Group 1: Market Trends - The beauty retail industry is experiencing a dichotomy between price increases and decreases, with brands adopting different pricing strategies to cope with cost pressures from tariffs and market changes [3] - Some brands, like Elf Beauty, are opting for transparent price increases while others, such as BeautyStat, are lowering prices to boost sales, particularly in high-end channels where consumers are more price-sensitive [3] - The market for anti-aging skincare is projected to reach 85 billion yuan by 2025, growing at 11%, with a shift towards systematic scientific management and consumer preference for long-term efficacy [4] Group 2: Consumer Behavior - Color cosmetics are becoming a key driver for attracting younger consumers in shopping malls, with a focus on emotional expression and social attributes, particularly among women aged 18-35 [5] - The trend of "experiential marketing" is evident, as consumers engage in try-on experiences that create a loop of offline experience leading to online sharing [5] - The demand for high-efficacy products is rising, with live-streaming platforms like Douyin playing a significant role in driving sales, particularly for domestic brands [9] Group 3: Brand Performance - Domestic brands are showing strong performance during promotional events, with Pechoin entering the top 4 on Douyin and domestic brands dominating the top 10 in the beauty category [6][8] - The beauty industry is facing challenges, with many brands experiencing revenue declines, while Marubi Biotech reported a 25.51% increase in revenue, attributed to its focus on R&D and a strong product strategy [14] - Natural Hall, a veteran domestic brand, is struggling with growth, facing challenges such as over-reliance on its main brand and high marketing costs, which are squeezing profits [15] Group 4: Innovation and Technology - La Roche-Posay has introduced a new supermolecular technology in its skincare products, emphasizing scientific innovation and skin health [10][11] - The emergence of new skincare brands focusing on light medical beauty and anti-aging solutions reflects a broader trend towards personalized and scientifically-backed skincare [12] - The industry is witnessing a shift towards age-appropriate skincare, with brands advocating for simpler, more effective routines for children, amidst concerns over the commercialization of children's skincare products [13]

证券之星消息，11月28日化妆品板块较上一交易日上涨0.29%，嘉亨家化领涨。当日上证指数报收于 3888.6，上涨0.34%。深证成指报收于12984.08，上涨0.85%。化妆品板块个股涨跌见下表： 从资金流向上来看，当日化妆品板块主力资金净流出6103.78万元，游资资金净流出1560.17万元，散户资 金净流入7663.95万元。化妆品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603983 丸美生物 | | - 945.94万 | 4.82% | 231.29万 | 1.18% | -1177.23万 | -5.99% | | 600315 上海家化 | | 563.47万 | 8.90% | -495.99万 | -7.83% | -67.47万 | -1.07% | | 600223 | 福瑞达 | 445.24万 | 6.33% | 105.71万 | 1.50% | -5 ...

Group 1 - The company plans to list on the Hong Kong stock exchange, which is a key step in its global development strategy, providing funding to support supply chain and brand expansion, as well as facilitating overseas acquisitions and enhancing global brand image and recognition [1] - The company experienced short-term performance pressure in Q3 due to adjustment periods and promotional activities, with Q3 revenue at 1.736 billion, down 11.63%, and net profit at 227 million, down 23.64% [2] - Despite the short-term challenges, the company expects a sequential improvement in Q4, maintaining stable overall operations for the year, with projected net profits of 1.6 billion and 1.79 billion for 2025 and 2026, respectively, corresponding to PE ratios of 18x and 16x [3] Group 2 - In Q3, the company's gross margin was 74.68%, up 4 percentage points, driven by product mix optimization and cost reduction efforts, including lower freight rates and improved procurement negotiation capabilities [2] - The sales expense ratio in Q3 was 49.91%, up 4.5 percentage points, attributed to the early promotional activities for the Double 11 shopping festival and increased brand promotion expenses [2] - The company is currently in a steady adjustment phase, focusing on improving operational performance after the adjustment period [3]

Core Insights - The report maintains an "outperform" rating for the retail sector, highlighting the potential for recovery in consumer demand and the importance of adapting to new market conditions [1][4][10] 2025 Industry Review - In the first three quarters of 2025, China's retail sales reached 365,877 billion yuan, growing by 4.5% year-on-year, with non-automotive retail sales increasing by 4.9% [2][10] - The cosmetics sector saw a stable growth of 3.9%, while gold and jewelry sales surged by 11.5% due to low base effects and rising gold prices [2][26] - Cross-border e-commerce imports and exports amounted to approximately 2.06 trillion yuan, reflecting a growth of 6.4% despite external pressures [2][33] 2026 Outlook - New markets will be explored, including offline channel adjustments and innovations in instant retail, alongside continued overseas expansion opportunities [3][61] - New consumer demands will focus on emotional and practical value, leveraging AI and IP for product innovation [3][66] - A platform-based approach is necessary to ensure sustainable growth amid intensifying competition and shorter product life cycles [3][66] Investment Recommendations - The report suggests focusing on leading companies in beauty care, gold and jewelry, cross-border e-commerce, and offline retail, with specific recommendations for companies like Up Beauty, Chow Tai Fook, and Yonghui Superstores [4][34] - The beauty care sector is expected to benefit from product innovation and platform capabilities, while gold and jewelry companies are advised to capitalize on differentiated designs [4][45] - Cross-border e-commerce firms are projected to thrive as external tariff impacts diminish, with recommendations for companies like Anker Innovations and Focus Technology [4][54] Consumer Behavior Trends - The report notes a structural shift in consumer preferences, with a growing emphasis on emotional value and product differentiation, particularly among younger demographics [3][78] - Instant retail is identified as a significant growth area, with the market expected to exceed 2 trillion yuan by 2030 [3][80] Cross-Border E-commerce Insights - Cross-border e-commerce continues to show resilience, with exports to the EU growing by 8.4% while exports to the US declined by 17% due to tariff impacts [33][87] - Successful brands in overseas markets are those that effectively combine global branding with localized operational strategies [87]

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。 珀莱雅化妆品股份有限公司（以下简称"公司"）于2025年8月25日、2025年9月11日分别召开了第四届董 事会第六次会议、2025年第一次临时股东大会，审议通过了《关于变更公司注册资本、取消监事会并修 订〈公司章程〉及办理工商变更登记的议案》。具体内容详见公司于2025年8月27日在上海证券交易所 网站（www.sse.com.cn）披露的《珀莱雅化妆品股份有限公司关于变更注册资本、取消监事会、修订 〈公司章程〉并办理工商变更登记及修订、新增公司部分治理制度的公告》（公告编号：2025-047）。 公司于近日完成上述事项的工商变更登记手续，并取得了浙江省市场监督管理局换发的《营业执照》， 相关登记信息如下： 名称：珀莱雅化妆品股份有限公司 成立日期：2006年05月24日 住所：浙江省杭州市西湖区留下街道西溪路588号 经营范围：许可项目：化妆品生产；消毒剂生产（不含危险化学品）；食品生产；保健食品生产；食品 销售；用于传染病防治的消毒产品生产；卫生用品和一次性使用医疗用品生产 ...

内容概要：随着国民收入水平不断提高，男性护肤意识不断觉醒，我国爽肤水消费群体不再局限于女 性，男士专用爽肤水逐渐成为市场新增长点，各大品牌纷纷针对性推出适配男性肤质的控油、清爽型产 品，此外，三四线城市及县域地区消费者护肤理念逐步成熟，下沉市场的消费潜力持续释放，带动爽肤 水市场快速发展，据统计，2021年我国爽肤水销售额208.63亿元，同比增长2.98%，但近几年，受宏观 经济增速下滑、消费者信心不足等诸多因素影响，爽肤水市场需求有所萎缩，据统计，2024年我国爽肤 水销售额178.65降至亿元，同比减少3.25%，其中，高端爽肤水约占55.47%，大众爽肤水约占44.53%。 上市企业：珀莱雅（603605）、贝泰妮（300957）、上海家化（600315）、上美股份（02145.HK） 相关企业：欧莱雅（中国）有限公司、雅诗兰黛（上海）商贸有限公司、资生堂（中国）投资有限公 司、娇韵诗化妆品（上海）有限公司、香奈儿（中国）贸易有限公司、上海自然堂集团有限公司、上海 百雀羚（集团）有限公司、北京植物医生生物科技有限公司、浙江欧诗漫集团有限公司、中山卡丝生物 科技有限公司、长沙欧玛化妆品有限公司、天津天狮 ...

北京商报讯（记者 张君花）11月26日，珀莱雅发布公告称，公司于2025年8月25日、2025年9月11日分 别召开了第四届董事会第六次会议、2025年第一次临时股东大会，审议通过了《关于变更公司注册资 本、取消监事会并修订及办理工商变更登记的议案》。公司于近日完成上述事项的工商变更登记手续， 并取得了浙江省市场监督管理局换发的《营业执照》。 ...

证券日报网讯 11月26日晚间，珀莱雅发布公告称，公司于2025年8月25日、2025年9月11日分别召开了 第四届董事会第六次会议、2025年第一次临时股东大会，审议通过了《关于变更公司注册资本、取消监 事会并修订及办理工商变更登记的议案》。公司于近日完成上述事项的工商变更登记手续，并取得了浙 江省市场监督管理局换发的《营业执照》。 （文章来源：证券日报） ...

珀莱雅化妆品股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日、2025 年 9 月 11 日分别召开了第四届董事会第六次会议、2025 年第一次临时股东大会， 审议通过了《关于变更公司注册资本、取消监事会并修订<公司章程>及办理工商 变更登记的议案》。具体内容详见公司于 2025 年 8 月 27 日在上海证券交易所网 站（www.sse.com.cn）披露的《珀莱雅化妆品股份有限公司关于变更注册资本、 取消监事会、修订<公司章程>并办理工商变更登记及修订、新增公司部分治理制 度的公告》（公告编号：2025-047）。 珀莱雅化妆品股份有限公司 关于完成工商变更登记的公告 公司于近日完成上述事项的工商变更登记手续，并取得了浙江省市场监督管 理局换发的《营业执照》，相关登记信息如下： 名称：珀莱雅化妆品股份有限公司 统一社会信用代码：91330100789665033F | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 本公司董事会及全体董事保证本公告内容不存 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][30]. Core Insights - The beauty care sector is seeing significant developments, including L'Oréal's minority stake investment in the Chinese skincare brand LAN and Proya's entry into the PDRN market with a new trademark [3][23]. - E-commerce company Yatsen reported a Q3 revenue of RMB 998 million, a 47.5% year-on-year increase, indicating strong growth in the beauty sector [3][23]. - The report highlights the strategic upgrades of Meili Tianyuan, focusing on brand enhancement, chain expansion, and digital transformation [3][23]. Market Performance - For the week of November 17-21, 2025, the retail, social services, and beauty care sectors experienced declines of 7.24%, 4.86%, and 4.53% respectively, ranking 28th, 15th, and 12th among 31 primary industries [15][16]. - The report notes a general downturn in consumer-focused sub-sectors, with trade, general retail, and tourism experiencing the largest declines of 9.12%, 7.49%, and 5.75% respectively [15][16]. Key Industry Events and News - L'Oréal announced a minority investment in LAN, marking its first investment in a local skincare brand in China [3][23]. - Proya launched a new product line under the "PROYA MED" brand, focusing on scientific and medical attributes [3][23]. - The report mentions significant revenue growth for companies like Yatsen and Meili Tianyuan, with Yatsen's Q3 revenue up 47.5% and Meili Tianyuan announcing strategic upgrades [3][23][24]. Investment Recommendations - The report recommends focusing on companies such as Proya, Giant Bio, Marubi, Runben, and others within the beauty care and new consumption sectors [6][30].