Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a target price of HKD 32.00, with a current market value of USD 24.8 billion and a PE ratio of 19.01[5] - 零跑汽车 (Leap Motor) is rated as a buy with a target price of HKD 80.00, showing a potential upside of 35%[5] - 极兔速递 (J&T Express) has a target price of HKD 58.00, with a market value of USD 11.7 million and a PE ratio of 11.7[5] Group 2: Performance Overview - The basket of 25 stocks listed in the previous report had an average return of -3.9%, compared to the MSCI China Index return of -3.6%[10] - Out of the 25 stocks, 11 stocks outperformed the benchmark index[10] - The report includes a total of 25 long positions, indicating a diverse investment strategy[10]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Education Sector**: Action Education (EMBA training) - **Hospitality Sector**: Shoulv Hotel - **Retail Sector**: Small Commodity City, Yonghui Supermarket - **Beauty Sector**: Proya, Winona - **Jewelry Sector**: Laopuhuangjin, Zhou Daxing - **Food and Beverage Sector**: Mixue Group Core Insights and Arguments Education Sector - Action Education's performance improved in Q3 after a challenging Q2 due to US-China trade tensions, with expected annual revenue exceeding 300 million and a valuation of 15-16 times earnings, alongside a dividend yield over 6% [1][2] - The company's "Hundred Schools Plan" is anticipated to contribute over 10% to revenue growth next year [1] Hospitality Sector - Shoulv Hotel showed continuous improvement in data, with a target of 2.6 million rooms and an expected annual performance of 900 million, valued at 17-18 times earnings this year and 16 times next year [1][2] Retail Sector - Small Commodity City exceeded expectations with Q3 net profit over 1.7 billion, raising annual profit forecasts to 4.7-4.8 billion, with a valuation of 16-17 times [1][4] - Yonghui Supermarket is stabilizing daily sales after store adjustments, with expectations of reduced losses or profitability next year, supported by self-owned product growth [1][4] Beauty Sector - The beauty sector is benefiting from the Double Eleven shopping festival, with Proya and Winona showing strong sales performance. Proya's valuation is expected to be no more than 20 times in 2025 and 16-17 times in 2026 [1][5][6] Jewelry Sector - Laopuhuangjin is experiencing significant growth, with a projected annual increase of at least 50% and a valuation of under 30 times, expected to grow at least 30% next year with a valuation around 20 times [1][9] - The brand is expanding its presence in overseas markets, with plans to enter Japan by 2026 [10] Food and Beverage Sector - Mixue Group's same-store sales decreased by 7% month-on-month but increased by 6% year-on-year, with expectations of growth as external factors stabilize [11][12] Other Important but Possibly Overlooked Content - The overall consumer sector is currently underperforming, but there are still quality low-priced stocks worth considering [2] - The beauty sector's performance during the Double Eleven festival indicates strong consumer interest, particularly in leading brands [5] - Laopuhuangjin's competitive advantages include strong brand recognition in lower-tier cities and effective management of store openings and closures [7][9] - Yonghui Supermarket's adjustments and self-owned product development are crucial for its recovery and future growth [4][8]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the commencement of the Double 11 e-commerce promotion, emphasizing a trend of simplifying promotional strategies, extending sales cycles, and seeking new growth avenues. This shift allows consumer demand to take precedence and encourages brands to focus on long-term value building [23][24] - The report identifies a significant increase in the performance of domestic brands during the Double 11 event, with a notable presence in the beauty and skincare categories, indicating that domestic brands are no longer just supplementary to international brands [25][29] Summary by Sections Retail Market Review - The retail industry index closed at 2277.78 points, down 0.45%, outperforming the Shanghai Composite Index, which fell by 1.47% [5][12] - The supermarket sector showed the highest increase this week, with a growth rate of 1.75% [15][18] - Year-to-date, the jewelry sector has led with a growth of 30.14% [15][18] Retail Perspectives - The Double 11 e-commerce promotion has officially started, with key trends including simplification of promotional strategies, extended sales cycles, and strategic exploration for new growth [23][24] - Domestic brands are increasingly strengthening their market presence, with significant sales performance noted in live-streaming events [25][29] Investment Recommendations - Investment focus areas include: 1. **Gold and Jewelry**: Recommend brands with differentiated product offerings and consumer insights, such as Laopuhuang and Chaohongji [30][32] 2. **Offline Retail**: Highlighting companies that adapt to trends, such as Yonghui Supermarket and Aiyingshi [30][32] 3. **Cosmetics**: Emphasizing strong domestic brands during the Double 11 event, including Porcelain and Maogeping [30][32] 4. **Medical Aesthetics**: Focusing on companies with differentiated product lines, such as Aimeike and Kedi-B [30][32]

Core Viewpoint - Proya's plan for listing in Hong Kong has moved from the preparatory stage to substantial progress, with funds raised intended for R&D, product innovation, and global expansion [2][3] Group 1: Company Developments - Proya has appointed Jin Chang as the new financial officer, who previously worked at L'Oreal [2][4] - The company has experienced frequent changes in its executive team over the past two years, which is linked to the transition to a younger leadership and a focus on digitalization [2][4] - Proya's recent announcements detail the specifics of its H-share issuance, marking a significant step in its Hong Kong listing process [2][3] Group 2: Financial Performance - Since its listing in 2017, Proya's market value has doubled, and it has rapidly expanded its market share, becoming the first domestic beauty brand to enter the "100 billion club" [5] - Proya's revenue figures from 2021 to 2024 show consistent growth: 46.33 billion, 63.86 billion, 89.05 billion, and 107.8 billion, with year-on-year growth rates of 23.47%, 37.82%, 39.45%, and 21.04% respectively [5] - The company's net profit has also seen significant increases, with figures of 5.76 billion, 8.17 billion, 11.94 billion, and 15.52 billion for the same years, reflecting growth rates of 21.03%, 41.88%, 46.06%, and 30.00% respectively [5] Group 3: Market Strategy - Proya's success is attributed to its strategic positioning and strong product innovation, capitalizing on the rise of domestic brands and e-commerce opportunities [3][5] - The company has effectively utilized a "big product strategy" and has established deep ties with leading influencers to enhance its e-commerce operations [3][4] - Proya's sales strategy remains focused on online channels, with significant growth in direct sales, which accounted for 72.9% of its main business revenue [6] Group 4: Challenges and Recommendations - Proya faces challenges with slowing growth rates, particularly in skincare sales, and increasing sales expenses, which reached 26.59 billion in the first half of the year [6][7] - The reliance on online channels poses risks related to rising traffic costs and platform rule changes, suggesting a need for diversification in sales strategies [7] - Recommendations for Proya include increasing investment in foundational R&D, enhancing brand value through innovation, and exploring new markets and customer segments [7]

Core Insights - HuazhiXiao, a domestic cosmetics brand, has successfully completed a Series B financing round exclusively funded by Proya, a leading Chinese beauty company, with Chishan Capital serving as the long-term exclusive financial advisor. The funds will be used for global expansion, supply chain integration, and content innovation [1][4] Group 1: Company Overview - Established in 2016, HuazhiXiao has quickly become one of the most favored makeup brands among Generation Z consumers, thanks to its unique aesthetic and highly content-driven operational approach [2] - The brand is set to launch its third new product series of the year this September, further enhancing its product offerings [1] Group 2: Strategic Partnerships and Investments - In 2024, HuazhiXiao will introduce a long-term partnership with Shanghai Zhenchen Cosmetics Co., Ltd., a leading local cosmetics OEM, which has been its largest manufacturing partner. This partnership aims to enhance supply chain efficiency and stability [4] - The exclusive investment from Proya marks a significant strategic endorsement for HuazhiXiao, following its equity restructuring and the introduction of industrial capital in 2024 [4] Group 3: Market Expansion and Performance - HuazhiXiao has seen significant growth in both domestic and international markets, with its overseas influence rising as its official overseas account has attracted over 3 million followers, making it one of the most influential Chinese makeup brands globally [5] - The brand has successfully entered the U.S. retail market through Urban Outfitters, becoming the first domestic makeup brand to penetrate mainstream U.S. retail channels, achieving record sales within three months [5] - By 2024, HuazhiXiao's overseas revenue exceeded 100 million RMB, with the U.S. market surpassing Japan to become its largest overseas market [5] - The brand anticipates annual revenue to exceed 1 billion RMB by 2025, driven by successful product launches and an expanding product matrix [5] Group 4: Future Plans - The CEO of HuazhiXiao expressed the brand's commitment to creating a dreamy and surprising makeup world for consumers globally, emphasizing the importance of funding and industry support for faster supply chain integration, product development, and international expansion [6] - Plans for 2025 include opening large pop-up stores overseas and entering more influential U.S. cosmetics retail channels for deeper collaboration [6]

Core Viewpoint - The article emphasizes that Proya is advancing its globalization strategy and gaining recognition in the international beauty market through a focus on technological innovation and long-term commitment [3][4]. Group 1: Globalization Strategy - Proya is positioned as China's first 10 billion beauty company, steadily progressing in its globalization strategy and establishing a presence in the global beauty technology forefront [4]. - The company showcased its global innovation strategy and latest research achievements at the Cosmetic 360 exhibition, signaling its commitment to international expansion [4][5]. Group 2: Technological Innovation - Proya has developed an AI-driven SaaS platform that provides comprehensive solutions for the cosmetics industry, significantly shortening R&D cycles and reducing trial-and-error costs [6]. - The company has integrated AI technology to enhance efficiency in product development, achieving a 50% increase in overall efficiency through the analysis of vast amounts of research literature [8]. Group 3: Research and Development - Proya has established a global R&D framework, including centers in Hangzhou, Shanghai, and Europe, focusing on basic research, application research, and clinical studies [20][21]. - The company has a dedicated team of 389 R&D personnel and has obtained 240 authorized patents, reinforcing its technological capabilities in key areas such as skin anti-aging and green materials [23]. Group 4: Product Innovation - Proya's Ruby Series 3.0, featuring the patented peptide ingredient "Peptide-161," represents a significant breakthrough in anti-aging ingredients, having been approved by the National Medical Products Administration [13][14]. - The Off&Relax series introduces advanced technologies for scalp care, including high molecular magnetic technology to effectively combat harmful bacteria [13]. Group 5: Future Outlook - Proya aims to rank among the top ten global cosmetics companies within the next decade, driven by its dual focus on consumer insights and global technological collaboration [23]. - The company's participation in major international events reflects its strategic positioning and commitment to innovation in the global beauty industry [19].

珀莱雅化妆品股份有限公司 2025年第二次临时股东会 会议资料 2025年10月 珀莱雅化妆品股份有限公司 2025 年第二次临时股东会会议资料 珀莱雅化妆品股份有限公司 2025 年第二次临时股东会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保珀莱雅化妆品股份有限公司（以下简称"公 司"）2025 年第二次临时股东会的顺利召开，依据中国证券监督管理委员会《上 市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》和《公司章 程》的规定，认真做好召开股东会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 下同）的合法权益，除出席会议的股东、公司董事、高级管理人员、公司聘请的 律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 四、出席会议的股东须在会议召开前 15 分钟到达会议现场向董事会办公室办 理签到手续，并请按规定出示股票账户卡、持股凭证、身份证或法人单位证明 ...

Core Insights - The 2025 Tmall "Double 11" pre-sale event commenced on October 15, with 35 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's performance [1][3] - This year, platforms are focusing on simplifying discount rules and providing direct subsidies to consumers, rather than emphasizing absolute low prices, to enhance shopping experiences and accelerate purchase decisions [1][8] Sales Performance - In the first hour of the pre-sale, 1,802 brands saw sales double year-on-year, with the number of brands exceeding 100 million yuan and active user numbers also surpassing last year [3] - Notable brands that entered the "billion yuan club" include Fila, Proya, SK-II, and Nike [3] - The beauty category showed rapid growth, with several brands breaking the 100 million yuan mark within minutes of the pre-sale start [5] Live Streaming and Consumer Engagement - The number of users placing deposits through Taobao Live saw double-digit growth, with the number of live streaming rooms exceeding last year's figures [6] - Key live streaming hosts like Li Jiaqi experienced over 45% growth in visitor numbers during the first hour [6] Category Performance - Categories such as beauty, maternal and infant products, fashion, and food performed exceptionally well, with some categories seeing growth rates close to 80% [6] - The first day of Taobao Flash Sales recorded over 200% growth in night snack orders across 270 cities, with supermarket and convenience store orders increasing by 670% [6] AI Integration in E-commerce - This year's "Double 11" event features a significant integration of AI technology to enhance operational efficiency and user experience across platforms [8][9] - Platforms are offering free access to AI tools for merchants, covering various aspects of the e-commerce process, including content generation and customer service [9]

Core Insights - The 2025 Tmall "Double 11" pre-sale event commenced on October 15, with 35 brands achieving over 100 million yuan in sales within the first hour, surpassing last year's performance [1][2] - The focus of this year's promotions shifted from "absolute low prices" to simplifying discount rules and directly subsidizing consumers, enhancing shopping experiences and accelerating purchase decisions [1][6] Sales Performance - In the first hour of the pre-sale, 1,802 brands saw their sales double year-on-year, with the number of brands exceeding 100 million yuan also increasing compared to last year [2] - Notable brands that entered the "billion yuan club" include Fila, Proya, SK-II, Adidas, and Nike [2] - The beauty category experienced rapid growth, with several brands breaking the 100 million yuan mark within minutes of the pre-sale start [4] Live Streaming and Consumer Engagement - The number of users placing deposits through Taobao Live saw double-digit growth, with the number of live streaming rooms exceeding last year's figures [5] - Key categories such as beauty, maternity, fashion, and food showed significant performance, with some categories experiencing growth of nearly 80% [5] Collaboration and New Variables - Tmall and Taobao Flash Sale collaborated closely, with 37,000 brands and 400,000 brand stores participating, covering various sectors including electronics and beauty [5] - Brands utilizing the flash sale service reported a year-on-year sales increase of over 290% on the first day of pre-sale [5] AI Integration in E-commerce - This year's "Double 11" event saw platforms leveraging AI technology to enhance services for merchants and consumers, improving operational efficiency and user experience [6][7] - AI tools were made freely available to merchants, covering the entire store operation process, including graphic design, product launches, live streaming, and customer service [7] - The industry is transitioning from a "traffic-driven" model to an "intelligent-driven" model, with significant improvements in content generation, smart recommendations, and logistics management due to AI advancements [7]

Group 1 - The core event is the launch of the 2025 Tmall Double 11 pre-sale on October 15, which saw significant sales performance in the first hour, with 35 brands achieving over 100 million in sales and 1802 brands doubling their sales compared to the same period last year [1] - Notable brands that entered the "100 million club" include Fila, Proya, Shiseido, L'Oreal, SK-II, Adidas, Anta, Camel, Nike, Roborock, and Fresh [1] - The beauty category experienced rapid growth, with Proya reaching 100 million in sales within 1 minute, Estee Lauder in 2 minutes, Lancôme in 3 minutes, and several other brands following suit within minutes [1] Group 2 - Within 15 minutes, Shiseido's AGE cream became the first beauty product to surpass 100 million in sales, and by the 4-hour mark, 14 beauty products had achieved this milestone [1]