Mao Geping reported H1 2025 revenue of 2.59 billion RMB ($360 million), up 31% YoY, with net profit rising 36% to 670 million RMB ($93 million). Makeup remained the core business, while skincare grew faster, led by its caviar mask. The company also entered fragrances, generating 11.4 million RMB ($1.58 million) in just two weeks. Despite strong earnings, Mao Geping’s stock has dropped nearly 30% since June, closing at HK$94.35 on August 28. Analysts cite high valuations and limited visibility beyond makeup and fragrance as reasons for the pullback.