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1、毛戈平化妝品股份有限公司Mao Geping Cosmetics Co.,Ltd.2024Annual Report(A joint stock company incorporated in the Peoples Republic of China with limited liability)Stock Code:1318CONTENTSCORPORATE INFORMATION2FOUR-YEAR FINANCIAL SUMMARY4CHAIRMANS STATEMENT5MANAGEMENT DISCUSSION AND ANALYSIS7DIRECTORS,SUPERVISORS
2、AND SENIOR MANAGEMENT40REPORT OF THE DIRECTORS50REPORT OF THE SUPERVISORY COMMITTEE73CORPORATE GOVERNANCE REPORT74ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT94INDEPENDENT AUDITORS REPORT137CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME143CONSOLIDATED STATEMENT OF FINANCIAL PO
3、SITION144CONSOLIDATED STATEMENT OF CHANGES IN EQUITY146CONSOLIDATED STATEMENT OF CASH FLOWS148NOTES TO THE FINANCIAL STATEMENTS151DEFINITIONS236Mao Geping Cosmetics Co.,Ltd.2CORPORATE INFORMATIONBoard of DirectorsExecutive DirectorsMr.MAO Geping(毛戈平)(Chairman of the Board)Ms.WANG Liqun(汪立群)Ms.MAO Ni
4、ping(毛霓萍)Ms.MAO Huiping(毛慧萍)Mr.WANG Lihua(汪立華)Ms.SONG Hongquan(宋虹佺)Independent Non-executive DirectorsMr.GU Jiong(顧炯)Mr.HUANG Hui(黃輝)Mr.LI Hailong(李海龍)Audit CommitteeMr.GU Jiong(顧炯)(Chairperson)Mr.HUANG Hui(黃輝)Mr.LI Hailong(李海龍)Nomination CommitteeMr.MAO Geping(毛戈平)Ms.MAO Niping(毛霓萍)Mr.GU Jiong(顧炯)M
5、r.HUANG Hui(黃輝)Mr.LI Hailong(李海龍)(Chairperson)Remuneration CommitteeMr.MAO Geping(毛戈平)Ms.MAO Huiping(毛慧萍)Mr.GU Jiong(顧炯)Mr.HUANG Hui(黃輝)Mr.LI Hailong(李海龍)(Chairperson)Supervisory CommitteeMs.GAO Yan(高妍)Mr.YANG Weiqing(羊偉青)Ms.WU Meijuan(吳美娟)Joint Company SecretariesMr.DONG Leqin(董樂勤)Ms.ZHANG Xiao(張瀟)
6、(an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom)AuditorErnst&YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F,One Taikoo Place979 Kings RoadQuarry BayHong KongAuthorized Representativ
7、esMs.MAO Niping(毛霓萍)Ms.ZHANG Xiao(張瀟)Principal BankChina Minsheng Bank Hangzhou Qiantang BranchNo.280-1,Jianguo South RoadShangcheng DistrictHangzhou,ZhejiangPRC3Annual Report 2024CORPORATE INFORMATIONLegal Advisor as to PRC LawJingtian&Gongcheng34/F,Tower 3China Central Place77 Jianguo RoadBeijingP
8、RCCompliance AdviserRainbow Capital(HK)LimitedOffice No.710,7/FWing On House71 Des Voeux Road CentralCentralHong KongInvestor Relations ContactTel:+86-571-8792 6998Email:Companys WStock Code01318Registered OfficeRoom 1001,Wanyin BuildingShangcheng DistrictHangzhou,ZhejiangPRCHeadquarters and Princip
9、al Place of Business in the PRCRoom 1001,Wanyin BuildingShangcheng DistrictHangzhou,ZhejiangPRCPrincipal Place of Business in Hong Kong40/F,Dah Sing Financial Centre248 Queens Road EastWanchai,Hong KongH Share RegistrarComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor Hopew
10、ell Centre183 Queens Road EastWanchai Hong KongLegal Advisor as to Hong Kong LawLinklaters11th Floor,Alexandra HouseChater RoadCentralHong KongMao Geping Cosmetics Co.,Ltd.4FOUR-YEAR FINANCIAL SUMMARYYear ended December 31,2024202320222021RMB000RMB000RMB000RMB000Revenue3,884,6942,885,9641,829,1121,5
11、77,347Cost of sales(607,176)(437,719)(295,834)(261,341)Gross profit3,277,5182,448,2451,533,2781,316,006Profit before tax1,176,751887,864466,987443,885Profit and total comprehensive income for the year881,329663,470352,095330,943Dividends1,000,000250,00040,000Earnings per share(RMB yuan)2.183.311.761
12、.66Dividends per share(RMB yuan)2.471.250.20 As at December 31,2024202320222021RMB000RMB000RMB000RMB000Total assets4,473,4692,094,5681,555,9101,130,944Total liabilities969,946546,582421,394348,523Net assets3,503,5231,547,9861,134,516782,421Return on equity(%)34.9%49.5%36.7%52.0%Return on total asset
13、s(%)26.8%36.3%26.2%35.9%5Annual Report 2024CHAIRMANS STATEMENTDear Shareholders,On behalf of the Board of Directors of Mao Geping Cosmetics Co.,Ltd.,I hereby present to you the annual report of the Group for the year ended December 31,2024.In 2024,the H Shares of Mao Geping Cosmetics Co.,Ltd.were su
14、ccessfully listed on the Main Board of the Hong Kong Stock Exchange,marking a historic leap in the Companys development.As a leading premium beauty group in China,we have consistently integrated traditional oriental aesthetic concepts into our products and services using modern artistic expressions.
15、Leveraging on the unique aesthetic concepts of our founder,our internationally leading quality control capabilities,and our presence in mid-to-high-end department stores,we have established differentiated competitive advantages.We continue to drive business through the synergy among our products,res
16、earch and development,and education.In 2024,we continued to expand our high-end department store channels by launching our counters in Wuhan SKP,Chengdu SKP and Hangzhou Tower among other premium locations.As of December 31,2024,our brand counters were present in over 120 cities nationwide,including
17、 378 self-operated counters and 31 distributor-operated counters.Additionally,our counters were staffed with over 2,800 professional beauty advisors.Through our offline counters and these beauty advisors,we maintained close contact with our customers,offering them an exceptional beauty experience.Re
18、garding product categories,we have been continuously enriching and expanding our beauty product matrix,upgrading and developing over 100 SKUs throughout 2024.As of December 31,2024,our product portfolio comprised more than 400 SKUs across two categories.In 2024,we launched the new“Splendid Aura”seri
19、es of products in collaboration with TEAM CHINA.This series achieves the integration of Eastern and Western cultures by melding elements of sports,Western classical art concepts,and Chinese aesthetics,all with positive symbolic meanings.We designed distinctive makeup looks for members of Chinas arti
20、stic swimming team,using the specialised products we provided.It was a delightful moment when Chinas artistic swimming team won its first Olympic gold medal at the 2024 Paris Olympics.Our co-branded product series also includes previously launched collections such as the five collections of the Pala
21、ce Museum series(故宮系列)and the Asian Games series(亞運會系列).Through innovation in cultural integration and IP collaboration,we convey our brands cultural connotations and value propositions,enrich our brands essence,and shape our brand image.Our makeup artistry training business continued to expand duri
22、ng the Reporting Period.In 2024,revenue from makeup artistry training and related sales reached RMB151.7 million,representing a year-on-year increase of 45.8%and surpassing pre-pandemic levels.This growth not only contributed positively to the Companys annual performance but also further enhanced ou
23、r comprehensive competitiveness and brand influence.During 2024,we enriched our teaching content and launched personal IP development courses alongside makeup skills training,offering comprehensive support to students interested in developing their careers via the internet.We also focused on upgradi
24、ng our online training platform,actively introducing online courses to convey MAOGEPING Beautys artistic philosophy in the most convenient way to all beauty enthusiasts,further advancing MAOGEPINGs mission and vision to empower every woman to embrace beauty.Mao Geping Cosmetics Co.,Ltd.6CHAIRMANS ST
25、ATEMENTWhile maintaining the steady development of our domestic business,we are also gradually advancing our presence in overseas markets according to strategic plans.In 2024,we further strengthened our cooperation with Sephora,a world-leading beauty chain group,and introduced our products to the Ho
26、ng Kong market for the first time,receiving positive market feedback.In terms of taking our culture and brand expansion overseas,we jointly created the documentary program“Traces of Fragrance”(香跡)with Douyin.This program was initiated by our founder,Mr.MAO Geping,setting against the backdrop of the
27、60th anniversary of diplomatic relations between China and France.Using our brands perfume as a thread,the programme facilitated cultural exchange between China and France around the themes of Olympics,aesthetics,and perfume.It connected people and culture through fragrance,showcasing the unique cha
28、rm of Chinese brands and designs and shaping a multidimensional perception of high-end brands originating from the East.Attributed to the above efforts,we have seen remarkable growth in our operating results.Our total revenue increased from RMB2,886.0 million in 2023 to RMB3,884.7 million in 2024,re
29、presenting an increase of 34.6%.Our net profit increased by 32.8%from RMB663.5 million in 2023 to RMB881.3 million in 2024.Thanks to our excellent sales performance,we have been consolidating our market-leading position and brand equity in the high-end beauty industry.Finally,on behalf of our Group
30、and the Board of Directors,I would like to express our gratitude to all users for their enduring recognition and support for our brand.We also extend our appreciation to all our partners,investors,and shareholders for their trust,and to all employees for their dedication and contribution over the pa
31、st year.Looking forward,we aim to actively leverage the Hong Kong capital market platform to attract more international talents to join our beauty business.We will persist in strengthening product research and development and channel construction to create perfect products and foster customer satisf
32、action.We will continuously sharpen our brand competitiveness with attractive products,advanced technologies and satisfactory services to enhance the global recognition and reputation of our brand.We aspire to build an international high-end beauty group originating from China,rewarding our sharehol
33、ders and investors with stable and sustainable business performance.7Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISINDUSTRY OVERVIEWAccording to Frost&Sullivan,cosmetics products can be divided into five categories:skincare,personal care,color cosmetics,perfume and others.Beauty products refer
34、 to cosmetics that can improve the condition of the skin and emphasize or alter the appearance of the face or body,mainly including skincare products and color cosmetics products.According to Frost&Sullivan,the market size of the beauty industry in China,in terms of retail sales,increased from RMB40
35、2.6 billion in 2018 to RMB579.8 billion in 2023,representing a CAGR of 7.6%.The market size is projected to continue growing at a CAGR of 8.6%from 2023 to 2028,reaching RMB876.3 billion by 2028.Premium beauty brands are positioned to meet the demands of consumers for prestige,high quality,and exclus
36、ivity through perceived-value products.Typically,premium brands command a price range that is at least 50%higher than the industry average,and their products are selectively distributed,often found in premium department stores.These premium brands have a distinguished brand image with a focus on uni
37、queness,aesthetics and lifestyle.The majority of leading premium beauty brands were founded by celebrities or artists who use their names as brand names.Mass-market brands are generally committed to offering high price performance products that are affordable to consumers.They often have broader dis
38、tribution channels.According to Frost&Sullivan,the market size of premium beauty brands in China,in terms of retail sales,grew rapidly from RMB133.4 billion in 2018 to RMB194.2 billion in 2023 with a CAGR of 7.8%,and is expected to further grow at a CAGR of 9.9%to reach RMB311.0 billion by 2028.Beau
39、ty products in China are sold through online and offline channels.Offline channels mainly include the department store,cosmetics specialty store,supermarket and other offline channels.Other offline channels mainly include pharmacies and duty-free stores.The department store of offline channels refer
40、s to a retail establishment offering a wide range of mid to high-end consumer goods across different areas of the store,which is an important part of offline channels.The department store segment can not only meet the needs of consumers for shopping consumption,but also provide customers with premiu
41、m consumption experience by showcasing brand concepts through exquisite displays and professional consulting services.The influence accumulated by beauty brands across online and offline channels can further empower online sales.Online channels mainly include integrated e-commerce platforms,emerging
42、 e-commerce platforms and other online channels.Representative examples of integrated e-commerce platforms are Tmall and JD.com,and representative examples of emerging e-commerce platforms are Douyin and Kuaishou.Other online channels mainly include official websites of brand owners,and cross-border
43、 e-commerce platforms.According to Frost&Sullivan,the retail sales of beauty products through offline channels increased from RMB235.3 billion in 2018 to RMB264.1 billion in 2023,representing a CAGR of 2.3%,while online retail sales increased from RMB167.3 billion in 2018 to RMB315.8 billion in 2023
44、,representing a CAGR of 13.5%.With the resumption of social activities and the release of consumer enthusiasm after the epidemic,offline channels will continue to recover and maintain sustainable and stable development in the future.The market size of offline channels is expected to grow further at
45、a CAGR of 5.5%to RMB344.6 billion by 2028,while the market size of online channels is projected to grow at a CAGR of 11.0%to RMB531.7 billion by 2028.Mao Geping Cosmetics Co.,Ltd.8MANAGEMENT DISCUSSION AND ANALYSISIn addition,according to the research data from the Industrial Research Center of Chin
46、a Association of Fragrance Flavour and Cosmetic Industries(香料香精化妝品工業協會產業研究中心),the total transaction volume of the Chinese cosmetics market in 2024 was RMB1,073.822 billion,representing a year-on-year increase of 2.8%.In terms of brand structure,taking the top 1,000 brands in terms of online transact
47、ion volume as sample data,the transaction volume of Chinese cosmetics brands accounted for 55.2%in 2024,an increase of 2.9 percentage points compared with the previous year.In 2024,there were a total of 819 brands with a transaction volume of over RMB100 million,among which 534 brands maintained pos
48、itive growth,accounting for more than 65%.Compared with 2023,the number of brands with a scale of over RMB100 million in 2024 increased by 73,reaching a record high.At the product and raw material ends,the total number of newly filed products in 2024 and products that had been filed in the past and
49、were still within the valid period reached 2.012 million,the highest in the past five years.At the same time,the number of newly filed and registered raw materials in 2024 reached 90,setting a new historical record.From the above data,we can see that Chinas cosmetics market as a whole maintains a st
50、able development trend,while structural changes are particularly significant.Firstly,the market share of domestic brands has increased significantly,and consumers recognition of local brands continues to grow;Secondly,the number of brands with an annual turnover of more than RMB100 million has incre
51、ased significantly,and the market is gradually moving towards high-end,centralized direction;Thirdly,with the continuous improvement of the industrys regulatory system and innovation in designs and raw materials,cosmetic categories and raw materials are more diverse to satisfy and stimulate the dive
52、rsified needs of consumers.As a result,the cosmetics industry is moving towards a new stage of high-quality development.Makeup artistry training refers to education programs that are designed for program participants to learn makeup knowledge and skills,and such training aims to help program partici
53、pants to work in the beauty industry or other related industries,such as beauty advisors,styling designers,etc.According to Frost&Sullivan,the makeup artistry training industry in China has experienced rapid growth in recent years,with the market size increasing from RMB5.6 billion in 2018 to RMB9.8
54、 billion in 2023,with a CAGR of 11.8%.As the consumer market for color cosmetics is expanding,the audience for makeup continues to grow and the demand for beauty services in peoples daily lives is increasing.This will accelerate the growth of the makeup artistry industry and boost the demand for bea
55、uty professionals.Especially with the increase in the categories of makeup products,the threshold for making good makeup is getting higher.It is expected that the industry will be consolidated and grow at a CAGR of 14.5%to reach RMB19.3 billion by 2028.9Annual Report 2024MANAGEMENT DISCUSSION AND AN
56、ALYSISBUSINESS REVIEWPrincipal ActivitiesWe are committed to offering consumers a comprehensive beauty experience characterized by high-quality beauty products,professional makeup artistry training,and experiential and personalized customer service.Brands and ProductsDrawing upon the aesthetic philo
57、sophy of our founder,we have created beauty products that capture the essence of light and shadow makeup artistry and oriental aesthetics to bring out the best makeup effects.We primarily operate two beauty brands:our flagship brand MAOGEPING and Love Keeps.We offer a selective portfolio of color co
58、smetics and skincare products under each brand,appealing to different consumer demographics.Our commitment to quality is deeply embedded in our corporate culture and influences every facet of our operations from product design to consumer engagement,solidifying our premium market position and broad
59、market recognition.MAOGEPING.As our flagship brand launched in 2000,MAOGEPING was named after our founder,Mr.Mao.MAOGEPING offers a wide array of products guided by light and shadow makeup artistry and oriental aesthetics.In particular,“light and shadow makeup artistry”refers to the strategic use of
60、 highlighting and contouring techniques to enhance facial structure.“Oriental aesthetics,”on the other hand,encapsulates the beauty ideas and principles originating from traditional Chinese culture,characterized by Chinese elements that deeply resonate with Chinese consumers.Our commitment to such a
61、esthetic philosophy has cemented MAOGEPINGs positioning within the premium beauty industry,blending artistry with makeup techniques and the essence of oriental culture to enhance makeup effects.Throughout the reporting period,we primarily derived our revenue from product sales of MAOGEPING.Love Keep
62、s.In 2008,we expanded our brand portfolio with the launch of Love Keeps.Love Keeps offers an assortment of color cosmetics and skincare products that deliver reliable performance at accessible price points.By targeting the mass market,Love Keeps ensures accessibility to a broad range of customers.Up
63、holding a premium brand positioning,we offer color cosmetics products inspired by Mr.Maos foundational philosophy in light and shadow makeup artistry and oriental aesthetics,as well as skincare lines that integrate high-quality formulas with select ingredients.Our color cosmetics primarily include m
64、akeup products for foundation,highlighting and contouring,lips and eyes.Our skincare products primarily include face creams,eye care,facial masks,serums and cleansers.Moreover,we have launched limited editions of color cosmetics,such as Eastern Aura Elegance(氣蘊東方),which encapsulate industry trends,c
65、elebrate traditional cultures,and incorporate advanced technology for enhanced application and wear.Some of our best-selling products,such as the Luminous Cream Foundation product series and Luxury Caviar Facial Mask,are widely recognized in the market.For the year ended December 31,2024,the Luminou
66、s Cream Foundation product series and Luxury Caviar Facial Mask contributed retail sales of over RMB400 million and RMB800 million,respectively.As of December 31,2024,our product portfolio comprised more than 400 SKUs across both categories.Mao Geping Cosmetics Co.,Ltd.10MANAGEMENT DISCUSSION AND AN
67、ALYSISThe following table sets forth the total sales volume and average selling prices of our products by product category for the periods indicated:Year ended December 31,20242023Sales VolumeAverage Selling PriceSales VolumeAverage Selling PriceUnit in thousandsRMB per unitUnit in thousandsRMB per
68、unitColor cosmetics12,979.5177.59,718.8166.9Skincare4,577.6312.23,598.1322.3 Overall17,557.1212.613,316.9208.9 Note:(1)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.Th
69、e average selling prices are generally lower than the high end of the listed price range primarily due to:(i)lower prices of products sold to retailers and distributors than that to consumers as we offer discounts for bulk purchases,which is in line with typical industry practice;and(ii)the calculat
70、ion of average selling price excludes Value Added Tax and includes adjustments for sales discounts,loyalty points and other promotional activities that affect the final selling price.Color cosmeticsOur color cosmetics offering encompasses a wide range of foundation,highlighting and contouring,eye an
71、d lip makeup products,meticulously designed to cater to the unique skin conditions,facial structures and aesthetic preferences of Chinese consumers.11Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISFoundationTo cater to consumers needs for a complete makeup routine from pre-makeup care to settin
72、g and contouring,we have introduced a comprehensive set of foundation products including primer,concealer,foundation,setting powder and blush.In particular,our foundation products are formulated with select ingredients to create a cream texture that provides a natural and long-lasting finish suitabl
73、e for our consumers.Below sets forth our representative foundation products:Luxury Caviar Flawless Cushion Liquid FoundationIvory Skin Primer CreamLuminous Perfect Cream FoundationLuminous Moisture Liquid FoundationHighlighting and ContouringOur highlighting and contouring products,particularly the
74、Light and Shadow Collection(光影系列),are designed with textures and shades to help craft a more defined facial structure for consumers.Below sets forth our best-selling highlighting and contouring product,Light Highlighting Cream Foundation(光影塑顏高光粉膏):Light Highlighting Cream Foundation(光影塑顏高光粉膏)The Lig
75、ht Highlighting Cream Foundation is one of our signature color cosmetics products and has been on the market for over a decade.This foundation has evolved through extensive market testing and continuous iterations,and is in its fourth generation as of the date of this report.Based on the philosophy
76、of light and shadow makeup artistry,the Light Highlighting Cream Foundation is designed to create a sculpted porcelain look.It features a dual-dimension design that allows for a combination of matte and shimmer finishes.This product provides natural luminosity and enhances facial features,achieving
77、an optimal base for a variety of makeup styles.Mao Geping Cosmetics Co.,Ltd.12MANAGEMENT DISCUSSION AND ANALYSISBelow sets forth some other representative products of our Light and Shadow Collection:Radiance Sculpting Duo Highlight Palette3D Light Three-color Shading Compact3D Shadow Compact Powder3
78、D Light Nose Bridge Lifting PaletteEye MakeupWe have introduced a select range of eye makeup products including eyeshadows,eyeliners and mascaras to meet the evolving beauty preferences of customers.Our eyeshadows are available in an assortment of shimmer and matte finishes across a diverse color sp
79、ectrum,catering to different makeup styles and occasions and allowing for creative and personalized eye looks.We also introduced eyeliners in a variety of colors other than black,catering to consumer demand for more vibrant and colorful eye makeup effects,thus broadening the scope for self-expressio
80、n and creativity in daily makeup routines.Below sets forth our representative eye makeup products:Sculpture Bright EyeshadowSculpture Duo Eyebrow PowderSculpture Exquisite Liquid EyelinerSculpture Water-proof MascaraLip MakeupOur lip makeup range is meticulously formulated to enhance the natural hue
81、 of lips,suitable for different makeup styles and occasions.We are also exploring new textures in lip makeup products to provide a novel sensory experience.Below sets forth our representative lip makeup products:Feathery Air Matte Lip GlazeCrystal Shine Hydrating Lip GlossAllure Moisturizing Lipstic
82、kSilky Elegant Lipstick13Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISLimited-Edition ProductsOur color cosmetics product lines also feature limited editions that encapsulate industry trends,celebrate traditional cultures,and incorporate advanced technology for enhanced application and wear.B
83、elow sets forth our representative limited-edition products,Eastern Aura Elegance,Asian Games Tribute(亞運禮獻),and Splendid Aura collections.Eastern Aura EleganceEmbracing the philosophy of championing traditional culture through contemporary fashion and modern ideals,our“Eastern Aura Elegance”collecti
84、on,now in its fifth generation,was created in collaboration with the Cultural and Creative Institute of the Palace Museum.This collection elegantly infuses rich oriental motifs into modern beauty concepts,masterfully incorporating the centuries-long legacy of the Palace Museum and the quintessence o
85、f oriental aesthetics into its product offerings.As MAOGEPINGs pinnacle in oriental aesthetics,Eastern Aura Elegance,the collection crafts products that validate and perpetuate culture.The interpretation of oriental culture,fused with cosmetic technology,has earned the collection widespread acclaim
86、and a devoted brand following.Below sets forth our representative products in the“Eastern Aura Elegance”collection:Frolicsome Royal Kitty Eyeshadow PaletteSunny Spring with Flying Butterfly RougeCalligraphy And Bamboo Charming Dual Color Highlight PaletteDancing Crane Eternity Pressed PowderFragranc
87、e And Shadow Wear Pressed PowderRouged Lotus Brilliance Lip Powder PaletteMao Geping Cosmetics Co.,Ltd.14MANAGEMENT DISCUSSION AND ANALYSISAsian Games TributeThe joint gift box of MAOGEPING Cosmetics and the Asian Games is inspired by the verse of Su Shi,a poet in Song Dynasty:“West Lake may be comp
88、ared to Xizi;Whether she is richly adorned or plainly dressed.”With the most representative“water culture”of Hangzhou as the creative theme,it contains the welcome to the world and the expectation for the future.Each item in the gift box is taken from traditional elements and the beautiful scenery o
89、f Hangzhou,combined with the atmosphere of the Asian Games,such as swaying lotus flowers,the moonlight on the West Lake,the Qiantang River tide,the auspicious cloud totem and the dragon through waves.All of them carry the delicate expression of oriental aesthetics and are a tribute to the Hangzhou A
90、sian Games.MAOGEPING Cosmetics,with enthusiasm and sincerity,has created beautiful memories of Hangzhous“water charm”and the“Hangzhou Asian Games”.Below sets forth our representative products in the“Asian Games Tribute”collection:Light Lily Gentle Glorious BlusherCloud and Tide Highlighting Pressed
91、PowderLakeside Moonlight Multi-Purpose Eyeshadow PaletteFiery Dragon Satin LipstickSplendid Aura“Splendid Aura”is a co-branded product series launched by MAOGEPING Cosmetics and TEAM CHINA during the reporting period.Its name originates from a unique insight:Although there are slight differences in
92、aesthetics between the East and the West,the sense of beauty comes from the deepest love,and the form of its beauty display is the expression of the self and the attitude.Therefore,only those who follow their love and bravely express themselves can release“Splendid Aura”that shines brightly in the w
93、orld on the field.MAOGEPING Cosmetics has integrated the cultural landmarks of Chinese and French cities,elements of competitive spirit and the cool postures of athletes into the patterns of flower windows.Through the“flower windows”of the East and the West,we can see more beautiful“light and shadow
94、”.Below sets forth our representative products in the“Splendid Aura”collection:Splendid Aura Auspicious Dragon Radiance Pressed PowderSplendid Aura Artistry Eye&Cheek PaletteSplendid Aura Luminous Highlighting PowderSplendid Aura Smooth Hydrating Liquid Foundation15Annual Report 2024MANAGEMENT DISCU
95、SSION AND ANALYSISSkincare ProductsDrawing on our extensive experience in product design,development,distribution and branding,coupled with a loyal consumer base established in the color cosmetics sector,we have expanded our portfolio to include skincare products.Our skincare offerings comprehensive
96、ly span face creams,eye care,facial masks,serums and cleansers,designed to meet the diverse skin types and skin care requirements of consumers.We firmly believe that maintaining superior skin condition is the foundation for achieving optimal makeup results.In alignment with this belief,our Luxury Ca
97、viar Facial Mask and Luxury Regenerating Black Cream,in particular,have been widely recognized for their intensive repair capabilities and superior effects in smoothing fine lines and reducing pore visibility,thereby synergistically enhancing the efficacy of our color cosmetics.Below sets forth our
98、best-selling and signature skincare product,Luxury Caviar Facial Mask:Luxury Caviar Facial MaskThe Luxury Caviar Facial Mask has been one of our best-selling skincare products since its launch.By improving the skin condition,the mask provides an optimal base for makeup application,synergistically en
99、hancing the effects of our color cosmetics.The Luxury Caviar Facial Mask is formulated with a rich blend of Siberian caviar and ginseng essence that effectively hydrates the skin and improves the skins firmness and texture.It also tackles signs of aging by revitalizing the skin and strengthening the
100、 skin barrier.For the year ended December 31,2024,the product achieved retail sales of over RMB800 million.Below sets forth our representative skincare products:Luxury Caviar LotionLuxury Caviar Multi Functional Ampoule EssenceLuxury Time-inverse Recovery Eye EssenceLuxury Regenerating Energizing Es
101、senceLuxury Regenerating Black CreamPremium Nutritive Anti-aging Eye CreamPremium Nutritive Light Moisturizing CreamLuxury Time-Inverse Recovery CreamMao Geping Cosmetics Co.,Ltd.16MANAGEMENT DISCUSSION AND ANALYSISMakeup Artistry TrainingDedicated to raising the standard of makeup artistry and aest
102、hetic literacy in China,we had established nine Institutes of Makeup Artistry in China as of the date of this report.We offer comprehensive in-person makeup training programs at these institutes to disseminate our deep-rooted knowledge in makeup artistry and Mr.Maos aesthetic philosophy to budding m
103、akeup artists and beauty enthusiasts.As of December 31,2024,we had 226 training personnel enrolled in our training institutes.Throughout the entire year of 2024,our nine training institutions enrolled more than 6,000 students in total,representing an increase of 20.4%compared to the year 2023.We off
104、er a wide range of training programs designed to meet the diverse needs and aspirations of our program participants,from basic makeup techniques to advanced aesthetic concepts.Our investment in makeup artistry training not only bolsters our brand image and reputation,but also synergizes with our pro
105、duct development and sales,ensuring a well-rounded and enriching beauty experience that resonates with consumers and industry professionals alike.Product Design and DevelopmentOur success stems from our robust product design and development capabilities,driven by our product development teams compre
106、hensive expertise and meticulous approach to create high-quality beauty products.Our Product Development Team.Our product design and development efforts are spearheaded by Mr.Mao who possesses profound knowledge of light and shadow makeup artistry,oriental aesthetics and beauty product design and de
107、velopment.We have established a product development team consisting of an art committee comprising makeup artists of our makeup artistry training institutes to oversee the artisanship of our products,and a core product design and development team responsible for the overall product design and develo
108、pment 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.As of December 31,2024,our product development team was comprised of
109、57 seasoned personnel,with 82.5%holding a bachelors degree or higher.These team members bring an average of over 13 years of experience in fields like molecular biology and chemical engineering,having held leading positions in multinational pharmaceutical companies and biotechnology firms.In additio
110、n,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 fu
111、ture product development.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 performa
112、nce.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,particularly in light and shadow makeup ar
113、tistry and oriental aesthetics,differentiate us from other premium international cosmetics brands.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
114、essence of oriental beauty.In addition,our professional makeup application techniques,developed through years of experience,confer us valuable insights into makeup looks and product usage occasions.This understanding allows us to develop products that perform well and offer versatility and ease of u
115、se,enabling our consumers to achieve their desired looks.17Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISStrategic Partnerships with ODM Providers.To enhance our product design and development capabilities,we have forged strategic partnerships with reliable ODM providers,leveraging their techn
116、ical expertise,manufacturing facilities and quality control processes to support our product design and development initiatives.Our product development team identifies qualified ODM providers aligned with our product design and development philosophy,communicates design and development requirements,
117、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 our ODM providers,providing specifications,conducting quality c
118、hecks,testing product protocols and making necessary adjustments to ensure that the final products meet our standards and align with our brand vision.Our collaboration with ODM providers allows us to focus on our core competencies in product conceptualization,design and branding while ensuring that
119、our products are manufactured to high standards of quality and consistency.We generally enter into long-term agreements with our ODM providers for product design and development.Pursuant to the agreements,ODM providers are involved in the research and development and,where applicable,the production
120、of cosmetics and cosmetic raw materials.Current R&D Approach and Future Strategy.Our current product design and development approach primarily involves guiding the overall direction while engaging ODM providers to conduct detailed R&D and product design work.Under the strategic guidance of our produ
121、ct development team,we leverage the resources of ODM Providers.According to Frost&Sullivan,engaging ODM Providers for product design,development,and production is an established practice within the cosmetics industry.This approach allows companies to focus on core competencies such as branding,marke
122、ting,and overall product strategy while benefiting from the specialized capabilities of ODM partners.To enhance our in-house R&D capabilities,we have developed a comprehensive strategy aimed at strengthening our product innovation capabilities,competitive position,and long-term growth.This strategy
123、includes increasing our involvement in key R&D steps,prioritizing high-potential product lines,expanding our research facilities both domestically and internationally,and integrating R&D with our developing in-house manufacturing capabilities.Product Development Process.Our product design and develo
124、pment process is thorough and time-intensive,typically spanning six to eight months,with some limited edition products requiring 10 to 12 months.This approach ensures that every product undergoes testing and refinement before reaching our consumers,ensuring good quality,performance,and aesthetics.Ou
125、r product design and development process typically encompasses the following steps:New Product Project Initiation:Our product development team collaborates closely with our ODM providers to establish product development standards.Our marketing team and Art Committee determine the initiatives of prod
126、uct design and development.Comparable Product Analysis:We collect and analyze data on comparable leading market products,evaluating aesthetics,functionality and formulas to gain industry insights.Product Design and Development:We set the specifics of our product standards based on our aesthetic phil
127、osophy.We select raw materials suited to the skin conditions and facial features of target consumers,adjusting color temperature and brightness to create visual depth.Additionally,we choose packaging materials,design product packaging,and engage qualified ODM providers for prototype development.Mao
128、Geping Cosmetics Co.,Ltd.18MANAGEMENT DISCUSSION AND ANALYSISProduct Testing:We engage in iterative protocol testing to ensure the high quality of our products.Our Quality Control Center sets product quality standards,conducting compatibility and functionality tests for new products,as well as quali
129、ty inspections for initial batches of products and packaging.Sample Testing:Our makeup artists from makeup artistry training institutes and frontline marketing employees participate in product trials,offering assessments of the samples based on their professional experience.Mass Production:After ach
130、ieving satisfactory sample testing results,we proceed to mass production and sales of products.Aesthetics-and Functionality-Driven Product Design.Recognizing the dual function of aesthetics and utility in product appearance design,we emphasize the importance of both visual appeal and practicality in
131、 our product presentations.Our commitment to creating a unique brand identity is reflected in our product aesthetics and packaging designs.These designs have developed through generations of proprietary molds,incorporating elements of Chinese architecture to deepen cultural resonance.As of December
132、31,2024,this approach to packaging has earned us 43 design patents and a Muse Design Award,evidencing our brands 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 e
133、xpertise 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.In 2024,w
134、e developed and upgraded a total of over 100 new SKUs for MAOGEPING and Love Keeps.Production and Supply Chain ManagementProcurementWe primarily procure raw materials for color cosmetics and skincare products,packaging materials and outsourced finished products including certain makeup tools such as
135、 brushes,eyebrow pencils and sponges.We have established a centralized supplier management system and implemented a rigorous supplier selection and evaluation procedure.We have a dedicated department responsible for reviewing the qualifications of suppliers,periodically evaluating their performance
136、and updating the list of suppliers.We meticulously select our suppliers by taking into account a number of factors,including their product quality and efficacy,production facility conditions,warehouse management capabilities,quality control and production equipment management capabilities.We also co
137、nduct thorough on-site inspections before engagement to ensure their standards meet our requirements and align with our business objectives and customer needs.For qualified suppliers,our procurement department is responsible for establishing and maintaining supplier lists and conducting performance
138、evaluation on existing suppliers on their product quality and timeliness in delivery.We reserve the right to terminate our relationship with suppliers who do not meet our internal standards.19Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISProductionTo ensure optimal efficiency and uphold string
139、ent 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 partnership.Our efforts are concentrated on refining essential cosmetic parameters,
140、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 also invest in the innovative packaging designs,engaging patterns,tactile experiences,creative narratives and tailored product f
141、orms to refine product appearances,captivating consumers and underscores the intrinsic value of our offerings.Through such strategic partnership with ODM/OEM providers,we implement specialized production and processing protocols that not only reinforce quality control but also encourage a competitiv
142、e dynamic among our ODM/OEM providers.We carefully consider a variety of factors when selecting ODM/OEM providers,including price,product quality,production capacity,delivery scheme,geographic position,financial condition and reputation.In addition,we adjust production volume by certain ODM/OEM prov
143、iders from time to time,which reduces our reliance on any single provider.In 2024,we engaged eight ODM/OEM providers for the production of our main products.We did not rely on any single ODM/OEM provider for the production of our core products.During the Reporting Period,we maintained good relations
144、hips with multiple ODM/OEM providers.However,in event that we need to engage a replacement service provider,there are sufficient ODM/OEM providers with comparable production capabilities.Our Production Expansion PlanWe plan to establish an in-house production base to build up our independent product
145、ion capacity.As of the date of this report,we had one production facility under construction in Hangzhou,China,which is expected to commence operation by mid-2026.This facility will focus on color cosmetics and skincare products,with a designed annual production capacity of approximately 15.4 millio
146、n units.Our in-house production strategy and R&D capabilities will gradually evolve through different stages.Initially,we will focus on accumulating research experience and filling and packaging semi-finished products to refine our process and establish a solid foundation for future production.In th
147、e next phase,we will transition to manufacturing and packaging of self-developed products,integrating our R&D efforts with the production processes.Leveraging our advanced R&D and production capabilities,we can gradually shift part of our outsourced production to in-house production.In the long run,
148、we will focus more on the production and packaging of our core products including our best-selling and self-developed skincare products and color cosmetics.We plan to retain in-house production and packaging of these core products to maintain quality control,safeguard intellectual property and enhan
149、ce our competitive edge,while outsourcing other products to ODM/OEM providers to optimize resource allocation and operational efficiency.Despite the upfront investment,we aim to maintain strict control over production costs and believe that the long-term benefits,including enhanced quality control,i
150、ntellectual property protection and greater innovation flexibility,would outweigh the initial investments,collectively strengthening our competitive edge and enabling swift responses to market trends.Additionally,with established Mao Geping Cosmetics Co.,Ltd.20MANAGEMENT DISCUSSION AND ANALYSISin-ho
151、use R&D and production capabilities,we can effectively facilitate and provide technical support for our ODM/OEM providers in product production.This selective in-house production is intended to serve specific strategic needs rather than replace the extensive scale of ODM/OEM production.This will all
152、ow us to directly control product quality and adapt more swiftly to market trends,enhancing our ability to meet consumer demands promptly and effectively.Moreover,the gradual shift towards in-house production is anticipated to optimize our cost structure over time,boosting operational efficiency and
153、 potential margin improvement as we scale up production capabilities,reduce external dependencies,cut costs and enhance turnaround times.Warehousing and LogisticsWe primarily engage third-party logistics service providers to provide warehousing facilities and delivery services.We select logistics se
154、rvice 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 occ
155、urring during the transportation process and are required to purchase necessary insurance.OUR SALES NETWORKWe 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
156、 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
157、 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 cover e-commerce platforms such as Tmall,Xiaohongshu,Douyin,JD.com a
158、nd Taobao through(i)direct sales via online stores;and(ii)sales to online distributors.Both of our offline and online channels expanded rapidly during the Reporting Period.Our counter network consists of self-operated counters and distributor-operated counters,which collectively form a comprehensive
159、 retail ecosystem operated under a consistent set of standards.As of December 31,2024,we had 378 self-operated counters and 31 distributor-operated counters in over 120 cities across the country.Such a counter network enables us to expand our product coverage,foster direct consumer relationships and
160、 enhance brand visibility.As of December 31,2024,we had over 2,800 beauty advisors staffed at our counters,which constituted one of the largest counter-based service teams among all domestic and international beauty brands in China,committed to delivering an experiential consumer experience with hig
161、h-quality customer services.21Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISOur counters are carefully designed to offer customized consultations and proficient makeup trial services,creating an experiential and personalized shopping experience for consumers.The following pictures showcase our
162、 counter designs in department stores:Mao Geping Cosmetics Co.,Ltd.22MANAGEMENT DISCUSSION AND ANALYSISWe conduct our product sales via online channels in two ways(i)direct sales via online stores and(ii)sales to online distributors.Building on the solid brand image,product strengths and consumer tr
163、ust established in our offline channels,our online channels experienced a steady expansion in 2024,with our revenue increasing from online sales increasing from RMB1,179.8 million in 2023 to RMB1,784.3 million in 2024.Branding and MarketingBrand BuildingBrand reputation is at the core of our competi
164、tiveness.We employ a content-driven branding and marketing strategy to build our brands reputation.In terms of brand building,we engage in branding activities every year,such as new product launch conferences and makeup artistry shows.Upholding the aesthetic philosophy of combining oriental aestheti
165、cs and the essence of light and shadow,we convey master-level makeup artistry.Our co-branded series with the Palace Museum has been launched for the fifth time.We also combine the brand with a positive lifestyle by collaborating with athletes and sports events.In June 2024,we hosted the“Nations Prid
166、e,Parisian Radiance(國之光耀巴黎):Team China MAOGEPING 2024 Collection Launch&Grand Commencement Ceremony”at Hangzhou International Conference Center.At this landmark event,we co-launched the Splendid Aura collection and Team China Athlete Image Enhancement Kits in collaboration with TEAMCHINA.By using be
167、auty products to set off the athletes glory and enhance their impressive presence,we presented a positive and uplifting brand image.In addition,during the Paris Olympics,MAOGEPING Makeup settled in the“China House”.By adding luster to the Chinese sports spirit with makeup,we conveyed the concept of
168、the most exquisite and beautiful Eastern aesthetics to the world.(Note:The“China House”is a comprehensive service facility established and operated by the Chinese Olympic Committee for the Chinese sports delegation participating in international comprehensive sports games.)23Annual Report 2024MANAGE
169、MENT DISCUSSION AND ANALYSISIn 2024,witnessing the important moment of the 60th anniversary of diplomatic relations between China and France,the MAOGEPING brand launched the cultural IP project headed“Beauty Inheriting the Orient(美承東方)”,integrating traditional culture into contemporary life.During t
170、he first Spring Festival designated as a United Nations holiday,Mr.Mao Geping,together with the inheritors of intangible cultural heritage of lantern art from the Southern and Northern Schools,deeply participated in the China-France Cultural Exchange Forum in Paris,which was organized under the guid
171、ance of the Chinese Embassy in France.They shared the beauty of Eastern culture with users at home and abroad,celebrating the Chinese Lunar New Year.In August 2024,the documentary program“Traces of Fragrance”(香跡),initiated by our founder Mr.Mao Geping and co-launched with Douyin platform,was officia
172、lly released.Against the backdrop of the 60th anniversary of diplomatic relations between China and France,taking the brand perfume as a clue,the program connects the cultures and emotions of China and France with“scent”,conducts cultural exchanges between China and France around“Olympics”,“aestheti
173、cs”and“perfume”,and conveys the brands emotional values of“pleasing others(悅人)”,“pleasing oneself(悅己)”and“pleasing the heart(悅心)”.Marketing InitiativesDuring the Reporting Period,we collaborated with social media platforms,sales channels and well-known IPs to carry out various marketing activities,i
174、ncluding:The launch of“Air Cushion Lip Glaze(空氣倉唇釉)”in Tmall in September 2024:The MAOGEPING brands lip makeup,the new“Air Cushion Lip Glaze”(Feathery Air Matte Lip Glaze),was launched.Through collaborations with the brands Light and Shadow Ambassador Chen Lijun(陳麗君)and the Tmall platform,we expande
175、d the brands influence and color perception on social media and e-commerce platforms,achieved category breakthroughs and attracted new makeup customers.Multi-platform New Years Eve Event:“Fireworks Welcome the New Year Wishes Come True(煙火迎新 願願相成)”was held on Douyin and Tmall.As the New Year approach
176、ed,the MAOGEPING brand collaborated with Liuyang Culture and Tourism(瀏陽文旅)to combine the oriental aesthetic symbol of“fireworks”,a Chinese intangible cultural heritage,with the New Years scene.We merged marketing initiatives for the year-end Christmas and New Years Day holidays and the Chinese New Y
177、ear,creatively introduced a limited-edition fireworks eyeshadow palette and makeup sets.This event generated over 400 million exposures on social media platforms during the New Year period,successfully attracting new gift-giving customers and expanding our customer base.Mao Geping Cosmetics Co.,Ltd.
178、24MANAGEMENT DISCUSSION AND ANALYSISMembershipWe 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 ou
179、r members.Our online membership system,accessible via our self-operated online stores on Douyin and Tmall,features a tiered VIP levels structure.Members benefit from interchangeable points and levels across platforms,which fosters a seamless integration of shopping experiences.These points can be ea
180、rned 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
181、,and birthday gifts.The privacy of member data is stringently protected in line with our comprehensive privacy policy.25Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISIn addition,our offline membership system supports registration at physical counters,or through linking WeChat public accounts,c
182、atering to customers who prefer in-person interactions.This system offers benefits such as birthday gifts and personalized 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 rule
183、s 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 December 31,2023 and December 31,2024,we had a total of approximately 10.3 million and 15.1 million registered members
184、,respectively,across both our online and offline membership loyalty programs.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 ef
185、fectively 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
186、 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 2023 to 30.9%in 2024.The following table sets forth our registered members repurchase rate by sales channel for the per
187、iods indicated:For the year ended December 31,20242023Online channels27.5%22.0%Offline channels34.9%32.8%Overall30.9%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
188、the number of registered members who made at least one purchase during the same period of time.Mao Geping Cosmetics Co.,Ltd.26MANAGEMENT DISCUSSION AND ANALYSISBusiness AchievementsAs the leader among Chinas domestic premium beauty brands,we continued to maintain rapid growth during the Reporting Pe
189、riod.Our total revenue increased from RMB2,886.0 million in 2023 to RMB3,884.7 million in 2024,representing an increase of 34.6%.In addition,our net profit increased by 32.8%from RMB663.5 million in 2023 to RMB881.3 million in 2024.With outstanding sales performance,we consistently solidify our mark
190、et leadership and brand equity within the premium beauty industry.FUTURE PROSPECTSWe believe the following strategies pave the way for our sustained success in the future.Enhancing Sales Network Coverage to Broaden Consumer EngagementWe are committed to increasing the coverage of our offline sales c
191、hannels by establishing brand stores in cities where we already have a presence and penetrating surrounding area,thereby consolidating our offline presence and extending our offline retail reach.We aim to elevate our brands visibility and influence through establishing counters in high-end departmen
192、t stores,as well as establishing stores under our flagship brand MAOGEPING nationwide.Counters in department stores offer a focused,brand-dedicated space within a larger retail environment,allowing for personalized customer service and demonstrations in a high-traffic setting.Additionally,stores und
193、er the MAOGEPING brand provide a holistic brand experience,featuring a broader range of products and the brands aesthetic,enabling deeper engagement with the brands identity and values.Furthermore,we plan to implement a comprehensive upgrade of our department store counters.This refurbishment plan i
194、s designed to enhance the artistic and visual presentation of our counters,enrich the consumer experience with an elevated sensory journey,and further bolster our brands prestigious image.Our strategy for online expansion focuses on both establishing our proprietary official online store and expandi
195、ng 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 onlin
196、e footprint through increased promotional activities,strategic key opinion leaders(KOLs)collaborations,and a foray into burgeoning online platforms.These targeted efforts are aimed to utilize diverse advertising techniques to unlock new avenues for online growth.Concurrently,we intend to upgrade our
197、 membership system to foster deeper member engagement and brand loyalty,and drive higher repurchase rates.Through these approaches,we aim to seamlessly integrate and maximize the synergies between our online and offline channels.Continue Focusing on Color Cosmetics and Skincare and Exploring New Pro
198、duct CategoriesOur product development strategy is founded on a dual focus on color cosmetics and skincare to introduce distinctive products.This strategy is characterized by a commitment to continuously optimize our product offerings,leveraging insights from product development,market trends and pr
199、ofessional 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.27Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISFor color cosmetics,we plan to develop s
200、pecialized products that cater to diverse skin tones and types,aiming to retain and expand our market share and prominence within the color cosmetics industry.In terms of skincare,we aim to enhance our skincare product offering by adopting effective ingredients and technologies to introduce more pop
201、ular skincare products.In addition,our product development plans involve exploring new product categories.Notably,we have launched the MAOGEPING EAU DE PARFUM“Guoyun Ningxiang(國韻凝香)”fragrance line in January 2025.In the future,we will further introduce perfumes and fragrance products that reflect ou
202、r distinctive brand identity.This initiative is poised to diversify our product range,enhancing the allure and competitive positioning of our brand in the broader cosmetics market.Strategically Upgrading and Expanding Brand Portfolio with MAOGEPING as the AnchorOur brand development strategy is cent
203、ered around the refinement of our existing brands alongside the strategic incubation of new premium brands.This strategy will set the stage for us to become a diversified multi-brand conglomerate anchored by MAOGEPING brand.Through these initiatives,we aim to bolster the prestige of the MAOGEPING br
204、and,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 offer synergies that complement our existing brand portfolio.We prima
205、rily target brands that already captured a respected market position and market share,possess proprietary technology,product formula and patents,and position 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 acq
206、uisition targets or entered into any agreements in this regard.Strengthening Global Brand Presence and Overseas Market PenetrationWe aim to elevate our market position as a distinguished cosmetics group globally,advancing our brands reputation and influence through an overseas expansion strategy.Thi
207、s endeavor 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
208、 brands 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 b
209、rands in overseas markets such as Europe,America and 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
210、development,marketing and sales in overseas markets.This localization 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 opportuniti
211、es,such as those with 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 condi
212、tions 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 incentivize them to develop,operate and leverage our Mao Geping Cosmetics Co.,Ltd.28MANAGEMENT DISCUSSION A
213、ND ANALYSISbrand assets in 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.In addition,we plan to establish our presence through both o
214、nline 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 centered around the oriental aesthetics,engaging with customers through the lens of oriental artistry to convey our brand st
215、ory.In addition,we aim to leverage sales channels through third parties,including multinational beauty retailers and high-end department stores,to reach the local consumers.By combining the allure of oriental-inspired products with insights of local markets,we aim to establish our presence in these
216、overseas markets.Embarking on this journey towards overseas expansion,we are confident in significantly bolstering our competitive edge,aiming to become a leader in the global premium beauty industry.Upholding Brand Positioning Founded on Makeup Artisanship,Advancing Product Development and Makeup A
217、rtistry TrainingProduct development and makeup artistry training programs are fundamental to our continued success.As such,we were in the progress of constructing our Hangzhou R&D Center to strengthen our product design and development capabilities as of the date of this report,with completion and c
218、ommencement of operations anticipated by the end of 2026.We do not intend to use the net proceeds received from the Global Offering on the construction of the Hangzhou R&D Center.To enhance our in-house R&D capabilities,we have developed a comprehensive strategy.This strategy involves increasing our
219、 involvement in key R&D steps by identifying critical areas where we can enhance our direct participation,including formula design,production process optimization,and product testing.We are also prioritizing high-potential product lines,focusing our R&D efforts on offerings with the greatest potenti
220、al return on investment,such as skincare products,which aligns with market trends and our existing strengths.Additionally,as we develop in-house manufacturing capabilities,we plan to integrate our R&D efforts with production processes,creating synergies that enhance both innovation and operational e
221、fficiency.Looking ahead,we plan to further establish R&D centers at our headquarters and overseas to develop proprietary product formula,foster collaboration with overseas research institutes,and enhance product efficacy.We recognize the significant potential of overseas markets and value advanced t
222、echnologies and product formulas from abroad.Establishing overseas R&D centers 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 centers
223、 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 artisan
224、ship.29Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISIn 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 e
225、xtend 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
226、MAOGEPING branding.We are committed to strengthening our training personnel,ensuring a high standard of training quality and continuous improvement.FINANCIAL REVIEWRevenueThe following table sets forth our revenue breakdown by business line and product category for the periods indicated:Year ended D
227、ecember 31,20242023AmountAmountRMB000%RMB000%Product sales Color cosmetics2,304,07159.31,622,18556.2 Skincare1,428,90836.81,159,70740.2 Subtotal3,732,97996.12,781,89296.4 Makeup artistry training and related sales151,7153.9104,0723.6 Total3,884,694100.02,885,964100.0 Analysis of changes:Our revenue
228、increased by 34.6%from RMB2,886.0 million in 2023 to RMB3,884.7 million in 2024,primarily due to an increase in product sales from RMB2,781.9 million in 2023 to RMB3,733.0 million in 2024.Our revenue from makeup artistry training and related sales increased by 45.8%from RMB104.1 million in 2023 to R
229、MB151.7 million in 2024,primarily due to an increase in the number of participants enrolled in makeup artistry training courses.Mao Geping Cosmetics Co.,Ltd.30MANAGEMENT DISCUSSION AND ANALYSISThe following table sets forth the breakdown of our revenue from product sales by sales channel for the per
230、iods indicated:Year ended December 31,20242023AmountAmountRMB000%RMB000%Offline channelsOffline direct sales1,756,96347.11,438,18251.7Sales to offline distributors87,3342.369,8042.5Sales to a premium multinational beauty retailer104,4242.894,0803.4 Subtotal1,948,72152.21,602,06657.6 Online channelsO
231、nline direct sales1,428,58538.3931,16433.5Sales to online distributors355,6739.5248,6628.9 Subtotal1,784,25847.81,179,82642.4 Total3,732,979100.02,781,892100.0 Analysis of changes:Our revenue from product sales through our offline channels increased by 21.6%from RMB1,602.1 million in 2023 to RMB1,94
232、8.7 million in 2024,primarily due to an increase in offline direct sales from RMB1,438.2 million in 2023 to RMB1,757.0 million in 2024.This was mainly attributable to an increase in the average sales per counter in 2024,resulting from our enhanced sales and marketing efforts.Our revenue from product
233、 sales through our online channels increased by 51.2%from RMB1,179.8 million in 2023 to RMB1,784.3 million in 2024,primarily due to an increase in online direct sales from RMB931.2 million in 2023 to RMB1,428.6 million in 2024,and an increase in sales to online distributors from RMB248.7 million in
234、2023 to RMB355.7 million in 2024.This was mainly attributable to our strengthened sales and marketing activities on e-commerce platforms.31Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISThe following table sets forth the breakdown of our revenue from product sales by domestic and overseas marke
235、t for the periods indicated:Year ended December 31,20242023AmountAmountRMB000%RMB000%Product sales Domestic3,731,12499.92,781,892100 Overseas1,8550.100 Total3,732,979100.02,781,892100 Analysis of Changes:We recorded additional revenue of RMB1.8 million from product sales in overseas market in 2024,m
236、ainly because we had additional overseas distributors such as Sephora Hong Kong Cosmetics Sales Co.,Limited(絲芙蘭香港化妝品銷售有限公司)in 2024.Mao Geping Cosmetics Co.,Ltd.32MANAGEMENT DISCUSSION AND ANALYSISCost of SalesYear ended December 31,20242023AmountAmountRMB000%RMB000%Costs of inventories sold489,50480
237、.6355,10981.1Employee benefit expenses25,8324.319,0214.3Logistics and transportation costs70,68511.645,17610.3Depreciation and amortization11,7551.911,1032.5Others9,4001.67,3101.8 Total607,176100.0437,719100.0 Analysis of Changes:Our cost of sales increased by 38.7%from RMB437.7 million for the year
238、 ended December 31,2023 to RMB607.2 million for the year ended December 31,2024,which was in line with the growth of sales revenue.Logistics and transportation costs increased rapidly from RMB45.2 million in 2023 to RMB70.7 million in 2024,representing an increase of 56.5%.This was primarily due to
239、our strengthened sales on e-commerce platforms,with online direct sales revenue growing by 53.4%.33Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISGross Profit and Gross Profit MarginThe following table sets forth our gross profit and gross profit margin by business line and product category for
240、 the periods indicated:Year ended December 31,20242023Gross ProfitGross Profit MarginGross ProfitGross Profit MarginRMB000(%)RMB000(%)Product sales Color cosmetics1,927,07883.61,369,05884.4 Skincare1,245,71287.21,012,54887.3 Subtotal3,172,79085.02,381,60685.6 Makeup artistry training and related sal
241、es104,72869.066,63964.0 Total3,277,51884.42,448,24584.8 Mao Geping Cosmetics Co.,Ltd.34MANAGEMENT DISCUSSION AND ANALYSISThe following table sets forth our gross profit and gross profit margin of product sales by sales channel for the periods indicated:Year ended December 31,20242023Gross ProfitGros
242、s Profit MarginGross ProfitGross Profit MarginRMB000(%)RMB000(%)Offline channelsOffline direct sales1,538,26887.61,268,84088.2Sales to offline distributors66,15675.852,45375.1Sales to a premium multinational beauty retailer68,47965.665,72669.9 Subtotal1,672,90385.81,387,01986.6 Online channelsOnline
243、 direct sales1,203,23484.2787,27584.5Sales to online distributors296,65383.4207,31283.4 Subtotal1,499,88784.1994,58784.3 Total3,172,79085.02,381,60685.6 Analysis of changes:Our gross profit increased by 33.9%from RMB2,448.2 million in 2023 to RMB3,277.5 million in 2024,which was in line with the inc
244、rease in sales revenue.Our gross profit margin remained largely stable comparing to 2023.Other Income and GainsOur other income and gains amounted to RMB46.6 million and RMB68.4 million in 2023 and 2024,respectively,mainly due to an increase in the amount of government grants.35Annual Report 2024MAN
245、AGEMENT DISCUSSION AND ANALYSISSelling and Distribution ExpensesThe selling and distribution expenses of the Group were RMB1,904.1 million in 2024,representing an increase of 34.8%from RMB1,412.4 million in 2023.In 2024,the selling and distribution expenses accounted for 49.0%of the Groups revenue,r
246、epresenting an increase of 0.1 percentage points compared with that of 48.9%in 2023.Among them,marketing and promotion expenses increased from RMB556.7 million in 2023 to RMB867.1 million in 2024,mainly due to increased investments in brand promotion and channel construction in order to enhance bran
247、d exposure.The employee benefit expenses included in selling expenses increased from RMB471.6 million in 2023 to RMB580.2 million in 2024,primarily due to an increase in the number of sales employees in 2024 to support the Groups business expansion.Administrative ExpensesOur administrative expenses
248、increased by 39.4%from RMB192.1 million in 2023 to RMB267.8 million in 2024,mainly due to an increase in listing expenses in relation to the Global Offering;an increase in employee benefit expenses;and an increase in sales tax and surcharges in tandem with the growth in our revenue.Reversal of Impai
249、rment Losses on Financial Assets,NetWe had a reversal of impairment loss on financial assets of RMB1.0 million in 2023 and RMB3.4 million in 2024,respectively,mainly due to the subsequent recovery of trade and bills receivable.Other ExpensesOur other expenses remained relatively stable at RMB0.8 mil
250、lion and RMB0.5 million in 2023 and 2024,respectively.Financial CostsOur financial costs amounted to RMB2.0 million and RMB5.3 million in 2023 and 2024,respectively,mainly due to an increase in the discount amount of bank acceptance bills.Income Tax ExpenseWith the increase in profit before tax,our
251、income tax expense amounted to RMB224.4 million in 2023 and RMB295.4 million in 2024,respectively.Profit for the yearIn view of the above,our profit for the year amounted to RMB663.5 million and RMB881.3 million in 2023 and 2024,respectively.Mao Geping Cosmetics Co.,Ltd.36MANAGEMENT DISCUSSION AND A
252、NALYSISNon-HKFRS MeasureTo 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 beli
253、eve 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
254、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
255、 financial condition as reported under HKFRS Accounting Standards.Adjusted Profit for the YearWe define adjusted profit for the year(Non-HKFRS measure)as profit for the year adjusted by adding back listing expenses(net of tax)and equity-settled share award expense.The following table reconciles our
256、adjusted profit for the year(Non-HKFRS measure)with profit for the year presented in accordance with HKFRS Accounting Standards:Year ended December 31,20242023RMB000RMB000Profit for the year881,329663,470Add:Listing expenses(net of tax)(1)28,118713Equity-settled share award expense(2)15,024Adjusted
257、profit for the year(Non-HKFRS measure)924,471664,183 Notes:(1)Listing expenses represent professional fees incurred in connection with the Global Offering.(2)Equity-settled share award expense mainly represents the arrangement that we receive services from employees as consideration for our equity i
258、nstruments.Equity-settled share award expense is not expected to result in future cash payments.37Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISLiquidity and Capital ResourcesWe mainly financed our capital requirements through cash generated from our business operations and the net proceeds fr
259、om the Global Offering.In 2024,net cash generated from operating activities was approximately RMB968.6 million,as compared to net cash generated from operating activities of RMB699.7 million in 2023.As of 31 December 2024,the Group had cash and cash equivalents of approximately RMB2,796.5 million an
260、d bank borrowings of approximately RMB320.0 million,while as at 31 December 2023,the Group had cash and cash equivalents of approximately RMB1,137.9 million and bank borrowings of nil.All of our borrowings were denominated in Renminbi,and had an effective interest rate ranging from 0.85%to 1.25%per
261、annum.The Groups gearing ratio(defined as total liabilities divided by total assets)was 21.7%and 26.1%as of December 31,2024 and 2023,respectively.As at December 31,2024 and 2023,the Groups current ratio(defined as current assets divided by current liabilities)was 3.6 times and 3.2 times,respectivel
262、y.The Groups net gearing ratio(defined as total liabilities divided by total equity)was 27.7%and 35.3%as of December 31,2024 and 2023,respectively.With the cash and bank balances in hand,the Groups liquidity position remains strong to meet its working capital requirements.Cash FlowYear ended Decembe
263、r 31,20242023RMB000RMB000Cash generated from operations1,242,554878,942Income tax paid(273,958)(179,234)Net cash generated from operating activities968,596699,708Net cash flows used in investing activities(627,952)(194,707)Net cash flows from/(used in)financing activities1,311,023(255,006)Net increa
264、se in cash and cash equivalents1,651,667249,995Cash and cash equivalents at beginning of year1,137,894887,899Effect of foreign exchange rate changes,net2,158Cash and cash equivalents at end of year2,791,7191,137,894 Analysis of changes:The Groups net cash flows from operating activities increased fr
265、om a cash inflow of RMB699.7 million in 2023 to a cash inflow of RMB968.6 million in 2024,mainly due to the increase in the amount of cash inflow generated from sales growth.The Groups net cash flows from investing activities increased from a cash outflow of RMB194.7 million in 2023 to a cash outflo
266、w of RMB628.0 million in 2024,mainly due to the purchase of leasehold land for the construction of the headquarter building generating a cash outflow of RMB492.2 million.The Groups net cash flow from financing activities was a cash outflow of RMB255.0 million in 2023,mainly due to a cash outflow of
267、RMB225.0 million arising from the distribution of dividends,and a cash inflow of RMB1,311.0 million in 2024,mainly due to a cash outflow of RMB1,025 million arising from the distribution of dividends,and a cash inflow of RMB2,071.1 million arising from the proceeds from the Listing.In conclusion,the
268、 Groups net increase in cash and cash equivalents was RMB250.0 million in 2023 and RMB1,651.7 million in 2024.Mao Geping Cosmetics Co.,Ltd.38MANAGEMENT DISCUSSION AND ANALYSISInterest Rate Risk and Exchange Rate RiskThe Groups operations are mainly carried out in the PRC,with most transactions settl
269、ed 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 Groups cash and bank deposits are denominated in Hong Kong dollar and US dollar.The Group continues to adopt a pruden
270、t policy on foreign exchange risk management.In 2024,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
271、 necessary.Capital Expenditure and CommitmentsIn 2023 and 2024,our capital expenditures primarily consisted of expenditures for purchase of leasehold land and the purchase of items of property,plant and equipment.The table below sets forth our capital expenditure for the periods indicated:Year ended
272、 December 31,20242023RMB000RMB000Purchase of leasehold land492,21512,654Purchase of items of property,plant and equipment122,63472,193Purchases of other intangible assets1,0581,312 Total615,90786,159 In 2023 and 2024,our contractual commitments were mainly related to construction in progress.Our Gro
273、up had the following contractual commitments as of the indicated dates:Year ended December 31,20242023RMB000RMB000Construction in progress293,485137,260 Total293,485137,260 39Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSISSignificant Investments,Material Acquisitions and Disposal Of Subsidiarie
274、s,Associates and Joint VenturesFor the year ended December 31,2024,we had no material acquisitions or disposals of subsidiaries,associates and joint ventures.As at December 31,2024,we did not hold any significant investments(including any investment in an investee company)with a value of 5%or more o
275、f the Groups total assets.Charges on the Groups AssetsAs at December 31,2024,the Groups restricted cash of RMB48,000,000 were used as deposits for the bank loans granted to the Group.Save as disclosed in this report,we did not pledge any assets.Future Plans for Material Investments or Purchase of Ca
276、pital AssetsAs of the date of this report,we had no plans for material investment or purchase of capital assets.Contingent LiabilitiesWe did not have any material contingent liabilities as of December 31,2024.Subsequent Events after the Reporting PeriodThe Company announces that the over-allotment o
277、ption has been fully exercised by the sole overall coordinator(for itself and on behalf of the international underwriters),on 4 January 2025,in respect of an aggregate of 11,763,500 shares,representing approximately 15%of the total number of the offer shares available under the global offering(after
278、 taking into account the partial exercise of the offer size adjustment option but before any exercise of the over-allotment option)at HK$29.80 per share.The additional net proceeds of approximately HK$336,500,000(equivalent to RMB311,105,000)have been received by the Company from the allotment and i
279、ssue of the over-allotment shares after deduction of underwriting fees and commissions and estimated expenses payable by the Company in connection with the full exercise of the over-allotment option on 8 January 2025.Mao Geping Cosmetics Co.,Ltd.40DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTMEMBERS O
280、F THE BOARD OF DIRECTORSExecutive DirectorsMr.MAO Geping(毛戈平)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 DirectorsMr.GU Jiong(顧炯)Mr.HUANG Hui(黃輝)Mr.LI Hailong(李海龍)MEMBER(S)OF THE SUPERVISORY COMMITTEEMs.GAO Yan(高妍)Mr.YANG We
281、iqing(羊偉青)Ms.WU Meijuan(吳美娟)SENIOR MANAGEMENTMr.MAO Geping(毛戈平)Ms.MAO Niping(毛霓萍)Ms.MAO Huiping(毛慧萍)Mr.WANG Lihua(汪立華)Ms.SONG Hongquan(宋虹佺)Mr.XU Weiguo(徐衛國)Mr.DONG Leqin(董樂勤)JOINT COMPANY SECRETARIESMr.DONG Leqin(董樂勤)Ms.ZHANG Xiao(張瀟)(an associate member of both The Hong Kong Chartered Governance In
282、stitute and The Chartered Governance Institute in the United Kingdom)41Annual Report 2024DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTCHANGE OF DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTThere was no change of the Directors,Supervisors and Senior Management since the Listing Date and up to the date of
283、 this report.INFORMATION OF DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENT DIRECTORSExecutive DirectorsMr.MAO Geping(毛戈平)(former name 毛革平),aged 60,is the founder,chairman of the Board and an executive Director of our Group.Prior to founding our Group,Mr.Mao worked at the Zhejiang Yue Opera Troupe from
284、July 1983 to July 1998.In July 2000,he founded Hangzhou Mao Geping Makeup Art Co.,Ltd.(杭州毛戈平化妝藝術有限公司),the predecessor of our Company(“Hangzhou Mao Geping”),and established a high-end beauty brand,MAOGEPING,under his own name and has served in Hangzhou Mao Geping since then.In October 2000,Mr.Mao est
285、ablished the Zhejiang Mao Geping Institute of Makeup Artistry.He acted as the president of Hangzhou Mao Geping and our Company successively from February 2011 to March 2024.He was appointed as a director of Hangzhou Mao Geping on March 20,2005,and a Director of our Company on December 16,2015 and wa
286、s re-designated as an executive Director on April 1,2024.Mr.Mao is also the chairman of the board of directors of Zhejiang Huidu.Mr.Mao is a renowned makeup art master in China with more than 40 years of experience in the field of makeup art,and has received numerous honors and awards over the years
287、.He was awarded the“Makeup and Styling Golden Statue Award”from the Makeup Committee of the China Society of Motion Picture and Television Engineers for four times.In August 2008 during the Beijing Olympic Games,Mr.Mao served as the makeup artist for the then President of the International Olympic C
288、ommittee and as the makeup designer for the opening ceremony of the Beijing Olympic Games.In November 2008,he received the“Special Contribution Award for the 2008 Beijing Olympics”from the Makeup Committee of China Society of Motion Picture and Television Engineers.In September 2020,he was awarded t
289、he title of“Hangzhou Craftsman”by the Hangzhou Municipal Peoples Government.In November 2023,he received the“22nd Outstanding Entrepreneur of Zhejiang Province”award from the Zhejiang Enterprise Federation and the Zhejiang Entrepreneurs Association.In September 2023,Mr.Mao was a torchbearer for the
290、19th Asian Games in Hangzhou.Mr.Mao completed a vocational secondary education course in Chinese Opera Performance at Zhejiang Vocational Academy of Art(formerly known as Zhejiang School of Art)in July 1983 in the PRC.He obtained the Level One Artistic Image Design Certificate from the Cultural and
291、Artistic Talent Center of the Ministry of Culture in March 2001,and also holds the qualification of senior professional and technical director stage technician issued by the Zhejiang Provincial Department of Human Resources.Mr.Mao is the spouse of Ms.Wang Liqun and the younger brother of Ms.Mao Nipi
292、ng and Ms.Mao Huiping.Mao Geping Cosmetics Co.,Ltd.42DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTMs.WANG Liqun(汪立群),aged 53,is an executive Director,the vice chairperson of the Board and the co-founder of Zhejiang Mao Geping Institute of Makeup Artistry.Prior to joining our Group,Ms.Wang was an actre
293、ss at the Zhejiang Yue Opera Troupe from October 1991 to September 2000.In 2000,Ms.Wang assisted Mr.Mao to establish Zhejiang Mao Geping Institute of Makeup Artistry.From September 2000 to August 2010,she held the position of executive principal at the Zhejiang Mao Geping Institute of Makeup Artistr
294、y.Ms.Wang was appointed as a director of Hangzhou Mao Geping on February 13,2011,a Director and the vice chairperson of the Board on December 16,2015 and was re-designated as an executive Director on April 1,2024.She has served as the general manager of Mao Geping Image Design since August 2010.Ms.W
295、ang was honored with the“United Nations 2018 Global Business Excellence Contribution Female Entrepreneur”award at the 62nd session of the United Nations Commission on the Status of Women in March 2018.In May 2019,she was awarded the“Outstanding Leadership Award”by the Hangzhou Women Entrepreneurs As
296、sociation.In December 2020,Ms.Wang was awarded the“Advanced Individual for Donations in Fighting the Epidemic and Poverty Alleviation in 2020”by the Hangzhou Cixi Chamber of Commerce.In October 2023,she was honored as a torchbearer for the 4th Hangzhou Asian Para Games.Ms.Wang completed the business
297、 enterprise management program at International Business University of Beijing in the PRC,in July 2001.In December 2003,she received the Level Three/Senior Vocational Qualification Certificate(Makeup Artist)from the Hangzhou Bureau of Labor and Social Security.She obtained a Level One/Senior Vocatio
298、nal Qualification Certificate(Beautician)from the Zhejiang Provincial Department of Human Resources and Social Security in December 2006.In February 2007,she was granted a Training Teacher Qualification Certificate by the Zhejiang Provincial Department of Human Resources and Social Security.In Decem
299、ber 2012,she received a Level Three/Senior Vocational Qualification Certificate(Image Designer)from the Zhejiang Provincial Department of Human Resources and Social Security.In November 2018,Ms.Wang obtained a Referee Certificate(Beautician/Makeup)in the vocational skills competition by the China Ge
300、neral Chamber of Commerce.Ms.Wang is the spouse of Mr.Mao Geping and the elder sister of Mr.Wang Lihua.Ms.MAO Niping(毛霓萍),aged 65,is an executive Director,the vice chairperson of the Board and the co-founder of Mao Geping Cosmetics Co.,Ltd.Ms.Mao Niping assisted Mr.Mao Geping in establishing Hangzho
301、u Mao Geping Makeup Art Co.,Ltd.(杭州毛戈平化妝藝術有限公司)in 1998 and served as the broker and general manager.She assisted Mr.Mao Geping to establish Hangzhou Mao Geping,the predecessor of our Company in 2000,and joined the Group since its initial establishment and served as the general manager.From March 200
302、5 to September 2010,she acted as the director and general manager of Hangzhou Mao Geping.From September 2010 to February 2011,she concurrently served as the senior vice president of Hangzhou Mao Geping.Ms.Mao has served as a Director and vice chairperson of the board of the directors and senior vice
303、 president of our Company successively since February 2011,being responsible for the affairs of the Board and the management of our Group companies,and being in charge of the Groups board secretary office,legal department,administration and human resources center.During the period,she concurrently a
304、cted as the brand general manager of Hangzhou Love Keeps,a director of Zhejiang Huidu,the general manager of Hangzhou Shang Du Hui and the general manager of Hangzhou Xingyi.Since April 1,2024,she was re-designated as an executive Director,vice chairperson of the Board and senior vice president of t
305、he Company.43Annual Report 2024DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTMs.Mao completed the in-service managerial business administration program at Tsinghua University in the PRC in November 2003.Ms.Mao is the elder sister of Mr.Mao Geping and Ms.Mao Huiping.Ms.MAO Huiping(毛慧萍),aged 62,is an exe
306、cutive Director,senior vice president of our Company and the co-founder of Mao Geping Cosmetics Co.,Ltd.Ms.Mao Huiping assisted Mr.Mao to establish Hangzhou Mao Geping,the predecessor of our Company in 2000,and served as the vice president of Hangzhou Mao Geping since then.From March 2005 to Septemb
307、er 2010,she served as the director and the vice president of Hangzhou Mao Geping,being responsible for finance,human resources,logistics and development related affairs of our Group.Ms.Mao has acted as the executive director and the general manager of Mao Geping Technology since November 2009.Ms.Mao
308、 has served as a director and the senior vice president of Hangzhou Mao Geping and our Company successively since February 2011,being responsible for the finance,research and development and supply chain of our Group.She was re-designated as an executive Director on April 1,2024.She is also a superv
309、isor of Zhejiang Huidu.Ms.Mao obtained an associate degree from Ningbo Open University(formerly known as Ningbo Radio and Television University)in the PRC in March 1991.Ms.Mao is the elder sister of Mr.Mao Geping and the younger sister of Ms.Mao Niping.Mr.WANG Lihua(汪立華),aged 51,is an executive Dire
310、ctor and vice president of our Company.Mr.Wang joined our Group in September 2002.He was appointed as a director of Hangzhou Mao Geping on February 13,2011,and a Director of our Company on December 16,2015 and was re-designated as an executive Director on April 1,2024.He has served as the vice presi
311、dent our Company since December 16,2015.Mr.Wang served as the principal of the Beijing branch and Chengdu branch of Zhejiang Mao Geping Institute of Makeup Artistry from September 2002 to July 2010.Since August 2010,Mr.Wang has served as the deputy general manager at Mao Geping Image Design.Mr.Wang
312、was the legal representative of Cixi Changda Plastic Hardware Factory(慈溪暢達塑料五金廠,“Changda”),a company established in the PRC.As confirmed by Mr.Wang,Changda ceased to exist as at July 15,2005 as Changda was inactive with no substantial business operation.Mr.Wang received the“China Top Ten Young Makeu
313、p Artist”award by the Makeup Committee of China Society of Motion Picture and Television Engineers in December 2002.He received the“China International Fashion Award Best Makeup Stylist of the Year 2009”award from the Organizing Committee of China International Fashion Week in November 2009.Mr.Wang
314、completed the business management program at the International Business University of Beijing in the PRC in July 2003.In February 2007,Mr.Wang received the senior training instructor certification in theoretical knowledge and skill operations in the makeup artist profession from the Labor and Social
315、 Security Administrative Department in the PRC.In December 2003,Mr.Wang received his makeup artist certification and in March 2014,he received the Level Two Makeup Artist Certification from the Occupational Skill Testing Authority in the PRC.Mr.Wang is the younger brother of Ms.Wang Liqun.Mao Geping
316、 Cosmetics Co.,Ltd.44DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTMs.SONG Hongquan(宋虹佺)(former name 宋育潔),aged 50,is an executive Director,the president of our Company and general manager of“MAOGEPING”branding division of our Company.Ms.Song joined our Group in October 2002.From October 2002 to Septemb
317、er 2010,she served as the sales manager of Hangzhou Mao Geping,the predecessor of our Company,being responsible for product sales.From September 2009 to September 2010,she was the general manager of“MAOGEPING”.From September 2010 to February 2011,she acted as an executive director and the president
318、of Hangzhou Mao Geping.From February 2011 to June 2012,she served as a director and the president of Hangzhou Mao Geping,being responsible for brand operation and management of“MAOGEPING”.She has served as a director and general manager of“MAOGEPING”branding division of Hangzhou Mao Geping and our C
319、ompany successively since June 2012.From August 2015 to March 2024,she acted as the executive officer of Hangzhou Mao Geping and our Company consecutively.Ms.Song has served as the president of our Company since April 2024 and was re-designated as an executive Director on April 1,2024,being responsi
320、ble for brand building,marketing and sales management of MAOGEPING.She is also a director and the general manager of Zhejiang Huidu.Ms.Song obtained her masters degree in business administration from China University of Mining&Technology(Beijing)in the PRC in June 2016.Independent Non-executive Dire
321、ctorsMr.GU Jiong(顧炯),aged 52,was appointed as an independent non-executive Director on April 1,2024.From April 2004 to December 2009,Mr.Gu joined UTStarcom Holdings Corp.(formerly known as UTStarcom.Inc.)whose shares are listed on NASDAQ,(ticker symbol:UTSI),a global telecom infrastructure provider
322、specialized in the provision of packet optical transport and broadband access products to network operators,where he was responsible for accounting and financial matters,and was the finance controller when he left in December 2009.From January 2010 to August 2013,Mr.Gu served as the financial contro
323、ller in BesTV New Media Co.,Ltd.(currently known as Oriental Pearly Media Co.,Ltd.)(whose shares are listed on the Shanghai Stock Exchange,stock code:600637),a company principally engaged in the provision of technical services,content services and marketing services for television terminals,computer
324、 terminals and mobile terminals through media resource platforms,where he was responsible for the financial matters of this company.From September 2013 to July 2024,Mr.Gu served as the financial director of CMC Capital Partners,an investment fund specializing in media and entertainment investments i
325、nside and outside the PRC,and the vice president of CMC Inc.(formerly known as CMC Holdings Limited)consecutively.From June 2015 to June 2021,Mr.Gu was an independent non-executive director of Xinming China Holdings Limited(whose shares are listed on the Stock Exchange,stock code:2699).From Septembe
326、r 2018 to January 2023,Mr.Gu was an independent non-executive director of DaFa Properties Group Limited(whose shares are listed on the Stock Exchange,stock code:6111).From March 2017 to July 2023,Mr.Gu served as an independent non-executive director of Amlogic(Shanghai)Co.,Ltd.(whose shares are list
327、ed on the Shanghai Stock Exchange,stock code:688099).45Annual Report 2024DIRECTORS,SUPERVISORS AND SENIOR MANAGEMENTSince April 2018,Mr.Gu has been an independent non-executive director of Ascletis Pharma Inc.(whose shares are listed on the Stock Exchange,stock code:1672).Since May 2019,Mr.Gu has be
328、en an independent non-executive director of Mulsanne Group Holding Limited(whose shares are listed on the Stock Exchange,stock code:1817).Since December 2020,Mr.Gu has been an independent non-executive director of Vesync Co.,Ltd.(whose shares are listed on the Stock Exchange,stock code:2148).Since N
329、ovember 2022,Mr.Gu has been an independent non-executive director of Howkingtech International Holding Limited(whose shares are listed on the Stock Exchange,stock code:2440).Mr.Gu obtained a bachelors degree in financial management from Fudan University in the PRC in July 1995.He is currently a non-
330、practicing member of The Chinese Institute of Certified Public Accountants.Mr.HUANG Hui(黃輝),aged 48,is an independent non-executive Director.He was appointed as an independent non-executive Director on April 1,2024.Mr.Huang was an associate professor from January 2010 to July 2014,and has been a pro
331、fessor in the Faculty of Law of the Chinese University of Hong Kong since August 2014.Mr.Huang specializes in corporate law,securities regulation,financial law,etc.Mr.Huang is an expert advisor of Shanghai Financial Court.He is also an adjunct professor of Law at the University of New South Wales,a
332、Li Ka Shing visiting professor in McGill Law School,a Jingtian Scholar honorary professor at East China University of Political Science and Law,and a guest professor at China University of Political Science and Law.He serves as an arbitrator for the Kuala Lumpur Regional Centre for Arbitration,the S
333、henzhen Court of International Arbitration and the Shanghai International Economic and Trade Arbitration Commission.Mr.Huang has served as an independent non-executive director of China Travel International Investment Hong Kong Limited(whose shares are listed on the Stock Exchange,stock code:308)since October 2018.Mr.Huang obtained his bachelors degree in engineering in June 1998 and bachelors deg
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