C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | --- | --- | --- | --- | --- | |----------------------------------------------------------------|------------|------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

买入(维持评级) 珀莱雅 (603605.SH) 公司点评 证券研究报告 业绩继续超预期，大单品+品牌矩阵 引领高质增长 业绩简评 公司 8 月 27 日公告 2Q24 营收/归母净利润/扣非净利润 . 28.2/3.99/3.87 亿元、同比+40.6%/+36.8%/+37.8%，收入增 速仍环比提升、利润保持快增。1H24 经营性净现金流同比- 44%,主要系 618活动周期提前致货款+销售费用支付提前。 经营分析 ■ 经营质量保持优异,流量成本上升、行业竞争加剧下 Q2 收 入快速增长的同时盈利能力稳定。2Q24 毛利率 69.6%、同比 -1.3PCT、环比-0.5PCT,主要系 618 折扣力度加大、达播占 比提升；销售费用同比+2.9PCT 至 46.7%（系达播占比提升 且坑位费上升+抖音投入产出比咯下降)、环比-0.1%;管理 费用率同比-2PCT 至 2.8%(系股权激励费用减少);归母净 利率 14.1%、同比-0.4PCT、环比+0.3PCT。 √ 主品牌珀莱雅/彩票/OR 延续靓丽增长,悦芙姆增长稳健。 1H24 珀莱雅营收 39.8 亿、同比+38%,大单品矩阵势能持续 释放,套组 ...

珀莱雅（603605.SH） 优于大市 上半年归母净利同比增长 40%，进一步夯实国货美妆龙头地位 核心观点 公司研究·财报点评 | --- | --- | |-------------------------------------------------|-----------------------------------------------------------| | 美容护理·化妆品 | | | 证券分析师：张峻豪 | 证券分析师：孙乔容若 | | 021-60933168zhangjh@guosen.com.cnS0980517070001 | 021-60375463 sunqiaorongruo@guosen.com.cn S0980523090004 | | 基础数据投资评级 | 优于大市(维持) | | 合理估值 | | | 收盘价总市值/流通市值 | 84.65元 33586/33420百万元 | | 52 周最高价/最低价近3 个月日均成交额 | 117.50/75.01元 204.83百万元 | | 市场走势 | | 底等重磅新品，带动业绩持续增长。OR 品牌上半年实现收入 1 ...

独立章事提名人声明与承诺 提名人珀莱雅化妆品股份有限公司董事会,现提名马冬明先 生为珀莱雅化妆品股份有限公司第四届董事会独立董事候选人. 并已充分了解被提名人职业、学历、职称、详细的工作经历、全 部兼职、有无重大失信等不良记录等情况。被提名人已同意出任 珀莱雅化妆品股份有限公司第四届董事会独立董事候选人(参见 该独立董事候选人声明)。提名人认为,被提名人具备独立董事 任职资格,与珀莱雅化妆品股份有限公司之间不存在任何影响其 独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定: (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用): (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定: ( ...

珀莱雅化妆品股份有限公司 章 程 2024 年 8 月 | 第一章 总 则 3 | | | | --- | --- | --- | | 第二章 经营宗旨和范围 4 | | | | 第三章 股 份 4 | | | | 第一节 股份发行 4 | | | | 第二节 股份增减和回购 6 | | | | 第三节 股份转让 8 | | | | 第四章 股东和股东大会 9 | | | | 第一节 股东 9 | | | | 第二节 股东大会的一般规定 11 | | | | 第三节 股东大会的召集 14 | | | | 第四节 股东大会的提案和通知 16 | | | | 第五节 股东大会的召开 17 | | | | 第六节 股东大会的表决和决议 20 | | | | 第五章 董事会 25 | | | | 第一节 董 事 25 | | | | 第二节 董 会 | 事 | 29 | | 第六章 总经理及其他高级管理人员 34 | | | | 第七章 监 事 会 36 | | | | 第一节 监 事 36 | | | | 第二节 监 事 会 36 | | | | 第八章 财务会计制度、利润分配和审计 38 | | | | 第一节 ...

(一)《中华人民共和国公司法》关于董事任职资格的规定; 独立董事候选人声明与承诺 本人葛伟军,已充分了解并同意由提名人珀莱雅化妆品股份 有限公司董事会提名为珀莱雅化妆品股份有限公司第四届董事 会独立董事候选人。本人公开声明,本人具备独立董事任职资格, 保证不存在任何影响本人担任珀莱雅化妆品股份有限公司独立 董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、部门规章及其他规范性文件,具有5年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证 明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退(离)休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定(如适用); l (五)中共中 ...

国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 2022 年限制性股票激励计划 回购价格调整及回购注销部分限制性股票 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二四年八月 珀莱雅化妆品股份有限公司 2022 年限制性股票激励计划 回购价格调整及回购注销部分限制性股票 之 法律意见书 致：珀莱雅化妆品股份有限公司 根据珀莱雅化妆品股份有限公司（以下简称"珀莱雅"或"公司"）与国浩 律师（杭州）事务所（以下简称"本所"）签订的法律服务委托协议，本所接受 珀莱雅的委托，担任公司 ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥5,001,465,470.72, representing a 37.90% increase compared to ¥3,626,991,878.22 in the same period last year[13]. - Net profit attributable to shareholders was ¥701,671,374.89, up 40.48% from ¥499,493,997.71 year-on-year[13]. - The net profit after deducting non-recurring gains and losses was ¥678,996,518.33, reflecting a 41.78% increase from ¥478,891,852.27 in the previous year[13]. - The basic earnings per share increased to ¥1.78, a rise of 42.40% compared to ¥1.25 in the same period last year[14]. - The weighted average return on net assets was 15.34%, an increase of 2.05 percentage points from 13.29% year-on-year[14]. - The company's operating revenue for the first half of 2024 reached ¥5,001,465,470.72, a 37.90% increase compared to ¥3,626,991,878.22 in the same period last year[44]. - Operating costs increased by 41.14% to ¥1,509,530,495.30, up from ¥1,069,489,813.93, primarily due to the rise in operating revenue[44]. - Sales expenses rose by 48.08% to ¥2,339,661,922.31, accounting for 46.78% of operating revenue, compared to 43.56% in the previous year[44]. - The net profit attributable to shareholders was 7.02 billion CNY, reflecting a year-on-year increase of 6.79%[29]. - The sales gross margin was 69.82%, slightly down from 69.93% in the previous year[29]. Cash Flow and Investments - The net cash flow from operating activities was ¥662,102,794.39, down 43.95% from ¥1,181,268,072.03 in the previous year[13]. - The company invested ¥193,194,272.98 in investment activities, a significant recovery from a negative cash flow of ¥102,775,712.36 in the previous year[44]. - The net cash flow from operating activities decreased by 43.95% to ¥662,102,794.39, down from ¥1,181,268,072.03[44]. - The net cash flow from investing activities was ¥214,330,731.25, a recovery from a negative cash flow of ¥105,067,648.22 in the first half of 2023[128]. - Cash flow from financing activities showed a net outflow of ¥507,818,796.56, worsening from a net outflow of ¥251,713,383.73 in the same period last year[129]. Market and Sales Strategy - The company is focusing on a 6*N strategy to enhance its operational management and explore overseas market opportunities[24]. - The online sales channel is primarily operated through direct sales on platforms like Tmall and Douyin, while offline sales are managed through distributors[21]. - The company aims to enhance its brand matrix by developing a second-tier brand and optimizing its core product offerings[24]. - Direct sales accounted for 74.56% of total revenue, amounting to 3.724 billion yuan, with a growth of 40.01% compared to the same period last year[26]. - Distribution sales reached 0.956 billion yuan, showing a significant increase of 42.52% year-on-year[26]. Research and Development - The company has established partnerships with several universities and research institutions to strengthen its R&D capabilities[21]. - The R&D expense ratio was 1.89%, with the parent company reporting a rate of 3.82% for H1 2024[29]. - The company applied for 22 new patents during the reporting period, including 16 invention patents and 6 utility model patents, bringing the total number of authorized invention patents to 125[41]. - The company published 10 group standards during the reporting period, contributing to the establishment of industry benchmarks and enhancing its research capabilities[41]. Corporate Governance and Compliance - The company has committed to limit share transfers by directors and senior management to no more than 25% of their total holdings annually during their tenure[65]. - The lock-up period for shares held by senior management is set for 12 months post-IPO, with a strict adherence to transfer limits thereafter[67]. - The company will publicly disclose any failure to adhere to share transfer commitments and provide reasons for such failures[69]. - The company has established a plan to stabilize stock prices, which will be activated under certain conditions, ensuring investor protection[69]. - The company reported a commitment to limit share transfers by directors and senior management to no more than 25% of their total holdings annually during their tenure[65]. Environmental Initiatives - The company is actively working on environmental initiatives, including the "zero direct discharge" rainwater project at its Huzhou production base[61]. - The Huzhou production base has implemented a "zero direct discharge" rainwater transformation project, enhancing its environmental sustainability efforts[42]. - Proya launched the "Bottle Recycling Program" in collaboration with the sustainable brand "物与再生" during the May holiday, promoting sustainable living practices among users[32]. Future Outlook - The company has outlined a future outlook with a projected revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion strategies[80]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[81]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance the company's market position and increase overall sales by 15%[79]. Shareholder Information - The total number of ordinary shareholders reached 19,292 by the end of the reporting period[96]. - The company issued 7,517,130 convertible bonds with a total value of RMB 75,171.30 million, which began trading on January 4, 2022[95]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 136,739,037 shares, accounting for 34.46% of the total[97]. - The company repurchased 2,210,825 shares, which is 0.56% of the total share capital[98]. Financial Position - As of June 30, 2024, the company's total assets amounted to ¥7,362,862,729.83, with total liabilities of ¥2,748,031,045.60, resulting in a debt-to-asset ratio of 37.32%[110]. - The company's long-term credit rating is "AA" with a stable outlook, as confirmed by the rating agency on June 13, 2024[110]. - The company's total equity attributable to shareholders at the end of June 2024 was CNY 3,409,592,455.81, reflecting a solid financial position[145]. - The company’s total liabilities at the end of June 2024 were CNY 2,553,216,065.97, reflecting a manageable debt level[141].

独立董事候选人声明与承诺 本人马冬明,已充分了解并同意由提名人珀莱雅化妆品股份 有限公司董事会提名为珀莱雅化妆品股份有限公司第四届董事 会独立董事候选人。本人公开声明,本人具备独立董事任职资格, 保证不存在任何影响本人担任珀莱雅化妆品股份有限公司独立 董事独立性的关系,具体声明并承诺如下: 一、本人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、部门规章及其他规范性文件,具有5年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定: (二)《中华人民共和国公务员法》关于公务员兼任职务的 规定(如适用): (三)中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退(离)休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定(如适用): (五)中共中央组织 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-042 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 特此公告。 珀莱雅化妆品股份有限公司 监 事 会 2024 年 8 月 28 日 《公司章程》等相关规定，公司于 2024 年 8 月 26 日在公司会议室召开了职工代 表大会，经与会职工代表审议，一致同意选举方琴女士为公司第四届监事会职工 代表监事（简历见附件）。方琴女士将与公司 2024 年第一次临时股东大会选举产 生的两名非职工代表监事共同组成公司第四届监事会，任期与第四届监事会一致。 上述职工代表监事符合《公司法》、《公司章程》等法律法规关于监事任职的 资格和条件，并将按照《公司法》、《公司章程》的有关规定行使职权。 附件：职工代表监事简历。 珀莱雅化妆品股份有限公司 关于选举第四届监事会职工代表监事的公告 本公司监事会及全体监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"）第三届监事会即将届满， 为保证监事会的 ...