Core Viewpoint - The company has released its third-quarter report for 2025, detailing financial performance and operational updates, including a decision to postpone certain fundraising investment projects due to practical considerations [10][33]. Financial Data Summary - The third-quarter financial report is unaudited, covering the period from January to September 2025 [3]. - The company reported a decrease in average selling prices for skincare, beauty makeup, and hair care products due to changes in product sales mix [20][21]. - Key raw material prices showed mixed trends, with some prices decreasing while others increased, reflecting market dynamics [22][23][25][27][29]. Shareholder Information - As of the end of the reporting period, the company held 2,210,825 shares in its repurchase account, accounting for 0.56% of the total share capital [5]. Board Meeting and Resolutions - The fourth board meeting was held on October 30, 2025, where several resolutions were passed, including the approval of the third-quarter report and the postponement of certain fundraising projects [9][10][12]. - The board confirmed the members of the audit and nomination committees, with specific individuals designated as conveners [15][16]. Fundraising Project Updates - The company decided to postpone the "Information System Upgrade Project" to December 31, 2026, due to the complexity of system adjustments and increased customization needs [36][38]. - The total amount raised from the convertible bond issuance was approximately 751.71 million RMB, with net proceeds after expenses amounting to about 744.51 million RMB [34]. Investor Relations - An investor performance briefing is scheduled for November 10, 2025, to discuss the third-quarter results and address investor inquiries [41][42].

Core Viewpoint - The financial performance of Proya in Q3 2025 showed significant declines, with revenue and net profit falling sharply compared to the previous year, indicating a concerning trend for the company [1][3]. Financial Performance - Q3 2025 revenue was 1.736 billion yuan, a year-on-year decrease of 11.63% [2][3]. - Net profit for Q3 2025 was 227 million yuan, down 23.64% year-on-year, marking the largest quarterly decline in recent years [1][3]. - Basic earnings per share for Q3 2025 were 0.57 yuan, a decrease of 24% compared to the same period last year [3]. Year-to-Date Performance - For the first three quarters of 2025, total revenue reached 7.098 billion yuan, reflecting a modest year-on-year growth of 1.89% [2][4]. - Year-to-date net profit was 1.026 billion yuan, with a growth of 2.65% compared to the same period last year, indicating a significant slowdown in growth [2][4]. Brand Performance - The main brand, Proya, showed signs of stagnation, with revenue of 3.979 billion yuan in the first half of 2025, a slight decline of 0.08%, marking the first negative growth in five years [5]. - The main brand accounted for 74.27% of total revenue, and its stagnation has directly impacted overall performance [5]. Marketing and R&D Expenditure - High marketing expenses are a key factor affecting profits, with sales expenses in the first half of 2025 amounting to 2.659 billion yuan, resulting in a sales expense ratio of 49.59% [5]. - R&D expenditure was only 95 million yuan in the first half of 2025, with an R&D expense ratio of just 1.77%, significantly lower than marketing expenses [5]. Strategic Developments - Proya is actively pursuing a listing in Hong Kong, having submitted its application to the Hong Kong Stock Exchange, with plans to issue H-shares not exceeding 15% of the total share capital post-issue [6][8]. - The funds raised will be allocated to R&D, brand building, supply chain enhancement, and global expansion, reflecting a need for a shift from a marketing-driven to a product-driven strategy [8].

北京商报讯（记者 张君花）10月30日，珀莱雅发布2025年三季度财务报告称，前三季度实现营业收入 70.98亿元，同比增长1.89%；归母净利润10.26亿元，同比增长2.65%。 ...

Core Viewpoint - The domestic beauty brand leader Proya has experienced a significant decline in quarterly performance, with a sharp drop in both revenue and net profit, indicating potential challenges ahead for the company [2][5]. Financial Performance - Proya's Q3 revenue was 1.736 billion yuan, a year-on-year decrease of 11.63%, while net profit fell to 227 million yuan, down 23.64%, marking the largest quarterly decline in recent years [3][5]. - The basic earnings per share for Q3 was 0.57 yuan, reflecting a 24% decrease, which is greater than the declines in revenue and net profit [6]. - For the first three quarters, total revenue reached 7.098 billion yuan, a slight increase of 1.89%, and net profit was 1.026 billion yuan, up 2.65%, indicating a significant slowdown in growth compared to the previous year [6]. Brand Performance - Proya's main brand showed signs of stagnation, with a revenue of 3.979 billion yuan in the first half of the year, a slight decline of 0.08%, marking the first negative growth in five years [8]. - The main brand accounted for 74.27% of total revenue, and its growth stagnation has directly impacted overall performance [8]. Marketing and R&D Expenditure - High marketing expenses have been a key factor affecting profits, with sales expenses in the first half of 2025 reaching 2.659 billion yuan, resulting in a sales expense ratio of 49.59% [9]. - The marketing strategy heavily relies on online channels, which has led to increased customer acquisition and sales costs due to diminishing internet traffic benefits and intensified competition [9]. - In contrast, R&D investment remains low, with only 95 million yuan spent in the first half of 2025, resulting in an R&D expense ratio of just 1.77%, significantly lower than marketing expenses [9][10]. Future Plans - Proya is actively pursuing a listing in Hong Kong, having submitted an application to the Hong Kong Stock Exchange, with plans to issue H-shares not exceeding 15% of the total share capital post-issuance [12][14]. - The funds raised will be allocated towards R&D and product innovation, brand building, supply chain enhancement, and global expansion, among other strategic investments [14][15].

Core Insights - The leading domestic beauty brand, Proya, experienced a significant decline in its quarterly performance, with Q3 2025 revenue dropping to 1.736 billion yuan, a year-on-year decrease of 11.63%, and net profit falling to 227 million yuan, down 23.64%, marking the largest quarterly decline in recent years, exceeding market expectations [2][3][4]. Financial Performance - Proya's Q3 revenue decline of 11.63% and net profit decline of 23.64% are notably worse than market forecasts [2][3]. - The basic earnings per share for Q3 was 0.57 yuan, a decrease of 24% compared to the previous year, surpassing the declines in revenue and net profit [4]. - For the first three quarters of 2025, total revenue was 7.098 billion yuan, a slight increase of 1.89% year-on-year, while net profit reached 1.026 billion yuan, up 2.65%, indicating a significant slowdown in growth compared to the previous year [4]. Brand Performance - The main brand, Proya, accounted for 74.27% of total revenue, and its stagnation directly impacted overall performance. In Q2 2025, revenue growth for the main brand fell to 6.49%, a decline of over 30 percentage points compared to the same period in 2024 [5]. - In the first half of 2025, Proya's main brand revenue was 3.979 billion yuan, showing a slight decline of 0.08%, marking the first negative growth in five years [4][5]. Marketing and R&D Expenditure - Proya's high marketing expenses are a key factor affecting profitability, with sales expenses in the first half of 2025 reaching 2.659 billion yuan, resulting in a sales expense ratio of 49.59%. The promotional expenses alone accounted for 2.399 billion yuan, or 44.05% of revenue, significantly exceeding industry averages [5]. - In contrast, R&D investment remains low, with only 95 million yuan spent in the first half of 2025, resulting in an R&D expense ratio of just 1.77%, which is over 20 times less than sales expenses [5]. Strategic Developments - Proya is actively advancing its plan for a Hong Kong listing, having submitted its application to the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors [6]. - The company plans to issue H-shares not exceeding 15% of the total share capital post-issuance, with potential for an additional 15% in over-allotment options. The raised funds will be allocated towards R&D, brand development, supply chain enhancements, and global expansion [8].

Core Viewpoint - Proya Cosmetics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors [1] Company Overview - Proya is a Chinese multi-brand beauty group focused on building a world-class cosmetics industry platform, offering high-quality cosmetic products that combine technology and quality [4] - The company ranks fifth among the top five groups in China's cosmetics industry by retail sales in 2024 and is the only domestic cosmetics group in this ranking [4] - Proya has maintained its position as the largest domestic cosmetics group in China for four consecutive years from 2021 to 2024 based on retail sales [4] Product Portfolio - Proya has developed a diverse portfolio covering skincare, color cosmetics, and personal care, with flagship brand Proya being the only single brand in China with two essence products exceeding 1 billion RMB in retail sales [4] - The company has multiple brands, including skincare brands "Proya," "Yuefuti," and "Kruif," color cosmetics brands "Caitang" and "Yuanse Bota," and personal care brand "Off&Relax" [4] - By 2024, Proya has four super products with retail sales exceeding 1 billion RMB, and it leads in the number of brands exceeding 500 million RMB in retail sales among domestic cosmetics groups [4] Sales and Distribution Model - The company primarily utilizes online platforms for sales while enhancing brand reach through offline channels, including online direct sales and distribution [5] - Proya is one of the earliest beauty groups to strategically develop online channels, achieving a significant leading position in this area [5] Production Capacity - As of October 24, 2025, Proya operates a production base in Huzhou, Zhejiang, with 66 production lines dedicated to skincare products [5] - The company is also constructing a smart factory in Huzhou, designed to have a production capacity of 400 million units [5] Financial Performance - Proya's revenue for the six months ending June 30 for the years 2022 to 2025 is as follows: approximately 6.385 billion RMB in 2022, 8.905 billion RMB in 2023, 10.778 billion RMB in 2024, and 5.362 billion RMB in 2025 [6][7] - The corresponding net profit figures for the same periods are approximately 831 million RMB in 2022, 1.231 billion RMB in 2023, 1.585 billion RMB in 2024, and 826 million RMB in 2025 [6][7]

Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.89% [1] - The net profit attributable to shareholders reached 1.026 billion yuan, with a year-on-year increase of 2.65% [1] - The gross profit margin improved to 73.69%, up 3.62 percentage points from 70.07% in the same period of 2024, while the net profit margin was 14.86% [1][7] Brand Performance - The flagship brand, Proya, has maintained a strong market position, leading the Tmall beauty category during the Double Eleven shopping festival [4] - Multiple brands under the company, including Off&Relax and others, are experiencing rapid growth and complementing each other in market coverage [2] Research and Development - The R&D expense ratio was stable at 2.00%, with R&D investment amounting to 142 million yuan, supporting the synergy between R&D and profitability [7] - The company has established a diverse R&D system, focusing on technological innovation, including a partnership with Sichuan University to research mitochondrial anti-aging [7] Strategic Outlook - The company has demonstrated resilience and strategic clarity through consistent revenue growth, improved profitability, and ongoing commitment to R&D and multi-brand strategies [8] - Future prospects include enhanced R&D innovation, digital capabilities, and accelerated globalization, positioning the company to continue leading the domestic beauty industry [8]

Core Viewpoint - Proya (603605) has submitted its listing application to the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors [1] Company Overview - Proya is a Chinese multi-brand beauty group focused on creating a world-class cosmetics industry platform, offering high-quality and technologically advanced cosmetic products [5] - The company ranks fifth among the top five groups in China's cosmetics industry by retail sales in 2024, being the only domestic cosmetics group in this ranking [5] - Proya has been the largest domestic cosmetics group in China for four consecutive years from 2021 to 2024 based on retail sales [5] - The flagship brand Proya has two essence products exceeding 1 billion RMB in retail sales, making it the only single brand in China with such a portfolio [5] Product Portfolio - Proya's product matrix includes skincare, color cosmetics, and personal care, with brands such as "Proya," "Yuefuti," "Kruif," "Caitang," "Yuanshe Bota," "Off&Relax," and "Jingshi" [5] - By 2024, Proya has four super products with retail sales exceeding 1 billion RMB, and it leads in the number of brands exceeding 500 million RMB in retail sales among domestic cosmetics groups [5] Sales and Distribution - The company primarily utilizes online platforms for sales while enhancing brand reach through offline channels, including direct sales and distribution [6] - Proya is one of the earliest beauty groups to strategically develop online channels, holding a significant lead in this area [6] Production Capacity - As of October 24, 2025, Proya operates a production base in Huzhou, Zhejiang, with 66 production lines dedicated to skincare products [6] - A new smart factory is under construction in Huzhou, designed to have a production capacity of 400 million units [6] Financial Performance - Proya's revenue for the six months ending June 30 for the years 2022 to 2025 is approximately 6.385 billion RMB, 8.905 billion RMB, 10.778 billion RMB, and 5.362 billion RMB respectively [8][9] - The corresponding profits for the same periods are approximately 831 million RMB, 1.230 billion RMB, 1.585 billion RMB, and 826 million RMB respectively [8][9]

Core Viewpoint - Proya Cosmetics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors [1] Company Overview - Proya is a Chinese multi-brand beauty group focused on creating a world-class cosmetics industry platform, offering high-quality and technologically advanced products [5] - The company ranks fifth among the top five groups in China's cosmetics industry by retail sales in 2024, being the only domestic cosmetics group in this category [5] - Proya has maintained its position as the largest domestic cosmetics group in China for four consecutive years from 2021 to 2024 based on retail sales [5] Product Portfolio - Proya has developed a diverse portfolio with multiple brands and categories, covering skincare, color cosmetics, and personal care [5] - The flagship brand, Proya, is notable for having two essence products each exceeding RMB 1 billion in retail sales, making it the only single brand in this category [5] - The company operates several brands, including skincare brands "Proya," "Yuefuti," and "Kruif," color cosmetics brand "Caitang," and personal care brand "Off&Relax" [5] Sales and Distribution - The company primarily utilizes online platforms for sales while enhancing brand reach through offline channels [6] - Proya is one of the earliest beauty groups to strategically develop online channels, achieving a significant leading position in this area [6] Production Capacity - As of October 24, 2025, Proya operates a production base in Huzhou, Zhejiang, with 66 production lines dedicated to skincare products [6] - A new smart factory is under construction in Huzhou, designed to have a production capacity of 400 million units [6] Financial Performance - Proya's revenue for the six months ending June 30 for the years 2022 to 2025 is as follows: RMB 6.385 billion in 2022, RMB 8.905 billion in 2023, RMB 10.778 billion in 2024, and RMB 5.362 billion in 2025 [8][9] - The corresponding profits for the same periods are approximately RMB 831 million in 2022, RMB 1.231 billion in 2023, RMB 1.585 billion in 2024, and RMB 826 million in 2025 [8][9]

Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.89%, with a net profit of 1.026 billion yuan, up 2.65% year-on-year [1] - The gross margin reached 73.69%, an increase of 3.62 percentage points from the same period in 2024, while the net margin was 14.86%, indicating an improvement in profitability quality [1] Revenue Growth Strategy - The growth is attributed to the company's multi-brand strategy, which emphasizes the core brand's stability and new brand growth, enhancing its market position in the skincare sector [2] - The flagship brand, Proya, has maintained its leading position in the market, particularly during the Double 11 shopping festival, where it ranked first in the Tmall beauty category for the first four hours of sales [4] Research and Development - The company maintained a stable R&D expense ratio of 2.00%, with R&D investments amounting to 142 million yuan, supporting product upgrades and enhancing profitability [5] - Recent collaborations and innovations in R&D, such as partnerships with Sichuan University and the release of a white paper on scalp microecology, have strengthened the company's competitive edge in the beauty industry [5]