| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 经上海证券交易所自律监管决定书[2021]503 号文同意，公司本次发行的 75,171.30 万元可转换公司债券于 2022 年 1 月 4 日起在上海证券交易所上市交 易，债券简称"珀莱转债"，债券代码"113634"。 根据有关规定和《珀莱雅化妆品股份有限公司公开发行 A 股可转换公司债券 募集说明书》的约定，公司该次发行的"珀莱转债"自 2022 年 6 月 14 日起可转 换为公司股份，转股期间为 2022 年 6 月 14 日至 2027 年 12 月 7 日，初始转股价 格为 195.98 元/股，最新转股价格为 97.41 元/股。历次转股价格调整情况如下： 1、因公司实施 2021 年度权益分派方案，自 20 ...

从指数持仓来看，上证中型企业综合指数十大权重分别为：中芯国际（6.02%）、寒武纪（4.39%）、 石头科技（1.22%）、川投能源（1.05%）、恒玄科技（0.92%）、太平洋（0.9%）、华海清科 （0.8%）、拓荆科技（0.73%）、珀莱雅（0.67%）、晶方科技（0.67%）。 从上证中型企业综合指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证中型企业综合指数持仓样本的行业来看，信息技术占比32.95%、工业占比21.72%、可选消费占 比11.13%、医药卫生占比10.55%、原材料占比8.70%、主要消费占比5.20%、通信服务占比4.37%、金融 占比2.12%、公用事业占比1.97%、房地产占比0.97%、能源占比0.32%。 资料显示，指数样本每年调整一次，样本调整实施时间为每年6月的第二个星期五的下一交易日。特殊 情况下将对指数样本进行临时调整。当样本不满足中型企业划分标准时，将对指数进行相应调整；当样 本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细 则处理。 金融界3月31日消息，上证指数下跌0.46%，上证中型企业综合指数 ...

珀莱雅产品功效遭质疑涉投诉1117条 七年销售费累 计130亿为研发费21倍 在众多消费者心中，珀莱雅（603605）(603605.SH)被誉为"国货之光"，其品牌声誉斐然。然而， 珀莱雅最近却陷入了"虚假宣传"的舆论漩涡中。 近日，长江商报记者发现，在黑猫投诉平台上涌现大量消费者投诉。不少投诉称珀莱雅明星大产 品"红宝石精华3.0"在使用后"毫无效果"，质疑广告涉嫌虚假宣传。甚至还有消费者表示，在使用了红 宝石面霜后出现了皮肤过敏。截至2025年3月26日，珀莱雅在黑猫投诉平台上的投诉量达1117条。 该博主指出，尽管可以花钱制作漂亮的测试报告，但过度吹嘘数据无疑是对消费者智商的挑衅。据 博主反映，其发布在小红书平台上的质疑笔记已遭官方下架。 在黑猫投诉平台、小红书等平台上，不少消费者表示，珀莱雅的红宝石精华3.0的体验结果令人失 望，涉嫌虚假宣传。有消费者在小红书平台发帖称，"虽然它的质地是乳液状，吸收起来还算不错，但 对于干性皮肤来说，真的太干燥了，甚至连续使用几天后，皮肤还起了红疹。不仅没有抗老、淡化皱纹 的功效还存在不良反应。" 长江商报记者发现，截至2025年3月26日，在黑猫投诉平台上，有关珀 ...

| 证券代码：603605 | 证券简称：珀莱雅 公告编号：2025-002 | | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | 珀莱雅化妆品股份有限公司 董事、高级管理人员集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 董事、高级管理人员持股的基本情况 截至本公告披露日，珀莱雅化妆品股份有限公司（以下简称"公司"）董事、 副总经理金衍华先生持有公司股份 227,862 股，占公司总股本比例为 0.0575%； 公司副总经理、董事会秘书兼财务负责人王莉女士持有公司股份 236,651 股，占 公司总股本比例为 0.0597%。（因公司发行的"珀莱转债"自 2022 年 6 月 14 日 起可转换为公司股份，转股期间为 2022 年 6 月 14 日至 2027 年 12 月 7 日，本公 告以截至 2025 年 3 月 14 日的公司总股本即 396,247,606 股为准） 二、集中竞价减持计划的主要内容 预披露期间，若公司股票发生停牌情 ...

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1] Core Views - The company is positioned as a leading domestic beauty brand, showcasing strong competitive advantages through a diversified brand matrix and solid fundamentals. The management adjustments and enhanced organizational efficiency are expected to drive sustainable growth in performance [5][7] - The company has successfully launched a new sunscreen product, "Super Film," which utilizes patented technology to enhance sun protection effectiveness by 60%. The product is designed for all skin types, including sensitive skin, and has received significant market attention due to its marketing campaign featuring a well-known celebrity [5][7] - Revenue projections indicate a steady increase, with expected revenues of 110.65 billion yuan in 2024, 135.34 billion yuan in 2025, and 163.09 billion yuan in 2026. Correspondingly, net profits are projected to reach 15.16 billion yuan in 2024, 18.82 billion yuan in 2025, and 22.02 billion yuan in 2026 [5][8] Financial Summary - The company's main revenue figures are as follows: 63.85 billion yuan in 2022, 89.05 billion yuan in 2023, and projected growth to 110.65 billion yuan in 2024 [5][8] - The earnings per share (EPS) are projected to increase from 3.01 yuan in 2023 to 4.75 yuan in 2025 and 5.56 yuan in 2026, indicating a positive growth trajectory [5][8] - The price-to-earnings (P/E) ratio is expected to decrease from 28.26 in 2023 to 17.93 in 2025 and further to 15.32 in 2026, suggesting improving valuation metrics [5][8]

张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 涨跌幅比较 % 1M 3M 12M 珀莱雅 2.11 -8.33 -7.82 化妆品 6.50 -3.55 -1.87 -26% -6% 14% 34% 2024/03 2024/06 2024/09 2024/12 2025/03 珀莱雅 化妆品 1 珀莱雅（603605.SH）2024 年三季报点评：淡 季业绩延续高增，期待双十一大促表现 2024-11- 04 | 2025 年 03 月 11 日 | | | | --- | --- | --- | | 评级 | 买入 | | | | 评级变动 | 维持 | | 交易数据 | | | | 当前价格（元） | 85.48 | | --- | --- | | 52 周价格区间（元） | 79.00-121.10 | | 总市值（百万） | 33871.24 | | 流通市值（百万） | 33799.22 | | 总股本（万股） | 39624.76 | | 流通股（万股） | 39540.50 | 相关报告 2 珀莱雅（603605.SH）2024 ...

Investment Rating - The report maintains a "Recommended" rating for the company, highlighting its strong growth potential as a leading domestic beauty brand [4]. Core Insights - The rise of domestic brands in the fashion consumer goods sector is a significant trend, with expectations for continued market share growth for quality domestic products. The government is promoting the "Chinese manufacturing" image and supporting the innovation of time-honored brands [2][3]. - Proya has solidified its position as the top player in the industry, achieving significant sales during major promotional events and maintaining its market leadership despite increased competition from international brands [3][4]. - The company is expected to benefit from the ongoing trend of domestic cultural integration and policy support, particularly through its sub-brand, Caitang, which aligns with the national trend of promoting Chinese aesthetics [3][4]. Summary by Sections Market Position and Performance - Proya's GMV reached 308 million yuan on the Taobao platform in January 2025, ranking first, while its sales on Douyin were between 200-250 million yuan, placing it second [3]. - The company has shown resilience in maintaining its top market position despite competitive pressures from international brands during promotional events [3]. Growth Strategy - The company is focusing on short-term product development and multi-brand operations to strengthen its market position. Key products are expected to see increased sales, particularly in the energy and sunscreen categories [4]. - Proya is also exploring international markets, particularly in Southeast Asia, and is actively seeking quality international brand acquisitions to enhance growth potential [4]. Financial Projections - The company is projected to achieve net profits of 1.52 billion, 1.88 billion, and 2.27 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.85, 4.76, and 5.74 yuan [4]. - The current stock price corresponds to PE ratios of 22, 18, and 15 for the years 2024, 2025, and 2026, indicating a favorable valuation for long-term growth [4].

Industry Overview - The cosmetics industry experienced significant fluctuations in 2024, with intense competition across platforms, brands, and products [1] - Domestic Chinese cosmetics brands continued to expand their market share, reaching 53.51% of the top 1000 brands on major e-commerce platforms from January to November 2024, up from 52.22% in 2023 [1] - Market shares of French, American, Japanese, and Korean brands in China saw slight declines [1] Company Performance - The company's multiple sub-brands demonstrated strong growth momentum, with the main brand consistently ranking first in sales among domestic cosmetics brands on platforms like Tmall and Douyin [1] - The company was recognized as the "Zhejiang Provincial Key Enterprise Research Institute," the only cosmetics company to receive this honor, contributing to the high-quality development of the domestic cosmetics industry [1] Research and Innovation - The company continued to invest in scientific research and innovation, collaborating with prestigious universities such as Beijing Technology and Business University and Shanghai Jiao Tong University to establish joint laboratories [1] - On November 15, 2024, the company partnered with the Systems Biomedicine Research Institute of Shanghai Jiao Tong University to establish the "Scalp Health Joint Laboratory" [1] Digital Transformation - The company fully advanced its digital transformation in 2024, being officially recognized as a "National Green Factory" by the Ministry of Industry and Information Technology [2] - The company's cosmetics future factory was awarded the title of "Future Factory" in Zhejiang Province [2] - The company was selected as a "Leading Case" in the digital transformation of China's light industry and as a "Smart Governance" typical case by the National Medical Products Administration [2] Market Outlook - The company's chairman, Hou Juncheng, expressed optimism about the growth potential of the Chinese cosmetics market, believing that domestic brands have the opportunity to further expand their market share in both existing and new market spaces [2] - Despite increasing competition in segmented markets, the Chinese cosmetics industry is expected to produce more cost-effective and competitive products [2]

公司报告 | 公司点评 珀莱雅（603605） 证券研究报告 国货美妆龙头地位稳固，看好平台化矩阵化发展 国货美妆龙头地位，高质量发展静待修复 珀莱雅作为国货美妆龙头品牌，双十一期间的靓丽表现表明公司多品牌矩 阵+大单品策略优势凸显，主品牌高质量升级，多平台销量领先，子品牌 在彩妆、高端头皮洗护等细分领域推出多款热门大单品。公司整体维持稳 健增长态势，但考虑到基数较高，且公司于 2024H2 进行管理层换届调整， 仍处于新增长周期的蓄力阶段，我们小幅下调盈利预测，预计 2024-2026 年营收同比增长 22.6%/15.0%/14.0%至 109.16/125.57/143.15 亿元（前值为 116.03/145.27/174.46 亿元），归母净利润同比增长 27.5%/18.5%/16.2%至 15.22/18.03/20.96 亿元（前值为 15.52/19.23/23.16 亿元）,对应 PE 分别为 23X/19X/16X。综合短期销量表现和中长期品牌矩阵规划，我们看好珀莱 雅增长持续性，当前股价对应 2024 年 23XPE，位于历史估值相对低位， 维持"买入"评级。 主品牌多渠道登顶，大品牌 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-001 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 累计转股情况：珀莱转债自 2022 年 6 月 14 日开始转股，截至 2024 年 12 月 31 日,累计共有人民币 960,000 元珀莱转债转换为珀莱雅化妆品股份有限公司 （以下简称"公司"）A 股股票，因转股形成的股份数量为 7,001 股，占可转债 转股前公司已发行股份总额的 0.0025%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的珀莱转债金额为 人民币 750,753,000 元，占珀莱转债发行总量的 99.8723%。 本季度转股情况：自 2024 年 10 月 1 日至 2024 年 12 月 31 日期间，珀莱转 债转股的金额为人民币 2,000 元，因转股形成的股份数量为 2 ...