Mao Geping's 2025 revenue and profit are both expected to grow. Deepening product integration with Chinese潮 culture attributes, a multi-category and multi-channel strategy is entering its harvest period.

On March 26, 2026, Mao Geping disclosed its 2025 annual performance report, delivering what can be described as an eye-catching set of results. Against the backdrop of mounting pressure on the macroeconomy and an overall slowdown in the beauty and cosmetics industry’s growth rate to less than 3%, Mao Geping has managed to break through against the odds. Both revenue and profit achieved rapid growth of more than 30%, continuing to write the growth “myth” of “the first high-end beauty and cosmetics company for national brands.”

Behind these results is the long-term payoff of Mao Geping’s insistence on a high-end positioning strategy and cultural empowerment. From makeup to skincare, from offline counters to online channels, from the domestic market to overseas expansion, Mao Geping has built a solid moat for growth through a coordinated development strategy across multiple categories and channels. Sales of its star product, the Guangxian Rou Sha Ningyan Powder Compact, surpassed several hundred million yuan; the luxury caviar series continues to lead the high-end skincare market; the newly launched fragrance category showed strong momentum at launch; and brand influence and consumer loyalty have risen in tandem.

Even more noteworthy is that Mao Geping’s success is not a simple commercial victory, but a deep resonance between Eastern aesthetics and modern business logic. From the Palace Museum collaboration to a partnership with China National Geography, from the “Hearing the Way of the East” fragrance series to the “Virtuous Carrying the East” cultural practice program, Mao Geping injects cultural confidence into the brand’s DNA, and reshapes the value ceiling of domestically made beauty using a distinctive light-and-shadow aesthetics system. A gross margin rate of more than 84%, an industry-leading repurchase rate, and continuously optimized expense efficiency together confirm the feasibility and sustainability of the high-end strategy.

Amid the changing industry landscape where total transaction value in China’s cosmetics market across all channels exceeds 1.1 trillion yuan and the market share of national-brand beauty rises to more than 57%, Mao Geping— as the only local brand among China’s CR15 high-end beauty and cosmetics brands— is leading the high-end upgrade of domestically made beauty with the posture of a benchmark, setting a new paradigm in which cultural confidence and commercial success go hand in hand.

** Multi-category, multi-channel strategy results are fruitful **

On March 26, Mao Geping released its 2025 performance details. The company reported revenue of 5.05 billion yuan, a year-on-year increase of 30%, and net profit of 1.2 billion yuan, a year-on-year increase of 36.8%. Mao Geping explained that the growth in performance is not driven by short-term outperformance of a single category or channel, but by the blossoming results of a multi-category, multi-channel strategy.

From the category perspective, both Mao Geping’s makeup and skincare businesses have growth rates exceeding 30%. Sales of the star product, Guangxian Rou Sha Ningyan Powder Compact, surpassed 300 million yuan. Sales of the Jianzhi Rouji Pre-Makeup Cream increased by more than 300 million yuan. After the launch of the makeup new product Crystaljian Xingqiong Eye Shadow (Starry Sky Eye Shadow) and the new Crystal Color Eye Shadow (Landscapes Eye Shadow), which is a collaboration with China National Geography magazine, it received widespread favor in the market. The luxury caviar mask achieved retail sales of more than 1 billion yuan, and the growth trend remained unchanged. At the same time, skincare stand-alone products such as the luxury caviar eye masks, the luxury caviar multi-effect ampoule essence, and Yangfu Huan Yan Repairing Essence honey also performed strongly.

Skincare products continue to iterate with new releases. In 2025, the Black Gold series underwent an refresh and upgrade, and in addition, the high-end skincare series Liuguang Fu Huo series was newly launched on January 1, 2026. Mao Geping also started the fragrance category in 2025. From May 8, 2025 to the end of the reporting period, revenue from the fragrance category reached nearly 33.8 million yuan, demonstrating strong growth momentum.

In terms of channels, Mao Geping saw improvements in both the quality of new offline stores and the store efficiency of stores in operation, while its overseas expansion strategy advanced steadily. In 2025, the company added 36 net new stores, continuing to penetrate high-tier city high-end commercial districts, building stable benchmark stores such as SKP, Hubin Pedestrian Street, and Hangzhou MixC. For existing counters, the company continuously optimized and upgraded, and revenue from the same counter increased by 16% year over year. The first Hong Kong direct-operated counter was launched in October 2025, and performance continued to improve, with the company’s overseas expansion strategy advancing steadily.

In addition, in 2025, Mao Geping also achieved efficient conversion in sales expense deployment, with its sales expense ratio decreasing by 0.71 percentage points in 2025. The company stated that it adhered to a content-driven brand-building strategy in 2025, achieving precise ad placement both online and offline.

** Deep cultivation of Chinese cultural attributes through products **

The smooth progress of Mao Geping’s multiple strategies is closely related to the company’s focus on domestically made beauty and its continued push for the high-end upgrade of domestically made beauty. This strategy places great emphasis on the cultural attributes of products.

Looking at 2025, Mao Geping’s new product planning has consistently adhered to the concepts of Eastern aesthetics and light-and-shadow aesthetics, and the brand’s consumer mindset continued to strengthen.

Mao Geping has always focused on brand culture building. In 2025, Mao Geping cooperated with the Palace Museum to launch the sixth season of “Qi Yun Dong Fang,” introducing a new fragrance series called “Hearing the Way of the East,” allowing one to experience the profound artistic conception of Eastern aesthetics through its fragrance. It also collaborated with China National Geography magazine to release the “Landscapes Eye Shadow” series, transforming natural colors from Eastern land into the flowing radiance of faces in the East, and embedding the warmth and rhythm of the land beneath one’s feet into Eastern women’s aesthetic expressions.

During the “Belt and Road” International Day in 2025, Mao Geping released the third installment of the brand cultural practice program “Virtuous Carrying the East” titled “Wilderness Flowers.” Inspired by historical stories of Liu Jiexun and Feng Zuo’s friendly exchanges in the Western Han period, the program focuses on stories of people who maintain inner resolve and resilience of life even in uncertain environments. It transforms reflections within Eastern culture on time, resolve, and inner strength into content expressions that contemporary audiences can understand and resonate with, thereby further reinforcing the brand’s cultural depth and aesthetic height and continuously raising the brand’s spiritual barrier.

Mao Geping has accumulated years of experience and technology in the field of sports beauty makeup. In early 2026, it released the commemorative edition “Shengcai Jingyao” series products, capturing every spark and passion on ice and snow arenas and turning it into refined beauty makeup masterpieces. It accompanies winter sports athletes as they compete and shine on the field with composure, embodying Eastern elegance. Brand-building activities with a content-oriented approach achieved good results, and consumer recognition and loyalty toward both the products and the brand have continued to strengthen.

In 2025, Mao Geping’s offline membership count reached 11k, and its online membership count was 11k, and both online and offline achieved improvements in repurchase rates.

** The headwinds and opportunities of China’s beauty and cosmetics industry are already here **

Mao Geping’s positioning as high-end boutique national-brand products is closely tied to the philosophy of its founder, Mao Geping. It is understood that he draws inspiration from Chinese traditional ink-and-wash painting and Western sketching, among other art fields. With decades of personal makeup experience, he has blended makeup techniques from different domains to form a unique light-and-shadow makeup technique and a light-and-shadow aesthetics system. Through the use of cool and warm color tones and the decoration of light and dark, he creates visual movements forward and backward, and closing and opening, thereby completing light-and-shadow sculpting—reshaping facial contours and the feel of the skin to craft refined micro-sculpted faces and fully reveal the unique charm of Eastern women.

As early as the brand’s founding, Mao Geping had set a vision: “I want to create a high-end brand originating from China, and in the first floor of Chinese department stores, to be placed alongside international brands.”

This philosophy is applied to product development. Mao Geping places great importance on branding and cultural attributes for its products, which gives Mao Geping’s products four key characteristics: high gross margins, strong repurchase, channel expansion, and cultural barriers—significantly enhancing profitability and long-term competitiveness.

Historical data shows that Mao Geping’s gross margin rate is as high as 84.2%, significantly higher than the industry average. As of December 2025, Mao Geping’s repurchase rate reached 33.3%.

Mao Geping has played an important role in driving the branding of domestically made beauty. Research shows that while China’s high-end beauty and cosmetics sector has a high level of concentration, international brands dominate the market. Mao Geping, as a scarce leading high-end beauty brand in China, is the only local brand among China’s CR15 high-end beauty and cosmetics brands. Based on 2023 data, Mao Geping ranked 12th among CR15 high-end beauty and cosmetics brands, with a market share of 1.8%.

In recent years, as Chinese consumers’ cultural identity has strengthened and national aesthetic awareness has gradually awakened, the high-end beauty and cosmetics industry is showing a trend of further concentration of market share among leading brands and a sustained increase in the share of national-brand cosmetics.

According to data released by the China Fragrance and Flavor Cosmetic & Raw Materials Industry Association at the “2025 China Cosmetics Industry Data Release Conference,” China’s cosmetics market total transaction value across all channels surpassed 1.1 trillion yuan in 2025, reaching 1.1T yuan, a year-on-year increase of 2.83%. Among that, the market share of national-brand cosmetics rose to 57.37%, with resources accelerating toward companies with mature brand systems and broad public recognition.

High-end beauty brands meet consumers’ needs for high quality, prestige, and personalization by offering products with uniquely perceived value. In terms of channels, most of these brands sell through offline high-end department stores. These brands focus on shaping distinctive brand images, emphasizing expression of uniqueness, aesthetics, and lifestyle.