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]

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of restricted stock, and the conversion price of the "Pola Convertible Bond" remains unchanged at 95.46 yuan per share due to the small proportion of shares repurchased [2][8][11]. Group 1: Stock Repurchase and Cancellation - The company repurchased and canceled 29,344 shares of restricted stock due to the departure of three incentive plan participants who no longer met the incentive conditions [4][11]. - The repurchase and cancellation were approved during the board and supervisory board meetings held on August 25, 2025 [11][12]. - The completion of the repurchase and cancellation was confirmed by the China Securities Depository and Clearing Corporation on November 18, 2025 [5][12]. Group 2: Convertible Bond Conversion Price - The initial conversion price of the "Pola Convertible Bond" was set at 195.98 yuan per share, with a total issuance of 7,517,130 bonds, amounting to 75,171.30 million yuan [2][3]. - The conversion price was calculated based on the formula provided in the prospectus, but due to the small number of shares repurchased, the conversion price remains unchanged at 95.46 yuan per share [7][8]. - The adjustment of the conversion price is in accordance with the relevant provisions of the company's prospectus and regulatory requirements [6][8].

根据《中华人民共和国公司法》等相关法律、法规的规定，公司已就上述股 份回购注销事项履行了通知债权人程序，具体内容详见公司于 2025 年 8 月 27 日披露的《关于回购注销部分限制性股票通知债权人的公告》（公告编号： 2025-050）。在前述公告约定的申报时间内，公司未收到相关债权人向公司提出 清偿债务或者提供相应担保的要求。 2025 年 11 月 14 日，公司披露了《关于 2022 年限制性股票激励计划部分限 制性股票回购注销实施公告》（公告编号：2025-074），本次回购注销股权激励限 制性股票数量为 29,344 股。 二、本次股权激励限制性股票回购注销情况 近日，公司收到了中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，本次回购注销的股权激励限制性股票已过户至公司开立的回购 | | | 珀莱雅化妆品股份有限公司 关于部分股权激励限制性股票回购注销完成的公告 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。 一、本次股权激励限制性股票回购注销的决策与信息披露 2025 年 8 月 25 日，珀 ...

| | | 珀莱雅化妆品股份有限公司 关于部分限制性股票回购注销实施完成 暨不调整"珀莱转债"转股价格的公告 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： 调整前转股价格：95.46 元/股 调整后转股价格：95.46 元/股，因本次限制性股票回购注销数量占珀莱 雅化妆品股份有限公司（以下简称"公司"）总股本比例较小，经计算并四舍五 入，本次回购注销完成后，珀莱转债转股价格未发生变化。 经中国证券监督管理委员会《关于核准珀莱雅化妆品股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]3408 号）核准，并经上海证券交易所 同意，公司向社会公开发行可转换公司债券 7,517,130 张。公司于 2021 年 12 月 8 日公开发行了 7,517,130 张可转换公司债券，每张面值 100 元，发行总额 75,171.30 万元，并于 2022 年 1 月 4 日在上海证券交易所上市交易，债券简称 "珀莱转债"，债券代码"113634"。珀莱转债的存续时间为 2021 年 12 月 8 日至 20 ...