Group 1 - The cosmetics sector experienced a decline of 0.93% on January 7, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] - Key individual stock performances in the cosmetics sector included Bawei Co. up 0.85% and Jiaheng Jiahua down 4.96% [2] Group 2 - The net outflow of main funds in the cosmetics sector was 57.67 million yuan, while retail investors saw a net inflow of 39.72 million yuan [2] - The stock with the highest main fund inflow was Shuiyang Co. with 27.77 million yuan, while Jiaheng Jiahua had a significant outflow of 32.2 million yuan [3] - Retail investors showed a negative net flow in several stocks, including Shanghai Jahwa and Kesheng Co. [3]

Group 1 - The cosmetics sector experienced a rise of 0.46% on January 6, with Lafang Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] - Lafang Jiahua's closing price was 20.34, reflecting a 1.90% increase, with a trading volume of 52,800 shares and a transaction value of 108 million yuan [1] Group 2 - The cosmetics sector saw a net outflow of 81.97 million yuan from institutional investors, while retail investors had a net inflow of 67.35 million yuan [2] - The trading data indicates that major stocks like Shanghai Jahwa and Lafang Jiahua had mixed net inflows and outflows from different investor types [3] - Shanghai Jahwa had a net inflow of 9.64 million yuan from institutional investors, while it faced outflows from retail investors [3]

Core Viewpoint - The company has announced a share buyback plan and provided updates on the conversion of its convertible bonds, indicating a strategic move to enhance shareholder value and manage capital structure [1][14]. Share Buyback Plan - The company approved a share buyback plan on December 30, 2025, with a total amount not less than RMB 80 million and not exceeding RMB 150 million, at a price not exceeding RMB 100 per share [15]. - The buyback period is set for 12 months from the date of the board's approval [15]. - As of December 31, 2025, the company has not yet initiated the buyback [16]. Convertible Bonds Conversion - As of December 31, 2025, a total of RMB 981,000 of the convertible bonds have been converted into 7,212 shares, representing 0.0026% of the company's total shares before conversion [3][11]. - The total amount of unconverted convertible bonds as of December 31, 2025, is RMB 750,732,000, accounting for 99.8695% of the total issuance [4][12]. - The conversion price of the convertible bonds has been adjusted multiple times, with the latest price being RMB 95.46 per share [5][10].

Group 1 - The company Proya announced on January 5 that as of December 31, 2025, it has not yet initiated a stock buyback program, but it plans to implement this buyback based on market conditions in the future [1] - The iMaotai App has surged to the top of the Apple shopping chart, with 100,000 users placing orders for the limited edition Feitian Moutai priced at 1499 yuan, which quickly sold out [1] - The company has reported that distributors are offering the same price as a promotional effort, with 1,000 boxes selling out rapidly [1]

二、 回购股份的进展情况 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2026-002 | | --- | --- | --- | | 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 关于股份回购进展公告 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： | 回购方案首次披露日 | 2025/12/31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 日~2026 | 年 | 12 | 月 | 30 | 年 | 12 | 月 29 日 | | 预计回购金额 | 8,000万元~15,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | | | | □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2026-003 | | --- | --- | --- | | 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 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 珀莱雅化妆品股份有限公司 董 事 会 2026 年 1 月 6 日 二、前十大无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件流通股 | | --- | --- | --- | --- | | | | | 比例（%） | | 1 | 侯军呈 | 136,739,037 | 34.53 | | 2 | 方玉友 | 59,625,258 | 15.06 | | 3 | 香港中央结算有限公司 | 10,572,574 | 2.67 | | 4 | 中国农业银行股份有限公司－中证 500 | 3,552,348 | 0.90 | | | 交易型开放式指数证券投资基金 | | | | 5 | 中国工商银行股份有限公司－中证主要 | 3,445,400 | 0.87 | | | 消费交易型开放式指数证券投资基金 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2026-001 | | --- | --- | --- | | 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 2025 年 12 月 31 日,累计共有人民币 981,000 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 7,212 股，占可转债 转股前公司已发行股份总额的 0.0026%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的珀莱转债金额为 人民币 750,732,000 元，占珀莱转债发行总量的 99.8695%。 本季度转股情况：自 2025 年 10 月 1 日至 2025 年 12 月 31 日期间，珀莱转 债转股的金额为人民币 6,000 元，因转股形成的股份数量为 6 ...

Core Viewpoint - Proya (603605.SH) has announced that as of December 31, 2025, the company has not yet initiated a stock buyback, but it plans to implement this buyback program based on market conditions in the future [1] Summary by Category - Company Actions - Proya has not commenced any stock buyback as of the specified date [1] - The company intends to evaluate market conditions before proceeding with the buyback plan [1]

Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion yuan, with domestic brands surpassing international brands in market share and consumer preference [1][2]. Group 1: High-Quality Development and New Productive Forces - The domestic cosmetics market retail sales are expected to reach 470 billion yuan by 2025, indicating a significant growth trajectory for the industry [2]. - New productive forces are essential for the high-quality development of the cosmetics industry, transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production efficiency and product consistency through automation and intelligent equipment, addressing quality control challenges [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - The past decade has seen a shift in the cosmetics manufacturing industry from experience-driven to data-driven processes, evolving through three stages: semi-automated, automated, and now data-driven intelligent stages [6]. - Leading brands like Han Shu and Pechoin have made significant investments in intelligent manufacturing, achieving production capacity increases and improved quality control [8][10]. - Domestic brands have made historical advancements in intelligent manufacturing, with automation rates rising from approximately 40% to levels comparable to international brands [10]. Group 3: R&D Innovation and Cost Management - R&D expenditure rates vary across different categories, with skincare products averaging 1.5%-5% and medical beauty products at 2%-5%, reflecting a focus on compliance and clinical data [21][23]. - Domestic brands like Han Shu and Pechoin have R&D personnel ratios comparable to international leaders, indicating strong R&D capabilities [24]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing [27][28]. Group 4: International Competitiveness of Domestic Brands - Domestic brands have achieved significant breakthroughs in the cosmetics sector, enhancing core competitiveness through new productive forces [31]. - Intelligent manufacturing has enabled micro-level quality control, establishing trust in product quality [33]. - The integration of AI and 5G technologies in manufacturing processes positions domestic brands at the forefront of global standards, driving high-quality development in the industry [33].

Core Insights - The global beauty industry is entering a transformation phase, with average growth slowing from 7% (2022-2024) to 5% (2025-2030), indicating a shift towards a more complex and segmented market focused on high-end and fragrance products [1][3][25]. Group 1: Major Corporate Movements - L'Oréal's acquisition of Kering's high-end beauty business for €4 billion is a significant event, expanding L'Oréal's presence in the luxury beauty and fragrance market while allowing Kering to focus on its core fashion business [1][5][11]. - L'Oréal has been active in the beauty capital market with six major global transactions this year, including acquisitions and minority investments, enhancing its portfolio in high-end and trendy markets [5][6][7][11]. - Estée Lauder is undergoing a restructuring plan to focus on high-end fragrances, with a new innovation center in Paris aimed at improving efficiency and product development [12][14]. Group 2: Market Trends and Dynamics - The beauty industry is witnessing a shift from product competition to capital and licensing restructuring, with leading groups focusing on mergers and acquisitions to strengthen their positions in luxury fragrances and high-end segments [3][4][25]. - The rise of domestic brands in China, such as Perfect Diary and Huaxizi, is attributed to the growing interest from Gen Z consumers and effective online marketing strategies, leading to a 10.1% year-on-year growth in the beauty market [18][19][25]. - The trend towards high-end and fragrance products is becoming a growth highlight, with luxury fragrances showing nearly 10% business growth, indicating consumers' willingness to pay for premium beauty experiences [26][29]. Group 3: Strategic Adjustments by Companies - Shiseido is implementing a two-year action plan to rebuild profits through cost-cutting and operational efficiency, successfully turning a previous loss into a profit in its latest financial report [14][15]. - Coty faces significant risks due to the impending expiration of its Gucci licensing agreement in 2028, prompting a strategic review and a focus on fragrance business growth [15][25]. - Consumer goods giants like Unilever and Procter & Gamble are steadily expanding their beauty and personal care segments, with Unilever acquiring several natural and functional brands to enhance its portfolio [17][25]. Group 4: Future Industry Trends - The beauty industry is expected to see continued acceleration in mergers and asset restructuring, with both global giants and local brands adapting to market fluctuations [25][26]. - Digitalization and technological advancements are becoming key competitive factors, with brands leveraging AI and online channels to enhance customer engagement and product offerings [27][29]. - The overall transformation in the beauty industry is characterized by a focus on high-end products, technological innovation, and global expansion, with domestic brands poised to lead in the international market [25][29].