证券日报网讯珀莱雅11月14日在互动平台回答投资者提问时表示，根据信息披露相关法律法规规定，公 司在定期报告中披露各报告期末股东总数信息，详情请查阅公司披露的定期报告。 （文章来源：证券日报） ...

Core Viewpoint - The company's stock price fluctuations are influenced by multiple factors, but its operational management activities are normal [1] Group 1 - The company is committed to enhancing information management to improve its core competitiveness and profitability [1] - The company aims to further increase its investment value and shareholder return capabilities [1]

（编辑 姚尧） 证券日报网讯 珀莱雅11月14日在互动平台回答投资者提问时表示，根据信息披露相关法律法规规定， 公司在定期报告中披露各报告期末股东总数信息，截至2025年9月30日，公司股东总数为84，093户，详 情可查阅公司披露的《2025年第三季度报告》。 ...

（编辑 姚尧） 证券日报网讯 珀莱雅11月14日在互动平台回答投资者提问时表示，公司管理层将持续勤勉尽责，认真 履行工作职责，做好经营管理工作，提升公司核心竞争力和盈利能力，推动公司可持续健康发展，努力 为股东创造更多价值，积极回报投资者。 ...

证券日报网讯珀莱雅（603605）11月14日在互动平台回答投资者提问时表示，公司重视研发建设，持续 以科技创新为核心驱动力，为技术和产业创新升级提供有力支持，完善全球研发体系建设，赋能产品创 新，持续提高品牌力、产品力、科技力。 ...

Market Overview - The cosmetics sector experienced a decline of 1.06% on November 14, with Bawei Co. leading the drop [1] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Individual Stock Performance - Notable performers included: - Jinsong New Material (300849) with a closing price of 16.28, up 0.74% [1] - Jiahen Home Care (300955) at 39.97, up 0.63% [1] - Furuida (600223) at 7.99, up 0.13% [1] - Stocks that declined included: - Bawei Co. (920123) at 17.68, down 3.49% [2] - Shuiyang Co. (300740) at 21.02, down 2.28% [2] - Shanghai Jahwa (600315) at 24.20, down 1.63% [2] Capital Flow Analysis - The cosmetics sector saw a net outflow of 75.29 million yuan from institutional investors, while retail investors had a net inflow of 58.41 million yuan [2] - The overall capital flow for individual stocks showed mixed results, with some stocks experiencing significant outflows from institutional investors [3] Detailed Capital Flow for Selected Stocks - Tian Cai Ya (603605) had a net inflow of over 10.27 million yuan from institutional investors, while it faced a net outflow of 20.13 million yuan from retail investors [3] - Jinsong New Material (300849) saw a net inflow of 4.11 million yuan from institutional investors but a net outflow of 4.36 million yuan from retail investors [3] - Jiahen Home Care (300955) experienced a net outflow of 3.05 million yuan from institutional investors, with a significant net inflow of 16.17 million yuan from retail investors [3]

Core Insights - The "Double 11" shopping festival serves as a significant window to observe new consumer trends, showcasing the rise of domestic brands in the e-commerce sector, particularly in beauty and fashion categories [1][2]. Group 1: Rise of Domestic Brands - Domestic brands are increasingly dominating sales on e-commerce platforms, with brands like Proya leading in beauty sales and nine out of the top ten clothing brands being Chinese [1]. - The success of domestic brands is attributed to a cultural and economic shift, reflecting national confidence and a transformation from "made in China" to "created in China" [2]. Group 2: Innovation and Quality Revolution - The rise of domestic consumption is linked to supply-side innovations and a quality revolution, moving away from the stereotype of low-quality products [2]. - Brands like Proya and Bosideng exemplify this shift, with Proya focusing on R&D and quality, while Bosideng combines technical expertise with fashionable design [2]. Group 3: Cultural Confidence and Consumer Identity - The resurgence of domestic brands is driven by a collective awakening of cultural confidence among younger consumers, particularly Generation Z, who are increasingly valuing local culture over Western brands [2][3]. - Brands such as Chi Xia and Sanji Heihua have rapidly grown, reflecting a desire among young consumers to connect with traditional Chinese culture [2]. Group 4: Understanding Consumer Needs - Domestic brands excel in understanding and innovatively expressing consumer needs, capturing subtle changes in local aesthetic preferences [3]. - Successful cases include the popularity of Palace Museum cultural products and the rise of brands like Li Ning and White Elephant Foods, which resonate emotionally with consumers [3]. Group 5: Supply Chain and Digital Marketing - The robust industrial system and efficient supply chain in China enable domestic brands to respond quickly to market changes, facilitating flexible production [3]. - Innovations in digital marketing, such as live-streaming and social media engagement, allow domestic brands to connect directly with consumers, enhancing brand narratives [3]. Group 6: Challenges Ahead - Despite rapid growth, domestic brands face challenges such as avoiding homogenization, transitioning from "hit products" to sustainable success, and building brand resilience [4]. - Continuous investment in R&D, deeper cultural understanding, and improved service systems are essential for domestic brands to maintain their market position [4]. Group 7: New Consumer Paradigm - The rise of domestic consumption reflects a shift in consumer behavior, where quality, design, cultural significance, and emotional value are prioritized over price [4]. - This transformation is reshaping market competition and driving the upgrade of Chinese manufacturing and cultural expression [4].

Group 1 - L'Oréal has dropped out of the top 10 beauty brands, with domestic brands gaining market share, particularly on platforms like Douyin, where domestic brands occupy 7 out of the top 10 spots [3][9] - The beauty market is experiencing a significant shift, with domestic brands like Han Shu and Proya leading, while international brands face pressure [3][9] - The cosmetic market is seeing a rise in niche segments, such as neck care, with brands like KAZOO and SDX emerging as notable players [3] Group 2 - The medical beauty market is projected to reach 370 billion by 2025, attracting beauty companies to diversify into this sector [4] - Companies like Juzhi Biotech have received NMPA approval for innovative collagen products, indicating increased competition in the collagen injection market [4] - Challenges in the medical beauty sector include high regulatory barriers and product homogenization, necessitating breakthroughs in technology for sustainable growth [4] Group 3 - The soap market is undergoing a transformation, with a shift towards high-end products priced between 10-20 yuan, driven by consumer demand for natural ingredients [5] - Handmade soaps are gaining popularity among environmentally conscious consumers, although they face challenges in scaling production [5] - Brands are innovating by expanding usage scenarios for soaps, indicating a trend towards personalized and situational products [5] Group 4 - PDRN technology is transitioning from a niche medical beauty ingredient to a mainstream skincare component, with innovations in raw materials and product formulations [6] - The market is seeing a diversification of PDRN applications, including anti-aging and sensitive skin care, enhancing its appeal [6] - Companies are leveraging AI and molecular optimization to improve product efficacy and absorption [6] Group 5 - Hong Kong is emerging as a testing ground for domestic beauty brands aiming for global expansion, with brands like Guansha and Dr. Wong adopting different strategies to penetrate the market [8] - The recovery of Hong Kong's tourism sector provides a significant opportunity for these brands to attract international customers [8] Group 6 - The luxury beauty sector is entering a "cooling period," with major players like Kering and L'Oréal focusing on resource sharing and strategic partnerships rather than aggressive expansion [10] - L'Oréal's acquisition of Kering's Creed brand for 4 billion euros highlights the trend of luxury brands consolidating their beauty portfolios [10] - The collaboration also signals a growing interest in health and longevity science within the beauty industry [10] Group 7 - The medical beauty industry is focusing on technological advancements, with new materials becoming a strategic priority [11] - Recent funding trends indicate a strong interest in injectable fillers and functional skincare materials [11] - Companies are exploring innovative applications of new materials to enhance safety and efficacy in medical beauty products [12] Group 8 - The domestic fragrance brand "Song Dynasty Fragrance" is rapidly expanding, with a unique dual pricing strategy for online and offline sales [13] - The brand's marketing approach, particularly targeting male consumers, has raised concerns about brand positioning and long-term image [13] - The brand's growth is heavily reliant on social media platforms like Douyin for sales [13] Group 9 - The return of popular Douyin beauty influencer Zhu Guagua highlights the ongoing importance of influencer marketing in driving brand growth [14] - Zhu Guagua's success is attributed to a focus on high-quality beauty selections and effective promotional strategies [14] - The trend indicates that brands need to balance collaborations with top influencers and their own direct sales channels for optimal growth [14] Group 10 - Hermès is exploring the skincare market, with plans to launch products post-2028, indicating a strategic move to expand its beauty portfolio [15] - The brand's current beauty offerings primarily include perfumes and cosmetics, with a recent decline in sales prompting a reevaluation of its strategy [15] - This initiative reflects a broader trend of luxury brands diversifying their product lines to enhance market presence [15] Group 11 - Yatsen Group has released China's first beauty innovation white paper, showcasing advancements in research and sustainable development in the beauty sector [16] - The white paper emphasizes the importance of collaboration between academia and industry to drive innovation [16] - Yatsen's investment in R&D highlights its commitment to leading in the global beauty technology landscape [16] Group 12 - The acquisition of Italian hair care brand Foltène by Juhui Group marks a significant step in expanding its portfolio in the hair care market [17] - The brand's focus on gender-specific hair loss products aligns with growing consumer demand in China [17] - This acquisition reflects a trend among domestic beauty companies to pursue multi-brand strategies for international growth [17]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-074 | | --- | --- | --- | | 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 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： 回购注销原因：根据珀莱雅化妆品股份有限公司（以下简称"公司"）《2022 年限制性股票激励计划（草案）》（以下简称"《激励计划》"）的相关规定，鉴 于公司 2022 年限制性股票激励计划（以下简称"本激励计划"）授予的 3 名激励 对象已离职而不再符合激励条件，公司将回购注销其已获授但尚未解除限售的限 制性股票 29,344 股。综上，本次回购注销的限制性股票合计 29,344 股。 本次注销股份的有关情况： | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 29,344 股 | 29,344 股 | 2025 年 11 月 18 日 | 一、 ...

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 部分限制性股票回购注销实施 之 法律意见书 国浩律师（杭州）事务所 关于 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 二〇二五年十一月 国浩律师（杭州）事务所 法律意见书 珀莱雅化妆品股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销实施 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 ...