EPISODE · Aug 29, 2026 · 6 MIN
毛戈平中报:收入增长26%、营销投入增长44%,高端品牌的增长为什么变贵了?|EP63
from 投研随身听 · host 慢研播客
二零二六年上半年,毛戈平收入增长26.2%,毛利率升至84.8%;与此同时,营销及推广投入增长44.2%,净利率下降1.23个百分点。品牌仍然卖得动,把品牌继续放大的成本却提高了。本期更新上一期的商业模式判断:专柜半年净增21个,同店平均收入增长16.7%,培训业务也重新增长,说明专业服务体系没有失速。彩妆收入增长38.3%,但几乎全部来自销量;线上销售占比升至54%,更多新增用户带来了更高获客和渠道投入。下一步真正需要观察的,是营销投入增速能否重新低于收入增速。信息截止:2026-08-29。本节目不构成投资建议。
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毛戈平中报:收入增长26%、营销投入增长44%,高端品牌的增长为什么变贵了?|EP63
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