Core Viewpoint - The company announced an adjustment to its 2025 semi-annual profit distribution cash dividend total, maintaining a cash dividend of 8.00 yuan per 10 shares, resulting in a total cash dividend of approximately 315 million yuan, which represents 39.45% of the net profit attributable to shareholders [1][3][22]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved during the board meeting on September 11, 2025, with a cash dividend of 8.00 yuan per 10 shares (including tax) [1][9]. - The total number of shares for calculation is 396,005,292, after deducting shares in the company's repurchase account, leading to an estimated total cash dividend of 315,035,573.60 yuan (including tax) [3][15]. Changes Due to Convertible Bonds - The total share capital changed due to the conversion of the "Pola Convertible Bonds" starting from June 14, 2022, affecting the total number of shares [2][8]. - The adjusted total share capital for the dividend calculation is 393,794,467 shares, resulting in a cash dividend distribution of 0.80 yuan per share [15][19]. Adjustment of Convertible Bond Conversion Price - The conversion price of the "Pola Convertible Bonds" will be adjusted from 96.26 yuan per share to 95.46 yuan per share, effective from October 17, 2025 [10][22]. - The adjustment formula for the conversion price is based on the cash dividend distributed, calculated as P1 = P0 - D, where D is the cash dividend per share [11][22]. Tax Implications - For individual shareholders holding unrestricted shares, the cash dividend is 0.80 yuan per share, with tax implications varying based on the holding period [19][20]. - For foreign institutional investors, a 10% withholding tax applies, resulting in a net cash dividend of 0.72 yuan per share [20].

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The consumption during the National Day holiday showed steady recovery, with significant increases in travel and retail sales, indicating a positive trend for the retail sector [23][25] - The report emphasizes the importance of emotional consumption themes and highlights high-quality companies in high-growth sectors, particularly in gold jewelry, offline retail, cosmetics, and medical aesthetics [6][33] Summary by Sections Retail Market Review - The retail industry index closed at 2288.03 points, with a weekly increase of 0.28%, underperforming the Shanghai Composite Index which rose by 1.80% [5][12] - The professional chain sector saw the largest increase this week, while the watch and jewelry sector led the year-to-date performance with an increase of 28.18% [14][17] Retail Insights - During the National Day holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, marking an increase of 1.23 billion trips and 108.19 billion yuan compared to the previous year [23][24] - Key retail and catering enterprises reported a 2.7% year-on-year increase in sales during the holiday, with daily sales in related industries growing by 4.5% [23][25] Investment Recommendations - Focus on high-quality gold jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][33] - Emphasize offline retail companies that adapt to trends, recommending Yonghui Supermarket and Aiyingshi [6][33] - Highlight domestic cosmetics brands with strong differentiation, recommending brands like Maogeping and Porcelain [6][34] - Suggest medical aesthetics companies with differentiated product lines, recommending Aimeike and Kedi-B [6][34] Company Performance Highlights - Laopuhuang reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, reflecting a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [35] - Maogeping's revenue reached 1.769 billion yuan in H1 2025, a 30.8% increase, with a net profit of 186 million yuan, up 5.2% [35]

Core Insights - The global beauty industry is experiencing a significant shift in personnel changes, moving from simple organizational restructuring to a deeper strategic integration through cross-industry and cross-regional appointments, aiming for a comprehensive reconstruction of research and development paradigms, experience output, business boundaries, and organizational ecosystems [2][4][6]. Group 1: R&D Paradigm Breakthrough - Estee Lauder appointed former PepsiCo Chief Scientist René Lammers as Executive Vice President and Chief Research and Innovation Officer, marking a significant shift towards a fast-to-market innovation model [8][10]. - Lammers' background in fast-moving consumer goods (FMCG) emphasizes efficiency and data-driven processes, which are crucial for traditional luxury beauty brands like Estee Lauder to overcome innovation bottlenecks [10][11]. Group 2: Ecosystem Linkage - Up Beauty appointed Dr. Karl Lintner, a pioneer in peptide beauty technology, as its Chief Scientific Advisor, marking the company's first such position [12][14]. - Lintner's role will focus on providing forward-looking planning for global peptide technology and facilitating connections with top international research institutions, representing a new path for local companies to acquire cutting-edge technology [15]. Group 3: Globalization of Chinese Market Experience - L'Oreal's personnel adjustments reflect a trend of exporting "Chinese market experience" globally, with Alexis Perakis-Valat, former CEO of L'Oreal China, appointed as CEO of L'Oreal USA [17][19]. - This strategic move aims to leverage Perakis-Valat's experience in agile digital marketing and complex multi-channel operations to address growth challenges in mature markets like North America [21]. Group 4: Strategic Expansion and Focus - Beiersdorf established a new position for President of "Derma & Health Care," integrating several brands to enhance strategic leadership in skin and health care, blurring the lines between beauty and health industries [23][24]. - In contrast, Coty is focusing on strategic contraction by integrating its high-end beauty and mass fragrance businesses to concentrate on its core strengths, aiming for sustainable profit growth [25][28]. Group 5: External Leadership Injection - LG Household & Health Care appointed Lee Sun-joo as CEO, a rare move in the Korean corporate landscape, to address stagnant domestic growth and enhance global market presence [31]. - Proya has built a diverse executive team with backgrounds in various industries to strengthen its brand and global competitiveness, indicating a shift towards a more systematic capability construction [37]. Group 6: Industry Trends - The personnel changes in Q3 2025 highlight a core trend in the beauty industry: competition has evolved from internal optimization to a boundary-less capability war, with the lines between beauty, technology, health, and new consumption increasingly blurred [38].

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-065 | | --- | --- | --- | | 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 2025 年半年度权益分派调整可转债转股价格的 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： 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，公司于 2021 年 12 月 8 日向社会公开发行可转换公司债券共 7,517,130 张， 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 调整前转股价格：96.26 元/股 调整后转股价格：95.46 元/股 珀莱转债转股价格调整起始日：2025 年 10 月 17 日 珀莱转债自 2025 年 10 月 10 日停止转股，2025 年 10 月 17 日起恢复转股 易所上市交易 ...

国浩律师（杭州）事务所 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 关于 珀莱雅化妆品股份有限公司 2025 年半年度差异化分红事项 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 2025 年半年度差异化分红事项 之 法律意见书 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十月 1 国浩律师（杭州）事务所 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 ...

债券代码：113634 债券简称：珀莱转债 证券代码：603605 证券简称：珀莱雅 公告编号：2025-066 珀莱雅化妆品股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.80元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/16 | － | 2025/10/17 | 2025/10/17 | 差异化分红送转： 是 一、通过分配方案的股东大会届次和日期 本次利润分配方案经珀莱雅化妆品股份有限公司（以下简称"公司"）2025 年 9 月 11 日 的2025年第一次临时股东大会审议通过。 二、分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-064 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 以实施权益分派股权登记日的总股本（扣除公司回购专用证券账户中的股份） 为基数，向在册全体股东每 10 股派发 8.00 元现金红利（含税）。截至 2025 年 10 月 9 日，公司总股本为 396,005,292 股，扣除公司回购专用证券账户中的股 份 2,210,825 股后的股本为 393,794,467 股，以此为基数计算合计拟派发现金红 利 315,035,573.60 元（含税）。本次变动后，2025 年半年度公司现金分红数额 占公司 2025 年半年度合并报表中归属于上市公司股东的净利润的比例为 39.45%。 特此公告。 如在实施权益分派股权登记日前，因可转债转股等事项致使公司总股本发生 变动的，公司拟维持每股分配比例不变，相应调整分配总额。 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）及指定媒体披露的《2025 年 ...

Core Viewpoint - Proya Cosmetics Co., Ltd. plans to list H shares in Hong Kong to enhance its overseas financing capabilities and accelerate its internationalization strategy [3][4]. Group 1: Listing Plans - The board of Proya has approved the proposal for issuing H shares and listing on the Hong Kong Stock Exchange, marking a significant step in its overseas listing process [3]. - The proposed H share issuance will not exceed 15% of the total share capital post-issuance, with funds focused on R&D innovation, brand expansion, smart manufacturing, and global layout [3][4]. - The company aims to enhance its overseas financing capabilities and improve its overall competitiveness through this listing [4]. Group 2: Financial Performance - In the first half of the year, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, which is a significant slowdown compared to the 37.9% growth in the same period of 2024 [4]. - The net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 13.80%, which is notably higher than the revenue growth rate [4]. - The net cash flow from operating activities was 1.293 billion yuan, showing a substantial increase of 95.34% year-on-year, indicating improved cash flow conditions [4].