Core Points - The company announced the completion of changes to its registered capital and the cancellation of its supervisory board, along with amendments to its articles of association and business registration [2] Group 1 - The company held its fourth board meeting and the first extraordinary general meeting on August 25 and September 11, 2025, respectively, to review and approve the proposals [2] - The company has completed the business registration procedures for the aforementioned matters and has obtained a new business license from the Zhejiang Provincial Market Supervision Administration [2]

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].

Group 1 - The core viewpoint of the article is that the IPO market for consumer companies in Hong Kong is expected to become active again in 2025, following a period of slowdown due to various regulatory and economic factors [2][3] - Since 2021, the capital market for consumer companies has faced challenges due to US-China trade tensions and a regulatory focus on "hard technology," leading to a significant slowdown in the capitalisation process for consumer enterprises [2][3] - In June 2024, a joint announcement by six government departments in China aimed to support quality consumer enterprises in financing through IPOs, which has led to a resurgence in consumer market confidence and activity [2][3] Group 2 - According to PwC data, 34% of new companies listed on the Hong Kong stock exchange in the first half of 2025 were in the retail, consumer goods, and services sectors [4] - From January to October 2025, at least 15 consumer companies successfully listed on the Hong Kong Stock Exchange, covering various sub-sectors such as beverages, food, and personal care [4][6] - The listing pace of consumer companies on the Hong Kong Stock Exchange has accelerated significantly in 2025, with multiple companies going public in concentrated periods throughout the year [6] Group 3 - The food and beverage sector remains the hottest area for IPOs, with companies like Mixue Ice City and Gu Ming representing successful capitalisation in the ready-to-drink beverage market [7] - Despite the overall enthusiasm for consumer stocks, the beauty sector has seen a lack of successful IPOs, with only one company, Yingtong Holdings, managing to list in 2025 [8][9] - As of October 30, 2025, 20 domestic beauty-related companies have initiated the IPO process, with many choosing the Hong Kong Stock Exchange as their primary listing venue [12] Group 4 - The beauty industry faces challenges in successfully listing on the Hong Kong Stock Exchange, with only a few companies completing the process despite a high number of applications [13][14] - Factors contributing to the difficulties include high competition for IPO slots and the need for companies to meet stringent financial and operational criteria set by the exchange [14][15] - Many beauty companies exhibit low R&D investment relative to industry averages, which may hinder their long-term growth potential and ability to sustain cash flow [16][17]

Industry Overview - The cosmetics and medical beauty sector has shown stronger performance than the market, with the Shenwan Beauty Care Index declining by 4.5% from November 14 to November 21, 2025, outperforming the Shenwan A Index by 1.9 percentage points [3][4] - The cosmetics sales are expected to gradually decline as the peak shopping season ends, with domestic brands actively preparing new products for the off-season [9][10] Key Insights - The 2026 cosmetics and medical beauty strategy report indicates that brand growth is crucial, with upstream and downstream margins improving. Domestic brands are expected to grow against the trend during the industry consolidation phase [10][11] - The National Medical Products Administration has introduced 24 reform measures aimed at enhancing the regulatory framework for cosmetics, promoting high-quality industry development [26] Company Focus - Qingmu Technology (301110) is highlighted as a full-domain operation service expert, leveraging data and technology to drive growth. The company has established a strong brand matrix across various sectors, including fashion and beauty [15][16] - Investment recommendations include brands with strong channel and brand matrices such as Maogeping, Shangmei Co., and Proya, as well as companies in the medical beauty sector like Aimeike [12][14] Market Trends - The retail sales of cosmetics in October 2025 grew by 9.6%, driven by the Double 11 shopping festival, with a total retail sales of 381.3 billion yuan for cosmetics in the first ten months of 2025, reflecting a 4.6% year-on-year increase [21][23] - The domestic market for skincare products is expected to see further growth, with domestic brands gaining market share due to their competitive pricing and localized strategies [31][34]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting robust demand and the continued rise of domestic brands [2]. Core Insights - The beauty care industry is experiencing a stable demand phase, with domestic leading brands expected to grow during the industry consolidation period [3]. - The cosmetics sector showed resilience during the off-peak season, with retail sales reaching 98.2 billion yuan from July to September, reflecting a single-digit year-on-year growth and an acceleration compared to the first half of 2025 [2][3]. - The report emphasizes the strong performance of domestic brands during the Double 11 shopping festival, with Proya ranking first in Tmall's beauty sales [2][11]. Summary by Sections Cosmetics Sector Performance - The cosmetics sector's key A-share companies reported an average revenue growth rate of around 3% in Q3 2025, with overall improvement in net profit [2]. - Proya's cumulative revenue for the first three quarters of 2025 was 7.098 billion yuan, a year-on-year increase of 1.89%, while its Q3 revenue was 1.736 billion yuan, down 11.63% year-on-year [16]. - Other notable performances include: - Ruifucheng: Q1-Q3 revenue of 2.138 billion yuan, up 85.3% year-on-year, with Q3 revenue of 819 million yuan, up 123.4% year-on-year [16]. - Marubi: Q1-Q3 revenue of 2.45 billion yuan, up 25.5% year-on-year, with Q3 revenue of 686 million yuan, up 14.28% year-on-year [16]. Medical Aesthetics Sector Performance - The medical aesthetics sector showed slight fatigue but experienced marginal improvements in Q3 2025 [2]. - Notable performances include: - Aimeike: Q1-Q3 revenue of 1.865 billion yuan, down 21.49% year-on-year, with Q3 revenue of 566 million yuan, down 21.27% year-on-year [2]. - Longzi: Q1-Q3 revenue of 4.328 billion yuan, up 0.9% year-on-year, with Q3 revenue of 1.539 billion yuan, up 11.9% year-on-year [2]. Investment Recommendations - The report recommends focusing on companies with a well-established channel and brand matrix, such as Maogeping, Shangmei, and Shanghai Jahwa, which are expected to see high GMV growth [2][20]. - Companies anticipated to show marginal improvements in performance include Proya, Marubi, and Ruifucheng [2]. - In the medical aesthetics sector, the report highlights Aimeike as a key recommendation, with Longzi suggested for further observation [2]. Market Trends - The domestic market share of leading brands is increasing, with the top ten domestic brands capturing 16.6% of the market share in skincare, up from 11.8% in 2023 [4]. - The report notes that the cosmetics retail sales in October 2025 grew by 9.6% year-on-year, indicating a recovery in demand driven by promotional events [10][11].

Investment Rating - The report maintains a positive outlook on the beauty and personal care industry, indicating a "Buy" rating for key players in the sector [2]. Core Insights - The demand side of the beauty industry is showing robust growth, with domestic brands gaining market share and performing well during promotional events like Double 11 [3][4]. - The overall performance of the cosmetics sector is mixed, with some companies showing strong growth while others face challenges [3][4]. - The report highlights the increasing market share of domestic brands, with significant improvements in their competitive positioning against international brands [5][9]. Summary by Sections Industry Overview - The beauty industry is entering a stable growth phase, with domestic leading brands expected to grow during the industry consolidation period [4]. - The retail sales of cosmetics reached 98.2 billion yuan from July to September, showing a high single-digit year-on-year growth, and continued strong performance in October with a growth rate exceeding 9% [3][4]. Company Performance - **Polaire**: For the first three quarters of 2025, Polaire reported a cumulative revenue of 7.098 billion yuan (up 1.89% year-on-year) and a net profit of 1.026 billion yuan (up 2.65%) [18]. - **Ru Yuchen**: The company achieved a revenue of 2.138 billion yuan (up 85.3% year-on-year) in the first three quarters, with a net profit of 105 million yuan (up 81.6%) [18]. - **Marubi**: Reported a revenue of 2.45 billion yuan (up 25.5% year-on-year) for the first three quarters, with a net profit of 240 million yuan (up 2.1%) [19]. - **Shanghai Jahwa**: Revenue for the first three quarters was 4.961 billion yuan (up 10.8% year-on-year), with a net profit of 405 million yuan (up 149%) [20]. Market Trends - The report notes that domestic brands are increasingly capturing market share, with the top ten domestic brands holding five spots and a combined market share of 16.6%, up from 11.8% the previous year [5]. - The cosmetic sector's gross margin continues to improve, although rising sales expenses are impacting net profit margins [3][4]. Investment Recommendations - Key recommendations include focusing on companies with strong channel and brand matrices, such as Mao Ge Ping and Shangmei, and those expected to see marginal improvements in performance, like Polaire and Marubi [3][4]. - In the medical beauty sector, companies with high barriers to entry and strong profitability, such as Aimeike, are highlighted as potential investment opportunities [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Viewpoint - Proya, a leading Chinese beauty brand, has submitted an application for H-share listing on the Hong Kong Stock Exchange after eight years of being listed on A-shares, despite facing challenges such as declining net profits [1][10]. Company Development - Proya was founded in 2003 by Hou Junchen and his brother-in-law Fang Youyou, launching its first brand in 2006 [2]. - The company went public on the Shanghai Stock Exchange in 2017, marking a significant milestone in its growth trajectory [2]. - Proya has expanded its brand portfolio from a single brand to multiple brands, including Proya, Yefuti, Kuirufu, Caitang, Yuansheng Bota, and Off&Relax, with four key brands projected to exceed 500 million yuan in retail sales by 2024 [2][3]. Market Position - Proya ranked 15th among domestic cosmetics groups in 2019, became the largest domestic cosmetics group in 2021, and is projected to rank 5th in 2024, maintaining its position as the top domestic cosmetics group for four consecutive years [3]. - In 2024, Proya became the first Chinese cosmetics group to surpass 10 billion yuan in sales revenue [3]. Sales Channels - The rapid growth in Proya's retail sales is attributed to its focus on online sales channels, which accounted for over 90% of revenue since 2022, reaching 95.4% in the first half of 2024 [4]. - Online direct sales made up 75.5% of total online revenue, while online distribution accounted for 19.6% [4]. Financial Performance - In Q3 2023, Proya reported revenue of 1.736 billion yuan, a year-on-year decline of 11.63%, with net profit dropping by 22.30% [14][15]. - The company's stock price has been on a downward trend, with a decline of over 12% since the beginning of the year [10]. Leadership Transition - In September 2024, Hou Yameng, born in 1988, succeeded Fang Youyou as the general manager, marking a generational shift in leadership [9]. - Under Hou Yameng's leadership, Proya aims to implement a "Double Ten" strategy to enter the top ten global cosmetics companies within the next decade [9]. IPO Objectives - Proya's H-share IPO aims to enhance global brand visibility, attract international investors, and support its international expansion strategy [16]. - The funds raised will be allocated to R&D, brand building, and digital transformation initiatives [16].

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]