近日，毛戈平化妆品股份有限公司(简称：毛戈平)再次向港交所主板提交上市申请书，中金公司担任独家保荐人。该公司此前在今年4月8日也曾向港交所主板提交过上市申请。
从A到H，毛戈平似乎志在必得，但公司个人IP依存度高，低于行业平均水平的研发费用仍是难以逃避的问题。
回顾来看，毛戈平的上市之路颇为曲折，此次能否顺利在港股上市?“化妆大师”的成色又有几何?下一步，毛戈平能否站上更大的舞台?
已在门外苦等多年
来自温州的化妆师毛戈平，凭借1995年热播电视剧《武则天》中的人物妆容设计出圈，随后于2000年创立了以其个人名字命名的美妆品牌公司。现旗下拥有两大品牌，毛戈平同名旗舰品牌“MAOGEPING”和“至爱终生”品牌，主要覆盖彩妆和护肤品品类。
根据弗若斯特沙利文的资料，毛戈平是中国市场十大高端美妆集团中唯一的中国公司，按2023年零售额计排名第七，市场份额为1.8%。另外，毛戈平2000年推出的旗舰品牌MAOGEPING，不仅是国内第一个高端美妆品牌，也是国内市场中排名前十五的高端美妆品牌中唯一的国货品牌。
在实现美妆界超高地位之前，毛戈平品牌在长达近10年的时间里，一直不温不火。
直到2019年，毛戈平才在B站凭借堪比“换头术”的精湛化妆技巧，再度迎来翻红，并以个人知名IP，带动了品牌增长，实现了品牌溢价。
然而，业务虽走上高增长轨道，但上市之路却走得滞缓停顿。早在2016年，毛戈平便向上交所递交了招股书，正式开启IPO之路。2017年9月，其二次更新招股书，IPO状态从“中止审查”变更为“预披露更新”。同年年底，毛戈平称因“发行人主动要求中止审查或者其他导致审核工作无法正常开展”而暂停IPO，上市之路因此停滞。
这并未阻止毛戈平上市的决心。随后，在2021年10月，毛戈平IPO首发成功过会，但后续却一直未获得证监会批文。2023年3月，毛戈平重新提交招股书冲刺上交所主板上市，计划募资11.21亿元。然而半年后，毛戈平方面却因财务资料过期被中止IPO。
今年1月，毛戈平申请撤回发行上市申请文件，七年A股上市之路最终“折戟”。4月8日，A股IPO失意后改道港股，毛戈平正式向港交所发起冲刺。
另外，该公司成于个人IP，创始人毛戈平的依赖风险不容忽视。招股书显示，于整个往绩记录期间，公司的收入主要来源于核心产品MAOGEPING的销售，其于2021年-2024年上半年分别占产品销售总收入的96.6%、98.4%、99.0%及99.3%。
毛戈平公司另一个品牌“至爱终生”，却没有多少“名人光环”，甚至很多人都不知道它是“MAOGEPING”的姐妹品牌。
经过多番努力后，在IPO路程的第8个年头，这一次，毛戈平能在港股如愿以偿吗?仍是未知数。
化妆大师的成色
那么，如今的毛戈平又成色几何?
招股书显示，2021-2023年，毛戈平的营收分别为15.77亿元、18.29亿元、28.86亿元，复合年增长率为35.3%;同期，净利润分别为3.31亿元、3.52亿元、6.64亿元，复合年增长率为41.6%。今年上半年，营收为19.72亿元，净利润为4.93亿元。
业绩靓丽的背后，毛戈平的销售及经销开支占比接近五成。2021年-2024年上半年，毛戈平的销售及营销费用分别为7.63亿元、9.62亿元、14.12亿元、9.37亿元，占到同年营业收入的48.4%、52.6%、48.9%、47.51%;其中，营销及推广开支分别为2.23 亿元、3.20亿元、5.57亿元、4.35亿元，占到总营销费用的29.2%、33.3%、39.4%和46.5%。
毛戈平的销售开支持续走高，或许与其高端定位有关。从产品定价来看，毛戈平的彩妆产品建议零售价一般在200-500元之间，护肤产品的建议零售价一般在400-800元之间。另有数据显示，2023年毛戈平护肤线产品平均单价高达322.3元。
但与高端定位相反的是，毛戈平在研发生产层面的投入并不多。2021年-2024年上半年，毛戈平的研发投入分别为1370.3万元、1454.8万元、2397.5万元、1526.7万元，占到营收的0.87%、0.80%、0.83%、0.77%，低于美妆公司的平均研发费用率2%。
招股书显示，2021年-2023年毛戈平的研发费用分别为1370.3万、1454.8 万、2397.5万，研发费用率分别为0.96%、0.87%、0.83%,低于行业每年超2.3%的平均值。
虽然公司在中国市场拥有较高的知名度和影响力，但与国际品牌相比，其在产品创新和品牌塑造方面还有很大的差距。相比毛戈平，欧莱雅等国际大牌发展历史悠久，已经积累了丰富的研发经验，内部也形成了颇为成熟的研发体系。
另外，美妆行业产品更新迅速，消费者需求多变，毛戈平若不能紧跟市场趋势，持续推出创新产品，这可能影响其长期竞争力。
下一步，能否站上更大的舞台?
当前，毛戈平要打开更大声量，仅靠优质产品并不足够。
在国际美妆领域，那些隶属于顶尖企业的奢华品牌之所以能享誉全球，很大程度上得益于它们精心策划的全球化策略。举例来说，诸如雅诗兰黛与欧莱雅这样的知名品牌，其产品线已延伸覆盖至超过150个国际市场，借此可以不断突破销售规模的天花板。
根据Statista数据，2023年，全球美妆市场规模达3432.7亿美元，同比增速达到8.9%。据预测，2027年全球美妆市场规模将近4000亿美元。
国货美妆“内卷”升级，供应链加持下，不少商家将重点投向海外市场。除了花西子、花知晓和ZEESEA滋色等市场嗅觉敏锐的新锐品牌，贝泰妮、华熙生物等国货美妆龙头更是一马当先。
毛戈平在最新的招股书中披露了其战略规划，计划将IPO募集资金分配如下：25%用于扩大销售网络，约20%用于品牌建设活动，约15%用于支持海外扩张和收购，约10%用于提升生产和供应链能力，约9%用于加强产品设计和开发，约6%用于化妆艺术培训机构的发展等。
和此前提交的招股书不同的是，毛戈平新增了出海扩张的投入，且预计投入资金占比不小。
尽管海外市场潜力巨大，然这条探索之旅却布满了重重挑战。值得庆幸的是，国货美妆已经勇敢地迈出了出海的第一步。然而，要想在海外市场中稳步前行，完成接下来的漫长旅程，还需不断提升自身的硬件实力，才能在国际舞台上真正展现光彩。
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