorised Representatives

Mr. HUANG Hui (黃輝)
Mr. LI Hailong (李海龍)

Ms. MAO Niping (毛霓萍)
Ms. YIP Man Wai (葉文蕙)

Nomination Committee
Mr. MAO Geping (毛戈平)

Principal Bank

Ms. MAO Niping (毛霓萍)

China Minsheng Bank Hangzhou Qiantang Branch

Mr. GU Jiong (顧炯)

No. 280–1, Jianguo South Road

Mr. HUANG Hui (黃輝)

Shangcheng District

Mr. LI Hailong (李海龍) (Chairperson)

Hangzhou, Zhejiang
PRC

Remuneration Committee
Mr. MAO Geping (毛戈平)

2

Registered Office

Ms. MAO Huiping (毛慧萍)

Room 1001, Wanyin Building

Mr. GU Jiong (顧炯)

Shangcheng District

Mr. HUANG Hui (黃輝)

Hangzhou, Zhejiang

Mr. LI Hailong (李海龍) (Chairperson)

PRC

Mao Geping Cosmetics Co., Ltd.

CORPORATE INFORMATION

Headquarters and Principal Place of
Business in the PRC

Legal Advisor as to PRC Law

Room 1001, Wanyin Building

34/F, Tower 3

Shangcheng District

China Central Place

Hangzhou, Zhejiang

77 Jianguo Road

PRC

Beijing

Jingtian & Gongcheng

PRC

Principal Place of Business in
Hong Kong

Investor Relations Contact

40/F, Dah Sing Financial Centre

Tel: +86-571-8792 6998

248 Queen’s Road East

Email: ir@maogeping.com

Wanchai
Hong Kong

Company’s Website

H Share Registrar

www.maogeping.com

Computershare Hong Kong Investor Services

Stock Code

Limited
Shops 1712–1716

01318

17th Floor, Hopewell Centre
183 Queen’s Road East
Wanchai
Hong Kong

Legal Advisor as to Hong Kong Law
Linklaters
11/F, Alexandra House
Chater Road
Central
Hong Kong

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MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS REVIEW
Principal Activities
We are committed to offering consumers a comprehensive beauty experience characterised by high-quality beauty
and fragrance products, professional makeup artistry training, and experiential and personalised customer service.

Beauty Brands and Products
Drawing upon the aesthetic philosophy of our founder, we have created beauty products that capture the essence
of light and shadow makeup artistry and oriental aesthetics to achieve the best makeup effects. Our beauty brands
include MAOGEPING and Love Keeps. As our flagship brand, MAOGEPING accounted for the majority of the Group’s
product sales revenue for the six months ended 30 June 2026.

Upholding a premium brand positioning, we offer colour cosmetics products inspired by Mr. Mao Geping’s foundational
philosophy in light and shadow makeup artistry and oriental aesthetics, as well as skincare and fragrance products
that integrate high-quality formulas with select ingredients. Our colour cosmetics primarily include makeup products
for foundation, highlighting and contouring, lips and eyes. Our skincare products primarily include face creams,
eye care, facial masks, serums and cleansers, while our fragrance products include the “Guoyun Ningxiang (國韻凝
香)” perfume series commemorating the 60th anniversary of Sino-French diplomatic relations, the “Eastern Whisper
Enlightenment (聞道東方)” perfume series co-branded with the Cultural and Creative Institute of the Palace Museum,
and home fragrance products. Moreover, we have launched limited editions of colour cosmetics, such as Eastern Aura
Elegance (氣蘊東方), which encapsulate industry trends, celebrate traditional cultures, and incorporate advanced
technology for enhanced application and wear. As of 30 June 2026, our product portfolio comprised 493 SKUs across
three categories, namely colour cosmetics, skincare and fragrances.
The following table sets forth the total sales volume and average selling prices of our products by product category for
the periods indicated:
Six months ended 30 June
2026

2025
Average

Average

Sales Volume

Selling Price

Sales Volume

Selling Price

Unit in thousands

RMB per unit

Unit in thousands

RMB per unit

Colour cosmetics

12,496.4

157.4

9,059.8

157.0

Skincare

3,385.3

358.1

3,094.7

351.3

Fragrance

53.2

313.0

35.4

322.3

Note:
(1)

4

The average selling price refers to the prices of products sold through all sales channels, including direct sales to consumers, as
well as sales made to retailers and distributors.

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

The average selling prices are generally lower than the high end of the listed price range, primarily because: (i)
products sold to retailers and distributors are priced lower than those sold to consumers, reflecting bulk-purchase
discounts consistent with typical industry practice; and (ii) the average selling price is calculated net of Value Added
Tax and after adjustments for sales discounts, loyalty points and other promotional activities that affect the final
selling price.

Colour cosmetics
Our colour cosmetics offering encompasses a wide range of foundation, highlighting and contouring, eye and
lip makeup products, meticulously designed to cater to the unique skin conditions, facial structures and aesthetic
preferences of Chinese consumers. By incorporating elements of light and shadow and traditional Chinese cultural
elements into our product design, we create visually appealing and culturally relevant product collections that capture
the essence of oriental beauty. As of 30 June 2026, we offered 401 SKUs in colour cosmetics. During the Reporting
Period, our foundation products continued their strong performance. Two of our SKUs – the “Luxury Caviar Cushion”
and the “Luminous Light Veiling Pressed Powder” – generated retail sales of over RMB200 million and RMB300
million, respectively. Following the hit product “Skin Primer”, in February and March of this year, we successively
launched two new products, “Perfecting Radiance Primer Cream” (namely, “Radiance Primer”) and “Fresh Makeup
UV Primer” (namely, “UV Primer”), establishing a family product matrix of makeup primer products covering multiple
foundation makeup needs scenarios. Among them, the “Radiance Primer” gained widespread popularity upon launch
and achieved retail sales of over RMB100 million within less than six months. In addition, we launched “3D Glow
Liquid Highlighter” in April, a product tailored for Asian skin tones. With a silky texture that adheres closely to skin
and effortless blending application, it shapes the beauty of Eastern facial contours by leveraging light and shadow
contrast.
Meanwhile, during the Reporting Period, we collaborated with national-level IPs to launch new colour cosmetics
products with strong artistic appeal. In January 2026, in collaboration with the Team China, we launched the “Splendid
Crystal” collection. Rooted in the integration of Chinese and Western cultures, this collection facilitates an in-depth
dialogue between sportsmanship and artistic aesthetics, interpreting the contemporary beauty woven from strength,
elegance and conviction. In May 2026, we collaborated with the Cultural Creation division of Chengdu Research
Base of Giant Panda Breeding to roll out the “Fantasy Floral Realm” collection. Inspired by the national treasure giant
panda, this collection explores a lighter and more approachable expression of Oriental beauty in the contemporary

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MANAGEMENT DISCUSSION AND ANALYSIS

context. It transports the beauty of the Orient from grand, spotlight occasions into relaxed and healing daily life,
endowing products, beyond their practical value, with a unique added value of spiritual pleasure. Set forth below are
the product portfolios of the “Splendid Crystal” and the “Fantasy Floral Realm” collections:

For the six months ended 30 June 2026, revenue from our colour cosmetics products reached RMB1,966.7 million,
representing a period-over-period increase of 38.3%.

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Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Skincare products
We firmly believe that well-maintained skin is the foundation for achieving optimal makeup results. Building on our
extensive experience in product design, development, sales and branding, and leveraging the loyal consumer base
we have established in the colour cosmetics segment, we have expanded our product portfolio to include skincare
products. Our skincare covers face creams, eye care, facial masks, serums and cleansers, designed to meet the diverse
skin types and skin care requirements of consumers. As of 30 June 2026, we offered 59 SKUs in skincare portfolio.
We have been widely recognised across various skincare sub-segments. For example, our facial mask product, “Luxury
Caviar Facial Mask”, has become a star product with annual retail sales exceeding RMB1.0 billion; our cream product,
“Regenerating Radiance Black Cream”, recorded retail sales of approximately RMB290 million during the Reporting
Period; and our serum products, “Luxury Caviar Multi-Functional Ampoule Essence” and “Regenerating Radiance
Repair Essence”, recorded retail sales of approximately RMB60 million and RMB100 million, respectively, during the
Reporting Period. In addition, we newly launched the high-end skincare series “Radiant Revitalising” this year, which
incorporates floral extracts sourced from polar regions and is formulated to address the differentiated efficacy needs
of different consumer groups. This series also recorded retail sales of over RMB30 million during the Reporting Period.
Set forth below are our new products in the “Radiant Revitalising” series:

For the six months ended 30 June 2026, our revenue generated from the sales of skincare products was RMB1,212.2
million, representing a period-over-period increase of 11.5%.

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MANAGEMENT DISCUSSION AND ANALYSIS

Fragrance
Our fragrance category comprises the “Guoyun Ningxiang (國韻凝香)” and “Eastern Whisper Enlightenment (聞道東
方)” collections and home fragrance products. Drawing inspiration from cultural exchanges between the East and the
West, incorporating reflections rooted in the Eastern philosophy, and creating a distinctive Oriental aesthetic of artistic
conception, these product series not only enrich our product matrix, but also enhance the appeal and competitiveness
of our brand in a broader cosmetics market. As of 30 June 2026, we offered 33 SKUs in fragrance. For the six months
ended 30 June 2026, revenue from our fragrance products reached RMB16.7 million, representing a period-overperiod increase of 46.0%.

Makeup Artistry Training
Dedicated to raising the standard of makeup artistry and aesthetic literacy in China, we had established ten Institutes
of Makeup Artistry in China as of 30 June 2026, namely Hangzhou, Beijing, Shanghai, Chengdu, Shenzhen,
Guangzhou, Chongqing, Wuhan, Qingdao and Zhengzhou, with our Hong Kong School basically prepared and set to
officially open soon. We offer comprehensive in-person makeup training programs at these institutes to disseminate
our deep-rooted knowledge in makeup artistry and Mr. Mao’s aesthetic philosophy to budding makeup artists and
beauty enthusiasts. As of 30 June 2026, 216 trainers were enrolled at our training institutes. During the six months
ended 30 June 2026, our ten training institutes enrolled more than 4,000 students in total.
Our makeup artistry training programs are designed for a variety of participants, including novices aspiring to
makeup-related careers, industry professionals seeking high skill levels, and individuals with foundational makeup
knowledge aiming to enhance their skills. We primarily offer long-term and short-term makeup artistry training
programs. Our long-term makeup artistry training programs generally focus on makeup artistry skills as well as image
design and artistic creativity, aiming to cultivate professionals with a comprehensive skill set, specialising in advanced
character image design with innovative thinking capabilities through systematic training. Short-term programs, such
as comprehensive makeup and styling, fashion lifestyle and creative styling, generally emphasise practicality and
applicability. Our programs are closely aligned with market demands and current fashion trends, striving to meet the
employment needs of program participants aspiring to become makeup artists and stylists. In addition, we also offer
interest-oriented classes for program participants seeking to improve their makeup skills and personal image.

8

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

During the Reporting Period, we continuously deepened the “Dual-Core Makeup Modelling Course (化妝造型雙核
課程)” training system. Since its establishment last year, this initiative has effectively completed the pathway from
“zero-basics entry to professional advancement and then to employment and monetisation”, successfully cultivated a
group of high-calibre talents with both solid technical skills and strong market adaptability, and further consolidated
the Company’s competitive advantages in the field of vocational education in the beauty industry. The courses
covered in dual-core teaching and training model are divided into two major categories: the distinctive dual-core
courses offered by the five institutes and the Makeup Modelling Course. The dual-core courses innovatively integrate
the dual-core training model of “professional skills” and “practical marketing”. On the one hand, systematic and
progressive professional training helps students consolidate their basic makeup and styling skills and achieve technical
breakthroughs from beginner to proficient level. On the other hand, marketing competencies required by the
market are integrated into the whole learning process, covering core online and offline scenarios including content
operation, traffic conversion and client communication, empowering students with the dual competitiveness of “skills
+ operation”. In addition, the “Career Development Department (職業發展部)” of our institute will collaborate with
a professional team composed of senior makeup and styling artists and career consultants to provide graduates with
long-term guidance and empowerment throughout their careers through a dual “online + offline” model, supporting
their career development. While promoting the career development of our graduates, we also contribute to nurturing
more high-calibre professional talents for the makeup and styling industry.
For the six months ended 30 June 2026, our revenue from makeup artistry training and related sales was RMB71.7
million, representing a period-over-period increase of 6.6%.

Product Design and Development
Our success stems from our robust product design and development capabilities, driven by our product development
team’s comprehensive expertise and meticulous approach to create high-quality beauty products.
Our Product Development Team. Our product design and development efforts are led by Mr. MAO Geping,
drawing on his deep understanding of light and shadow makeup artistry, oriental aesthetics and the design and
development of beauty products. We have established a product development team consisting of an art committee
comprising makeup artists of our makeup artistry training institutes, and a core product design and development
team responsible for the overall product design and development process. The two teams collaborate closely to guide
the direction of product design and development, while engaging ODM providers to collectively transform our core
aesthetic concepts and market insights into product solutions. In addition, our makeup artistry training programs
provide a valuable source of new talents for our product development team, supporting the continuity and growth
of our creative capabilities. By nurturing skilled professionals who embody our brand philosophy and aesthetics, we
maintain a strong foundation for future product development.

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MANAGEMENT DISCUSSION AND ANALYSIS

Our Comprehensive Expertise. Our comprehensive expertise drives our ability to create products of exceptional
functionality and performance. In particular, our knowledge of product ingredients, formulas and design allows
us to create products with good functionality and performance. We select quality raw materials and use advanced
formulation techniques to develop products that cater to the specific needs and preferences of our target consumers,
particularly those with Asian skin types and beauty standards. Our aesthetic philosophies in light and shadow makeup
artistry and oriental aesthetics differentiate us from other premium international cosmetics brands. By incorporating
elements of light and shadow, traditional Chinese cultural elements, and the philosophical reflections of the East into
our product design, we create visually appealing and culturally relevant product collections that capture the essence
of oriental beauty.
Strategic Cooperation with ODM Providers. To enhance our product design and development capabilities, we
have forged strategic partnerships with reliable ODM providers, leveraging their technical expertise, manufacturing
facilities and quality control processes to support our product design and development initiatives. Our product
development team guides the overall direction while engaging ODM providers to conduct detailed R&D and product
design work, communicates design and development requirements, and collectively develops product formulas
with these suppliers. We also maintain oversight and involvement throughout the product development cycle, from
initial concept to final production. Our product development team works closely with ODM providers, providing
specifications, conducting quality checks, testing against product specifications and making necessary adjustments
to ensure that the final products meet our standards and align with our brand vision. Our cooperation with ODM
providers allows us to focus on our core competencies in product conceptualisation, design and branding while
ensuring that our products are manufactured to high standards of quality and consistency.
Aesthetics- and Functionality-Driven Product Design. Recognising the dual function of aesthetics and utility
in product appearance design, we emphasise the importance of both visual appeal and practicality in our product
presentations. Our commitment to creating a unique brand identity is reflected in our product aesthetics and
packaging designs. These designs have been developed through generations of proprietary molds, incorporating
elements of traditional Chinese architecture and artworks to deepen cultural resonance. As of 30 June 2026, this
approach to packaging has earned us the Platinum Muse Design Award and 55 design patents, evidencing our
brand’s distinctiveness and sophistication.
Our Product Design and Development Achievements. Our commitment to product design and development has
yielded positive results. For example, based on our expertise in light and shadow makeup artistry, we pioneered the
development of the highlighting and contouring products in China, notably with the Light and Shadow Collection
that was specifically designed to suit Chinese skin tones among all domestic beauty brands, according to Frost &
Sullivan. During the six months ended 30 June 2026, we developed and upgraded approximately 80 new SKUs.

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Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Production and Supply Chain Management
To ensure optimal efficiency and uphold stringent quality control standards, we have selectively partnered with reliable
ODM/OEM providers for product production. We retain decisive authority over the products’ attributes, efficacy and
aesthetic presentation in such partnerships. Our efforts are concentrated on refining essential cosmetic parameters,
such as hue, oil-water balance, pliancy, viscosity and surfactant levels, to ensure our products suit the skin types and
cosmetic needs and preferences of Chinese consumers. We primarily engage third-party logistics service providers to
provide warehousing facilities and delivery services. We select logistics service providers based on their reputation,
scale of operations, track record and price. We typically enter into long-term agreements with our logistics service
providers. Our logistics service providers bear the risks associated with the delivery of our products and the liability for
product damages occurring during the transportation process and are required to purchase necessary insurance.

Sales Network
We sell our products through an extensive sales network integrating offline and online channels. Our offline channels
include (i) direct sales primarily via our self-operated counters; (ii) sales to a premium multinational beauty retailer;
and (iii) sales to offline distributors. Our self-operated counters are strategically located in department stores which
we select specifically to reinforce the image and value of our brand. Adhering to an experiential marketing strategy,
our counters are designed to feature a designated makeup station, supported by well-trained beauty advisors skilled
in makeup knowledge and techniques to offer consumers professional makeup trials that augment the effects of our
products. Our online channels include (i) direct sales via online stores, and (ii) sales to online distributors; our direct
online stores cover e-commerce platforms such as Tmall, Douyin, and Xiaohongshu, which contribute to the main
source of our online sales revenue.
Our counter network consists of self-operated counters and distributor-operated counters, which collectively form a
comprehensive retail ecosystem operated under a consistent set of standards. As of 30 June 2026, we had established
466 brand counters in 132 cities across the country, including 431 self-operated counters and 35 distributor-operated
counters. Such a counter network enables us to expand our product coverage, foster direct consumer relationships
and enhance brand visibility.
During the Reporting Period, as our main brand continued to gain influence among consumers and we increased our
sales and marketing efforts, the average performance of our individual counters further improved. For the six months
ended 30 June 2026 and the six months ended 30 June 2025, the average revenue of the same comparable counters
was as follows:
Six months ended 30 June

Number of the same comparable counters(1)

2026

2025

356

356

1,174.4

1,006.4

3.3

2.8

Total revenue of the same comparable counters
(RMB in millions)
Average revenue of the same comparable counters
(RMB in millions)
(1)

Refers to the number of counters that have been continuously operated throughout the current year/period and the previous
year/period.

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MANAGEMENT DISCUSSION AND ANALYSIS

Our counters are carefully designed to offer customised consultations and professional makeup trial services, creating
an experiential and personalised shopping experience for consumers. Our first brand image flagship store was opened
in Hubin Pedestrian Street, a core commercial district in Hangzhou. Drawing inspiration from the red walls of the
capital of the ancient Southern Song Dynasty, it incorporates a facade design featuring three-dimensional Osmanthus
carvings and gradient vermilion hues of palace walls, weaving the poetic charm of Jiangnan and Eastern aesthetics
into a modern space. Inside, the flagship store showcases our full range of products, including makeup, skincare,
and fragrances, and offers an immersive makeup experience to allow customers to feel the unique charm of Eastern
beauty and reinterpret the aesthetic genes rooted in the East. Below are some images showcasing the design of our
flagship store:

Our offline counter network has covered numerous mid-to-high-end commercial complexes in Mainland China,
including core mid-to-high-end department stores and shopping malls such as SKP, China Resources MixC, Intime,
Wangfujing, Plaza 66, Parkson, Golden Eagle and Huadi Yaohan, as well as Gateway Arcade at Harbour City in Hong
Kong. We plan to further increase the density of our counter network layout in higher-tier cities in Mainland China
and steadily expand our presence in key commercial districts of markets outside Mainland China, including Hong Kong
and Macau. During the Reporting Period, we continued to upgrade our existing counters in terms of both location and
design. For instance, we expanded the floor area of our counter at Hubin Yintai IN77 in Hangzhou’s prime commercial
district and repositioned and optimised our counter at Chengdu SKP to better meet sales and customer service needs.
Below are some images showcasing the upgraded design of our counters at Hubin Yintai IN77, Hangzhou:

12

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Through the strong brand image and product advantages established via offline channels, as well as our online
marketing strategies based on content sharing, we have gained significant brand reputation and consumer goodwill.
During the six months ended 30 June 2026, our offline and online channels maintained steady growth, with revenue
from cosmetic sales of RMB1,468.1 million and RMB1,727.4 million, respectively, representing a period-over-period
growth of 19.9% and 33.2%, respectively.

Branding and Marketing
Brand reputation is at the core of our competitiveness. Our brand-building activities consistently adhere to the
principles of oriental aesthetics and the aesthetics of light and shadow, conveying master-level expertise in artistic
craftsmanship. We employ a content-driven marketing strategy to build our brand’s reputation. The Eastern Aura
Elegance (氣蘊東方) series, our joint brand with the Palace Museum, has now reached its sixth iteration. In addition
to annual new product launches, we also regularly host makeup artistry shows to interpret the new trends of oriental
aesthetics. Furthermore, we connect our brand with an active lifestyle through collaborations with athletes and
sporting events. Below are some of the brand and product marketing activities we organised during the Reporting
Period:

Official Presence at Milan Winter Olympics “China House”: Infusing Athletic Grace with
Contemporary Oriental Aesthetics
In recent years, an increasing number of athletes have chosen to wear makeup during competition. Beyond
showcasing their competitive spirit, they are also expressing the personal style of a new era of athletes, projecting a
multifaceted sense of beauty that blends strength with elegance. As the official makeup service provider for TEAM
CHINA, MAOGEPING set up an exclusive beauty experience zone at the “China House”, located at Villa Clerici in
Milan, during the Olympic Winter Games Milan Cortina 2026. A professional team of senior makeup artists was
stationed on-site to offer product trials and styling services to visiting guests and athletes. Additionally, the brand
created a bespoke “Team China Athlete Image Enhancement Kits” for China’s athletes. Leveraging its professional
beauty expertise, MAOGEPING enhanced the athletes’ confidence and presence, vividly demonstrating the
contemporary appeal of Oriental aesthetics on the global stage. Below are snapshots of our displays and services at
the China House in Milan:

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MANAGEMENT DISCUSSION AND ANALYSIS

“Fantasy Floral Realm – Whimsical Bloomland” New Product Launch & Makeup Artistry Show
As a shining emblem of Chinese culture, the giant panda – with its striking black-and-white vivacity and gentle,
soothing charm – has become an Oriental icon that transcends borders and connects people worldwide. MAOGEPING,
a brand deeply committed to the diverse expression of Oriental aesthetics, has keenly identified this synergy. In
collaboration with the Cultural Creation division of Chengdu Research Base of Giant Panda Breeding, the brand
infuses the spirited essence of this national treasure into its makeup creations. Drawing inspiration from the adorable
charm and effortless ease of “He Hua”, the beloved giant panda, MAOGEPING launched the new “Fantasy Floral
Realm” series. Featuring lightweight textures, wearable finishes, and whimsical designs, this series offers a fresh
interpretation of Eastern Aura Elegance – one that is lighter, more vibrant, and full of life.

Xishuangbanna Base Makeup Festival and Tmall Super Brand Day
In April 2026, during the Water-Splashing Festival in Xishuangbanna, Yunnan, MAOGEPING launched the “RadianceLock Base • Shining Summer” Base Makeup Festival. Through rigorous real-world testing under hot and humid
outdoor conditions, the event comprehensively demonstrated the performance of the brand’s base makeup portfolio,
successfully establishing the strength of our full-range product line-up. In conjunction with Tmall Super Brand Day,
the campaign achieved a dual breakthrough in both tens-of-millions of impressions and sales conversion, further
strengthening the brand’s competitive edge in the professional base makeup segment.

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Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

For the Hong Kong market, we precisely targeted high-net-worth individuals and corporate elites. Through exclusive
VIC salons at Harbour City and bespoke makeup masterclasses tailored for finance and legal professionals, the
brand successfully generated strong resonance within these elite circles. This immersive experiential marketing not
only deepened the brand’s penetration in the professional services sector but also, through exceptional makeup
demonstrations and service experiences, effectively energised the retail atmosphere, achieving a dual leap in both
brand awareness and customer affinity.

Membership
We have established both online and offline membership loyalty programs catering to the diverse preferences and
engagement styles of our customers. Each system provides tailored benefits and privileges that enhance the shopping
and brand experience for our members.
Our online membership system, accessible via our self-operated online stores on Douyin and Tmall, features a tiered
VIP membership structure. Members benefit from interchangeable points and levels across platforms, which fosters
a seamless integration of shopping experiences. These points can be earned and used across various interactions,
including purchases, which enhance customer engagement and promote brand loyalty. The online membership
system is designed to reward not only purchases but also to increase interaction through exclusive member benefits
such as product trials, special promotions, and birthday gifts. The privacy of member data is stringently protected in
line with our comprehensive privacy policy.
In addition, our offline membership system supports registration at physical counters or through linking WeChat
public accounts, catering to customers who prefer in-person interactions. This system offers benefits such as birthday
gifts and personalised makeup services based on members’ VIP levels. Offline membership benefits and tiers are
dynamically adjusted based on cumulative spending over a 12-month period, with detailed rules provided in store and
via our platforms to ensure transparency.
Our consumers can join both of our online and offline membership loyalty programs to enjoy membership benefits.
As of 30 June 2026, we had a total of approximately 18.64 million and 7.44 million registered members, respectively,
online and offline. Both systems are aligned in their goal to offer tailored experiences and rewards but differ in their
manner of interaction and the specific nature of rewards and benefits. By maintaining both online and offline systems,
we effectively address the varied preferences of our diverse customer base, ensuring accessibility and satisfaction
whether shopping online or at a physical location. Through our brand-building and targeted marketing initiatives, we
aim to enhance our brand image, boost consumer loyalty, and drive sustainable growth. Our content-oriented brand
promotion approach, combined with our marketing strategies, has yielded positive results. Our overall repurchase
rate further increased from 26.8% in the six months ended 30 June 2025 to 27.2% in the six months ended 30 June
2026.

Interim Report 2026

15

MANAGEMENT DISCUSSION AND ANALYSIS

The following table sets forth our registered members’ repurchase rate by sales channel for the periods indicated:
Six months ended 30 June
2026

2025

Online channels

24.8%

24.1%

Offline channels

30.6%

30.3%

Overall

27.2%

26.8%

Note:

We calculate the repurchase rate of our registered members by dividing the number of registered members who purchased
our products for two or more times during each year by the number of registered members who made at least one purchase
during the same period. The repurchase rate for the first half of the year is generally lower than that for the full year. This
is mainly due to (i) the usage period of our products, which extends the repurchase cycle; and (ii) seasonal factors, which
typically result in peak sales during shopping festivals and public holidays in the fourth quarter. In the full year of 2025, our
online and offline repurchase rates were 30.3% and 36.5%, respectively.

Customer Service
We have a dedicated customer service team that stays responsive to consumers’ inquiries, feedback, and complaints,
committed to providing personalised customer services to build long-lasting consumer relationships and enhance
consumer loyalty and satisfaction. During the Reporting Period, we did not receive any material customer complaints
and litigations in connection with product safety and quality. Our customer service team closely monitors and
keeps records of reviews, feedback or complaints received across various channels such as our counters, thirdparty e-commerce platforms and various social media and short video platforms such as Xiaohongshu and Douyin,
and promptly contacts relevant consumers to address their concerns in a timely manner. In addressing consumers’
complaints, we undertake to communicate and liaise with the consumers in a timely manner.
Supported by our customer service team, we have built a strong track record of customer satisfaction. To our best
knowledge, during the Reporting Period, our consumer complaint rate was only 0.09%, remaining at a low level
overall. We did not receive any consumer complaints that had a material adverse impact on our operations and
business reputation.

Business Achievements
As the leader among China’s domestic premium beauty brands, we continued to maintain rapid growth during the
Reporting Period. Our total revenue increased from RMB2,588.2 million for the six months ended 30 June 2025 to
RMB3,267.3 million for the six months ended 30 June 2026, representing an increase of 26.2%. Our gross profit
increased from RMB2,178.9 million for the six months ended 30 June 2025 to RMB2,770.4 million for the six months
ended 30 June 2026, representing an increase of 27.1%. Our net profit increased from RMB670.4 million for the six
months ended 30 June 2025 to RMB806.6 million for the six months ended 30 June 2026, representing an increase
of 20.3%. With outstanding sales performance, we consistently solidify our market leadership and brand equity within
the premium beauty industry.

16

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

FUTURE PROSPECTS
We believe the following strategies pave the way for our sustained success in the future.

Enhancing Sales Network Coverage to Broaden Consumer Engagement
We are committed to expanding the coverage of our offline sales channels. While tapping into new markets, we are
increasing the density of brand stores in higher-tier cities where we already operate and penetrating more upscale
shopping malls, thereby enhancing consumer reach and reinforcing our premium brand image. We aim to elevate our
brands’ visibility and influence through establishing counters in high-end department stores, as well as establishing
stores under our flagship brand MAOGEPING nationwide. Counters in department stores offer a focused, branddedicated space within a larger retail environment, allowing for personalised customer service and demonstrations in
a high-traffic setting. Additionally, stores under the MAOGEPING brand provide a holistic brand experience, featuring
a broader range of products and the brand’s aesthetic, enabling deeper engagement with the brand’s identity
and values. Furthermore, we plan to implement a comprehensive upgrade of our department store counters. This
refurbishment plan is designed to enhance the artistic and visual presentation of our counters, enrich the consumer
experience with an elevated sensory journey, and further bolster our brand’s prestigious image.
Our strategy for online expansion focuses on both establishing our proprietary official online store and expanding our
online presence on third-party e-commerce platforms. This approach aims to optimise our online presence, increase
our product accessibility to consumers, and attract a broader demographic. Key to this strategy is our strengthened
efforts in online marketing activities. We plan to amplify our online footprint through increased promotional activities,
strategic collaborations with key opinion leaders (KOLs), and a foray into burgeoning online platforms. These targeted
efforts are aimed at utilising diverse advertising techniques to unlock new avenues for online growth. Concurrently,
we intend to upgrade our membership system to foster deeper member engagement and brand loyalty, and drive
higher repurchase rates. Through these approaches, we aim to seamlessly integrate and maximise the synergies
between our online and offline channels.

Continue Focusing on Colour Cosmetics, Skincare, and Fragrance and Exploring New
Product Categories
Our product development strategy is centred on colour cosmetics, skincare, and fragrances to introduce distinctive
products. This strategy is characterised by a commitment to continuously optimise our product offerings, leveraging
insights from product development, market trends, and professional makeup standards. We also plan to develop
a new product development agenda that aims to broaden our portfolio across different categories, functionalities,
application settings and target audiences.
For colour cosmetics, we plan to develop specialised products that cater to diverse skin tones and types, aiming to
retain and expand our market share and strengthen our prominence within the colour cosmetics industry. In terms
of skincare, we aim to enhance our skincare product offering by adopting effective ingredients and technologies
to introduce more popular skincare products. In the field of fragrance, we insist on product design based on
philosophical reflections of Eastern culture, carefully selecting high-quality ingredients from around the world and
perfumery techniques to enable consumers to experience a diverse range of fragrances that reflect their inner feelings
and recreate poetic imaginings of the spirit.

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MANAGEMENT DISCUSSION AND ANALYSIS

Strategically Upgrading and Expanding Brand Portfolio with MAOGEPING as the Anchor
Our brand development strategy is centred around the refinement of our existing brands alongside the strategic
expansion of new premium brands. This strategy will set the stage for us to become a diversified multi-brand
conglomerate anchored by the MAOGEPING brand. Through these initiatives, we aim to bolster the prestige of the
MAOGEPING brand and to enrich our brand portfolio, catering to a wider consumer base and capturing diverse
market opportunities.
We also plan to explore and pursue investment and acquisition opportunities in brands with potential for growth
and offering synergies that complement our existing brand portfolio. We primarily target brands that have already
captured a respected market position and market share, possess proprietary technology, product formulas and
patents, and are positioned within the mid- to high-end segments of the beauty industry. As of the date of this report,
we had not identified any potential investment or acquisition targets or entered into any agreements in this regard.

Strengthening Global Brand Presence and Overseas Market Penetration
We aim to elevate our market position as a distinguished cosmetics group globally, boosting our brand’s reputation
and influence through an overseas expansion strategy. This endeavour aims to position us prominently in the global
beauty industry.
We are poised to strategically penetrate overseas markets with a dual-channel approach that encompasses both
counters in department stores and online stores in overseas markets. This expansion strategy is designed to amplify
our brand’s exposure among global consumers. Integral to our approach is forging partnerships with high-end
department stores worldwide, a move that will serve to solidify our brand image and embed our presence in the
consciousness of overseas consumers. Moreover, to compete effectively with international brands in overseas markets
such as Europe, America and the Asia-Pacific region, we are enhancing our competitive strategies by focusing on
different product and branding strategies that cater to regional beauty trends and consumer preferences. We are
committed to assembling local teams dedicated to product development, marketing, and sales in overseas markets.
This localisation strategy ensures our product offerings are tailored to the distinct characteristics and needs of local
consumers, fostering product relevance and appeal.
Additionally, we are exploring strategic investment and acquisition opportunities, such as those with a business focus
on beauty brands that are aligned with our premium market position and with products that could be complementary
to our product offerings, and those along our supply chain with production capabilities, to develop products that align
with the specific climatic conditions and consumer characteristics of each region.
Building on our current arrangements, we plan to collaborate with industry partners who have complementary
resources. Such collaboration aims to incentivise them to leverage our brand assets to develop and operate additional
sales channels, and to increase our international competitiveness in marketing, supply chain, and talent acquisition.
These efforts aim to enhance our brand image and expand our reach into untapped markets.

18

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

We plan to establish our presence through both online and offline channels, including a proprietary official online
store which will serve as the cornerstone of our brand experience. Our marketing and branding efforts will be centred
around oriental aesthetics, engaging with customers through the lens of oriental artistry to convey our brand story. In
addition, we aim to leverage sales channels through third parties, including multinational beauty retailers and highend department stores, to reach local consumers. By combining the allure of oriental-inspired products with insights
into local markets, we aim to establish our presence in these overseas markets.

Upholding Brand Positioning Founded on Makeup Artisanship, Advancing Product
Development and Makeup Artistry Training
Product development and makeup artistry training programs are fundamental to our continued success. Our
Hangzhou R&D centre has been completed and commenced operations this year. Looking ahead, we plan to establish
overseas R&D centres to develop proprietary product formulas, foster collaboration with overseas research institutes,
and enhance product efficacy. We recognise the significant potential of overseas markets and value advanced
technologies and product formulas from abroad. Establishing overseas R&D centres will facilitate collaboration with
local laboratories, keep pace with the latest product formulations and technologies, and develop products tailored to
local markets, thereby driving product sales. These overseas R&D centres will also attract and employ local professional
talents, enriching our product development with global insights and directions. Such a strategic approach is aimed at
continuously sharpening our products’ competitive edge, fortifying our position as a premium beauty brand founded
on professional artisanship.
To enhance our in-house R&D capabilities, we have developed a comprehensive strategy. This strategy involves
increasing our involvement in key R&D steps by identifying critical areas where we can enhance our direct
participation, including formula design, production process optimisation, and product testing. We are also prioritising
high-potential product lines, focusing our R&D efforts on offerings with the greatest potential return on investment,
such as skincare products, which aligns with market trends and our existing strengths. Additionally, as we develop inhouse manufacturing capabilities, we plan to integrate our R&D efforts with production processes, creating synergies
that enhance both innovation and operational efficiency.
In line with our dedication to professional makeup artistry training, we plan to upgrade and expand our existing
training facilities. This includes the expansion of existing institutes as well as the establishment of additional
institutes to extend the reach of our makeup artistry training programs. Our goal is to meet the growing demand
for professional makeup training among a wider customer base. We are also focused on upgrading our online
training platforms, introducing programs that advocate our aesthetic philosophy and further elevate MAOGEPING
branding. We are committed to strengthening our training personnel, ensuring a high standard of training quality and
continuous improvement.

Interim Report 2026

19

MANAGEMENT DISCUSSION AND ANALYSIS

FINANCIAL REVIEW
Revenue
The following table sets forth our revenue breakdown by business line and product category for the periods indicated:
Six months ended 30 June
2026

2025

Amount

Amount

RMB’000

%

RMB’000

%

– Colour cosmetics

1,966,671

60.2

1,422,304

55.0

Product sales
– Skincare

1,212,208

37.1

1,087,188

42.0

– Fragrance

16,661

0.5

11,413

0.4

Subtotal

3,195,540

97.8

2,520,905

97.4

71,739

2.2

67,312

2.6

3,267,279

100.0

2,588,217

100.0

Makeup artistry training and related sales
Total
Analysis of Changes:

Our revenue increased by 26.2% from RMB2,588.2 million for the six months ended 30 June 2025 to RMB3,267.3
million for the six months ended 30 June 2026, primarily due to an increase of 26.8% in product sales from
RMB2,520.9 million for the six months ended 30 June 2025 to RMB3,195.5 million for the six months ended 30 June
2026. Our revenue from makeup artistry training and related sales increased by 6.6% from RMB67.3 million for the
six months ended 30 June 2025 to RMB71.7 million for the six months ended 30 June 2026, primarily due to an
increase in the number of participants enrolled in makeup artistry training courses.

20

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

The following table sets forth the breakdown of our revenue from product sales by sales channel for the periods
indicated:
Six months ended 30 June
2026

2025

Amount

Amount

RMB’000

%

RMB’000

%

1,360,256

42.6

1,093,962

43.4

Offline channels
Offline direct sales
Sales to offline distributors

51,865

1.6

51,628

2.1

Sales to a premium multinational beauty retailer

55,977

1.8

78,581

3.1

1,468,098

46.0

1,224,171

48.6

1,345,942

42.1

1,023,532

40.6

381,500

11.9

273,202

10.8

Subtotal

1,727,442

54.0

1,296,734

51.4

Total

3,195,540

100.0

2,520,905

100.0

Subtotal
Online channels
Online direct sales
Sales to online distributors

Analysis of Changes:
Our revenue from product sales through our offline channels increased by 19.9% from RMB1,224.2 million for the
six months ended 30 June 2025 to RMB1,468.1 million for the six months ended 30 June 2026, primarily due to an
increase in offline direct sales from RMB1,094.0 million for the six months ended 30 June 2025 to RMB1,360.3 million
for the six months ended 30 June 2026. This was mainly attributable to our enhanced sales and marketing efforts,
which effectively increased brand exposure and in-store foot traffic, resulting in an increase in the average sales per
counter in the first half of 2026.
Our revenue from product sales through our online channels increased by 33.2% from RMB1,296.7 million for the
six months ended 30 June 2025 to RMB1,727.4 million for the six months ended 30 June 2026, primarily due to an
increase in online direct sales from RMB1,023.5 million for the six months ended 30 June 2025 to RMB1,345.9 million
for the six months ended 30 June 2026, and an increase in sales to online distributors from RMB273.2 million for
the six months ended 30 June 2025 to RMB381.5 million for the six months ended 30 June 2026. This was mainly
attributable to our enhanced sales and marketing activities on e-commerce platforms.

Interim Report 2026

21

MANAGEMENT DISCUSSION AND ANALYSIS

The following table sets forth the breakdown of our revenue from product sales by domestic and overseas market for
the periods indicated:
Six months ended 30 June
2026

2025

Amount

Amount

RMB’000

%

RMB’000

%

– Domestic

3,189,119

99.8

2,519,753

99.95

– Overseas

6,421

0.2

1,152

0.05

3,195,540

100.0

2,520,905

100.0

Product sales

Total
Analysis of Changes:

Our revenue from the product sales in overseas markets increased by 457.4% from RMB1.2 million for the six months
ended 30 June 2025 to RMB6.4 million for the six months ended 30 June 2026, primarily due to the establishment of
Mao Geping (Hong Kong) Limited in 2025 and the opening of our first overseas direct sale counter at Harbour City in
October 2025.

Cost of Sales
Six months ended 30 June
2026

2025

Amount

22

Amount

RMB’000

%

RMB’000

%

Costs of inventories sold

419,761

84.5

338,649

82.7

Employee benefit expenses

14,816

3.0

14,021

3.4

Logistics and transportation costs

50,552

10.2

45,702

11.2

Depreciation and amortisation

3,615

0.7

4,114

1.0

Others

8,152

1.6

6,812

1.7

Total

496,896

100.0

409,298

100.0

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Analysis of Changes:
Our cost of sales increased by 21.4% from RMB409.3 million for the six months ended 30 June 2025 to RMB496.9
million for the six months ended 30 June 2026, which was mainly due to the fact that the cost of inventories sold
increased by 24.0% from RMB338.6 million for the six months ended 30 June 2025 to RMB419.8 million for the six
months ended 30 June 2026 as a result of our revenue growth. Among the remaining components of cost of sales,
the cost of depreciation and amortisation decreased by 12.1% from RMB4.1 million for the six months ended 30 June
2025 to RMB3.6 million for the six months ended 30 June 2026, while other costs increased by 19.7% from RMB6.8
million for the six months ended 30 June 2025 to RMB8.2 million for the six months ended 30 June 2026, primarily
due to the signing of short-term leases for certain schools of the Beauty Education Institute in the second half of
2025.

Gross Profit and Gross Profit Margin
The following table sets forth our gross profit and gross profit margin by business line and product category for the
periods indicated:
Six months ended 30 June
2026

2025

Gross Profit

Gross Profit

Gross Profit

Margin

Gross Profit

Margin

RMB’000

(%)

RMB’000

(%)

– Colour cosmetics

1,637,383

83.3

1,175,956

82.7

Product sales
– Skincare

1,075,415

88.7

951,743

87.5

– Fragrance

12,429

74.6

8,854

77.6

Subtotal

2,725,227

85.3

2,136,553

84.8

45,156

62.9

42,366

62.9

2,770,383

84.8

2,178,919

84.2

Makeup artistry training and related sales
Total
Analysis of Changes:

Our overall gross profit margin remained relatively stable at 84.2% and 84.8% for the six months ended 30 June
2025 and 2026, respectively.

Interim Report 2026

23

MANAGEMENT DISCUSSION AND ANALYSIS

The following table sets forth our gross profit and gross profit margin of product sales by sales channel for the periods
indicated:
Six months ended 30 June
2026

2025

Gross Profit

Gross Profit

Gross Profit

Margin

Gross Profit

Margin

RMB’000

(%)

RMB’000

(%)

Offline channels
1,194,887

87.8

955,420

87.3

Sales to offline distributors

42,041

81.1

39,661

76.8

Sales to a premium multinational beauty retailer

40,650

72.6

53,619

68.2

1,277,578

87.0

1,048,700

85.7

Offline direct sales

Subtotal
Online channels

1,135,821

84.4

860,754

84.1

311,828

81.7

227,099

83.1

Subtotal

1,447,649

83.8

1,087,853

83.9

Total

2,725,227

85.3

2,136,553

84.8

Online direct sales
Sales to online distributors

Analysis of Changes:
Our gross profit for product sales increased by 27.6% from RMB2,136.6 million for the six months ended 30 June
2025 to RMB2,725.2 million for the six months ended 30 June 2026, which was in line with the growth in sales
revenue. Our gross profit margin of product sales remained relatively stable at 84.8% and 85.3% for the six months
ended 30 June 2025 and 2026, respectively.

Other Income and Gains
Our other income and gains amounted to RMB48.5 million and RMB43.1 million for the six months ended 30 June
2025 and 2026, respectively, which was mainly due to a decrease in the amount of government grants.

24

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Selling and Distribution Expenses
The Group’s selling and distribution expenses for the six months ended 30 June 2026 were RMB1,550.0 million,
representing an increase of 32.6% from RMB1,169.3 million for the six months ended 30 June 2025. The selling
and distribution expenses for the six months ended 30 June 2026 accounted for 47.4% of the Group’s revenue,
representing an increase of 2.2 percentage points compared with 45.2% for the six months ended 30 June 2025.
Among them, marketing and promotion expenses increased from RMB539.8 million for the six months ended 30 June
2025 to RMB778.6 million for the six months ended 30 June 2026, mainly due to increased investments in brand
promotion and channel construction to enhance brand exposure. The employee benefit expenses included in selling
expenses increased from RMB357.2 million for the six months ended 30 June 2025 to RMB426.2 million for the six
months ended 30 June 2026, primarily due to the Group’s business expansion and the growth in its performance.

Administrative Expenses
Our administrative expenses increased by 6.5% from RMB136.4 million for the six months ended 30 June 2025 to
RMB145.2 million for the six months ended 30 June 2026, which was primarily due to an increase in sales tax and
surcharges in line with the increase in our revenue.

Impairment Losses on Financial Assets, Net
Our net impairment losses on financial assets was RMB1.1 million for the six months ended 30 June 2025 compared
to the net impairment losses on financial assets of nil for the six months ended 30 June 2026, which was primarily
due to the overall timely collection of our trade receivables.

Other Expenses
Our other expenses were RMB25.6 million and RMB47.3 million for the six months ended 30 June 2025 and the six
months ended 30 June 2026, respectively, mainly due to an increase in foreign exchange losses.

Financial Costs
Our financial costs were RMB1.0 million and RMB1.5 million for the six months ended 30 June 2025 and the six
months ended 30 June 2026, respectively, mainly due to an increase in interest expenses on lease liabilities.

Income Tax Expense
With the increase in profit before tax, our income tax expense increased from RMB228.2 million for the six months
ended 30 June 2025 to RMB271.2 million for the six months ended 30 June 2026.

Profit for the Period
As a result of the foregoing, our profit for the period amounted to RMB670.4 million and RMB806.6 million for the
six months ended 30 June 2025 and the six months ended 30 June 2026, respectively.

Interim Report 2026

25

MANAGEMENT DISCUSSION AND ANALYSIS

Non-HKFRS Measure
To supplement our consolidated financial statements, which are presented in accordance with HKFRS Accounting
Standards, we also use adjusted net profit as an additional financial measure, which is not required by or presented
in accordance with HKFRS Accounting Standards. We believe this non-HKFRS measure facilitates comparisons of
operating performance from period to period and company to company by eliminating potential impacts of certain
items. We believe this measure provides useful information to investors and others in understanding and evaluating
our combined results of operations in the same manner as it helps our management. However, such non-HKFRS
financial measure may not be directly comparable to similar measures presented by other companies. The use of this
non-HKFRS measure should not be considered as a substitute for analysis of our results of operations or financial
condition as reported under HKFRS Accounting Standards.

Adjusted Profit for the Period
We define adjusted profit for the period (non-HKFRS measure) as profit for the period adjusted by adding back listing
expenses (net of tax) and equity-settled share award expense. The following table reconciles our adjusted profit for the
period (non-HKFRS measure) with profit for the period presented in accordance with HKFRS Accounting Standards:
Six months ended 30 June

Profit for the period

2026

2025

RMB’000

RMB’000

806,572

670,419

Add:
Equity-settled share award expense(1)
Adjusted profit for the period (non-HKFRS measure)

8,652

1,827

815,224

672,246

Note:
(1)

26

Equity-settled share award expense mainly represents the arrangement that we receive services from employees as
consideration for our equity instruments. Equity-settled share award expense is not expected to result in future cash
payments.

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Liquidity and Capital Resources
We mainly financed our capital requirements through cash generated from our business operations and the net
proceeds from the Global Offering. For the six months ended 30 June 2026, net cash generated from operating
activities was approximately RMB925.6 million, as compared to net cash generated from operating activities of
RMB830.6 million for the six months ended 30 June 2025. As of 30 June 2026, the Group had cash and cash
equivalents of approximately RMB2,780.8 million, while as at 31 December 2025, the Group had cash and cash
equivalents of approximately RMB2,437.5 million. As of 30 June 2026, we had no outstanding borrowings. The
Group’s gearing ratio, defined as total liabilities divided by total assets, was 15.6% and 16.5% as at 31 December
2025 and 30 June 2026, respectively. As at 31 December 2025 and 30 June 2026, the Group’s current ratio (defined
as current assets divided by current liabilities) was 5.2 times and 4.9 times, respectively. The Group’s net gearing
ratio, defined as total liabilities divided by total equity, was 18.5% and 19.8% as at 31 December 2025 and 30 June
2026, respectively. With the cash and bank balances in hand, the Group’s liquidity position remains strong to meet its
working capital requirements.

Cash Flow
Six months ended 30 June
2026

2025

RMB’000

RMB’000

Cash generated from operations

1,177,756

1,047,119

Income tax paid

(252,152)

(216,532)

Net cash flows from operating activities

925,604

830,587

Net cash flows from/(used in) investing activities
Net cash flows used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period

6,774

(81,966)

(541,584)

(380,642)

390,794

367,979

2,437,476

2,791,719

Effect of foreign exchange rate changes, net

(47,459)

(24,156)

Cash and cash equivalents at end of period

2,780,811

3,135,542

Analysis of changes:
The Group’s net cash flows from operating activities increased from a cash inflow of RMB830.6 million for the six
months ended 30 June 2025 to a cash inflow of RMB925.6 million for the six months ended 30 June 2026, mainly
due to an increase in the amount of cash inflow generated from sales growth. The Group’s net cash flows from
investing activities increased from a cash outflow of RMB82.0 million for the six months ended 30 June 2025 to a
cash inflow of RMB6.8 million for the six months ended 30 June 2026, mainly due to the cash inflows of RMB1,029.2
million generated from the maturity and redemption of time deposits purchased in prior periods, and cash outflows
of RMB828.1 million arising from the purchase of time deposits with a maturity of more than three months during
2026. The Group’s net cash flow from financing activities was a cash outflow of RMB380.6 million for the six months
ended 30 June 2025, mainly due to a cash outflow of RMB352.9 million arising from the distribution of dividends, a
cash outflow of RMB320.0 million arising from repayment of borrowings at maturity, and a cash inflow of RMB311.1
million arising from the proceeds from the Listing. For the six months ended 30 June 2026, the Group’s net cash
flows used in financing activities amounted to a cash outflow of RMB541.6 million, mainly due to cash outflows of
RMB490.2 million generated from dividend payments.
Interim Report 2026

27

MANAGEMENT DISCUSSION AND ANALYSIS

In conclusion, the net increase in the Group’s cash and cash equivalents was RMB368.0 million for the six months
ended 30 June 2025, while the net increase in the Group’s cash and cash equivalents was RMB390.8 million for the
six months ended 30 June 2026.
As at 30 June 2026, the Group had time deposits of RMB789.3 million, which were not included in cash and cash
equivalents.

Interest Rate Risk and Exchange Rate Risk
The Group’s operations are mainly carried out in the PRC, with most transactions settled in Renminbi. The reporting
currency of the Group is Renminbi. In Hong Kong, China, the Group uses local currency as its functional currency,
including Hong Kong dollar. A portion of the Group’s cash and bank deposits are denominated in Hong Kong dollar
and US dollar. The Group continues to adopt a prudent policy on foreign exchange risk management. During the
six months ended 30 June 2026, the Group does not have a foreign currency hedging policy for foreign currency
transactions, assets and liabilities. The Group reviews its foreign exchange risks periodically and uses derivative
financial instruments to hedge against such risks when necessary.

Capital Expenditure and Commitments
For the six months ended 30 June 2025 and the six months ended 30 June 2026, our capital expenditures primarily
consisted of the purchase of items of property, plant and equipment. The table below sets forth our capital
expenditure for the periods indicated:
Six months ended 30 June
2026

2025

RMB’000

RMB’000

120,449

108,805

540

121

Prepayments for property, plant and equipment

26,630

5,287

Total

147,619

114,213

Purchase of items of property, plant and equipment
Purchases of other intangible assets

Our contractual commitments primarily relate to construction in progress for the six months ended 30 June 2025 and
the six months ended 30 June 2026. Our Group had the following contractual commitments as of the indicated dates:
As of 30 June

28

2026

2025

RMB’000

RMB’000

Construction in progress

112,968

222,988

Total

112,968

222,988

Mao Geping Cosmetics Co., Ltd.

MANAGEMENT DISCUSSION AND ANALYSIS

Significant Investments, Material Acquisitions and Disposal of Subsidiaries, Associates
and Joint Ventures
For the six months ended 30 June 2026, we had no material acquisitions or disposals of subsidiaries, associates,
and joint ventures. As at 30 June 2026, we did not hold any significant investments (including any investment in an
investee company) with a value of 5% or more of the Group’s total assets.

Charges on the Group’s Assets
As of 30 June 2026, we did not pledge any of our assets.

Future Plans for Material Investments or Purchase of Capital Assets
As of the date of this report, we had no plans for significant investments or purchase of capital assets.

Contingent Liabilities
We did not have any material contingent liabilities as of 30 June 2026.

Subsequent Events after the Reporting Period
Save as disclosed herein and as at the date of this report, the Group has no significant events occurred after the
Reporting Period.

Interim Report 2026

29

CORPORATE GOVERNANCE AND OTHER BUSINESS
The Board of Directors is committed to maintaining high corporate governance standards. The Board of Directors
believes that high corporate governance standards are crucial in providing a framework for the Group to protect the
interests of the Shareholders of the Company, enhance corporate value, formulate its business strategies and policies,
and enhance its transparency and accountability.

COMPLIANCE WITH THE CODE ON DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model
Code”) as set out in Appendix C3 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong
Kong Limited (the “Listing Rules”). Upon specific enquiry by the Company, all Directors confirmed that they had
complied with the requirements of the Model Code in relation to the relevant Directors’ share dealings during the
Reporting Period.
The Company’s employees, who are likely to be in possession of inside information of the Company, are also subject
to the Model Code. All such employees confirmed that they had complied with the requirements of the Model Code
in relation to the relevant share dealings during the Reporting Period.

COMPLIANCE WITH THE CG CODE
The Company recognises the importance of good corporate governance for enhancing the management of the
Company as well as preserving the interests of the Shareholders as a whole. During the Reporting Period, the
Company has adopted the code provisions set out in the CG Code as its own code to govern its corporate governance
practices and has complied with all applicable code provisions set out in the CG Code. The Company recognises that
the Board of Directors should be composed of a balanced combination of executive Directors and independent nonexecutive Directors, so that the Board of Directors can have a strong independent element and make independent
judgements effectively.

CHANGE IN THE POSITIONS AND INFORMATION OF DIRECTORS AND
SENIOR MANAGEMENT
Mr. HUANG Hui, an independent non-executive Director, has served as an independent director of Guangdong Dtech
Technology Co., Ltd. (whose A Shares were listed on the Shenzhen Stock Exchange and H Shares were listed on the
Stock Exchange, stock codes: 301377 and 01377) since July 2026. Other than the above, there were no changes in
the positions and information of the Directors and senior management during the Reporting Period and up to the
date of this report.

EMPLOYEES AND REMUNERATION POLICIES
The Group is committed to promoting gender diversity. As of 30 June 2026, the Group had a total of 3,634
employees, of which 468 were male and 3,166 were female. The number of employees decreased as compared with
the end of last year, due to the outsourcing of certain operations to third-party service providers. The Group integrates
its human resources strategy with remuneration plans based on different job sequences to provide competitive salaries
and incentives based on performance contributions to all employees. The Group also contributes to social security and
provident funds for all employees in accordance with the law, and provides a comprehensive benefit plan including
retirement schemes, supplementary medical insurance, accident insurance, annual health check and various subsidies.

30

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

EMPLOYEE TRAINING
The Group provides training to employees at different departments according to their specific needs. Staff training
provided by the Group includes induction training, business skills training, professional aptitude training, compliance
training, etc. Training programmes will be arranged for new employees upon their induction according to their job
positions, and instructors will be assigned to provide supervision. In-service staff may take part in training and sharing
activities organised by the Group based on their job requirements and capabilities, or conduct online and offline selflearning based on their personal career planning.

INCENTIVE SCHEME
The Company has adopted the Employee Incentive Scheme (the “Employee Incentive Scheme”) to effectively
align the interests of Shareholders, the Company and employees, for long-term development of the Company. The
Employee Incentive Scheme was adopted by a resolution of our Shareholders on 1 April 2024. The Employee Incentive
Scheme is not subject to the provisions of Chapter 17 of the Listing Rules as it does not involve any grant of share
options or awards by our Company or any issuance of new Shares by our Company after the Listing.
On 4 December 2025, the Company adopted the Restricted Share Unit Incentive Scheme by resolutions of the
Shareholders. The purpose of the Restricted Share Unit Incentive Scheme is to further establish and improve the
Company’s long-term incentive mechanism and fully stimulate the enthusiasm of the Company’s core employees, and
to build a business community where the interests of the Shareholders, the Company, and individual managers are
effectively aligned, working together to promote the Company’s sustained and healthy development. The Restricted
Share Unit Incentive Scheme does not involve the grant of new Shares of the Company. However, the Restricted Share
Unit Incentive Scheme constitutes a share scheme funded by existing shares under Chapter 17 of the Listing Rules and
shall be subject to the applicable disclosure requirements under Rule 17.12 of the Listing Rules.

DIVIDENDS
The 2025 annual general meeting of the Company was held on 24 April 2026, at which a final cash dividend of
RMB1.00 per share (including tax, totalling approximately RMB490.2 million) for the year ended 31 December 2025
was approved, which was paid on 26 May 2026 to the Shareholders of the Company whose names appeared on the
register of members of the Company on Wednesday, 29 April 2026.
The Board proposed the payment on 20 October 2026 of an interim dividend of RMB0.62 per Share (tax inclusive) for
the six months ended 30 June 2026, amounting to a total of RMB303.9 million (tax inclusive). The aforesaid proposal
will be put forward for consideration and approval at the extraordinary general meeting to be held thereafter. The
specific arrangements for the declaration and payment of the interim dividend and the time and arrangement of
the closure of register of members of H Shares will be separately disclosed in the circular for extraordinary general
meeting.

Interim Report 2026

31

CORPORATE GOVERNANCE AND OTHER BUSINESS

WITHHOLDING AND PAYMENT OF DIVIDENDS INCOME TAX
Dividends Income Tax Applicable to Overseas Shareholders
Withholding and Payment of Enterprise Income Tax on behalf of Overseas Non-Resident
Enterprise Shareholders
Pursuant to the applicable provisions of the Enterprise Income Tax Law of the PRC (《中華人民共和國企業所得稅
法》) and its implementing rules and the requirements under the Notice of the State Administration of Taxation on
the Issues Concerning Withholding the Enterprise Income Tax on the Dividends Paid by PRC Resident Enterprises
to Overseas Non-Resident Enterprise Shareholders of H Shares (Guo Shui Han [2008] No. 897) (國家稅務總局《關
於中國居民企業向境外H股非居民企業股東派發股息代扣代繳企業所得稅有關問題的通知》(國稅函[2008] 897
號)), the Company will withhold and pay enterprise income tax at the rate of 10% when it distributes dividends to
overseas non-resident enterprise shareholders of H Shares (including any H Shares of the Company registered in the
name of HKSCC Nominees Limited, but excluding any H Shares of the Company registered in the name of HKSCC
Nominees Limited which are held by China Securities Depository and Clearing Corporation Limited as nominee holder
on behalf of investors who invest in the H Shares of the Company through Hong Kong Stock Connect and H Share
“Full Circulation”). The non-resident enterprise Shareholders may, on their own or through an authorised agent,
apply to the competent tax authorities of the Company to enjoy the tax preferential treatments under the tax treaty
(arrangement) by providing information of them being the actual beneficiaries of the tax treaty (arrangement).

Withholding and Payment of Individual Income Tax on behalf of Overseas Individual
Shareholders
Pursuant to the applicable provisions of the Individual Income Tax Law of the PRC (《中華人民共和國個人所得稅法》)
and its implementing rules, the Tax Measures, the Notice of the State Administration of Taxation on Issues Concerning
Levying and Administration of Individual Income Tax After the Repeal of the Document (Guo Shui Fa [1993] No. 045)
(Guo Shui Han [2011] No. 348) (《國家稅務總局關於國稅發[1993] 045號文件廢止後有關個人所得稅徵管問題的通
知》(國稅函[2011] 348號)) and other relevant laws and regulations and requirements under normative documents, the
Company’s overseas individual Shareholders may enjoy the relevant tax concessions in accordance with the provisions
of the tax treaty entered into between the country (region) where such Shareholders are domiciled and the PRC, and
the tax arrangements between the mainland of the PRC, Hong Kong and Macao. The Company will implement the
following arrangements in relation to the withholding and payment of individual income tax on behalf of the overseas
individual H Shareholders:
(1)

For individual H Shareholders whose country (region) of domicile is a country (region) which has entered into a
tax treaty or tax arrangement with the PRC stipulating a tax rate of 10%, the Company will withhold and pay
individual income tax at the rate of 10% on behalf of these individual H Shareholders in the distribution of the
dividends;

(2)

For individual H Shareholders whose country (region) of domicile is a country (region) which has entered into
a tax treaty with the PRC stipulating a tax rate of less than 10%, the Company will temporarily withhold and
pay individual income tax at the rate of 10% on behalf of these individual H Shareholders in the distribution
of the dividends. If relevant individual H Shareholders would like to apply for a refund of the excess amount
of tax withheld and paid, they may, on their own or through the Company, handle the applications for tax
preferential treatments under relevant tax treaties according to the Tax Measures;

32

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

(3)

For individual H Shareholders whose country (region) of domicile is a country (region) which has entered into a
tax treaty with the PRC stipulating a tax rate of more than 10% but less than 20%, the Company will withhold
and pay individual income tax at the effective tax rate stipulated in the relevant tax treaty on behalf of these
individual H Shareholders in the distribution of the dividends; and

(4)

For individual H Shareholders whose country (region) of domicile is a country (region) which has not entered
into any tax treaties with the PRC, or under any other circumstances, the Company will withhold and pay
individual income tax at the rate of 20% on behalf of these individual H Shareholders in the distribution of the
dividends.

Dividends Income Tax Applicable to Shareholders in Mainland China Investing in
H Shares of the Company through Hong Kong Stock Connect and H Share “Full
Circulation”
Withholding and Payment of Individual Income Tax on behalf of Domestic Individual
Shareholders Investing through Hong Kong Stock Connect and H Share “Full Circulation”
Pursuant to the Circular on the Relevant Taxation Policy for the Pilot Programme of an Interconnection Mechanism
for Transactions in the Shanghai and Hong Kong Stock Markets (Cai Shui [2014] No. 81) (《關於滬港股票市場交易
互聯互通機制試點有關稅收政策的通知》(財稅[2014] 81號)) and the Circular on the Relevant Taxation Policy for the
Pilot Programme of an Interconnection Mechanism for Transactions in the Shenzhen and Hong Kong Stock Markets
(Cai Shui [2016] No. 127) (《關於深港股票市場交易互聯互通機制試點有關稅收政策的通知》(財稅[2016] 127號)), for
domestic individual Shareholders who invest in H Shares of the Company through Hong Kong Stock Connect (such H
Shares are registered in the name of HKSCC Nominees Limited and held by China Securities Depository and Clearing
Corporation Limited as a nominee shareholder), the Company will withhold and pay individual income tax at the rate
of 20% on their behalf in the distribution of the dividends. For domestic Shareholders who are securities investment
funds investing in H Shares of the Company through Hong Kong Stock Connect (such H Shares are registered in the
name of HKSCC Nominees Limited and held by China Securities Depository and Clearing Corporation Limited as a
nominee shareholder), the Company will withhold and pay individual income tax at the rate of 20% on their behalf
in the distribution of the dividends. Where the Company distributes the interim dividends to individual Shareholders
under the H Share “Full Circulation”, it is required to withhold and pay the individual income tax at the rate of 20%.

No Withholding and Payment of Enterprise Income Tax on behalf of Domestic Enterprise
Shareholders Investing through Hong Kong Stock Connect
Pursuant to the Circular on the Relevant Taxation Policy for the Pilot Programme of an Interconnection Mechanism
for Transactions in the Shanghai and Hong Kong Stock Markets (Cai Shui [2014] No. 81) (《關於滬港股票市場交易
互聯互通機制試點有關稅收政策的通知》(財稅[2014] 81號)) and the Circular on the Relevant Taxation Policy for the
Pilot Programme of an Interconnection Mechanism for Transactions in the Shenzhen and Hong Kong Stock Markets
(Cai Shui [2016] No.127) (《關於深港股票市場交易互聯互通機制試點有關稅收政策的通知》(財稅[2016] 127號)),
for domestic enterprise Shareholders who invest in H Shares of the Company through Hong Kong Stock Connect
(such H Shares are registered in the name of HKSCC Nominees Limited and held by China Securities Depository and
Clearing Corporation Limited as a nominee shareholder), the Company will not withhold or pay enterprise income tax
on their behalf in the distribution of the dividends, and the domestic enterprise Shareholders shall report and pay the
relevant taxes payable by themselves. Any dividend received in respect of H Shares of the Company which have been
continuously held by a domestic enterprise Shareholder for 12 months shall be exempted from enterprise income tax.

Interim Report 2026

33

CORPORATE GOVERNANCE AND OTHER BUSINESS

H Shareholders of the Company are recommended to consult their own tax advisers on the relevant tax impact in the
PRC, Hong Kong and other countries (regions) arising from the possession and disposal of H Shares of the Company.

ISSUED SHARE CAPITAL
Reference is made to the announcements of the Company dated 27 March 2025, 16 January 2026, 5 February 2026
and 11 March 2026. The Company completed the conversion of 228,344,600 Unlisted Shares into H Shares in total
on 11 March 2026.
As of 30 June 2026, the total share capital of the Company was RMB245,093,450, namely 490,186,900 H Shares
with a nominal value of RMB0.5 each. Details of the movements in the share capital of the Company during the
Reporting Period are set out in Note 14 to the interim condensed consolidated financial information.

AUDIT COMMITTEE AND REVIEW OF INTERIM REPORT
The Company has established the Audit Committee with written terms of reference in accordance with the Listing
Rules. The Audit Committee of the Company comprises Mr. GU Jiong (Chairperson), Mr. HUANG Hui and Mr. LI
Hailong. The Audit Committee of the Company has reviewed and confirmed the Group’s 2026 interim report and
the unaudited interim financial statements for the six months ended 30 June 2026, which have been prepared in
accordance with the HKFRS Accounting Standards.
The Audit Committee has reviewed and agreed with the accounting principles and practices adopted by the Group
and discussed matters in relation to internal controls and financial reporting with the management, including the
review of the unaudited consolidated financial statements of the Group for the six months ended 30 June 2026. The
Audit Committee considers that the financial results for the six months ended 30 June 2026 are in compliance with
the relevant accounting standards, rules and regulations, and appropriate disclosures have been duly made.
In addition, the independent auditor of the Company, Ernst & Young, has performed an independent review of the
Group’s interim financial information for the six months ended 30 June 2026 in accordance with Hong Kong Standard
on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the
Entity” issued by the Hong Kong Institute of Certified Public Accountants.

34

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

USE OF PROCEEDS FROM THE GLOBAL OFFERING
On 10 December 2024, the H Shares of the Company were listed on the Main Board of the Stock Exchange. The
net proceeds from the Global Offering (including the full exercise of the over-allotment option as disclosed in the
Company’s announcement dated 6 January 2025) were approximately HK$2,523.76 million. For details of the
intended use of proceeds from the Global Offering, please refer to the section “Future Plans and Use of Proceeds” in
the Prospectus. The net proceeds from the Global Offering will be utilised in accordance with the purposes set out in
the Prospectus. There was no change in the intended use of net proceeds as previously disclosed in the Prospectus.
The table below sets out the use of proceeds and actual usage up to 30 June 2026:
Amount of net

Use of proceeds

Utilised amount

Unutilised

Approximate

proceeds

amount as at

Amount utilised

from the

Unutilised

Expected

percentage of

allocated

31 December

during the

Listing Date to

amount as at

timeline of

total amount

upon Listing

2025 Reporting Period

30 June 2026

30 June 2026

full utilisation

(HK$ million)

(HK$ million)

(HK$ million)

(HK$ million)

(HK$ million)

Expansion of the Group’s sales network

25.0%

630.94

227.43

227.43

630.94

0

N/A

Branding activities

20.0%

504.75

78.88

78.88

504.75

0

N/A

Overseas expansion and acquisitions

15.0%

378.56

363.43

7.13

22.26

356.30

Before
31 December 2028

Strengthening the Company’s production and

10.0%

252.38

252.38

28.77

28.77

223.61

supply chain capabilities
Enhancing the Company’s product design and

9.0%

227.14

190.70

19.04

55.48

171.66

development capabilities
Makeup artistry training institutes

Before
31 December 2028
Before
31 December 2028

6.0%

151.43

130.72

5.21

25.92

125.51

Before
31 December 2029

Digitalisation of operations and information

5.0%

126.19

111.23

6.01

20.97

105.22

infrastructure
Working capital and general corporate purposes

Before
31 December 2028

10.0%

252.38

252.38

0

0

252.38

Before
31 December 2028

Total
Note:

100%

2,523.76

1,607.14

372.47

1,289.09

1,234.67

For illustrative purposes only, the unutilised amount as of 30 June 2026 includes proceeds from the exercise of overallotment options.

During the Reporting Period, the Group has utilised a portion of the net proceeds and will gradually utilise the
remaining net proceeds in accordance with the intended purposes as stated in the Prospectus. The expected timeline
is based on the best estimation of future market conditions and business operations made by the Company currently
and remains subject to change based on future development of market conditions and actual business needs.

Interim Report 2026

35

CORPORATE GOVERNANCE AND OTHER BUSINESS

INTERESTS AND SHORT POSITIONS OF DIRECTORS AND CHIEF EXECUTIVE
IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY
AND ITS ASSOCIATED CORPORATIONS
As of 30 June 2026, based on the information available to the Company and to the best knowledge of the Directors,
the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares
and debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO), which
were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the
SFO (including those taken or deemed as their interests and short positions in accordance with such provisions of the
SFO), or which were required, pursuant to section 352 of the SFO, to be entered in the register kept by the Company
referred to therein, or which were required, pursuant to the Model Code for Securities Transactions by Directors of
Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules, to be notified to the Company and
the Hong Kong Stock Exchange are as follows:
Approximate
percentage of total
shareholdings and
the relevant class
Long position/

Number of

of Shares of
the Company

Name

Nature of interest

Class of Shares

Short position

Shares held

Mr. MAO Geping(2)

Beneficial owner

H Shares

Long position

174,292,700

Controlled corporation

H Shares

Long position

2,200,000

Interest of spouse

H Shares

Long position

51,335,200
227,827,900

Ms. WANG Liqun(3)

36

Beneficial owner

H Shares

Long position

44,375,200

Interest of spouse

H Shares

Long position

174,292,700

Controlled corporation

H Shares

Long position

9,160,000

46.48%

227,827,900

46.48%

Ms. MAO Niping

Beneficial owner

H Shares

Long position

42,975,200

8.77%

Ms. MAO Huiping

Beneficial owner

H Shares

Long position

36,994,400

7.55%

Mr. WANG Lihua

Beneficial owner

H Shares

Long position

24,522,800

5.00%

Ms. SONG Hongquan

Beneficial owner

H Shares

Long position

19,442,400

3.97%

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

Notes:
(1)

As at 30 June 2026, the total number of Shares of the Company was 490,186,900, all of which were H Shares.

(2)

As at 30 June 2026, Mr. MAO Geping was deemed to be interested in:
A total of 227,827,900 H Shares comprising (i) 174,292,700 H Shares held directly by Mr. MAO Geping; (ii) 51,335,200 H
Shares directly held or controlled by Ms. WANG Liqun, the spouse of Mr. MAO Geping; and (iii) 2,200,000 H Shares held by
Zhixun Investment.
As at 30 June 2026, Zhixun Investment was controlled by its general and executive partner Mr. MAO Geping as to 10% and
its limited partner Ms. WANG Liqun as to 35.45%. As such, Mr. MAO Geping was deemed to be interested in the Shares of
the Company held by Zhixun Investment.

(3)

As at 30 June 2026, Ms. WANG Liqun was deemed to be interested in:
A total of 227,827,900 H Shares comprising (i) 44,375,200 H Shares held directly by Ms. WANG Liqun; (ii) 174,292,700 H
Shares held directly by Mr. MAO Geping, the spouse of Ms. WANG Liqun; (iii) 2,200,000 H Shares directly held by Zhixun
Investment; and (iv) 6,960,000 H Shares directly held by Jiuhuan Investment.
As at 30 June 2026, Zhixun Investment was controlled by its general and executive partner Mr. MAO Geping as to 10% and
its limited partner Ms. WANG Liqun as to 35.45%. As such, Ms. WANG Liqun was deemed to be interested in the Shares of
the Company held by Zhixun Investment. Further, Jiuhuan Investment was held by Ms. WANG Liqun, Mr. DONG Leqin, Ms.
MAO Niping and Ms. MAO Huiping as to 30.4598%, 8.6208%, 30.4598% and 30.4598%, respectively, with Ms. WANG
Liqun and Mr. DONG Leqin acting as joint general partners while Ms. WANG Liqun shall have the casting vote and decisionmaking power in the general partner arrangement. As such, Ms. WANG Liqun was deemed to be interested in the Shares of
the Company held by Jiuhuan Investment.

Interim Report 2026

37

CORPORATE GOVERNANCE AND OTHER BUSINESS

Interest in associated corporations
Approximate
Nature of

Long position/

Number of

percentage of

Name

Name of associated corporation

interest

Short position

Shares held

shareholding

Mr. MAO Geping

Beijing Mao Geping Professional Skill

Beneficial owner Long position

0

1%

Interest of spouse Long position

0

1%

Training Chaoyang Institute Co., Ltd.
(北京市毛戈平職業技能培訓朝陽學校
有限責任公司)(1)
Ms. WANG Liqun

(2)

Beijing Mao Geping Professional Skill
Training Chaoyang Institute Co., Ltd.
(北京市毛戈平職業技能培訓朝陽學校
有限責任公司)(1)

Notes:
(1)

Beijing Mao Geping Professional Skill Training Chaoyang Institute Co., Ltd. (北京市毛戈平職業技能培訓朝陽學校有限責
任公司) is a limited liability company established in the PRC, and did not issue any shares. It is a subsidiary of the Company
held by the Company as to 99.00%, and by Mr. MAO Geping as to the remaining 1%, respectively.

(2)

Ms. WANG Liqun is the spouse of Mr. MAO Geping. Under the SFO, Ms. WANG Liqun was deemed to be interested in any
Shares in which Mr. MAO Geping was interested.

Save as disclosed above, as at 30 June 2026, none of the Directors or the chief executive of the Company had or was
deemed to have any interest or short position in the Shares, underlying Shares and debentures of the Company or its
associated corporations (within the meaning of Part XV of the SFO), which will have to be notified to the Company
and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions
which he/she is taken or deemed to have under such provisions of the SFO), or which will be required, pursuant to
section 352 of the SFO, to be recorded in the register referred to therein, or which will be required to be notified to
the Company and the Stock Exchange pursuant to the Model Code.

38

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES OF THE COMPANY
So far as is known to the Directors or chief executive of the Company, as at 30 June 2026, the following persons who
had or were deemed as having interests and short positions in the Shares and underlying shares of the Company,
which would be required to be disclosed to the Company and the Exchange under the provisions of Divisions 2 and 3
of Part XV of the SFO, or which were recorded in the register required to be kept under section 336 of the SFO are as
follows:
Approximate
percentage of total
shareholdings and
the relevant class
Name
Mr. MAO Geping(2)

Nature of interest

Class of Shares

Long position/

Number of

of Shares

Short position

Shares held

of the Company

Beneficial owner

H Shares

Long position

174,292,700

Controlled corporation

H Shares

Long position

2,200,000

Interest of spouse

H Shares

Long position

51,335,200
227,827,900

Ms. WANG Liqun(3)

Beneficial owner

H Shares

Long position

44,375,200

Interest of spouse

H Shares

Long position

174,292,700

Controlled corporation

H Shares

Long position

9,160,000

46.48%

227,827,900

46.48%

Ms. MAO Niping

Beneficial owner

H Shares

Long position

42,975,200

8.77%

Ms. MAO Huiping

Beneficial owner

H Shares

Long position

36,994,400

7.55%

Mr. WANG Lihua

Beneficial owner

H Shares

Long position

24,522,800

5.00%

Xinyu Zhixun Project Investment

Beneficial owner

H Shares

Long position

2,200,000

H Shares

Long position

225,627,900

Partnership (Limited Partnership) Interests jointly held
(新余市智循項目投資合夥企業

with another person

(有限合夥)(4)
227,827,900
Xinyu Jiuhuan Project Investment

Beneficial owner

Partnership (Limited Partnership) Interests jointly held
(新余市九寰項目投資合夥企業

H Shares

Long position

6,960,000

H Shares

Long position

220,867,900

46.48%

with another person

(有限合夥)(4)
227,827,900

46.48%

Interim Report 2026

39

CORPORATE GOVERNANCE AND OTHER BUSINESS

Notes:
(1)

As at 30 June 2026, the total number of Shares of the Company was 490,186,900, all of which were H Shares.

(2)

As at 30 June 2026, Mr. MAO Geping was deemed to be interested in:
A total of 227,827,900 H Shares comprising (i) 174,292,700 H Shares held directly by Mr. MAO Geping; (ii) 44,375,200
H Shares directly held or controlled by Ms. WANG Liqun, the spouse of Mr. MAO Geping; (iii) 2,200,000 H Shares held by
Zhixun Investment; and (iv) 6,960,000 H Shares held directly by Jiuhuan Investment.
As at 30 June 2026, Zhixun Investment was controlled by its general and executive partner Mr. MAO Geping as to 10% and
its limited partner Ms. WANG Liqun as to 35.45%. As such, Mr. MAO Geping was deemed to be interested in the Shares of
the Company held by Zhixun Investment.

(3)

As at 30 June 2026, Ms. WANG Liqun was deemed to be interested in:
A total of 227,827,900 H Shares comprising (i) 44,375,200 H Shares held directly by Ms. WANG Liqun; (ii) 174,292,700 H
Shares held directly by Mr. MAO Geping, the spouse of Ms. WANG Liqun; (iii) 2,200,000 H Shares directly held by Zhixun
Investment; and (iv) 6,960,000 H Shares directly held by Jiuhuan Investment.
As at 30 June 2026, Zhixun Investment was controlled by its general and executive partner Mr. MAO Geping as to 10% and
its limited partner Ms. WANG Liqun as to 35.45%. As such, Ms. WANG Liqun was deemed to be interested in the Shares of
the Company held by Zhixun Investment. Further, Jiuhuan Investment was held by Ms. WANG Liqun, Mr. DONG Leqin, Ms.
MAO Niping and Ms. MAO Huiping as to 30.4598%, 8.6208%, 30.4598% and 30.4598%, respectively, with Ms. WANG
Liqun and Mr. DONG Leqin acting as joint general partners while Ms. WANG Liqun shall have the casting vote and decisionmaking power in the general partner arrangement. As such, Ms. WANG Liqun was deemed to be interested in the Shares of
the Company held by Jiuhuan Investment.

Save as disclosed above, as at 30 June 2026, the Company was not aware of any other person who had an interest or short position
in the Shares or underlying shares of the Company which would fall to be disclosed under Divisions 2 and 3 of Part XV of the SFO, or
which would be required to be recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO.

40

Mao Geping Cosmetics Co., Ltd.

CORPORATE GOVERNANCE AND OTHER BUSINESS

ISSUANCE OF DEBENTURES
During the six months ended 30 June 2026, the Group did not issue any debentures.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES
Save as disclosed in the section “Interests and Short Positions of Directors and Chief Executive in Shares, Underlying
Shares and Debentures of the Company and its Associated Corporations” of this interim report, at no time during
the Reporting Period or at the end of the Reporting Period was the Company, any of its subsidiaries, or its fellow
subsidiaries a party to any arrangement to enable the Directors or chief executives of the Company or their respective
close associates (as defined in the Listing Rules) to have any right to subscribe for securities of the Company or any
of its associated corporations (as defined in the SFO) or to acquire benefits by means of acquisition of shares in or
debentures of the Company or any other body corporate.

SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company and within the knowledge of the Directors, the
Company has maintained the prescribed public float under the Listing Rules during the Reporting Period.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE
COMPANY
During the Reporting Period, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of
the Company’s listed securities (including sale of treasury shares). As of the end of the Reporting Period, there were
no treasury shares held by the Company.

SIGNIFICANT LEGAL PROCEEDINGS
During the Reporting Period, the Group was not involved in any litigation of material importance.

CONTINUING DISCLOSURE OBLIGATIONS PURSUANT TO THE LISTING
RULES
Save as disclosed in this interim report, the Company does not have any other disclosure obligations under Rules
13.20, 13.21 and 13.22 of the Listing Rules.

SIGNIFICANT SUBSEQUENT EVENTS AFTER THE END OF REPORTING
PERIOD
Save as disclosed herein and as at the date of this report, the Group had no significant events occurred after the
Reporting Period.

Interim Report 2026

41

INDEPENDENT REVIEW REPORT
Ernst & Young

安永會計師事務所

Tel電話: +852 2846 9888

27/F, One Taikoo Place

香港鰂魚涌英皇道979號

Fax傳真: +852 2868 4432

979 King’s Road

太古坊一座27樓

ey.com

Quarry Bay, Hong Kong
To the board of directors of Mao Geping Cosmetics Co., Ltd.
(Incorporated in the People’s Republic of China with limited liability)

Introduction
We have reviewed the interim financial information set out on pages 43 to 64, which comprises the condensed
consolidated statement of financial position of Mao Geping Cosmetics Co., Ltd. (the “Company”) and its subsidiaries
(the “Group”) as at 30 June 2026 and the related condensed consolidated statements of profit or loss and other
comprehensive income, changes in equity and cash flows for the six-month period then ended, and explanatory notes.
The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation
of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong
Accounting Standard 34 Interim Financial Reporting (“HKAS 34”) as issued by the Hong Kong Institute of Certified
Public Accountants (“HKICPA”). The directors of the Company are responsible for the preparation and presentation
of this interim financial information in accordance with HKAS 34. Our responsibility is to express a conclusion on this
interim financial information based on our review. Our report is made solely to you, as a body, in accordance with our
agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability
to any other person for the contents of this report.

Scope of Review
We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity as issued by the HKICPA. A review of
interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit
conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information is
not prepared, in all material respects, in accordance with HKAS 34.

Ernst & Young
Certified Public Accountants
Hong Kong
27 August 2026

42

Mao Geping Cosmetics Co., Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2026

Notes

2026

2025

(Unaudited)

(Unaudited)

RMB’000

RMB’000

3,267,279

2,588,217

Cost of sales

(496,896)

(409,298)

Gross profit

2,770,383

2,178,919

REVENUE

5

Other income and gains
Selling and distribution expenses
Administrative expenses
Impairment losses on financial assets, net

43,118

48,464

(1,550,028)

(1,169,342)

(145,235)

(136,375)

–

(1,073)

Other expenses

(47,302)

(25,563)

Finance costs

(1,479)

(1,024)

Share of profit of an associate

8,272

4,593

PROFIT BEFORE TAX

6

1,077,729

898,599

Income tax expense

7

(271,157)

(228,180)

806,572

670,419

(1,502)

–

(1,502)

–

(1,502)

–

805,070

670,419

PROFIT FOR THE PERIOD
OTHER COMPREHENSIVE LOSS
Other comprehensive loss that may be reclassified
to profit or loss in subsequent periods:
Exchange differences:
Exchange differences on translation of foreign
operations
Net other comprehensive loss that may be reclassified
to profit or loss in subsequent periods
OTHER COMPREHENSIVE LOSS FOR THE PERIOD,
NET OF TAX
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

Interim Report 2026

43

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 June 2026

2026

2025

(Unaudited)

(Unaudited)

RMB’000

RMB’000

Owners of the parent

805,448

669,765

Non-controlling interests

1,124

654

806,572

670,419

Owners of the parent

803,946

669,765

Non-controlling interests

1,124

654

805,070

670,419

Notes

Profit attributable to:

Total comprehensive income attributable to:

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF THE PARENT

44

Basic (RMB yuan)

9

1.64

1.37

Diluted (RMB yuan)

9

1.64

1.37

Mao Geping Cosmetics Co., Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30 June 2026

Notes

30 June

31 December

2026

2025

(Unaudited)

(Audited)

RMB’000

RMB’000

NON-CURRENT ASSETS
Property, plant and equipment

10

Right-of-use assets

527,367

456,650

686,883

682,121

Other intangible assets

2,693

2,757

Investment in an associate

52,449

48,177

Prepayments, other receivables and other assets

30,723

4,093

Deferred tax assets

64,221

60,369

1,364,336

1,254,167

478,255

518,631

Total non-current assets
CURRENT ASSETS
Inventories

347,245

240,591

Prepayments, other receivables and other assets

98,672

78,401

Financial assets at fair value through profit or loss

89,247

–

–

5,101

Trade receivables

11

Derivative financial instruments
Restricted cash

12

2,182

2,171

Cash and cash equivalents

12

2,780,811

2,441,285

789,348

992,638

4,585,760

4,278,818

Time deposits
Total current assets
CURRENT LIABILITIES
Trade payables

13

Other payables and accruals
Due to a related party
Provision

16

187,282

158,539

510,036

463,391

7,809

5,137

26

16

Lease liabilities

43,680

36,227

Tax payable

182,387

159,534

Total current liabilities

931,220

822,844

NET CURRENT ASSETS

3,654,540

3,455,974

TOTAL ASSETS LESS CURRENT LIABILITIES

5,018,876

4,710,141

Interim Report 2026

45

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
30 June 2026

Notes

30 June

31 December

2026

2025

(Unaudited)

(Audited)

RMB’000

RMB’000

5,018,876

4,710,141

Lease liabilities

47,090

40,217

Other payables and accruals

5,181

–

Total non-current liabilities

52,271

40,217

4,966,605

4,669,924

245,094

245,094

4,716,826

4,421,269

4,961,920

4,666,363

4,685

3,561

4,966,605

4,669,924

TOTAL ASSETS LESS CURRENT LIABILITIES
NON-CURRENT LIABILITIES

Net assets
EQUITY
Equity attributable to owners of the parent
Share capital

14

Reserves

Non-controlling interests
Total equity

46

MAO Niping

MAO Huiping

Director

Director

Mao Geping Cosmetics Co., Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the six months ended 30 June 2026

Attributable to owners of the parent
Shares
held for
share-

At 1 January 2026 (audited)
Profit for the period

Statutory Exchange

Non-

Share

Share

based

Capital

surplus fluctuation Retained

controlling

Total

capital

premium

payment

reserves

reserve

reserve

profits

Total

interests

equity

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

RMB’000

245,094 2,342,087

–

2,745

157,581

(863) 1,919,719 4,666,363

3,561 4,669,924

–

–

–

–

–

–

805,448

805,448

1,124

806,572

–

–

–

–

–

(1,502)

–

(1,502)

–

(1,502)

Other comprehensive loss for
the period:
Exchange differences on translation
of foreign operations
Total comprehensive income
for the period

–

–

–

–

–

(1,502)

805,448

803,946

1,124

805,070

Shares purchased

–

(26,685)

(169)

–

–

–

–

(26,854)

–

(26,854)

Equity-settled share award expense

–

–

–

8,652

–

–

–

8,652

–

8,652

Dividends declared to shareholders

–

–

–

–

–

–

(490,187) (490,187)

–

(490,187)

245,094 2,315,402

(169)

11,397

157,581

At 30 June 2026 (unaudited)

(2,365) 2,234,980 4,961,920

4,685 4,966,605

Interim Report 2026

47

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the six months ended 30 June 2026

Attributable to owners of the parent

At 1 January 2025 (audited)
Profit and total comprehensive income
for the period
Issue of shares
Transfer of share award scheme reserve
upon vesting
Equity-settled share award expense
Dividends declared to shareholders
At 30 June 2025 (unaudited)

48

Share
capital
RMB’000

Share
premium
RMB’000

Capital
reserves
RMB’000

Statutory
surplus
reserve
RMB’000

Retained
profits
RMB’000

Noncontrolling
interests
Total
RMB’000 RMB’000

Total
equity
RMB’000

239,212

2,020,672

15,283

157,581

1,068,560

3,501,308

2,215

3,503,523

–
5,882

–
305,223

–
–

–
–

669,765
–

669,765
311,105

654
–

670,419
311,105

–
–
–

8,375
–
–

(8,375)
1,827
–

–
–
–

–
–
(352,935)

–
1,827
(352,935)

–
–
–

–
1,827
(352,935)

245,094

2,334,270

8,735

157,581

1,385,390

4,131,070

2,869

4,133,939

Mao Geping Cosmetics Co., Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
For the six months ended 30 June 2026

2026
(Unaudited)
RMB’000

2025
(Unaudited)
RMB’000

1,077,729

898,599

(26,129)
1,479
30,312
604

(27,455)
1,024
22,511
400

21
25,734
(740)

–
19,102
(223)

(643)
(648)
–
8,652

–
–
1,073
1,827

(813)
(8,272)
45,957

(1,376)
(4,593)
24,156

1,153,243

935,045

Decrease/(increase) in inventories
Increase in trade receivables
Increase in prepayments, other receivables and other assets
(Increase)/decrease in restricted cash
Increase in trade payables
Increase in other payables and accruals
Increase/(decrease) in provision
Increase in amounts due to a related party and a director

41,189
(106,654)
(20,275)
(11)
28,743
78,839
10
2,672

(62,064)
(77,199)
(13,431)
48,000
134,467
78,212
(67)
4,156

Cash generated from operations
Income tax paid

1,177,756
(252,152)

1,047,119
(216,532)

925,604

830,587

CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments for:
Interest income
Finance costs
Depreciation of property, plant and equipment
Amortisation of other intangible assets
Gain on disposal of items of property, plant and
equipment
Depreciation of right-of-use assets
Gain on termination of leases, net
Fair value gains, net:
Derivative financial instruments
Financial assets at fair value through profit or loss
Impairment losses on trade and other receivables, net
Equity-settled share award expense
Reversal of write-down of inventories to net realisable
values
Share of profit of an associate
Foreign exchange differences, net

Net cash flows from operating activities

Interim Report 2026

49

INTERIM CONDENSED CONSOLIDATED STATEMENT OF
CASH FLOWS
For the six months ended 30 June 2026

2026
(Unaudited)
RMB’000

2025
(Unaudited)
RMB’000

(120,449)
(540)

(108,805)
(121)

(88,915)
(26,630)
4,000

–
(5,287)
–

20
(828,121)
1,029,241
6,060
32,108

55
–
–
–
32,192

Net cash flows from/(used in) investing activities

6,774

(81,966)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Dividends paid
Repayment of principal portion of lease liabilities
Interest paid
Repurchase of shares
Repayment of bank borrowings

–
(490,187)
(23,064)
(1,479)
(26,854)
–

311,105
(352,935)
(17,788)
(1,024)
–
(320,000)

Net cash flows used in financing activities

(541,584)

(380,642)

NET INCREASE IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of period
Effect of foreign exchange rate changes, net

390,794
2,437,476
(47,459)

367,979
2,791,719
(24,156)

CASH AND CASH EQUIVALENTS AT END OF PERIOD

2,780,811

3,135,542

Cash and bank balances
Restricted cash

2,782,993
(2,182)

3,137,709
(2,167)

Cash and cash equivalents as stated in the interim
condensed consolidated statement of financial position
and the interim condensed consolidated statement of
cash flows

2,780,811

3,135,542

CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of items of property, plant and equipment
Purchases of other intangible assets
Purchases of financial assets at fair value through profit or
loss
Prepayments for property, plant and equipment
Dividends received from an associate
Proceeds from disposal of items of property, plant and
equipment
Placement of time deposits
Withdrawal of time deposits
Investment income received
Interest received

ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS

50

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

1.

CORPORATE AND GROUP INFORMATION
The Company is a limited liability company incorporated in the People’s Republic of China (the “PRC”) on
28 July 2000. The registered office of the Company is located at Room 1001, Wanyin Building, Shangcheng
District, Hangzhou, Zhejiang, PRC.
During the period, the Company and its subsidiaries (together, the “Group”) were involved in research and
development, production and sale of beauty products, and provision of makeup artistry training, experiential
and personalised customer service.
In the opinion of the directors of the Company, the ultimate controlling shareholders of the Company
is Mr. Mao Geping, Ms. Wang Liqun, Xinyu Zhixun Project Investment Partnership (Limited Partnership)
(formerly known as Hangzhou Dijing Investment Management Partnership (Limited Partnership)) (“Zhixun
Investment”) and Xinyu Jiuhuan Project Investment Partnership (Limited Partnership) (formerly known as
Hangzhou Jiachi Investment Management (Limited Partnership)) (“Jiuhuan Investment”).

2.

BASIS OF PREPARATION
The interim condensed consolidated financial information for the six months ended 30 June 2026 has been
prepared in accordance with HKAS 34 Interim Financial Reporting. The interim condensed consolidated
financial information does not include all the information and disclosures required in the annual financial
statements, and should be read in conjunction with the Group’s annual consolidated financial statements for
the year ended 31 December 2025.

3.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies adopted in the preparation of the interim condensed consolidated financial
information are consistent with those applied in the preparation of the Group’s annual consolidated financial
statements for the year ended 31 December 2025, except for the adoption of the following amended HKFRS
Accounting Standards for the first time for the current period’s financial information.
Amendments to HKFRS 9 and HKFRS 7

Amendments to the Classification and Measurement of

Amendments to HKFRS 9 and HKFRS 7

Contracts Referencing Nature-dependent Electricity

Annual Improvements to HKFRS

Amendments to HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10

Financial Instruments

Accounting Standards – Volume 11

and HKAS 7

Interim Report 2026

51

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

3.

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)
The nature and impact of the amended HKFRS Accounting Standards are described below:
(a)

Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial
Instruments clarify that a financial asset is derecognised when the entity’s rights to the contractual
cash flows expire or are transferred, while a financial liability is derecognised on the settlement date.
The amendments introduce an accounting policy option to derecognise a financial liability that is
settled through an electronic payment system before the settlement date if specified criteria are met.
The amendments clarify how to assess the contractual cash flow characteristics of financial assets
with environmental, social and governance and other similar contingent features. Moreover, the
amendments clarify the requirements for classifying financial assets with non-recourse features and
contractually linked instruments. The amendments also include additional disclosures for investments
in equity instruments designated at fair value through other comprehensive income and financial
instruments with contingent features. Since the Group’s accounting policy for the derecognition
of financial assets and liabilities in prior years aligned with the amendments and the Group did not
have the financial assets that were addressed by the amendments, the amendments did not have any
impact on the interim condensed consolidated financial information. The Group will provide additional
disclosures for its equity investments designated at fair value through other comprehensive income in
the Group’s consolidated financial statements for the year ending 31 December 2026.

(b)

Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity clarify
the application of the “own-use” requirements for in-scope contracts and amend the designation
requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The
amendments also include additional disclosures that enable users of financial statements to understand
the effects these contracts have on an entity’s financial performance and future cash flows. As the
Group did not have any contracts that are in the scope of the amendments, the amendments did not
have any impact on the interim condensed consolidated financial information.

(c)

Annual Improvements to HKFRS Accounting Standards – Volume 11 set out narrow scope amendments
to HKFRS 1, HKFRS 7 (and the accompanying Guidance on implementing HKFRS 7), HKFRS 9, HKFRS 10
and HKAS 7. The amendments include clarifications, simplifications, corrections or changes to improve
consistency in the corresponding HKFRS Accounting Standards. The amendments did not have any
impact on the interim condensed consolidated financial information.

52

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

4.

OPERATING SEGMENT INFORMATION
For management purposes, the Group is not organised into business units based on their service and products
and only has one reportable operating segment. Management monitors the operating results of the Group’s
operating segment as a whole for the purpose of making decisions about resource allocation and performance
assessment.

Geographical information
(a)

Revenue from external customers
For the six months ended 30 June
2026

Chinese mainland
Hong Kong
Total revenue

2025

RMB'000

RMB'000

(Unaudited)

(Unaudited)

3,260,858

2,587,065

6,421

1,152

3,267,279

2,588,217

The revenue information above is based on the locations of the customers.

(b)

Non-current assets

Chinese mainland
Hong Kong
Total non-current assets

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

1,231,346

1,138,069

16,320

7,552

1,247,666

1,145,621

The non-current asset information above is based on the locations of the assets and excludes financial
instruments and deferred tax assets.

Interim Report 2026

53

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

5.

REVENUE
An analysis of the Group’s revenue is as follows:
For the six months ended 30 June

Revenue from contracts with customers

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

3,267,279

2,588,217

Disaggregated revenue information for revenue from contracts with customers
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

3,195,540

2,520,905

71,739

67,312

3,267,279

2,588,217

Types of goods or services
Sale of products
Makeup artistry training and related sales
Total

For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

3,260,858

2,587,065

6,421

1,152

3,267,279

2,588,217

Geographical markets
Chinese mainland
Hong Kong
Total

54

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

5.

REVENUE (continued)
Disaggregated revenue information for revenue from contracts with customers (continued)
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

3,204,252

2,531,887

63,027

56,330

3,267,279

2,588,217

Timing of revenue recognition
Goods transferred or services provided at a point in time
Services provided over time
Total

Interim Report 2026

55

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

6.

PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging/(crediting):
For the six months ended 30 June

Cost of inventories sold

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

419,761

338,649

26,583

24,946

Cost of makeup artistry training services provided
and related sales
Depreciation of property, plant and equipment

30,312

22,511

Depreciation of right-of-use assets

33,368

26,982

(7,634)

(7,880)

Net depreciation of right-of-use assets

25,734

19,102

Research and development costs

18,252

15,257

Less: Amount capitalised in construction in progress

Bank interest income

(26,129)

(27,455)

Government grants

(13,064)

(16,255)

Foreign exchange differences, net

45,957

24,156

–

1,073

(813)

(1,376)

Impairment losses on trade and other receivables, net
Reversal of write-down of inventories to net realisable values
Employee benefit expense (excluding directors’ and chief
executives’ remuneration):

406,525

366,347

Equity-settled share award expense

8,652

1,827

Wages, salaries and bonuses

56

Pension scheme contributions (defined contribution scheme)

29,625

22,965

Staff welfare expenses

41,112

32,576

Total

485,914

423,715

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

7.

INCOME TAX
The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in
which members of the Group are domiciled and operate.

Hong Kong Profits Tax
Hong Kong profits tax has been provided at the rate of 8.25% on the estimated assessable profits arising in
Hong Kong during the year, for certain subsidiaries of the Group are qualifying entities under the two-tiered
profits tax rates regime, i.e., the first HK$2,000,000 of assessable profits of these subsidiaries are taxed at
8.25% and the remaining assessable profits are taxed at 16.5%.

PRC Corporate Income Tax
The provision for PRC corporate income tax (“CIT”) is based on the statutory rate of 25% of the assessable
profits of certain PRC subsidiaries of the Group as determined in accordance with the PRC Corporate Income
Tax Law.
For the six months ended 30 June 2026, Hangzhou Love Keeps Cosmetics Co., Ltd., Hangzhou Xingyi Equity
Investment Co., Ltd., one subsidiary of Hangzhou Diyue Cosmetics Co., Ltd. and six subsidiaries of Hangzhou
Mao Geping Image Design Art Co., Ltd. are qualified as small and micro enterprises and were subject to
preferential income tax rate of 5% for the first RMB3,000,000 of assessable profits.
The major components of income tax expense of the Group during the period are analysed as follows:
For the six months ended 30 June
2026

Current – Charge for the period
Deferred tax
Total tax charge for the period

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

275,009

238,893

(3,852)

(10,713)

271,157

228,180

Interim Report 2026

57

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

8.

DIVIDENDS
For the six months ended 30 June

Dividends

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

490,187

352,935

The 2025 annual general meeting of the Company was held on 24 April 2026, at which a final cash dividend
of RMB1.00 per share (including tax, totalling approximately RMB490,187,000) for the year ended 31
December 2025 was approved, which was paid on 26 May 2026.
The board of directors proposed the payment of an interim dividend of RMB0.62 per share (tax inclusive)
for the six months ended 30 June 2026 on 20 October 2026, amounting to a total of approximately
RMB303,916,000 (six months ended 30 June 2025: Nil). The aforesaid proposal will be put forward for
consideration and approval at the extraordinary general meeting to be held thereafter.

9.

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT
The calculation of the basic earnings per share amount is based on the profit for the period attributable to
ordinary equity holders of the parent, and the weighted average number of ordinary share of 489,852,380 (six
months ended 30 June 2025: 489,731,958) outstanding during the period, as adjusted to reflect the shares
held for share award arrangement during the period.
The calculation of the diluted earnings per share amounts is based on the profit for the period attributable to
ordinary equity holders of the parent. The weighted average number of ordinary shares used in the calculation
is the number of ordinary shares in outstanding during the period, as used in the basic earnings per share
calculation, and the weighted average number of ordinary shares assumed to have been issued on the deemed
exercise of all dilutive potential ordinary shares into ordinary shares arising from awarded shares granted by
the Company. The Group had no potentially dilutive ordinary shares outstanding during the six months ended
30 June 2025.
The calculations of basic and diluted earnings per share are based on:
For the six months ended 30 June
2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

805,448

669,765

Earnings
Profit attributable to ordinary equity holders of the parent, used
in the basic and diluted earnings per share calculation

58

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

9.

EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT (continued)
Number of shares
For the six months ended 30 June
2026

2025

489,852,380

489,731,958

41,409

–

489,893,789

489,731,958

30 June

31 December

Shares
Weighted average number of ordinary shares outstanding
during the period used in the basic earnings per share
calculation
Effect of dilution - weighted average number of ordinary
shares: Shares awarded
Total

10. PROPERTY, PLANT AND EQUIPMENT
2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Carrying amount at beginning of period

456,650

278,890

Additions

101,070

225,189

Depreciation provided during the period

(30,312)

(47,213)

(41)

(216)

527,367

456,650

30 June

31 December

Disposals
Carrying amount at end of period

11. TRADE RECEIVABLES

Trade receivables
Impairment
Net carrying amount

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

348,088

241,434

(843)

(843)

347,245

240,591

Interim Report 2026

59

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

11. TRADE RECEIVABLES (continued)
The Group’s trade receivables usually generate from sales through stores and online platform which helps to
collect sales proceeds. The Group usually grants a credit period of within 60 days to the relevant shopping
malls, large retailers and online platform. Overdue balances are reviewed regularly by senior management.
Trade receivables are non-interest-bearing.
An ageing analysis of the trade receivables as at the end of each reporting period, based on the transaction
date, is as follows:
30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

Within 3 months

346,075

240,062

3 to 6 months

1,121

921

6 to 12 months

634

334

1 to 2 years

257

5

over 2 years

1

112

348,088

241,434

Total

12. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

2,782,993

2,443,456

2,182

2,171

Cash and cash equivalents

2,780,811

2,441,285

Denominated in RMB

1,174,342

1,170,773

Denominated in HKD

787,793

393,483

Denominated in USD

818,676

877,029

2,780,811

2,441,285

Cash and bank balances
Less: restricted cash

Cash and cash equivalents

The RMB is not freely convertible into other currencies, however, under Chinese mainland’s Foreign Exchange
Control Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange Regulations,
the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign
exchange business.

60

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

12. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (continued)
Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances and
restricted cash are deposited with creditworthy banks with no recent history of default.

13. TRADE PAYABLES
An ageing analysis of the trade payables as at the end of each reporting period, based on the invoice date, is as
follows:
30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

186,098

157,590

3 to 6 months

284

498

6 to 12 months

667

316

Over 1 year

233

135

187,282

158,539

Within 3 months

Total

The trade payables are non-interest-bearing and are normally settled on 30-day to 60-day terms.

14. SHARE CAPITAL
The Company’s trustee following the terms of the Restricted Share Unit Incentive Scheme had purchased
337,300 of the Company’s shares on the The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock
Exchange”) during the six months ended 30 June 2026 at a total consideration of HK$29,792,000.

15. COMMITMENTS
The Group had the following contractual commitments at the end of each reporting period:

Construction in progress

30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

112,968

185,548

Interim Report 2026

61

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

16. RELATED PARTY TRANSACTIONS
Name

Relationship

Mr. Mao

An executive Director

Hangzhou Shangdu Technology Co., Ltd.

An entity controlled by a shareholder

(“Shangdu Technology”)
Huamei Kangyan (Suzhou) Biotechnology Co., Ltd.

An associate

(“Huamei Kangyan”)
(a)

The Group had the following transactions with related parties during the period:
For the six months ended 30 June
Notes

2026

2025

RMB’000

RMB’000

(Unaudited)

(Unaudited)

(i)

30,169

15,688

(ii)

2,445

2,423

(iii)

1,303

1,360

Purchases of products from:
Huamei Kangyan
Rental and property management fees
payment to:
Shangdu Technology
Licensing fee to:
Mr. Mao
Notes:

62

(i)

The purchases from the related party were made according to the published prices and conditions offered
by the related party to its major customers.

(ii)

The rental and property management fees were charged with reference to prices mutually agreed between
the parties.

(iii)

According to the Name and Portrait Rights Licensing Framework Agreement signed on 25 November 2024,
Mr. Mao Geping has agreed to grant to the Group exclusive and non-transferrable licenses for the Group’s
use of his name and portrait rights for an annual licensing fee of HK$2,980,000. The licensing fee has been
determined after arm’s length negotiations between the Group and Mr. Mao Geping. The initial term of the
Name and Portrait Rights Licensing Framework Agreement commenced on the 10 December 2024 and will
end on 31 December 2026, subject to renewal through mutual consent by the parties.

Mao Geping Cosmetics Co., Ltd.

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

16. RELATED PARTY TRANSACTIONS (continued)
(b)

Outstanding balances with related parties:
30 June

31 December

2026

2025

RMB’000

RMB’000

(Unaudited)

(Audited)

7,809

5,137

Note

Due to a related party (trade)
Huamei Kangyan

(i)

Note:
(i)

As at 30 June 2026 and 31 December 2025, the Group’s outstanding balances with related parties are
unsecured, interest-free and repayable on demand.

17. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
Management has assessed that the fair values of cash and cash equivalents, restricted cash, time deposits,
trade receivables, trade payables, financial assets included in prepayments, other receivables and other assets,
financial liabilities included in other payables and accruals and amounts due to a related party approximate to
their carrying amounts largely due to the short term maturities of these instruments.
The fair values of the financial assets and liabilities are included at the amount at which the instrument could
be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The
following methods and assumptions were used to estimate the fair values:
The Group enters into derivative financial instruments with a commercial bank. Derivative financial instruments,
including options for foreign currency, are measured using valuation techniques similar to forward pricing
and swap models, using present value calculations. The models incorporate various market observable inputs
including the credit quality of counterparties, foreign exchange spot and forward rates. The carrying amounts
of options for foreign currency are the same as their fair values.
The Group invests in unlisted investments, which represent structured deposits and wealth management
products issued by banks in Chinese mainland. The Group has estimated the fair values of these unlisted
investments by using a discounted cash flow valuation model based on the market interest rates of instruments
with similar terms and risks.

Interim Report 2026

63

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
30 June 2026

17. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
(continued)

Fair value hierarchy
The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:

Assets measured at fair value:
As at 30 June 2026
Fair value measurement using
Quoted prices
in active
markets
(Level 1)
RMB’000
(Unaudited)

Significant
observable
inputs
(Level 2)
RMB’000
(Unaudited)

Significant
unobservable
inputs
(Level 3)
RMB’000
(Unaudited)

Total
RMB’000
(Unaudited)

Financial assets at fair value through
profit or loss

–

89,247

–

89,247

Total

–

89,247

–

89,247

As at 31 December 2025
Fair value measurement using
Quoted
prices in active
markets
(Level 1)
RMB’000
(Audited)

Significant
observable
inputs
(Level 2)
RMB’000
(Audited)

Significant
unobservable
inputs
(Level 3)
RMB’000
(Audited)

Total
RMB’000
(Audited)

Derivative financial instruments

–

5,101

–

5,101

Total

–

5,101

–

5,101

The Group did not have any financial liabilities measured at fair value as at 30 June 2026 and 31 December
2025.
During the period, there were no transfers of fair value measurements between Level 1 and Level 2 and no
transfers into or out of Level 3 for both financial assets and financial liabilities (six months ended 30 June 2025:
Nil).

18. EVENTS AFTER THE REPORTING PERIOD
The Group has evaluated subsequent events after the period ended 30 June 2026 and noted no significant
subsequent events.

64

Mao Geping Cosmetics Co., Ltd.

DEFINITIONS
In this interim report, unless the context otherwise requires, the following terms and expressions have the meanings
set forth below:
“Articles of Association” or “Articles”

the articles of association of our Company, as amended, supplemented,
or otherwise modified from time to time

“Board” or “Board of Directors”

the board of directors of our Company

“CAGR”

compound annual growth rate, referring to the year-over-year growth
rate, which is calculated by taking the nth root of the total percentage
growth rate over a specified period of time. The formula for calculating
CAGR is: (Ending Value/Beginning Value) ^ (1/number of years)-1

“CG Code”

the Corporate Governance Code as set out in Appendix C1 of the
Listing Rules in force during the Reporting Period

“Company” or “our Company” or
“the Company”

Mao Geping Cosmetics Co., Ltd. (毛戈平化妝品股份有限公司), a
limited liability company established in the PRC on July 28, 2000,
whose H Shares are listed on the Main Board of the Stock Exchange
(stock code: 1318)

“controlling shareholders”

has the meaning ascribed to it under the Listing Rules

“CSRC”

China Securities Regulatory Commission (中國證券監督管理委員會)

“date of this report”

August 27, 2026

“Zhixun Investment”

Xinyu Zhixun Project Investment Partnership (Limited Partnership) (新
余市智循項目投資合夥企業(有限合夥)), formerly known as Hangzhou
Dijing Investment Management Partnership (Limited Partnership) (杭州
帝景投資管理合夥企業(有限合夥)), a limited partnership established in
the PRC on April 28, 2011, and one of controlling shareholders of the
Company

“Director(s)”

the director(s) of our Company

“Global Offering”

the offer of the Shares for subscription as described in the section
headed “Structure of the Global Offering” in the Prospectus

“Group,” “our Group,” “the Group,”

our Company and its subsidiaries

“we,” or “us,”
“Hangzhou Love Keeps”

Hangzhou Love Keeps Cosmetics Co., Ltd. (杭州至愛終生化妝品有限公
司), a direct wholly-owned subsidiary of the Company

Interim Report 2026

65

DEFINITIONS

“Hangzhou Mao Geping”

Hangzhou Mao Geping Cosmetics Co., Ltd. (杭州毛戈平化妝品有限公
司), a company established in the PRC with limited liability on July 28,
2000, the predecessor of the Company

“Hangzhou Shang Du Hui”

Hangzhou Shang Du Hui Cosmetics Technology Co., Ltd. (杭州尚
都匯化妝品科技有限公司), a direct wholly-owned subsidiary of the
Company

“Hangzhou Xingyi”

Hangzhou Xingyi Equity Investment Co., Ltd. (杭州星屹股權投資有限
公司), a direct wholly-owned subsidiary of the Company

“H Share(s)”

overseas listed foreign share(s) in the share capital of the Company
with a nominal value of RMB0.50 each, which are subscribed for and
traded in Hong Kong dollars

“H Shareholder(s)”

holder(s) of H Share(s)

“H Share Full Circulation”

the conversion of 228,344,600 Unlisted Shares into H Shares

“HK$” or “Hong Kong dollars” or

Hong Kong dollars, the lawful currency of Hong Kong

“HK dollars”
“Hong Kong” or “HK”

the Hong Kong Special Administrative Region of the PRC

“HKFRS Accounting Standards”

All Hong Kong Financial Reporting Standards’s Hong Kong Accounting
Standards and interpretations as issued by the Hong Kong Institute of
Certified Public Accountants

“Jiuhuan Investment”

Xinyu Jiuhuan Project Investment Partnership (Limited Partnership) (新
余市九寰項目投資合夥企業(有限合夥)), formerly known as Hangzhou
Jiachi Investment Management Partnership (Limited Partnership) (杭州
嘉馳投資管理合夥企業(有限合夥)), a limited partnership established in
the PRC on April 28, 2011 and one of controlling shareholders of the
Company

“KOL(s)”

key opinion leader(s)

“Listing”

the listing of the H shares on the main board of the Stock Exchange on
December 10, 2024

“Listing Date”

the date on which the H shares are listed on the Main Board of the
Stock Exchange and from which dealings in the H shares are permitted
to commence on the Main Board of the Stock Exchange, i.e. December
10, 2024

66

Mao Geping Cosmetics Co., Ltd.

DEFINITIONS

“Listing Rules”

the Rules Governing the Listing of Securities on the Stock Exchange, as
amended, modified or otherwise supplemented from time to time

“Mao Geping Image Design”

Hangzhou Mao Geping Image Design Art Co., Ltd. (杭州毛戈平形象設
計藝術有限公司), a direct wholly-owned subsidiary of the Company

“Mao Geping Technology”

Hangzhou Mao Geping Technology Co., Ltd. (杭州毛戈平科技有限公
司), a direct wholly-owned subsidiary of the Company

“Mr. Mao”

Mr. MAO Geping (毛戈平), our founder, chairman of the Board, an
executive Director, and one of the Controlling Shareholders of our
Company

“Ms. Wang”

Ms. WANG Liqun (汪立群), an executive Director, vice chairperson of
the Board, and one of the Controlling Shareholders of our Company

“ODM”

original design manufacturing, where a manufacturer designs and
manufactures a product which is specified by the customer and
eventually marketed and sold under the customer’s brand name or
under no specific brand

“Prospectus”

the prospectus of the Company dated December 2, 2024

“Reporting Period”

for the six months ended June 30, 2026

“Restricted Share Unit”

restricted share unit(s) conferring the grantee a conditional right to
receive H Shares upon vesting

“Restricted Share Unit Incentive Scheme”

the restricted share unit incentive scheme of the Company adopted by
resolutions of the Shareholders on December 4, 2025

“RMB” or “Renminbi”

the lawful currency of the PRC

“SFO”

the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong), as amended, supplemented or otherwise modified from time to
time

“Share(s)”

ordinary shares in the capital of our Company with a nominal value of
RMB0.50 each, comprising Unlisted Share(s) and H Share(s)

“Shareholder(s)”

the holder(s) of the Share(s)

“SKU(s)”

stock keeping unit(s), to help identify and track inventories

Interim Report 2026

67

DEFINITIONS

“Stock Exchange”

The Stock Exchange of Hong Kong Limited

“Unlisted Share(s)”

ordinary share(s) issued by the Company, with a nominal value of
RMB0.50 each, which were subscribed for or credited as paid in
Renminbi and held by domestic Shareholders

“Zhejiang Huidu”

Zhejiang Huidu Cosmetics Co., Ltd. (浙江匯都化妝品有限公司), a direct
wholly-owned subsidiary of the Company

“%”

68

Mao Geping Cosmetics Co., Ltd.

per cent

毛戈平化妝品股份有限公司

毛戈平化妝品股份有限公司

（於中華人民共和國註冊成立的股份有限公司）

(A joint stock company incorporated in the People's Republic of China with limited liability)

股份代號：1318

Stock Code: 1318

Mao Geping Cosmetics Co., Ltd.

中期報告

2026 中期報告 Interim Report

2026

Mao Geping Cosmetics Co., Ltd.

2026

Interim Report

目錄
公司資料

2

管理層討論及分析

4

企業管治及其他事項

30

獨立審閱報告

42

中期簡明綜合損益及其他全面收益表

43

中期簡明綜合財務狀況表

45

中期簡明綜合權益變動表

47

中期簡明綜合現金流量表

49

中期簡明綜合財務資料附註

51

釋義

65

公司資料
董事會

聯席公司秘書

執行董事

董樂勤先生

毛戈平先生
（董事長）
汪立群女士
毛霓萍女士

（香港公司治理公會及
葉文蕙女士
英國特許公司治理公會會員）

毛慧萍女士

核數師

汪立華先生

安永會計師事務所

宋虹佺女士

執業會計師
註冊公眾利益實體核數師

獨立非執行董事

香港

顧炯先生

鰂魚涌

黃輝先生

英皇道979號

李海龍先生

太古坊一座27樓

審計委員會

授權代表

顧炯先生
（主席）

毛霓萍女士

黃輝先生

葉文蕙女士

李海龍先生

主要往來銀行
提名委員會

中國民生銀行杭州錢塘支行

毛戈平先生

中國

毛霓萍女士

浙江省杭州市

顧炯先生

上城區

黃輝先生

建國南路280-1號

（主席）
李海龍先生

註冊辦事處
薪酬委員會

中國

毛戈平先生

浙江省杭州市上城區

毛慧萍女士

萬銀大廈1001室

顧炯先生
黃輝先生

（主席）
李海龍先生

2026中期報告

2

公司資料

中國總辦事處及主要營業地址

境內法律顧問

中國

競天公誠律師事務所

浙江省杭州市

中國

上城區

北京市

萬銀大廈1001室

建國路77號
華貿中心

香港主要營業地點

3號寫字樓34層

香港
灣仔

投資者關係聯絡

皇后大道東248號

電話：+86-571-8792 6998

大新金融中心40樓

郵箱：ir@maogeping.com

H股證券登記處

公司網址

香港中央證券登記有限公司

www.maogeping.com

香港

股份代號

灣仔
皇后大道東183號
合和中心17樓
1712-1716號舖

香港法律顧問
年利達律師事務所
香港
中環
遮打道
歷山大廈11樓

3

毛戈平化妝品股份有限公司

01318

管理層討論及分析
業務回顧
主要業務
我們致力於為消費者提供全面的美妝體驗，包括優質的美妝及香氛產品、專業的化妝藝術培訓以及沉浸式及個性化
的客戶服務。

美妝品牌及產品
基於我們創始人的美學理念，我們創造了一系列融合光影美學和東方美學精髓的美妝產品，以展現最佳的化妝效
果。我們的美妝品牌包括MAOGEPING和至愛終生，作為我們的旗艦品牌，MAOGEPING品牌貢獻了本集團截至
2026年6月30日止6個月主要的產品銷售收入。
我們堅持高端品牌定位，提供基於毛戈平先生的光影美學和東方美學的基本理念研發的彩妝產品以及融合高質量配
方和精選成分的護膚和香氛產品。我們的彩妝產品主要包括粉底、高光和陰影、唇妝及眼妝。我們的護膚品主要包
括面霜、眼部護理、面膜、精華液和潔面乳等，我們的香氛產品包括紀念中法建交60週年的「國韻凝香」系列香水、
與故宮文創聯名的「聞道東方」系列香水以及居家香氛產品。此外，我們還推出了限量版彩妝（如氣蘊東方系列），緊
跟行業趨勢，頌揚傳統文化，融入先進技術，以增強上妝和持妝性。截至2026年6月30日，我們的產品組合包括涵
蓋彩妝、護膚及香氛三個類別493個單品。

下表載列於所示期間按產品類別劃分的產品總銷量及平均售價：
截至6月30日止六個月
2026年
銷量

2025年
平均售價

銷量

千件 人民幣元╱件

平均售價

千件 人民幣元╱件

彩妝

12,496.4

157.4

9,059.8

157.0

護膚

3,385.3

358.1

3,094.7

351.3

香氛

53.2

313.0

35.4

322.3

附註：
(1)

平均售價指通過所有銷售渠道（包括向消費者直銷以及向零售商及經銷商銷售）售出的產品價格。

2026中期報告

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管理層討論及分析

平均售價通常低於列出的價格範圍的上限，乃主要由於(i)我們為大宗採購提供折扣，向零售商及經銷商售出的產品
價格低於向消費者售出的產品價格，這符合行業一般慣例；及(ii)平均售價的計算不含增值稅，但含對銷售折扣、會
員積分及其他影響最終售價的促銷活動的調整。

彩妝
我們的彩妝系列包含了粉底、高光和陰影、眼妝及唇妝等各類產品，這些產品均經過精心設計，以滿足中國消費者
獨特的膚質、面部結構和審美偏好。通過將光影元素及中國傳統文化元素融入我們的產品設計中，我們創造出具
有視覺吸引力及文化屬性的產品系列，把握住了東方美妝的精髓。截至2026年6月30日，我們提供了401個彩妝單
品。報告期內，我們的底妝類產品繼續保持強勢表現，如「奢華魚子氣墊」和「光感柔紗凝顏粉餅」兩個單品的零售額
分別超過人民幣2億元和3億元。在爆款單品「皮膚衣」之後，我們在今年2月和3月接連發佈「柔肌盈採妝前霜」
（即「妝
前粉衣」）與「妝前清新防曬隔離乳」
（即「妝前防曬衣」）兩款新品，構建起覆蓋多重底妝需求場景的妝前家族產品矩
陣，其中「妝前粉衣」一經推出即獲得廣泛追捧，在不足半年的時間內實現了人民幣過億元的零售額，我們還於4月
份上新了「光影素顏高光液」，該產品專為亞洲膚色定製，細潤貼合，易於上妝，運用光影的明暗對比塑造東方骨相
之美。

與此同時，我們在報告期內攜手國家級IP，推出極具藝術張力的彩妝系列新品，2026年1月，聯袂中國國家隊推出
「盛彩晶曜」系列，於中西方文化交融的底蘊中，演繹體育精神與藝術美學的深度對話，詮釋出力量、優雅與信念交
織的時代美感。同年5月，我們與熊猫基地文創共同推出「幻花御境」系列，該系列以國寶大熊猫為靈感載體，探索

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毛戈平化妝品股份有限公司

管理層討論及分析

東方美在當代語境下更輕盈更親近的表達方式，讓東方之美從典藏與高光時刻，走進更鬆弛治癒的日常生活，從而
在功能價值之外，賦予產品獨特的精神愉悅附加值。以下展示了「盛彩晶曜」系列和「幻花御境」系列產品組合：

截至2026年6月30日止六個月，我們的彩妝產品銷售所得收入為人民幣1,966.7百萬元，同比增長38.3%。

2026中期報告

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管理層討論及分析

護膚品
我們堅信，保持良好的肌膚狀況是實現最佳化妝效果的基礎。憑藉我們在產品設計、開發、銷售及品牌建設方面的
豐富經驗，以及在彩妝領域培養的忠實消費者群體的支持，我們的產品組合已涵蓋護膚品。我們的護膚品全面涵蓋
面霜、眼部護理、面膜、精華液和潔面乳等，旨在滿足消費者的多種膚質類型及護膚需求。截至2026年6月30日，
我們提供了59個護膚單品。我們在各護膚細分賽道均獲廣泛認可，例如，我們的面膜類產品「奢華魚子面膜」已成為
年零售額超過人民幣10億元的明星單品，面霜類產品「養膚煥顏黑霜」於本報告期內實現零售額約人民幣2.9億元，
精華類產品「奢華魚子多效安瓶精華」及「養膚煥顏修護精華蜜」於報告期內分別實現零售額約人民幣6,000萬元及1億
元。此外，我們在今年全新上市了「琉光賦活」高端護膚系列，選用極地花精粹成分，滿足了不同用戶群體的差異化
功效需求，該系列於報告期內亦實現零售額超人民幣3,000萬元。以下展示了我們琉光賦活系列新品：

截至2026年6月30日止六個月，我們的護膚產品銷售所得收入為人民幣1,212.2百萬元，同比增長11.5%。

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毛戈平化妝品股份有限公司

管理層討論及分析

香氛
我們的香氛品類包含「國韻凝香」和「聞道東方」香水系列及居家香氛產品，這些產品系列從東西方文化交流中汲取靈
感，融入東方哲學思考，營造出東方獨特的造境美學，不僅豐富了我們的產品矩陣，更增強我們品牌在更廣闊的
化妝品市場中的吸引力和競爭定位。截至2026年6月30日，我們提供了33個香氛單品。截至2026年6月30日止六個
月，我們的香氛產品銷售所得收入為人民幣16.7百萬元，同比增長46.0%。

化妝藝術培訓
我們致力於提高中國的化妝藝術水平和審美素養，截至2026年6月30日，我們在全國（包括杭州、北京、上海、成
都、深圳、廣州、重慶、武漢、青島和鄭州）創辦了十所化妝藝術機構，與此同時，我們的香港校區籌備基本完
成，即將正式開業。我們在這些機構提供全面的面授化妝培訓課程，以傳播我們在化妝藝術方面的深厚知識和毛先
生的美學理念，以此培養新一代化妝師和美妝愛好者。截至2026年6月30日，我們的培訓機構有216名培訓師，截
至2026年6月30日止的六個月內，我們的十所培訓機構共招收學員超過4,000人。

我們的化妝藝術培訓課程是為各類參與者設計，包括有志從事化妝相關職業的新手、尋求高技能水平的業內專業人
士以及擁有化妝基礎知識而欲提高技能的個人。我們主要提供長短期的化妝藝術培訓課程。我們長期的化妝藝術培
訓課程一般側重於化妝藝術技巧及形象設計和藝術創意，旨在通過系統的培訓，培養具有綜合技能的專業人才，專
門從事需要創新思維能力的高級人物形象設計。化妝造型全科、時尚生活課程、創意造型課程等短期課程，一般強
調實用性和應用性。我們的課程與市場需求及當前的時尚趨勢緊密結合，努力滿足有志成為化妝師及造型師的課程
參與者的就業需求。此外，我們還為尋求提高化妝技巧及個人形象的課程參與者提供興趣班。

2026中期報告

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管理層討論及分析

報告期內，我們持續深化「化妝造型雙核課程」培訓體系。該模式自去年確立以來，已有效貫通「零基礎入門－專業
進階－就業變現」全鏈路，成功培育出一批兼具紮實技藝與市場適應力的優質人才，進一步鞏固了公司在美業職業
教育領域的競爭優勢。雙核課程教學培養模式所涉及的課程主要分為兩大類：五校的特色雙核課程與《化妝造型全
科雙核課程》。雙核課程以創新性地融合「專業技藝」與「實戰營銷」雙核驅動培訓模式的理念推出：一方面，通過系
統化、進階式的專業訓練，夯實化妝造型基礎，實現從零到精的技術突破。另一方面，在學習週期內同步植入市
場所需的營銷能力，覆蓋內容運營、流量轉化、客戶溝通等線上及線下核心場景，賦能學員掌握「技術+運營」的雙
重競爭力，此外，我校「職業發展部」將聯動由資深化妝造型師及職業顧問組成的專業團隊，以「線上+線下」雙線模
式，為畢業生提供貫穿職業生涯的長期指導與賦能，護航其職業成長之路，在促進畢業學員職業發展的同時，更為
行業輸送更多的優質化妝造型專業人才。

截至2026年6月30日止六個月，我們的化妝藝術培訓及相關銷售產生的收入為人民幣71.7百萬元，同比增長6.6%。

產品設計及開發
我們的成功建立在我們強大的產品設計及開發能力之上，該等能力源於我們的產品開發團隊的全面、專業知識及創
造優質美妝產品的細緻方法。
我們的產品開發團隊。我們的產品設計和開發工作是由毛戈平先生領導，其對光影美學、東方美學及美妝產品設計
和開發有深刻理解。我們已建立產品開發團隊，由藝術委員會（由我們化妝藝術培訓機構的化妝師組成）及核心研發
團隊（負責整個產品設計和開發過程）組成。兩個團隊緊密合作，引導產品設計和開發方向，同時與ODM供貨商合
作，共同將我們的核心美學理念和市場洞察轉化為產品解決方案。此外，我們的化妝藝術培訓課程為我們的產品開
發團隊提供了寶貴的新人才來源，以支持我們創新能力的連續性及發展。透過培養一批了解我們品牌理念及美學原
則的熟練專業人士，我們為未來的產品開發奠定堅實的基礎。

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毛戈平化妝品股份有限公司

管理層討論及分析

全面的專業知識。我們全面的專業知識是我們創造具有卓越功能及性能的產品驅動力。尤其是，我們對產品成分、
配方和設計的了解使我們能夠創造出具有良好功能和性能的產品。我們選擇優質原料並採用先進的配方技術開發產
品，以滿足目標消費者，尤其是具有亞洲人皮膚類型及審美標準的消費者的特定需求及偏好。我們的光影美學及東
方美學理念，使我們從其他高端國際化妝品品牌中脫穎而出。通過將光影元素、中國傳統文化元素及東方的哲學思
考融入我們的產品設計中，我們創造出具有視覺吸引力及文化屬性的產品系列，把握住了東方美妝的精髓。
與ODM供貨商的戰略合作。為提高我們的產品設計及開發能力，我們與可靠的ODM供貨商建立戰略合作夥伴關
係，利用其技術專業知識、製造設施及質量控制流程支持我們的產品設計及開發計劃。我們的產品開發團隊在委託
ODM供貨商開展具體研發和產品設計工作時提供整體方向指導，傳達設計和開發要求，並與該等供貨商共同研製產
品配方。我們亦監督及參與最初概念到最終生產的整個產品開發週期。我們的產品開發團隊與ODM供貨商密切合
作，提供規格、進行質量檢查、測試產品規格並進行必要的調整，以確保最終產品符合我們的標準並符合我們的品
牌願景。我們與ODM供貨商的合作讓我們能夠專注於產品概念化、設計及品牌推廣方面的核心能力，同時確保我們
的產品統一按照高質量標準生產。
以美觀和功能為導向的產品設計。我們深知產品外觀設計中美觀及實用的雙重作用，因此在產品外觀中強調視覺吸
引力及實用性的重要性。我們對創造獨特品牌形象的承諾體現在我們的產品美學及包裝設計中。該等設計經過幾代
專有模具的開發，融入了中國傳統建築、藝術品元素，加深了文化共鳴。截至2026年6月30日，這種包裝方法為我
們贏得了美國繆斯設計鉑金獎及55項設計專利，證明了我們品牌的獨特性及成熟度。
產品設計研發成果。我們對產品設計及開發的追求已取得積極成果。例如，根據弗若斯特沙利文的資料，我們在中
國所有國貨美妝品牌中率先基於光影美學開發高光和陰影產品，特別是專為中國人膚色而設計的光影系列。於截至
2026年6月30日止六個月，我們共開發和升級了約80個新單品。

2026中期報告

10

管理層討論及分析

生產及供應鏈管理
為確保最優效率及維持嚴格的質量控制標準，我們始終選擇可靠的ODM/OEM供貨商負責我們的產品生產。在該合
作關係中，我們保留了對產品屬性、功效和美學表現的決定權。我們工作的重點在於完善基本的化妝品參數，如色
調、水油平衡、柔韌性、黏度和表面活性劑水平，以確保我們的產品適合中國消費者的皮膚類型以及化妝品需求和
偏好。我們主要委聘第三方物流服務供貨商提供倉儲設施及貨運服務。我們根據聲譽、運營規模、業績記錄和價格
等選擇物流服務供貨商。我們通常與物流服務供貨商訂立長期協議。我們的物流服務供貨商承擔與我們的產品配送
相關的風險和運輸過程中產品損壞的責任，並須購買必要保險。

銷售網絡
我們透過整合線下及線上渠道的廣泛銷售網絡銷售我們的產品。我們的線下渠道包括(i)主要通過自營專櫃直銷；(ii)
向一家高端跨國美妝零售商銷售；及(iii)向線下經銷商銷售。我們的自營專櫃戰略性地分佈在我們為強化品牌形象和
價值而特別挑選的百貨商店。我們堅持體驗式營銷策略，專櫃均設有專門的化妝台，由精通化妝知識和技能的訓練
有素的美妝顧問提供支持，為消費者提供專業的試妝，凸顯產品效果。我們的線上渠道包括(i)透過直營網店銷售及
(ii)銷售予線上經銷商，我們的線上直營網店涵蓋天貓、抖音、小紅書等電商平台，這些直營網店貢獻了主要的線上
銷售收入來源。

我們的專櫃網絡由自營專櫃和經銷商專櫃組成，這兩種專櫃共同構成一個在統一標準下運作的全面零售生態系統。
截至2026年6月30日，我們在全國132個城市開設了466個品牌專櫃，包含431個自營專櫃和35個經銷商專櫃。此專
櫃網絡使我們能夠擴大我們的產品覆蓋範圍、培養直接的消費者關係及提高品牌的知名度。

報告期內，隨著我們主品牌影響力持續深入消費者心智，且我們加大銷售及營銷力度，每個專櫃的平均業績有進一
步提升。於截至2026年6月30日止六個月和截至2025年6月30日止六個月，我們自營專櫃同個可比專櫃平均銷售收
入如下：
截至6月30日止六個月

同個專櫃數目(1)

2026年

2025年

356

356

1,174.4

1,006.4

3.3

2.8

同個專櫃收入總額

（人民幣百萬元）
同個專櫃平均收入

（人民幣百萬元）

(1)

11

指於整個本年度╱期間及整個上一年度╱期間連續營運的專櫃數目。

毛戈平化妝品股份有限公司

管理層討論及分析

我們的專櫃經過精心設計，提供個性化諮詢及專業試妝服務，為消費者創造沉浸式及個性化的購物體驗。我們在杭
州核心商業區塊湖濱步行街開設的首家品牌形象旗艦店，以南宋故都紅牆為靈感，運用立體桂花彫飾和宮牆硃砂紅
暈染的外立面設計，將江南詩意和東方美學織入現代空間。旗艦店內陳列了我們涵蓋彩妝、護膚、香水的全系列產
品，並通過沉浸式妝造體驗讓消費者感受東方美妝的獨特風韻，全新演繹源自東方的美學基因。以下圖片展示了我
們旗艦店的設計：

我們的線下專櫃網絡已覆蓋中國大陸的眾多中高端商業體系，涵蓋SKP、華潤萬象城、銀泰、王府井、恒隆、百
盛、金鷹、華地八佰伴等核心中高端百貨與購物中心體系，以及香港海港城的港威商場，我們計劃繼續加密內地高
線級城市的專櫃網絡佈局，穩步推進香港和澳門等海外市場核心商圈的延伸覆蓋。報告期內，我們仍在持續升級我
們已有的專櫃的位置和設計，例如我們擴建了位於杭州核心商圈湖濱IN77的專櫃面積，對位於成都SKP的櫃位進行
了調整優化，以滿足銷售和客戶服務的需要。以下圖片展示了我們升級後的位於杭州湖濱IN77的專櫃的設計：

2026中期報告

12

管理層討論及分析

憑藉在線下渠道建立的堅實品牌形象、產品優勢以及基於內容分享的線上營銷策略，我們贏取了大量的品牌美譽度
和消費者好感度，於截至2026年6月30日止六個月，我們的線下及線上渠道均保持穩健增長，化妝品銷售收入分別
為人民幣1,468.1百萬元和人民幣1,727.4百萬元，同比增長分別為19.9%和33.2%。

品牌建設及市場營銷
品牌美譽度是我們競爭力的核心。我們的品牌建設活動始終秉持東方美學和光影美學理念，傳遞大師級美學藝術造
詣。我們採用內容驅動的市場營銷策略建立我們的品牌美譽度。我們與故宮的聯名的氣蘊東方系列已經推出到第六
期，除了每年的新品發佈會，我們還會定期舉辦美造型妝藝術大秀，演繹東方美學新風尚。除此之外，我們還通過
與運動員和體育賽事合作，將品牌與積極的生活方式相結合。以下是我們於報告期內組織的部分品牌及產品營銷活
動：

入駐米蘭「中國之家」以東方神韻妝點運動之美
近年來，我們看到越來越多的運動員選擇帶妝上陣，在競技精神風貌以外，呈現新時代運動員的個人風采，去釋放
力量與優雅兼具的多元之美，MAOGEPING品牌作為中國國家隊官方美妝服務供應商，在2026年米蘭科爾蒂納冬奧
會期間，入駐了位於米蘭克萊裡奇莊園的「中國之家」，設立專屬美妝體驗空間。由資深彩妝師組成的專業團隊駐場
服務，為來訪嘉賓及運動員提供產品體驗及妝造服務，並且為中國運動健兒打造了專屬的「中國國家隊個人形象裝
備包」，以專業美妝實力為競技體育增添自信風采，於世界舞台前沿，生動演繹東方美學的當代魅力。以下展示了
我們在米蘭中國之家的陳列及服務剪影：

13

毛戈平化妝品股份有限公司

管理層討論及分析

「幻花御境 萌趣萬象」新品發佈會暨美妝藝術造型大秀
作為中華文化的亮眼名片，國寶大熊猫以黑白分明的靈動形態、溫和包容的治癒氣質，成為跨越國界、聯結大眾的
東方符號。深耕東方美學多元表達的MAOGEPING品牌，精準捕捉到這一契合點，攜手熊猫基地文創將國寶靈韻注
入彩妝創作，提取大熊猫「和花」的萌趣特質與鬆弛態度，以輕透質地、實用妝效與萌趣設計，推出「幻花御境」系列
新品，賦予東方美更輕盈、更具生命力的全新表達。

西雙版納底妝節暨天貓超級品牌日
2026年4月，MAOGEPING品牌於雲南西雙版納潑水節期間，傾力打造「御光鎖妝 • 星耀夏日」底妝節。通過高濕高熱
戶外場景的極限實測，全方位驗證了品牌底妝家族的卓越性能，成功構築全鏈路產品矩陣優勢。活動聯動天貓超級
品牌日，實現千萬級曝光與銷售轉化的雙重爆發，進一步夯實了品牌在專業底妝領域的競爭壁壘。

2026中期報告

14

管理層討論及分析

針對香港市場，我們精準聚焦高淨值人群與企業精英，通過舉辦海港城VIC私享沙龍及面向金融、法律界人士的定
製彩妝課堂，成功引發了圈層熱烈反響。這種深度體驗式營銷不僅強化了品牌在專業服務領域的滲透力，更憑藉卓
越的化妝展示與服務體驗，有效激活了終端銷售氛圍，實現了品牌知名度與顧客好感度的雙重躍升。

會員體系
我們建立了線上及線下會員忠誠度計劃，迎合客戶的不同偏好和互動方式。各體系均為我們的會員提供專屬的優惠
及特權，提升購物和品牌體驗。

我們在抖音和天貓的自營網店的線上會員體系包含不同的VIP等級。會員可在不同平台共享積分及等級，從而實現無
縫對接的購物體驗。該等積分可以通過購買等多種互動方式獲得並使用，從而提升客戶參與度並促進品牌忠誠度。
線上會員體系不僅獎勵購買行為，還通過產品試用、特別促銷及生日禮物等專屬會員福利來增加互動。我們嚴格保
護會員數據的隱私，遵循全面的隱私政策。

此外，我們的線下會員體系支持線下專櫃或通過綁定微信公眾號進行註冊，以滿足偏好親身互動的客戶需求。該體
系根據會員的VIP等級提供生日禮物及個性化化妝服務等福利。線下會員權益和等級將根據12個月內的累計消費動
態調整，我們將在店內和平台提供詳細規則，以確保透明度。

我們的消費者可以加入我們的線上及線下會員忠誠度計劃，以享受會員權益。截至2026年6月30日，我們的線上及
線下的註冊會員總數分別約為1,864萬人及744萬人。兩個體系的目標一致，都是為客戶提供個性化的體驗和獎勵，
但他們的區別在於互動方式的不同以及獎勵和福利的具體性質。通過同時維護線上及線下體系，我們可以有效地滿
足我們多樣化客戶群體的不同偏好，確保無論線上購物亦或在實體店購物都能獲得便利並達到滿意。通過我們的品
牌建設及針對性的營銷舉措，我們旨在提升我們的品牌形象，提升消費者忠誠度，及推動可持續增長。我們以內容
為導向的品牌推廣方法，結合我們的營銷策略，取得了積極的成果，我們的總體復購率從截至2025年6月30日止六
個月的26.8%進一步上升到截至2026年6月30日止六個月的27.2%。

15

毛戈平化妝品股份有限公司

管理層討論及分析

下表載列我們於所示期間按銷售渠道劃分的註冊會員復購率：
截至6月30日止六個月
2026年

2025年

線上渠道

24.8%

24.1%

線下渠道

30.6%

30.3%

總計

27.2%

26.8%

附註： 我們計算註冊會員的復購率的方法是，將在每個年度購買我們產品兩次或兩次以上的註冊會員數量除以在同一期間至少
購買一次的註冊會員數量。上半年複購率普遍低於全年。這主要是由於(i)我們產品的使用期限，延長了複購週期；及(ii)季
節性因素，通常在第四季度的購物節及公共假日期間出現銷售高峰。於2025完整年度，我們的線上及線下復購率分別為
30.3%、36.5%。

客戶服務
我們擁有一支專門的客戶服務團隊，隨時回覆消費者的問詢、反饋及投訴，致力於提供個性化客戶服務，建立持久
的消費者關係，提高消費者忠誠度和滿意度。於本報告期內，我們並無收到任何與產品安全及品質有關的重大客戶
投訴及訴訟。我們的客戶服務團隊密切監察及記錄通過多個渠道（如專櫃、第三方電商平台及多個社交媒體及短視
頻平台（如小紅書及抖音））收到的評論、反饋或投訴，並迅速聯絡相關消費者，以及時解決他們的問題。在處理消
費者投訴的過程中，我們承諾及時與消費者聯繫及溝通。

在我們的客戶服務團隊的支持下，我們過往實現了良好的客戶滿意度。盡我們所知，於本報告期內我們的消費者投
訴率僅為0.09%，整體維持在較低水平，我們並未收到任何對我們的經營及商業信譽造成重大不利影響的消費者投
訴。

業績成果
作為中國國貨高端美妝品牌的領導者，我們在本報告期內繼續保持快速增長。我們的總收入從截至2025年6月30日
止六個月的人民幣2,588.2百萬元增至截至2026年6月30日止六個月的人民幣3,267.3百萬元，增長了26.2%。我們
的毛利從截至2025年6月30日止六個月的人民幣2,178.9百萬元增至截至2026年6月30日止六個月的人民幣2,770.4
百萬元，增長了27.1%。我們的淨利潤從截至2025年6月30日止六個月的人民幣670.4百萬元增至截至2026年6月30
日止六個月的人民幣806.6百萬元，增長了20.3%。憑藉良好的銷售表現，我們不斷鞏固我們在高端美妝行業的市
場領導地位和品牌資產。

2026中期報告

16

管理層討論及分析

未來展望
我們相信，以下策略將為我們未來持續成功鋪平道路。

加強銷售網絡覆蓋，提升用戶觸達覆蓋率
我們致力於擴大線下銷售渠道覆蓋面，在開拓新市場的同時，加密已有業務的高線級城市品牌門店數量，並向更高
端商場滲透，從而提升用戶觸達率及強化我們的高端品牌形象。我們的目標是通過在國內高端百貨商店設立專櫃及
以我們的旗艦品牌MAOGEPING開設門店，提升我們品牌的知名度和影響力。百貨商店的專櫃在更大的零售環境中
提供集中的品牌專賣空間，可在高流量的環境中提供個性化的客戶服務及進行展示。此外，MAOGEPING品牌的門
店提供全面的品牌體驗，展示更廣泛的產品和品牌美學，讓人們更深入地了解品牌的特性和價值。此外，我們計劃
對百貨商店專櫃實施全面升級改造，旨在提升專櫃的整體藝術視覺效果，提升顧客感官體驗，進一步塑造品牌的高
端形象。

我們的線上擴張方式重點在於建設自有官方網店及拓寬我們在第三方電商平台的線上覆蓋面。這一戰略旨在優化我
們的線上業務，擴大產品對消費者的覆蓋範圍及受眾人群。這一戰略的關鍵是加強我們的線上營銷活動。我們計劃
通過加強促銷活動、與KOL開展戰略合作以及進軍新興網絡平台等方式，擴大我們的網絡影響力。該等有針對性的
舉措旨在利用多樣化的廣告技術，開闢新的線上增長渠道。同時，我們計劃升級會員系統，增強用戶黏性和品牌忠
誠度，從而提高復購率。通過上述方式，我們旨在實現線上與線下渠道之間的無縫整合，及最大限度地發揮協同作
用。

持續堅持彩妝、護膚、香氛及開拓新產品類別
我們的產品開發戰略以彩妝、護膚和香氛為核心，推出與眾不同的產品。這一戰略的特點是，我們致力於從產品開
發、市場趨勢和專業化妝水平的角度持續優化產品，同時致力於新產品開發計劃，包括多品類、多功能、多場景和
多人群來拓寬我們的產品組合。

在彩妝領域，我們計劃開發針對不同膚色及膚質的專業產品，以保持並擴大我們在彩妝行業的市場份額和突出地
位。在護膚品方面，我們的目標是不斷豐富我們的護膚品類別。這包括採用有效成分和技術，推出更多受歡迎的護
膚品。在香氛領域，我們堅持從東方文化的哲學思考進行產品構思，甄選全球的優質原料和調香工藝，使消費者在
多元的香水體驗中感受內在心境，復現精神的詩意想象。

17

毛戈平化妝品股份有限公司

管理層討論及分析

以MAOGEPING為核心進行品牌組合戰略升級和擴張
我們的品牌發展戰略以完善現有品牌為中心，同時戰略性地擴展新的高端品牌。本戰略將為我們成為以
MAOGEPING品牌為核心的多元化多品牌企業集團奠定基礎。通過這些舉措，我們的目標是提高MAOGEPING品牌的
聲譽，豐富我們的品牌組合，滿足更廣泛的消費群體，抓住多樣化的市場機遇。

我們還計劃探索並尋求投資和收購那些有望實現增長並能帶來協同效應品牌的機會，以豐富我們現有的產品矩陣。
我們的主要目標是已具備一定的市場地位及市場份額、擁有自有技術、產品配方及研發專利，並在美妝行業中處於
中高端市場的品牌。截至本報告日期，我們尚未確定任何潛在投資或收購目標，亦未就此簽訂任何協議。

提升品牌全球知名度，擴張海外市場
我們計劃在全球範圍內提升我們作為卓越化妝品集團的市場地位，實施海外擴張戰略提高品牌的名聲及影響力。這
一努力旨在使我們在全球美妝行業中佔據突出位置。

我們準備戰略性地進軍海外市場，在海外市場建設百貨商店專櫃及網店的雙渠道方式。這一擴張戰略旨在擴大我們
的品牌在全球消費者中的曝光度。與全球高端百貨商場建立合作夥伴關係是我們的一項重要舉措，此舉將有助於鞏
固我們的品牌形象，使我們的品牌深入海外消費者的心中。此外，為在歐美和亞太地區等海外市場與國際品牌有效
競爭，我們正在加強我們的競爭戰略，重點關注不同的產品和品牌戰略，以迎合地區美妝趨勢和消費者偏好。我們
還致力於建立當地團隊，專門負責海外市場的產品開發、營銷及銷售。這種本地化戰略可確保我們的產品迎合當地
消費者的獨特特點和需求，從而提高產品的相關性和吸引力。

此外，我們將探索戰略投資及收購機會，例如那些業務重點放在與我們的高端市場定位相一致的美妝品牌上，其產
品可與我們的產品形成互補，以及那些在我們的供應鏈上具有生產能力的品牌，以開發符合各地區特定氣候條件及
消費者特徵的產品。

基於我們的現有安排，我們計劃與擁有互補資源的行業夥伴合作。相關合作著眼於激勵合作夥伴利用我們的品牌資
產，發展及經營增量銷售渠道，並增強我們在營銷、供應鏈及人才獲取方面的國際競爭力。這些舉措旨在提升我們
的品牌形象並將我們的業務範圍擴展至尚未進入的市場。

2026中期報告

18

管理層討論及分析

我們計劃通過線上及線下渠道建立業務，包括自營官方網店，將作為我們品牌體驗的基石。我們的營銷及品牌推廣
工作將圍繞東方美學展開，通過東方藝術的視角與客戶互動，講述我們的品牌故事。此外，我們旨在利用包括跨國
美妝零售商和高端百貨商店在內的第三方銷售渠道，觸達當地消費者。我們通過將美承東方的產品的魅力與對當地
市場的洞察力相結合，旨在於該等海外市場建立業務。

堅持以化妝藝術為基礎的品牌定位，推進產品開發及化妝藝術培訓
產品開發及化妝藝術培訓課程是我們不斷取得成功的基礎。我們杭州研發中心已於今年完工及開始營運，未來我們
還將在海外建立研發中心，以開發專有產品配方，促進與國外科研機構的合作，提高產品功效。我們認識到海外市
場的巨大潛力，並重視來自國外的先進技術及產品配方。於海外設立研發中心，將促進與當地實驗室的合作，緊跟
最新產品配方及技術，開發針對當地市場的產品，從而推動產品銷售。該等海外研發中心亦將吸引及聘用當地專業
人才，為我們的產品研發提供國際視野與研發方向。這一戰略方針旨在不斷增強我們產品的競爭優勢，鞏固我們立
足專業匠心的高端美妝品牌定位。

為提升內部研發能力，我們制定了全方位的戰略。該戰略涉及通過識別我們能夠提升自身直接參與力度的關鍵領域
（包括配方設計、生產工藝優化及產品檢測）提升我們在關鍵研發環節的參與度。我們還優先發展高潛力產品線，將
研發工作重心放在護膚品等具有最高潛在投資回報的產品上，這符合行業趨勢和我們的既有優勢。此外，隨著我們
的內部生產能力的提升，我們計劃將研發工作融合進生產流程，形成協同效應，提升創新和運營效率。

本著對專業化妝藝術培訓的執著追求，我們計劃升級及擴建現有的培訓設施。這包括擴建現有的機構以及建立更多
的機構，以擴大我們化妝藝術培訓計劃的覆蓋範圍。我們的目標是滿足更多客戶對專業的化妝培訓日益增長的需
求。我們同樣注重升級我們的線上培訓平台，積極推出課程，傳遞美學理念，提升MAOGEPING品牌的知名度。我
們將加強培訓人員建設，確保高標準的培訓質量與持續提升。

19

毛戈平化妝品股份有限公司

管理層討論及分析

財務回顧
收入
下表載列我們於所示期間按業務線及產品類別劃分的收入明細：
截至6月30日止六個月
2026年

2025年

金額

金額

人民幣千元

%

人民幣千元

%

－彩妝

1,966,671

60.2

1,422,304

55.0

－護膚

1,212,208

37.1

1,087,188

42.0

－香氛

16,661

0.5

11,413

0.4

小計

3,195,540

97.8

2,520,905

97.4

71,739

2.2

67,312

2.6

3,267,279

100.0

2,588,217

100.0

產品銷售

化妝藝術培訓及相關銷售

總計

變動分析：
我們的收入由截至2025年6月30日止六個月的人民幣2,588.2百萬元增加26.2%至截至2026年6月30日止六個月的人
民幣3,267.3百萬元，主要由於產品銷售由截至2025年6月30日止六個月的人民幣2,520.9百萬元增加26.8%至截至
2026年6月30日止六個月的人民幣3,195.5百萬元。我們的化妝藝術培訓及相關銷售的收入由截至2025年6月30日止
六個月的人民幣67.3百萬元增加6.6%至截至2026年6月30日止六個月的人民幣71.7百萬元，主要由於報讀化妝藝術
培訓課程的參與者人數增多。

2026中期報告

20

管理層討論及分析

下表載列我們於所示期間按銷售渠道劃分的產品銷售收入明細：
截至6月30日止六個月
2026年

2025年

金額

金額

人民幣千元

%

人民幣千元

%

1,360,256

42.6

1,093,962

43.4

向線下經銷商銷售

51,865

1.6

51,628

2.1

向一家高端跨國美妝零售商銷售

55,977

1.8

78,581

3.1

1,468,098

46.0

1,224,171

48.6

1,345,942

42.1

1,023,532

40.6

381,500

11.9

273,202

10.8

小計

1,727,442

54.0

1,296,734

51.4

總計

3,195,540

100.0

2,520,905

100.0

線下渠道
線下直銷

小計

線上渠道
線上直銷
向線上經銷商銷售

變動分析：
我們通過我們的線下渠道銷售產品的收入由截至2025年6月30日止六個月的人民幣1,224.2百萬元增長19.9%至截
至2026年6月30日止六個月的人民幣1,468.1百萬元，主要由於線下直銷由截至2025年6月30日止六個月的人民幣
1,094.0百萬元增加至截至2026年6月30日止六個月的人民幣1,360.3百萬元。主要由於我們加大了銷售及營銷力
度，有效提升了品牌曝光度和進店客流，2026年上半年每個專櫃的平均銷售額增加。

我們通過我們的線上渠道銷售產品的收入由截至2025年6月30日止六個月的人民幣1,296.7百萬元增加33.2%至截
至2026年6月30日止六個月的人民幣1,727.4百萬元，主要由於線上直銷由截至2025年6月30日止六個月的人民幣
1,023.5百萬元增加至截至2026年6月30日止六個月的人民幣1,345.9百萬元，及向線上經銷商的銷售由截至2025年6
月30日止六個月的人民幣273.2百萬元增加至截至2026年6月30日止六個月的人民幣381.5百萬元，主要由於我們加
強了在電商平台的銷售及營銷活動。

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毛戈平化妝品股份有限公司

管理層討論及分析

下表載列我們於所示期間境內及境外產品銷售收入明細：
截至6月30日止六個月
2026年

2025年

金額

金額

人民幣千元

%

人民幣千元

%

－境內

3,189,119

99.8

2,519,753

99.95

－境外

6,421

0.2

1,152

0.05

3,195,540

100.0

2,520,905

100.0

產品銷售

總計

變動分析：
我們的境外產品銷售收入由截至2025年6月30日止六個月的人民幣1.2百萬元增加457.4%至截至2026年6月30日止
六個月人民幣6.4百萬元，主要由於我們於2025年新成立毛戈平（香港）有限公司，並於2025年10月在香港海港城開
設了第一家境外直營專櫃。

銷售成本
截至6月30日止六個月
2026年

2025年

金額

金額

人民幣千元

%

人民幣千元

%

已售存貨成本

419,761

84.5

338,649

82.7

僱員福利開支

14,816

3.0

14,021

3.4

物流及運輸費用

50,552

10.2

45,702

11.2

折舊及攤銷

3,615

0.7

4,114

1.0

其他

8,152

1.6

6,812

1.7

總計

496,896

100.0

409,298

100.0

2026中期報告

22

管理層討論及分析

變動分析：
我們的銷售成本由截至2025年6月30日止六個月的人民幣409.3百萬元增加21.4%至截至2026年6月30日止六個月的
人民幣496.9百萬元，主要由於隨著我們的收入增長，已售存貨成本由截至2025年6月30日止六個月的人民幣338.6
百萬元增加24.0%至截至2026年6月30日止六個月的人民幣419.8百萬元。在銷售成本的其餘組成部分中，折舊及攤
銷成本由截至2025年6月30日止六個月的人民幣4.1百萬元降低12.1%至截至2026年6月30日止六個月的人民幣3.6
百萬元，其他成本由截至2025年6月30日止六個月的人民幣6.8百萬元增長19.7%至截至2026年6月30日止六個月的
人民幣8.2百萬元，主要是由於美妝教育學校部分校區2025年下半年改簽訂短期租賃。

毛利及毛利率
下表載列於所示期間我們按業務線及產品類別劃分的毛利及毛利率：
截至6月30日止六個月
2026年

2025年

毛利

毛利率

毛利

毛利率

人民幣千元

(%)

人民幣千元

(%)

－彩妝

1,637,383

83.3

1,175,956

82.7

－護膚

1,075,415

88.7

951,743

87.5

－香氛

12,429

74.6

8,854

77.6

小計

2,725,227

85.3

2,136,553

84.8

45,156

62.9

42,366

62.9

2,770,383

84.8

2,178,919

84.2

產品銷售

化妝藝術培訓及相關銷售

總計

變動分析：
我們的毛利率保持相對穩定，截至2025年及2026年6月30日止六個月分別為84.2%及84.8%。

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毛戈平化妝品股份有限公司

管理層討論及分析

下表載列我們於所示期間按銷售渠道劃分的產品銷售毛利及毛利率：
截至6月30日止六個月
2026年

2025年

毛利

毛利率

毛利

毛利率

人民幣千元

(%)

人民幣千元

(%)

1,194,887

87.8

955,420

87.3

向線下經銷商銷售

42,041

81.1

39,661

76.8

向一家高端跨國美妝零售商銷售

40,650

72.6

53,619

68.2

1,277,578

87.0

1,048,700

85.7

1,135,821

84.4

860,754

84.1

311,828

81.7

227,099

83.1

小計

1,447,649

83.8

1,087,853

83.9

總計

2,725,227

85.3

2,136,553

84.8

線下渠道
線下直銷

小計

線上渠道
線上直銷
向線上經銷商銷售

變動分析：
我們的產品銷售毛利由截至2025年6月30日止六個月的人民幣2,136.6百萬元增加27.6%至截至2026年6月30日止六
個月的人民幣2,725.2百萬元，與銷售收入增長一致。我們的產品銷售毛利率保持相對穩定，截至2025年及2026年6
月30日止六個月分別為84.8%及85.3%。

其他收入及收益
我們的其他收入及收益於截至2025年6月30日止六個月、截至2026年6月30日止六個月分別為人民幣48.5百萬元、
人民幣43.1百萬元，減少主要是由於政府補助金額減少。

2026中期報告

24

管理層討論及分析

銷售及分銷開支
本集團的銷售及分銷開支截至2026年6月30日止六個月為人民幣1,550.0百萬元，較截至2025年6月30日止六個月的
人民幣1,169.3百萬元增加32.6%，截至2026年6月30日止六個月的銷售及分銷開支佔本集團收入的47.4%，比截至
2025年6月30日止六個月的佔比45.2%增加2.2個百分點。其中營銷及推廣開支由截至2025年6月30日止六個月的人
民幣539.8百萬元增加至截至2026年6月30日止六個月的人民幣778.6百萬元，主要是由於為提高品牌曝光度，加大
品牌宣傳力度及渠道建設投入所致；銷售費用中的僱員福利開支由截至2025年6月30日止六個月的人民幣357.2百萬
元增加至截至2026年6月30日止六個月的人民幣426.2百萬元，主要是由於本集團業務的擴張及業績的增長所致。

行政開支
我們的行政開支由截至2025年6月30日止六個月的人民幣136.4百萬元增長6.5%至截至2026年6月30日止六個月的
人民幣145.2百萬元，主要由於銷售稅及附加費隨我們的收入增長而增加。

金融資產減值虧損淨額
我們於截至2025年6月30日止六個月金融資產減值虧損淨額人民幣1.1百萬元，而於截至2026年6月30日止六個月產
生金融資產減值虧損淨額為零，主要由於我們貿易應收款整體回款及時。

其他開支
我們的其他開支於截至2025年6月30日止六個月及截至2026年6月30日止六個月分別為人民幣25.6百萬元、人民幣
47.3百萬元，主要由於匯兌虧損增加。

財務成本
我們的財務成本於截至2025年6月30日止六個月、截至2026年6月30日止六個月分別為人民幣1.0百萬元、人民幣
1.5百萬元，主要由於租賃負債利息支出增加。

所得稅開支
隨著除稅前利潤增加，我們的所得稅開支由截至2025年6月30日止六個月的人民幣228.2百萬元增加至截至2026年6
月30日止六個月的人民幣271.2百萬元。

期內利潤
鑒於上述原因，我們於截至2025年6月30日止六個月及截至2026年6月30日止六個月的期內利潤分別為人民幣670.4
百萬元及人民幣806.6百萬元。

25

毛戈平化妝品股份有限公司

管理層討論及分析

非香港財務報告準則計量
為補充我們根據香港財務報告準則會計準則呈列的綜合財務報表，我們亦採用非香港財務報告準則會計準則所規定
或據此呈列的經調整淨利潤作為額外的財務指標。我們認為，該非香港財務報告準則指標可通過消除若干項目的潛
在影響而有利於比較不同期間及不同公司的經營業績。我們認為，該指標為投資者及其他人士提供有用信息，使其
與管理層採用相同的方式了解及評估我們的合併經營業績。然而，該非香港財務報告準則財務指標未必可與其他公
司所呈列的類似指標直接比較。不應將此非香港財務報告準則指標視作我們根據香港財務報告準則會計準則所呈報
經營業績或財務狀況分析的替代。

經調整期內利潤
我們將經調整期內利潤（非香港財務報告準則指標）界定為通過加回上市開支（稅後淨額）及以權益結算的股份獎勵開
支而作出調整的期內利潤。下表為我們經調整期內利潤（非香港財務報告準則指標）與根據香港財務報告準則會計準
則呈列的期內利潤的對賬：
截至6月30日止六個月

期內利潤

2026年

2025年

人民幣千元

人民幣千元

806,572

670,419

8,652

1,827

815,224

672,246

加：
以權益結算的股份獎勵開支(1)
經調整期內利潤（非香港財務報告準則指標）

附註：
(1)

以權益結算的股份獎勵開支主要為我們作為權益工具的對價接受僱員服務的安排。以權益結算的股份獎勵開支預計不會產
生未來現金付款。

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流動資金及資金來源
我們主要通過業務營運所得現金及全球發售所得款項淨額滿足資金需求。於截至2026年6月30日止六個月，經營活
動所得現金淨額約為人民幣925.6百萬元，而截至2025年6月30日止六個月經營活動所得現金淨額為人民幣830.6
百萬元。截至2026年6月30日，本集團有現金及現金等價物約人民幣2,780.8百萬元，於2025年12月31日，本集團
有現金及現金等價物約人民幣2,437.5百萬元。截至2026年6月30日，我們沒有未償還借款。於2025年12月31日及
2026年6月30日，本集團的資產負債率（界定為負債總額除以資產總額）分別為15.6%及16.5%。於2025年12月31日
及2026年6月30日，本集團的流動比率（界定為流動資產除以流動負債）分別為5.2倍及4.9倍。於2025年12月31日及
2026年6月30日，本集團的淨資產負債率（界定為負債總額除以權益總額）分別為18.5%及19.8%。憑藉所持有的現
金及銀行存款，本集團的流動資金狀況維持穩健，足以滿足其營運資金需求。

現金流量
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

營運所得現金

1,177,756

1,047,119

已付所得稅

(252,152)

(216,532)

經營活動所得現金流量淨額

925,604

830,587

6,774

(81,966)

融資活動所用現金流量淨額

(541,584)

(380,642)

現金及現金等價物增加淨額

390,794

367,979

2,437,476

2,791,719

(47,459)

(24,156)

2,780,811

3,135,542

投資活動所得╱（所用）現金流量淨額

期初現金及現金等價物
匯率變動影響淨額
期末現金及現金等價物

變動分析：
本集團的經營活動所得現金流量淨額由截至2025年6月30日止六個月現金流入人民幣830.6百萬元增加至截至2026
年6月30日止六個月現金流入人民幣925.6百萬元，主要由於銷售增長產生的現金流入金額增加。本集團的投資活動
所得現金流量淨額由截至2025年6月30日止六個月現金流出人民幣82.0百萬元增加至截至2026年6月30日止六個月
現金流入人民幣6.8百萬元，主要由於前期購買的定期存款到期贖回產生現金流入人民幣1,029.2百萬元，2026年購
買超過3個月的定期存款產生現金流出828.1百萬元。本集團的融資活動所得現金流量淨額截至2025年6月30日止六
個月現金流出人民幣380.6百萬元，主要由於派發分紅產生現金流出人民幣352.9百萬元，借款到期償還產生現金流
出人民幣320.0百萬元，上市募集資金產生現金流入人民幣311.1百萬元。本集團的融資活動所得現金流量淨額截至
2026年6月30日止六個月現金流出人民幣541.6百萬元，主要由於派發分紅產生現金流出人民幣490.2百萬元。

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管理層討論及分析

綜上，本集團截至2025年6月30日止六個月現金及現金等價物增加淨額為人民幣368.0百萬元，截至2026年6月30日
止六個月現金及現金等價物增加淨額為人民幣390.8百萬元。

於2026年6月30日，本集團有定期存款789.3百萬元，未計入現金及現金等價物。

利率風險及匯率風險
本集團主要在中國境內經營，大部分交易以人民幣結算，本集團的報告貨幣為人民幣。本集團在中國香港以當地貨
幣作為功能性貨幣，涉及港元。本集團有部分現金及銀行存款以港元和美元計值。本集團繼續就外匯風險管理採取
審慎政策。於截至2026年6月30日止六個月，本集團並無就外幣交易、資產及負債制定外幣對沖政策。本集團定期
檢討其所承受的外匯風險，並於有需要時使用衍生金融工具對沖有關風險。

資本開支及承擔
於截至2025年6月30日止六個月、截至2026年6月30日止六個月，我們的資本開支主要包括購買物業、廠房及設備
項目的開支。下表載列於所示期間我們的資本開支：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

120,449

108,805

540

121

物業、廠房及設備預付款項

26,630

5,287

總計

147,619

114,213

購買物業、廠房及設備項目
購買其他無形資產

於截至2025年6月30日止六個月、截至2026年6月30日止六個月，我們的合約承諾主要與在建工程有關。本集團截
至所示日期的合約承諾如下：
截至6月30日
2026年

2025年

人民幣千元

人民幣千元

在建工程

112,968

222,988

總計

112,968

222,988

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管理層討論及分析

附屬公司、聯營公司及合營企業的重大投資、重大收購及出售
截至2026年6月30日止六個月，我們並無附屬公司、聯營公司及合營企業的重大收購或出售事項。截至2026年6月
30日，我們未持有任何價值達到本集團總資產5%或以上的重大投資（包括對被投資公司的任何投資）。

本集團的資產抵押
截至2026年6月30日，我們並無抵押任何資產。

有關重大投資或購入資本資產的未來計劃
截至本報告日期，我們並無重大投資且無購入資本資產的計劃。

或然負債
截至2026年6月30日，我們並無任何重大或然負債。

報告期後事項
除披露者外，於本報告日期，本集團概無報告期後發生的重大事項。

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董事會致力維持高度的企業管治標準。董事會相信，高度的企業管治標準對於為本集團提供框架保障本公司股東利
益、提升企業價值、制訂其業務策略與政策及提升其透明度及問責性起關鍵作用。

遵守有關董事證券交易的守則
本公司已採納《香港聯合交易所有限公司證券上市規則》
（「《上市規則》」）附錄C3所載的《上市發行人董事進行證券交
易的標準守則》
（「標準守則」）。經本公司作出特定查詢後，所有董事確認彼等於報告期已遵守標準守則規定的有關
董事證券交易的要求。

本公司的僱員（極有可能掌握本公司內幕消息）亦須遵守標準守則。所有該等僱員確認彼等於報告期已就有關股份交
易遵守標準守則的規定。

遵守企業管治守則
本公司深知良好的企業管治對提升本公司的管理水平及保障股東整體利益至為重要。於報告期內，本公司已採納企
業管治守則所載守則條文作為其本身的守則，以規管其企業管治常規，並一直遵守企業管治守則所載所有適用守則
條文。本公司認同董事會應由執行董事及獨立非執行董事的均衡組合組成，使董事會可具備有力的獨立元素，有效
作出獨立判斷。

董事及高級管理人員任職及資料變更情況
獨立非執行董事黃輝先生自2026年7月起擔任廣東鼎泰高科技術股份有限公司（其A股於深圳證券交易所及其H股於
聯交所上市，股份代號分別為301377及01377）的獨立董事。除此之外，報告期內及截至本報告日期概無其他董事
及高級管理人員任職及資料發生變更。

員工情況及薪酬政策
本集團致力於促進性別多元化，於2026年6月30日，本集團共有3,634名僱員，其中男性僱員468名，女性僱員
3,166名，僱員人數較上年度末有所下降，原因是我們的部分業務轉由第三方機構提供服務。本集團結合人力資源
戰略，基於不同崗位序列的薪酬計劃，為全體僱員提供有競爭力的薪資和基於業績貢獻的激勵。本集團亦會依法為
全體僱員繳納社保和公積金，並向僱員提供全面福利計劃，包括退休計劃、補充醫療險、意外險、年度體檢和各類
補貼。

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企業管治及其他事項

員工培訓
本集團根據不同部門僱員需求提供特定培訓。員工培訓包括新員工入職培訓、業務技能培訓、職場素質培訓、合規
培訓等。新員工入職後，將會根據其工作崗位安排對應的培訓計劃，同時配置導師進行指導。對於在職員工，根據
各自工作崗位要求及能力情況，參加本集團組織的培訓及分享活動，也可根據個人職業規劃進行線上和線下的自主
學習。

激勵計劃
本公司已採納員工激勵計劃（「員工激勵計劃」），為本公司的長遠發展而使股東、本公司及僱員利益相一致。員工激
勵計劃於2024年4月1日以股東決議的方式採納。由於員工激勵計劃並不涉及本公司授出任何購股權或獎勵或本公司
在上市後發行任何新股份，因此員工激勵計劃無需遵守上市規則第十七章的規定。

本公司亦於2025年12月4日以股東決議的方式採納限制性股票單位激勵計劃。限制性股票單位激勵計劃旨在進一步
建立健全公司長效激勵機制，充分激發公司核心骨幹員工的積極性，構建事業共同體，將股東利益、公司利益和經
營者個人利益有效結合在一起，共同推動公司持續健康發展。限制性股票單位激勵計劃不涉及授出本公司之新股
份。然而，限制性股票單位激勵計劃構成上市規則第十七章項下以現有股份撥付之股份計劃，並須遵守上市規則第
17.12條之適用披露規定。

股息
本公司2025年度股東大會已於2026年4月24日批准派發截至2025年12月31日止年度末期現金股息每股人民幣1.00
元（含稅，共計股息人民幣約490.2百萬元），此等股息已於2026年5月26日派發予於2026年4月29日（星期三）名列本
公司股東名冊的股東。

董事會建議於2026年10月20日派發截至2026年6月30日止六個月之中期股息每股人民幣0.62元（含稅），共計人民
幣303.9百萬元（含稅）。上述建議將在隨後舉行的臨時股東會上提呈審議批准，關於中期股息宣佈及派發的具體安
排、暫停辦理H股股份過户登記手續的有關時間安排等內容，本公司將在臨時股東會通函中另行披露。

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代扣代繳股息所得稅
境外股東的股息所得稅
代扣代繳境外非居民企業股東的企業所得稅
根據《中華人民共和國企業所得稅法》適用條文與其實施條例和國家稅務總局《關於中國居民企業向境外H股非居民企
業股東派發股息代扣代繳企業所得稅有關問題的通知》
（國稅函[2008]897號）的規定，本公司向境外H股非居民企業
股東（包括以香港中央結算（代理人）有限公司名義登記的本公司H股股份，但不包括在香港中央結算（代理人）有限公
司名義下登記由中國證券登記結算有限責任公司作為名義持有人為港股通及H股「全流通」投資者所持有的本公司H股
股份）派發股息時，將按照10%的稅率代扣代繳企業所得稅。非居民企業股東在獲得股息之後，可以自行或通過委
託代理人，向本公司主管稅務機關提出享受稅收協定（安排）待遇的申請，提供證明自己為符合稅收協定（安排）規定
的實際受益所有人的資料。

代扣代繳境外個人股東的個人所得稅
根據《中華人民共和國個人所得稅法》適用條文與其實施條例、《稅收辦法》及《國家稅務總局關於國稅發[1993]045號
文件廢止後有關個人所得稅徵管問題的通知》
（國稅函[2011]348號）等相關法律法規和規範性文件的規定，本公司境
外居民個人股東可根據其居民身份所屬國家（地區）與中國簽訂的稅收協定、內地和香港及澳門間稅收安排的規定，
享受相關稅收優惠。本公司將按照以下安排為境外H股個人股東代扣代繳個人所得稅：

(1)

H股個人股東為與中國簽訂10%稅率的稅收協定或稅收安排的國家（地區）的居民，本公司派發股息時，將按
照10%的稅率為該等H股個人股東代扣代繳個人所得稅；

(2)

H股個人股東為與中國簽訂低於10%稅率的稅收協定的國家（地區）的居民，本公司派發股息時，將暫按10%
的稅率為該等H股個人股東代扣代繳個人所得稅。如相關H股個人股東欲申請退還多扣繳稅款，可自行或通
過本公司按照《稅收辦法》代為辦理享受有關稅收協定待遇的申請；

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企業管治及其他事項

(3)

H股個人股東為與中國簽訂高於10%但低於20%稅率的稅收協定的國家（地區）的居民，本公司派發股息時，
將按照相關稅收協定規定的實際稅率為該等H股個人股東代扣代繳個人所得稅；及

(4)

H股個人股東為與中國沒有簽訂稅收協定的國家（地區）的居民或其他情況，本公司派發股息時，將按照20%
的稅率為該等H股個人股東代扣代繳個人所得稅。

通過港股通及H股
「全流通」投資本公司H股的中國內地股東的股息所得稅
代扣代繳港股通及H股
「全流通」內地個人股東的個人所得稅
根據《關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知》
（財稅[2014]81號）和《關於深港股票市場交易互
聯互通機制試點有關稅收政策的通知》
（財稅[2016]127號），對通過港股通投資本公司H股的內地個人股東（該等H股
股份以香港中央結算（代理人）有限公司名義登記由中國證券登記結算有限責任公司作為名義持有人持有）派發股息
時，本公司將按照20%的稅率代扣代繳個人所得稅。對通過港股通投資本公司H股的內地證券投資基金股東（該等H
股股份以香港中央結算（代理人）有限公司名義登記由中國證券登記結算有限責任公司作為名義持有人持有）派發股
息時，本公司將按照20%的稅率代扣代繳個人所得稅。對H股「全流通」股東中的個人股東派發中期股息時，本公司
有義務代扣代繳20%的個人所得稅。

不代扣代繳港股通內地企業股東的企業所得稅
根據《關於滬港股票市場交易互聯互通機制試點有關稅收政策的通知》
（財稅[2014]81號）和《關於深港股票市場交易互
聯互通機制試點有關稅收政策的通知》
（財稅[2016]127號），對通過港股通投資本公司H股的內地企業股東（該等H股
股份以香港中央結算（代理人）有限公司名義登記由中國證券登記結算有限責任公司作為名義持有人持有）派發股息
時，本公司將不會代扣代繳企業所得稅，應納稅款由內地企業股東自行申報繳納。其中，內地企業股東連續持有本
公司H股滿十二個月取得的股息免徵企業所得稅。

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建議本公司H股股東向彼等的稅務顧問諮詢有關擁有及處置本公司H股股份所涉及的中國、香港及其他國家（地區）稅
務影響的意見。

已發行股本
茲提述本公司日期為2025年3月27日、2026年1月16日，2026年2月5日及2026年3月11日的公告，本公司於2026年
3月11日完成將合共228,344,600股未上市股份轉換為H股。
截至2026年6月30日，本公司股本總額為人民幣245,093,450元，即490,186,900股每股面值為人民幣0.5元的H股股
份。本公司股本於報告期內的變動詳情載於中期簡明綜合財務資料附註14。

審計委員會及審閱中期報告
本公司已根據上市規則設立審計委員會，並制定了書面職權範圍。本公司審計委員會成員包括顧炯先生（委員會主
席）、黃輝先生及李海龍先生。本公司審計委員會已審閱並確認本集團2026年中期報告及按照香港財務報告準則會
計準則的規定編製的截至2026年6月30日止六個月的未經審核中期財務報表。

審計委員會已審閱並同意本集團採納的會計原則和慣例，並已與管理層討論有關內部監控及財務報告的事宜，包括
審閱本集團截至2026年6月30日止六個月的未經審計綜合財務報表。審計委員會認為，截至2026年6月30日止六個
月的財務業績符合相關會計準則、規則及法規，並已作出適當披露。

此外，本公司的獨立審計師安永會計師事務所已根據香港會計師公會頒佈的香港審閱準則第2410號「由實體的獨立
核數師執行中期財務資料審閱」對本集團截至2026年6月30日止六個月的中期財務資料進行了獨立審閱。

2026中期報告

34

企業管治及其他事項

全球發售所得款項用途
於2024年12月10日，本公司H股於聯交所主板上市。全球發售所得款項淨額（包括日期為2025年1月6日的本公司公
告所披露的悉數行使超額配股權）約為2,523.76百萬港元。請參閱招股章程「未來計劃及所得款項用途」一節，以了解
全球發售所得款項擬定用途的詳情。全球發售所得款項淨額將根據招股章程所載用途使用。招股章程中先前披露的
所得款項淨額計劃用途並無變化。下表呈列直至2026年6月30日的所得款項用途及實際使用情況：
自上市日期
於2025年

所得款項用途

至2026年

於2026年
6月30日 悉數動用預期

佔總額概約 上市後分配的

12月31日

報告期內

6月30日

百分比 所得款項淨額

未動用金額

已動用金額

已動用金額

未動用金額

時間表

（百萬港元） （百萬港元） （百萬港元） （百萬港元） （百萬港元）

擴大本集團的銷售網絡

25.0%

630.94

227.43

227.43

630.94

0

不適用

品牌建設活動

20.0%

504.75

78.88

78.88

504.75

0

不適用

海外擴張及收購

15.0%

378.56

363.43

7.13

22.26

356.30

於2028年
12月31日之前

加強本公司的生產及供應鏈

10.0%

252.38

252.38

28.77

28.77

223.61

於2028年
12月31日之前

能力
增強本公司的產品設計及開

9.0%

227.14

190.70

19.04

55.48

171.66

12月31日之前

發能力
化妝藝術培訓機構

於2028年

6.0%

151.43

130.72

5.21

25.92

125.51

於2029年
12月31日之前

運營及信息基礎設施數字化

5.0%

126.19

111.23

6.01

20.97

105.22

於2028年
12月31日之前

營運資金及一般公司用途

10.0%

252.38

252.38

0

0

252.38

於2028年
12月31日之前

100%

合計

註：

2,523.76

1,607.14

372.47

1,289.09

1,234.67

僅用於說明目的，於2026年6月30日之未動用金額包括行使超額配股權的所得款項。

於本報告期內，本集團已動用所得款項淨額的一部分，並將根據招股章程所述擬定用途逐步動用餘下所得款項淨
額。預期時間表乃基於本公司當前對未來市場狀況及業務運營的最佳估計，並可能根據未來市場狀況及實際業務需
求的發展而發生變化。

35

毛戈平化妝品股份有限公司

企業管治及其他事項

董事及主要行政人員於本公司及其相聯法團之股份、相關股份及債權證中擁有
之權益及淡倉
截至2026年6月30日，就本公司所獲得的資料及據董事所知，本公司董事及最高行政人員在本公司或其相聯法團（定
義見《證券及期貨條例》第XV部）的股份、相關股份及債權證中擁有根據《證券及期貨條例》第XV部第7及8分部須通
知本公司及聯交所的權益及淡倉（包括根據《證券及期貨條例》的該等條文被當作或視為擁有的權益或淡倉），或根據
《證券及期貨條例》第352條規定須在存置之權益登記冊中記錄，或根據《上市規則》附錄C3《上市發行人董事進行證券
交易的標準守則》
（「《標準守則》」）的規定需要通知本公司和香港聯交所之權益或淡倉的情況如下：
佔本公司
股權總數及
有關股本
好倉╱

類別之

姓名

權益性質

股份類別

淡倉

所持股份數目

毛戈平先生(2)

實益擁有人

H股

好倉

174,292,700

受控法團

H股

好倉

2,200,000

配偶權益

H股

好倉

51,335,200

227,827,900

汪立群女士(3)

實益擁有人

H股

好倉

44,375,200

配偶權益

H股

好倉

174,292,700

受控法團

H股

好倉

9,160,000

概約百分比

46.48%

227,827,900

46.48%

毛霓萍女士

實益擁有人

H股

好倉

42,975,200

8.77%

毛慧萍女士

實益擁有人

H股

好倉

36,994,400

7.55%

汪立華先生

實益擁有人

H股

好倉

24,522,800

5.00%

宋虹佺女士

實益擁有人

H股

好倉

19,442,400

3.97%

2026中期報告

36

企業管治及其他事項

附註：
(1)

於2026年6月30日，本公司股份總數為490,186,900股，全部為H股。

(2)

於2026年6月30日，毛戈平先生被視為於以下股份中擁有權益：

合共227,827,900股H股，包括(i)毛戈平先生直接持有的174,292,700股H股；(ii)汪立群女士（毛戈平先生的配偶）直接持有
或控制的51,335,200股H股；及(iii)智循投資持有的2,200,000股H股。

於2026年6月30日，智循投資由其普通及執行事務合夥人毛戈平先生及有限合夥人汪立群女士分別控制10%及35.45%股
權。因此，毛戈平先生被視為於智循投資持有的本公司股份中擁有權益。
(3)

於2026年6月30日，汪立群女士被視為於以下股份中擁有權益：

合共227,827,900股H股，包括(i)汪立群女士直接持有的44,375,200股H股；(ii)毛戈平先生（汪立群女士的配偶）直接持有的
174,292,700股H股；(iii)智循投資直接持有的2,200,000股H股；及(iv)九寰投資直接持有的6,960,000股H股。
於2026年6月30日，智循投資由其普通及執行事務合夥人毛戈平先生及有限合夥人汪立群女士分別控制10%及35.45%股
權。因此，汪立群女士被視為於智循投資持有的本公司股份中擁有權益。此外，九寰投資由汪立群女士、董樂勤先生、毛
霓萍女士及毛慧萍女士分別持有30.4598%、8.6208%、30.4598%及30.4598%股權，汪立群女士及董樂勤先生擔任聯席
普通合夥人，而汪立群女士於普通合夥人安排中擁有決定性一票及決策權。因此，汪立群女士被視為於九寰投資持有的本
公司股份中擁有權益。

37

毛戈平化妝品股份有限公司

企業管治及其他事項

於相聯法團的權益
好倉╱

所持股份

概約權益

姓名

相聯法團名稱

權益性質

淡倉

數目

百分比

毛戈平先生

北京市毛戈平職業技能培訓朝陽學校

實益擁有人

好倉

0

1%

配偶權益

好倉

0

1%

有限責任公司(1)
汪立群女士(2)

北京市毛戈平職業技能培訓朝陽學校
有限責任公司(1)

附註：
(1)

北京市毛戈平職業技能培訓朝陽學校有限責任公司是一家在中國成立的有限責任公司，並沒有發行任何股份。為本公司附
屬公司，並由本公司持有99.00%權益，其餘下1%權益由毛戈平先生持有。

(2)

汪立群女士為毛戈平先生之配偶。根據證券及期貨條例，汪立群女士被視為於毛戈平先生擁有權益的任何股份中擁有權
益。

除上文所披露者外，於2026年6月30日，概無本公司董事及最高行政人員於本公司或其相聯法團（定義見《證券及期
貨條例》第XV部）的股份、相關股份及債權證中擁有或被視為擁有根據《證券及期貨條例》第XV部第7及第8分部須要
通知本公司及聯交所的權益及淡倉（包括根據《證券及期貨條例》有關條文彼等被當作或視為擁有的權益及淡倉），或
已載入本公司根據《證券及期貨條例》第352條所存置的登記冊內的權益及淡倉，或根據《標準守則》的規定須要通知
本公司及聯交所之權益或淡倉。

2026中期報告

38

企業管治及其他事項

主要股東於本公司股份及相關股份的權益及淡倉
據董事或本公司最高行政人員所知，於2026年6月30日，以下人士於本公司股份及相關股份中擁有或被視作擁有根
據《證券及期貨條例》第XV部第2及3分部條文須向本公司及交易所披露，或根據《證券及期貨條例》第336條規定須備
存的登記冊所記錄的權益和淡倉如下：
佔本公司
股權總數及
有關股份
好倉╱

類別之

姓名

權益性質

股份類別

淡倉

所持股份數目

毛戈平先生(2)

實益擁有人

H股

好倉

174,292,700

受控法團

H股

好倉

2,200,000

配偶權益

H股

好倉

51,335,200

227,827,900

汪立群女士(3)

實益擁有人

H股

好倉

44,375,200

配偶權益

H股

好倉

174,292,700

受控法團

H股

好倉

9,160,000

46.48%

227,827,900

46.48%

毛霓萍女士

實益擁有人

H股

好倉

42,975,200

8.77%

毛慧萍女士

實益擁有人

H股

好倉

36,994,400

7.55%

汪立華先生

實益擁有人

H股

好倉

24,522,800

5.00%

實益擁有人

H股

好倉

2,200,000

與另一人共同持有權益

H股

好倉

225,627,900

新余市智循項目投資
合夥企業（有限合夥）

(4)

227,827,900

新余市九寰項目投資
合夥企業（有限合夥）(4)

實益擁有人

H股

好倉

6,960,000

與另一人共同持有權益

H股

好倉

220,867,900

227,827,900

39

概約百分比

毛戈平化妝品股份有限公司

46.48%

46.48%

企業管治及其他事項

附註：
(1)

於2026年6月30日，本公司股份總數為490,186,900股，全部為H股。

(2)

於2026年6月30日，毛戈平先生被視為於以下股份中擁有權益：

合共227,827,900股H股，包括(i)毛戈平先生直接持有的174,292,700股H股；(ii)汪立群女士（毛戈平先生的配偶）直接持有
或控制的44,375,200股H股；(iii)智循投資持有的2,200,000股H股；及(iv)九寰投資直接持有的6,960,000股H股。

於2026年6月30日，智循投資由其普通及執行事務合夥人毛戈平先生及有限合夥人汪立群女士分別控制10%及35.45%股
權。因此，毛戈平先生被視為於智循投資持有的本公司股份中擁有權益。
(3)

於2026年6月30日，汪立群女士被視為於以下股份中擁有權益：

合共227,827,900股H股，包括(i)汪立群女士直接持有的44,375,200股H股；(ii)毛戈平先生（汪立群女士的配偶）直接持有的
174,292,700股H股；(iii)智循投資直接持有的2,200,000股H股；及(iv)九寰投資直接持有的6,960,000股H股。
於2026年6月30日，智循投資由其普通及執行事務合夥人毛戈平先生及有限合夥人汪立群女士分別控制10%及35.45%股
權。因此，汪立群女士被視為於智循投資持有的本公司股份中擁有權益。此外，九寰投資由汪立群女士、董樂勤先生、毛
霓萍女士及毛慧萍女士分別持有30.4598%、8.6208%、30.4598%及30.4598%股權，汪立群女士及董樂勤先生擔任聯席
普通合夥人，而汪立群女士於普通合夥人安排中擁有決定性一票及決策權。因此，汪立群女士被視為於九寰投資持有的本
公司股份中擁有權益。

除上文披露者外，於2026年6月30日，本公司並不知悉任何其他人士於本公司股份或相關股份中擁有根據證券及期
貨條例第XV部第2及3分部之規定須予披露之權益或淡倉，或根據證券及期貨條例第336條記錄於本公司所存置登記
冊之權益或淡倉。

2026中期報告

40

企業管治及其他事項

發行債權證
截至2026年6月30日止六個月，本集團並無發行任何債權證。

董事購買股份或債權證的權利
除本中報「董事及主要行政人員於本公司及其相聯法團之股份、相關股份及債權證中擁有之權益及淡倉」一節所披露
者外，本公司、其任何附屬公司或其同系附屬公司於報告期或於報告期末任何時間概無參與訂立任何安排，使得董
事或本公司最高行政人員或彼等各自的緊密聯繫人（定義見上市規則）擁有任何權利認購本公司或其任何相聯法團
（定義見證券及期貨條例）之證券或藉購入本公司或任何其他法人團體之股份或債權證而獲取利益。

足夠公眾持股量
根據本公司獲得的公開資料及據董事所知，本公司於報告期內一直維持上市規則所規定的公眾持股量。

購買、出售或贖回本公司上市證券
於報告期內，本公司或其任何附屬公司並無購買、出售或贖回本公司任何上市證券（包括出售庫存股份）。截至報告
期末，本公司並無持有庫存股份。

重大法律訴訟
於報告期內，本集團概無涉及任何重大訴訟。

根據上市規則的持續披露責任
除本中期報告所披露者外，本公司並無任何其他須根據上市規則第13.20、13.21及13.22條的任何其他披露責任。

報告期末後重大事項
除披露者外，於本報告日期，本集團概無報告期後發生的重大事項。

41

毛戈平化妝品股份有限公司

獨立審閱報告
Ernst & Young

安永會計師事務所

Tel電話: +852 2846 9888

27/F, One Taikoo Place

香港鰂魚涌英皇道979號

Fax傳真: +852 2868 4432

979 King’s Road

太古坊一座27樓

ey.com

Quarry Bay, Hong Kong
致毛戈平化妝品股份有限公司董事會

（於中華人民共和國註冊成立的股份有限公司）

緒言
吾等已審閱第43至64頁所載中期財務資料，其中包括毛戈平化妝品股份有限公司（「貴公司」）及其附屬公司（「貴集
團」）於2026年6月30日的簡明綜合財務狀況表及截至該日止六個月期間的相關簡明綜合損益及其他全面收益表、簡
明綜合權益變動表及簡明綜合現金流量表，以及解釋附註。香港聯合交易所有限公司證券上市規則規定，編製中期
財務資料報告須符合當中訂明的有關條文以及香港會計師公會（「香港會計師公會」）頒佈的香港會計準則第34號中期

財務報告（「香港會計準則第34號」）。 貴公司董事須負責根據香港會計準則第34號編製並呈列本中期財務資料。吾
等的責任是根據吾等的審閱對本中期財務資料發表結論，按照吾等的協定委聘條款，吾等僅向整體股東報告，除此
之外，本報告不可用作其他用途。吾等不會就本報告的內容向任何其他人士負上或承擔任何責任。

審閱範圍
吾等已根據香港會計師公會頒佈的香港審閱委聘準則第2410號由實體的獨立核數師執行中期財務資料審閱 進行審
閱工作。中期財務資料的審閱包括主要向負責財務和會計事項的人員作出查詢，並運用分析和其他審閱程序。由於
審閱範圍遠較根據香港審計準則進行審核的範圍為小，故吾等不能保證會知悉在審核中可能會被發現的所有重大事
項。因此，吾等不會發表審核意見。

結論
根據吾等的審閱工作，吾等並無發現任何事項，致令吾等相信中期財務資料在任何重大方面未有根據香港會計準則
第34號編製。

安永會計師事務所

執業會計師
香港
2026年8月27日

2026中期報告

42

中期簡明綜合損益及其他全面收益表
截至2026年6月30日止六個月

2026年

2025年

（未經審核）

（未經審核）

人民幣千元

人民幣千元

3,267,279

2,588,217

銷售成本

(496,896)

(409,298)

毛利

2,770,383

2,178,919

其他收入及收益

43,118

48,464

銷售及分銷開支

(1,550,028)

(1,169,342)

(145,235)

(136,375)

–

(1,073)

其他開支

(47,302)

(25,563)

財務成本

(1,479)

(1,024)

應佔聯營公司利潤

8,272

4,593

附註

5

收入

行政開支
金融資產減值虧損淨額

除稅前利潤

6

1,077,729

898,599

所得稅開支

7

(271,157)

(228,180)

806,572

670,419

(1,502)

–

可能於其後期間重新分類至損益之其他全面虧損淨額

(1,502)

–

期內其他全面虧損，扣除稅項

(1,502)

–

805,070

670,419

期內利潤

其他全面虧損

可能於其後期間重新分類至損益之其他全面虧損：
匯兌差額：
換算海外經營之匯兌差額

期內全面收益總額

43

毛戈平化妝品股份有限公司

中期簡明綜合損益及其他全面收益表
截至2026年6月30日止六個月

2026年

2025年

（未經審核）

（未經審核）

人民幣千元

人民幣千元

母公司擁有人

805,448

669,765

非控股權益

1,124

654

806,572

670,419

母公司擁有人

803,946

669,765

非控股權益

1,124

654

805,070

670,419

附註

以下各方應佔利潤：

以下各方應佔全面收益總額：

母公司普通權益持有人應佔每股盈利
基本（人民幣元）

9

1.64

1.37

攤薄（人民幣元）

9

1.64

1.37

2026中期報告

44

中期簡明綜合財務狀況表
2026年6月30日

附註

2026年6月30日

2025年12月31日

（未經審核）

（經審核）

人民幣千元

人民幣千元

非流動資產
527,367

456,650

使用權資產

686,883

682,121

其他無形資產

2,693

2,757

於聯營公司的投資

52,449

48,177

預付款項、其他應收款項及其他資產

30,723

4,093

遞延稅項資產

64,221

60,369

非流動資產總值

1,364,336

1,254,167

478,255

518,631

347,245

240,591

預付款項、其他應收款項及其他資產

98,672

78,401

按公允價值計量且其變動計入當期損益的金融資產

89,247

–

–

5,101

物業、廠房及設備

10

流動資產
存貨
貿易應收款項

11

衍生金融工具
限制性現金

12

2,182

2,171

現金及現金等價物

12

2,780,811

2,441,285

789,348

992,638

4,585,760

4,278,818

187,282

158,539

510,036

463,391

7,809

5,137

26

16

租賃負債

43,680

36,227

應付稅項

182,387

159,534

流動負債總額

931,220

822,844

流動資產淨值

3,654,540

3,455,974

總資產減流動負債

5,018,876

4,710,141

定期存款

流動資產總值

流動負債
貿易應付款項

13

其他應付款項及應計費用
應付關聯方款項
撥備

45

毛戈平化妝品股份有限公司

16

中期簡明綜合財務狀況表
2026年6月30日

2026年6月30日

2025年12月31日

（未經審核）

（經審核）

人民幣千元

人民幣千元

5,018,876

4,710,141

租賃負債

47,090

40,217

其他應付款項及應計費用

5,181

–

非流動負債總額

52,271

40,217

4,966,605

4,669,924

245,094

245,094

4,716,826

4,421,269

4,961,920

4,666,363

4,685

3,561

4,966,605

4,669,924

附註

總資產減流動負債

非流動負債

資產淨值

權益
母公司擁有人應佔權益
14

股本
儲備

非控股權益

權益總額

毛霓萍

毛慧萍

董事

董事

2026中期報告

46

中期簡明綜合權益變動表
截至2026年6月30日止六個月

母公司擁有人應佔
為股份
支付而
持有的
股本

股份溢價

股份

資本儲備

法定

外匯

盈餘儲備

波動儲備

保留利潤

總計 非控股權益

權益總額

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

於2026年1月1日（經審核）

245,094 2,342,087

–

2,745

157,581

(863) 1,919,719 4,666,363

3,561 4,669,924

–

–

–

–

–

–

805,448

805,448

1,124

806,572

換算海外經營之匯兌差額

–

–

–

–

–

(1,502)

–

(1,502)

–

(1,502)

期內全面收益總額

–

–

–

–

–

(1,502)

805,448

803,946

1,124

805,070

已購入股份

–

(26,685)

(169)

–

–

–

–

(26,854)

–

(26,854)

以權益結算的股份獎勵開支

–

–

–

8,652

–

–

–

8,652

–

8,652

向股東宣派的股息

–

–

–

–

–

–

(490,187) (490,187)

–

(490,187)

245,094 2,315,402

(169)

11,397

157,581

期內利潤
期內其他全面虧損：

於2026年6月30日（未經審核）

47

毛戈平化妝品股份有限公司

(2,365) 2,234,980 4,961,920

4,685 4,966,605

中期簡明綜合權益變動表
截至2026年6月30日止六個月

母公司擁有人應佔
法定
股本

股份溢價

資本儲備

盈餘儲備

保留利潤

總計 非控股權益

權益總額

人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

於2025年1月1日（經審核）

239,212

2,020,672

15,283

157,581

1,068,560

3,501,308

2,215

3,503,523

期內利潤及全面收益總額

–

–

–

–

669,765

669,765

654

670,419

5,882

305,223

–

–

–

311,105

–

311,105

歸屬時轉撥股份獎勵計劃儲備

–

8,375

(8,375)

–

–

–

–

–

以權益結算的股份獎勵開支

–

–

1,827

–

–

1,827

–

1,827

向股東宣派的股息

–

–

–

–

(352,935)

(352,935)

–

(352,935)

245,094

2,334,270

8,735

157,581

1,385,390

4,131,070

2,869

4,133,939

發行股份

於2025年6月30日（未經審核）

2026中期報告

48

中期簡明綜合現金流量表
截至2026年6月30日止六個月

2026年

2025年

（未經審核）

（未經審核）

人民幣千元

人民幣千元

1,077,729

898,599

利息收入

(26,129)

(27,455)

財務成本

1,479

1,024

物業、廠房及設備折舊

30,312

22,511

其他無形資產攤銷

604

400

出售物業、廠房及設備項目的收益

21

–

使用權資產折舊

25,734

19,102

終止租賃收益淨額

(740)

(223)

衍生金融工具

(643)

–

按公允價值計量且其變動計入當期損益的金融資產

(648)

–

–

1,073

經營活動所得現金流量
除稅前利潤
就以下各項作出調整：

公允價值收益淨額：

貿易及其他應收款項減值虧損淨額
以權益結算的股份獎勵開支

8,652

1,827

存貨撇減撥回至可變現淨值

(813)

(1,376)

應佔聯營公司利潤

(8,272)

(4,593)

外匯差額淨額

45,957

24,156

1,153,243

935,045

存貨減少╱（增加）

41,189

(62,064)

貿易應收款項增加

(106,654)

(77,199)

預付款項、其他應收款項及其他資產增加

(20,275)

(13,431)

(11)

48,000

貿易應付款項增加

28,743

134,467

其他應付款項及應計費用增加

78,839

78,212

10

(67)

2,672

4,156

經營所得現金

1,177,756

1,047,119

已付所得稅

(252,152)

(216,532)

經營活動所得現金流量淨額

925,604

830,587

限制性現金（增加）╱減少

撥備增加╱（減少）
應付關聯方及一名董事款項增加

49

毛戈平化妝品股份有限公司

中期簡明綜合現金流量表
截至2026年6月30日止六個月

2026年

2025年

（未經審核）

（未經審核）

人民幣千元

人民幣千元

(120,449)

(108,805)

(540)

(121)

投資活動所得現金流量
購買物業、廠房及設備項目
購買其他無形資產
購買按公允價值計量且其變動計入當期損益的金融資產

(88,915)

–

物業、廠房及設備預付款項

(26,630)

(5,287)

4,000

–

已收聯營公司股息

20

55

存入定期存款

(828,121)

–

提取定期存款

1,029,241

–

出售物業、廠房及設備項目所得款項

已收投資收入

6,060

–

已收利息

32,108

32,192

投資活動所得╱（所用）現金流量淨額

6,774

(81,966)

融資活動所得現金流量
–

311,105

已付股息

(490,187)

(352,935)

償還租賃負債的本金部分

(23,064)

(17,788)

已付利息

(1,479)

(1,024)

回購股份

(26,854)

–

–

(320,000)

融資活動所用現金流量淨額

(541,584)

(380,642)

現金及現金等價物增加淨額

390,794

367,979

2,437,476

2,791,719

(47,459)

(24,156)

2,780,811

3,135,542

2,782,993

3,137,709

(2,182)

(2,167)

2,780,811

3,135,542

發行股份所得款項

償還銀行借款

期初現金及現金等價物
匯率變動影響淨額

期末現金及現金等價物

現金及現金等價物結餘分析
現金及銀行結餘
限制性現金

中期簡明綜合財務狀況表及中期簡明綜合現金流量表
所列現金及現金等價物

2026中期報告

50

中期簡明綜合財務資料附註
2026年6月30日

1.

公司及集團資料
本公司是一家於2000年7月28日在中華人民共和國（「中國」）註冊成立的有限公司。本公司的註冊地址為中國
浙江省杭州市上城區萬銀大廈1001室。

於期內，本公司及其附屬公司（統稱「本集團」）從事美妝產品的研發、生產及銷售、提供化妝藝術培訓服務以
及體驗式及個性化客戶服務。

本公司董事認為，本公司的最終控股股東為毛戈平先生、汪立群女士、新余市智循項目投資合夥企業（有限
合夥）
（前稱杭州帝景投資管理合夥企業（有限合夥））
（「智循投資」）及新余市九寰項目投資合夥企業（有限合
夥）
（前稱杭州嘉馳投資管理合夥企業（有限合夥））
（「九寰投資」）。

2.

編製基準
截至2026年6月30日止六個月的中期簡明綜合財務資料乃根據香港會計準則第34號中期財務報告 編製。中期
簡明綜合財務資料並無包含年度財務報表中規定的所有資料及披露，應連同本集團截至2025年12月31日止
年度的年度綜合財務報表一併閱讀。

3.

會計政策變動及披露
編製中期簡明綜合財務資料所採納的會計政策與編製本集團截至2025年12月31日止年度的年度綜合財務報
表所應用者貫徹一致，惟就本期間的財務資料首次採納以下經修訂香港財務報告準則會計準則除外。

香港財務報告準則第9號及香港財務報告準則

對金融工具的分類及計量的修訂

第7號之修訂
香港財務報告準則第9號及香港財務報告準則

依賴自然能源生產電力的合同

第7號之修訂

香港財務報告準則會計準則的年度改進－第11卷

香港財務報告準則第1號、香港財務報告準則第7號、
香港財務報告準則第9號、香港財務報告準則第10號
及香港會計準則第7號之修訂

51

毛戈平化妝品股份有限公司

中期簡明綜合財務資料附註
2026年6月30日

3.

會計政策變動及披露（續）
經修訂香港財務報告準則會計準則的性質及影響描述如下：

(a)

「對金融工具的分類及計量的修訂」澄清，
香港財務報告準則第9號及香港財務報告準則第7號的修訂
當實體收取合約現金流量的權利屆滿或已轉移時，金融資產將終止確認，而金融負債則於結算日終止
確認。該修訂引入一項會計政策選擇，即在結算日之前通過電子支付系統結算的金融負債，如符合指
定條件，可終止確認。該修訂澄清了如何評估具有環境、社會及管治及其他類似或有特徵的金融資產
的合約現金流量特徵。此外，修訂還澄清了對具有無追索權特徵的金融資產和合同關聯工具進行分類
的要求。該修訂還包括指定為以公允價值計量且其變動計入其他全面收益的權益工具和具有或有特徵
的金融工具的投資的額外披露。由於本集團過往年度終止確認金融資產及負債的會計政策與該修訂一
致，且本集團並無該修訂所述的金融資產，故該修訂對中期簡明綜合財務資料概無任何影響。本集團
將於截至2026年12月31日止年度之本集團綜合財務報表中，就其指定為按公允價值計入其他全面收
益的股權投資提供額外披露。

(b)

「依賴自然能源生產電力的合同」的修訂澄清範圍
香港財務報告準則第9號及香港財務報告準則第7號
內合同「自用」規定的應用，並修訂範圍內合同現金流量對沖關係中被對沖項目的指定規定。修訂亦包
括額外披露，使財務報表使用者能夠了解該等合同對實體財務表現及未來現金流量的影響。由於本集
團並無任何合約在修訂範圍內，故修訂對中期簡明綜合財務資料並無任何影響。

(c)

香港財務報告準則會計準則的年度改進 －第11卷載列對香港財務報告準則第1號、香港財務報告準則
第7號（及隨附的香港財務報告準則第7號指引 ）、香港財務報告準則第9號、香港財務報告準則第10號
及香港會計準則第7號的狹義範圍修訂。修訂包括澄清、簡化、更正或變更，以提高相應香港財務報
告準則會計準則的一致性。該等修訂對中期簡明綜合財務資料並無任何影響。

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4.

經營分部資料
出於管理目的，本集團並未根據其服務及產品劃分為業務單位，且僅擁有一個可報告經營分部。管理層監控
本集團整體經營分部的經營業績，以作出資源分配及績效評估的決策。

地理資料
(a)

來自外部客戶的收入
截至6月30日止六個月

中國內地
香港

收入總額

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

3,260,858

2,587,065

6,421

1,152

3,267,279

2,588,217

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

1,231,346

1,138,069

16,320

7,552

1,247,666

1,145,621

上述收入資料以客戶所在地為基礎。

(b)

非流動資產

中國內地
香港

非流動資產總值

上述非流動資產資料以資產所在地為基礎，且不包括金融工具及遞延稅項資產。

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毛戈平化妝品股份有限公司

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5.

收入
本集團收入分析載列如下：
截至6月30日止六個月

客戶合約收入

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

3,267,279

2,588,217

客戶合約收入的收入分類資料
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

3,195,540

2,520,905

71,739

67,312

3,267,279

2,588,217

商品或服務類型
產品銷售
化妝藝術培訓及相關銷售

總計

截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

3,260,858

2,587,065

6,421

1,152

3,267,279

2,588,217

地理市場
中國內地
香港

總計

2026中期報告

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2026年6月30日

5.

收入（續）
客戶合約收入的收入分類資料（續）
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

3,204,252

2,531,887

63,027

56,330

3,267,279

2,588,217

收入確認的時間
於某個時間點轉移的商品或提供的服務
隨時間提供的服務

總計

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毛戈平化妝品股份有限公司

中期簡明綜合財務資料附註
2026年6月30日

6.

除稅前利潤
本集團的除稅前利潤乃經扣除╱（計入）以下各項後達致：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

已售存貨成本

419,761

338,649

提供化妝藝術培訓服務及相關銷售的成本

26,583

24,946

物業、廠房及設備折舊

30,312

22,511

使用權資產折舊

33,368

26,982

(7,634)

(7,880)

使用權資產折舊淨額

25,734

19,102

研發成本

18,252

15,257

銀行利息收入

(26,129)

(27,455)

政府補助

(13,064)

(16,255)

外匯差額淨額

45,957

24,156

–

1,073

(813)

(1,376)

406,525

366,347

以權益結算的股份獎勵開支

8,652

1,827

退休金計劃供款（界定供款計劃）

29,625

22,965

員工福利開支

41,112

32,576

總計

485,914

423,715

減：在建工程資本化的金額

貿易及其他應收款項減值虧損淨額
存貨撇減撥回至可變現淨值

僱員福利開支（不包括董事及最高行政人員的酬金）：
工資、薪金及花紅

2026中期報告

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2026年6月30日

7.

所得稅
本集團須按實體基準按產生於或源自本集團成員公司註冊所在及經營所處司法權區的利潤繳納所得稅。

香港利得稅
香港利得稅乃就於年內在香港產生的估計應課稅利潤按8.25%的稅率作出撥備，而本集團的若干附屬公司
為符合兩級制利得稅稅制資格的實體，則首2,000,000港元應課稅利潤按8.25%徵稅，其餘應課稅利潤按
16.5%徵稅。

中國企業所得稅
中國企業所得稅（「企業所得稅」）撥備乃根據本集團若干中國附屬公司按《中國企業所得稅法》釐定的應課稅利
潤的法定稅率25%計算。

截至2026年6月30日止六個月，杭州至愛終生化妝品有限公司、杭州星屹股權投資有限公司、杭州迪悅化妝
品有限公司的一家附屬公司及杭州毛戈平形象設計藝術有限公司的六家附屬公司均符合小微企業的資格，享
受所得稅優惠稅率，其應課稅利潤的首人民幣3,000,000元按5%稅率納稅。

本集團於期內所得稅開支主要構成分析如下：
截至6月30日止六個月

即期－期內支出
遞延稅項

期內稅項支出總額

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毛戈平化妝品股份有限公司

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

275,009

238,893

(3,852)

(10,713)

271,157

228,180

中期簡明綜合財務資料附註
2026年6月30日

8.

股息
截至6月30日止六個月

股息

2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

490,187

352,935

本公司2025年股東週年大會於2026年4月24日舉行，會上批准截至2025年12月31日止年度每股人民幣1.00
元（含稅）的末期現金股息，合共約人民幣490,187,000元，該股息已於2026年5月26日派付。

董事會建議於2026年10月20日派發截至2026年6月30日止六個月的中期股息每股人民幣0.62元（含稅），總
額約為人民幣303,916,000元（截至2025年6月30日止六個月：無）。上述提案將提請其後舉行的臨時股東會
審議及批准。

9.

母公司普通權益持有人應佔每股盈利
每股基本盈利金額根據母公司普通權益持有人應佔期內利潤及期內已發行普通股489,852,380股（截至2025
年6月30日止六個月：489,731,958股）
的加權平均數計算，經調整以反映期內為股份獎勵安排而持有的股份。
每股攤薄盈利金額根據母公司普通權益持有人應佔期內利潤計算。計算所用普通股加權平均數為用於計算每
股基本盈利的期內已發行普通股加權平均數，加上所有潛在攤薄普通股被視為行使而發行的普通股加權平均
數（該等潛在攤薄普通股來自本公司授出的獎勵股份）。於截至2025年6月30日止六個月，本集團並無已發行
潛在攤薄普通股。

每股基本及攤薄盈利的計算乃基於：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

805,448

669,765

盈利
用於計算每股基本及攤薄盈利的母公司普通權益持有人應佔
利潤

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2026年6月30日

9.

母公司普通權益持有人應佔每股盈利（續）
股份數目
截至6月30日止六個月
2026年

2025年

489,852,380

489,731,958

41,409

–

489,893,789

489,731,958

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

期初賬面值

456,650

278,890

添置

101,070

225,189

期內計提折舊

(30,312)

(47,213)

(41)

(216)

527,367

456,650

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

348,088

241,434

(843)

(843)

347,245

240,591

股份
用於計算每股基本盈利的期內已發行普通股加權平均數
攤薄影響 — 普通股加權平均數：獎勵股份

總計

10. 物業、廠房及設備

出售

期末賬面值

11. 貿易應收款項

貿易應收款項
減值

賬面淨值

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毛戈平化妝品股份有限公司

中期簡明綜合財務資料附註
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11. 貿易應收款項（續）
本集團的貿易應收款項通常來自通過門店及線上平台進行的銷售，通過門店及線上平台銷售有助於收回銷售
所得款項。本集團通常向相關購物中心、大型零售商及線上平台授出60日內的信用期。逾期結餘由高級管理
層定期檢討。貿易應收款項為不計息。

於各報告期末，根據交易日期的貿易應收款項賬齡分析如下：

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

3個月內

346,075

240,062

3至6個月

1,121

921

6至12個月

634

334

1至2年

257

5

2年以上

1

112

348,088

241,434

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

現金及銀行結餘

2,782,993

2,443,456

減：限制性現金

2,182

2,171

現金及現金等價物

2,780,811

2,441,285

以人民幣計值

1,174,342

1,170,773

以港元計值

787,793

393,483

以美元計值

818,676

877,029

2,780,811

2,441,285

總計

12. 現金及現金等價物及限制性現金

現金及現金等價物

人民幣不可自由兌換為其他貨幣，然而，根據中國內地《外匯管理條例》及《結匯、售匯及付匯管理規定》，本
集團可透過獲准進行外匯業務的銀行將人民幣兌換為其他貨幣。
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12. 現金及現金等價物及限制性現金（續）
銀行現金存款根據每日銀行存款利率的浮動利率計息。銀行結餘及限制性現金存於近期無違約記錄並具有信
譽的銀行。

13. 貿易應付款項
根據發票日期，各報告期間末貿易應付款項的賬齡分析如下：

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

3個月內

186,098

157,590

3至6個月

284

498

6至12個月

667

316

1年以上

233

135

187,282

158,539

總計

貿易應付款項為不計息，且通常於30日至60日內結清。

14. 股本
本 公 司 受 託 人 已 根 據 限 制 性 股 份 單 位 激 勵 計 劃 的 條 款 ， 於 截 至 2026 年 6 月 30 日 止 六 個 月 內 以 總 代 價
29,792,000港元在香港聯合交易所有限公司（「香港聯交所」）購買本公司337,300股股份。

15. 承諾
本集團於各報告期間末的合約承諾如下：

在建工程

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毛戈平化妝品股份有限公司

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

112,968

185,548

中期簡明綜合財務資料附註
2026年6月30日

16. 關聯方交易
名稱

關係

毛先生

一名執行董事

杭州尚都科技有限公司（「尚都科技」）

由一名股東控制的實體

華美康妍（蘇州）生物科技有限公司（「華美康妍」）

一名聯繫人

(a)

於期內，本集團與關聯方進行了以下交易：
截至6月30日止六個月
2026年

2025年

人民幣千元

人民幣千元

（未經審核）

（未經審核）

(i)

30,169

15,688

(ii)

2,445

2,423

(iii)

1,303

1,360

附註

向以下各方購買產品：
華美康妍

向以下各方支付租金及物業管理費：
尚都科技

許可費支付予：
毛先生

附註：
(i)

向關聯方購買按關聯方向其主要客戶提供的公開價格及條件進行。

(ii)

租金及物業管理費參考雙方共同協定的價格收取。

(iii)

根據2024年11月25日訂立的冠名及肖像權許可框架協議，毛戈平先生同意授予本集團使用其姓名及肖像
權的排他及不可轉讓許可，每年許可費為2.98百萬港元。許可費由本集團與毛戈平先生經公平磋商後釐
定。冠名及肖像權許可框架協議的初始期限自2024年12月10日起至2026年12月31日止，經雙方同意可續
期。

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16. 關聯方交易（續）
(b)

與關聯方的未結餘額：

附註

2026年6月30日

2025年12月31日

人民幣千元

人民幣千元

（未經審核）

（經審核）

7,809

5,137

應付一個關聯方款項（貿易）
華美康妍

(i)

附註：
(i)

於2026年6月30日及2025年12月31日，本集團與關聯方的未結餘額均為無抵押、免息及須按要求償還。

17. 金融工具的公允價值及公允價值層級
管理層已評估現金及現金等價物、限制性現金、定期存款、貿易應收款項、貿易應付款項、計入預付款項、
其他應收款項及其他資產的金融資產、計入其他應付款項及應計費用的金融負債及應付一個關聯方款項的公
允價值與其賬面值相若，主要是由於該等工具於短期內到期。

除以強迫或清盤出售外，金融資產及負債的公允價值乃按於當前交易中交易雙方願意就交換工具付出的金額
列賬。以下方法及假設乃用於估計公允價值：

本集團與一家商業銀行訂立衍生金融工具。衍生金融工具（包括外幣期權）採用類似遠期定價及掉期模式的估
值技術，並採納現值計算進行計量。該等模型納入多項市場可觀察輸入數據，包括對手方信貸質素、外匯現
貨及遠期匯率。外幣期權的賬面值與其公允價值相同。

本集團投資於非上市投資，即中國內地銀行發行的結構性存款及理財產品。本集團採用基於具有類似條款及
風險之工具之市場利率的貼現現金流量估值模型估計該等非上市投資的公允價值。

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2026年6月30日

17. 金融工具的公允價值及公允價值層級（續）
公允價值層級
下表載列本集團金融工具公允價值計量層級：

按公允價值計量的資產：
於2026年6月30日
採用以下基準計量的公允價值
於活躍市場
的報價
（第一層級）
人民幣千元
（未經審核）

重大可觀察
輸入數據
（第二層級）
人民幣千元
（未經審核）

重大不可觀察
輸入數據
（第三層級）
人民幣千元
（未經審核）

總計
人民幣千元
（未經審核）

按公允價值計量且其變動計入當期損益的
金融資產

–

89,247

–

89,247

總計

–

89,247

–

89,247

於2025年12月31日
採用以下基準計量的公允價值
於活躍市場

重大可觀察

重大不可觀察

的報價

輸入數據

輸入數據

（第一層級）

（第二層級）

（第三層級）

總計

人民幣千元

人民幣千元

人民幣千元

人民幣千元

（經審核）

（經審核）

（經審核）

（經審核）

衍生金融工具

–

5,101

–

5,101

總計

–

5,101

–

5,101

於2026年6月30日及2025年12月31日，本集團並無任何按公允價值計量的金融負債。

期內，金融資產及金融負債均無第一層級與第二層級公允價值計量之間的轉移，亦無轉入或轉出第三層級的
情況（截至2025年6月30日止六個月：無）。

18. 報告期後事項
於截至2026年6月30日止期間後，本集團已評估有關期後事項及注意到並無任何重大期後事項。

2026中期報告

64

釋義
於本中期報告內，除非文義另有所指，下列詞彙具有以下涵義：

「公司章程」或「章程」

指

本公司的公司章程，經不時修訂、補充或以其他方式修改

「董事會」

指

本公司的董事會

「複合年增長率」

指

複合年增長率，指同比增長率，按在特定時期內總增長率百分比的n次方根計算
得出。複合年增長率的計算公式為：（現有價值╱基礎價值）^（1╱年數）
–1

「企業管治守則」

指

於報告期生效的上市規則附錄C1所載的企業管治守則

「本公司」

指

毛戈平化妝品股份有限公司，一家於2000年7月28日在中國成立的有限公司，
其H股於聯交所主板上市（股份代號：1318）

「控股股東」

指

具有上市規則賦予的涵義

「中國證監會」

指

中國證券監督管理委員會

「本報告日期」

指

2026年8月27日

「智循投資」

指

新余市智循項目投資合夥企業（有限合夥）
（前稱杭州帝景投資管理合夥企業（有
限合夥）），一家於2011年4月28日在中國成立的有限合夥企業，為本公司控股
股東之一

65

「董事」

指

本公司董事

「全球發售」

指

招股章程「全球發售的架構」一節所述的發售股份以供認購

「本集團」或「我們」

指

本公司及其附屬公司

「杭州至愛終生」

指

杭州至愛終生化妝品有限公司，為本公司直接全資附屬公司

毛戈平化妝品股份有限公司

釋義

「杭州毛戈平」

指

杭州毛戈平化妝品有限公司，一家於2000年7月28日在中國成立的有限公司，
為本公司前身

「杭州尚都匯」

指

杭州尚都匯化妝品科技有限公司，為本公司直接全資附屬公司

「杭州星屹」

指

杭州星屹股權投資有限公司，為本公司直接全資附屬公司

「H股」

指

本公司股本中每股面值人民幣0.50元的境外上市外資股，以港元認購及買賣

「H股股東」

指

H股持有人

「H股全流通」

指

將228,344,600股非上市股份轉換為H股

「港元」

指

港元，香港法定貨幣

「香港」

指

中國香港特別行政區

「香港財務報告準則會

指

香港會計師公會頒佈的所有香港財務報告準則的香港會計準則及詮釋

指

新余市九寰項目投資合夥企業（有限合夥）
（前稱杭州嘉馳投資管理合夥企業（有

計準則」

「九寰投資」

限合夥）），一家於2011年4月28日在中國成立的有限合夥企業，為本公司控股
股東之一

「KOL」

指

關鍵意見領袖

「上市」

指

H股於2024年12月10日於聯交所主板上市

「上市日期」

指

H股於聯交所主板上市及H股獲准自該日起於聯交所主板開始買賣的日期，即
2024年12月10日

2026中期報告

66

釋義

「上市規則」

指

聯交所證券上市規則，經不時修訂、修改或以其他方式補充

「毛戈平形象設計」

指

杭州毛戈平形象設計藝術有限公司，為本公司直接全資附屬公司

「毛戈平科技」

指

杭州毛戈平科技有限公司，為本公司直接全資附屬公司

「毛先生」

指

我們的創始人、董事長兼執行董事毛戈平先生，亦為本公司控股股東之一

「汪女士」

指

執行董事兼副董事長汪立群女士，亦為本公司控股股東之一

「ODM」

指

原始設計製造，製造商按照客戶的要求設計並製造產品，並最終以客戶的品牌
或無具體品牌進行營銷並銷售

「招股章程」

指

本公司日期為2024年12月2日的招股章程

「報告期」

指

截至2026年6月30日止六個月

「限制性股票單位」

指

限制性股票單位賦予承授人在歸屬後獲得H股的有條件權利

「限制性股票單位激勵

指

本公司股東於2025年12月4日通過決議採納的限制性股票單位激勵計劃

「人民幣」

指

中國法定貨幣

「證券及期貨條例」

指

香港法例第571章《證券及期貨條例》
（經不時修訂、補充或以其他方式修改）

「股份」

指

本公司股本中每股面值人民幣0.50元的普通股，包括非上市股份及H股

「股東」

指

股份持有人

「單品」

指

庫存單位，有助於識別及跟蹤庫存

計劃」

67

毛戈平化妝品股份有限公司

釋義

「聯交所」

指

香港聯合交易所有限公司

「非上市股份」

指

本公司發行的每股面值人民幣0.50元的普通股，以人民幣認購或入賬列作繳足
並由境內股東持有

「浙江匯都」

指

浙江匯都化妝品有限公司，為本公司直接全資附屬公司

「%」

指

百分比

2026中期報告

68