| | | 珀莱雅化妆品股份有限公司 关于第四届董事会第九次会议决议的公告 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、董事会会议召开情况 珀莱雅化妆品股份有限公司（以下简称"公司"）第四届董事会第九次会议 通知于 2025 年 10 月 24 日以电子邮件方式送达全体董事，本次会议于 2025 年 10 月 30 日在公司会议室以现场及通讯方式召开。本次会议由董事长侯军呈先生 主持，会议应出席董事 7 人，实际出席董事 7 人，公司高级管理人员列席本次会 议。本次董事会会议的召集、召开符合《中华人民共和国公司法》、《珀莱雅化妆 品股份有限公司章程》（以下简称"《公司章程》"）的有关规定，决议内容合法有 效。 二、董事会会议审议情况 （一）审议通过《公司 2025 年第三季度报告》 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 具体内容详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《公 司 2025 年第三季度报告》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 具体 ...

珀莱雅化妆品股份有限公司 2025 年第三季度报告 证券代码：603605 证券简称：珀莱雅 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 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 1,736,009,37 ...

Group 1 - The core point of the article is that Proya's third-quarter revenue and net profit have declined significantly compared to the previous year [1] - In the third quarter, Proya reported a revenue of 1.736 billion yuan, a decrease of 11.63% [1] - The net profit for the third quarter was 227 million yuan, down 23.64% [1] Group 2 - For the first three quarters, Proya's revenue reached 7.098 billion yuan, reflecting a growth of 1.89% [1] - The net profit for the first three quarters was 1.026 billion yuan, which represents a growth of 2.65% [1]

Core Viewpoint - The Chinese beauty brand Proya is planning a secondary listing in Hong Kong, a significant move under the leadership of the second-generation successor, Hou Yameng, as the company's growth momentum is weakening [2][4]. Group 1: Financial Performance - In the first half of 2025, Proya achieved revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.80% [7]. - Despite maintaining growth, the revenue and net profit growth rates are the lowest since the company went public in 2017, with previous year-on-year growth rates of 37.9% and 40.48% respectively [7]. - Proya's revenue growth has been closely tied to its marketing expenses, which have risen significantly, with sales expenses reaching 5.161 billion yuan in 2024, accounting for 47.88% of revenue [10]. Group 2: Marketing Strategy - Proya has relied heavily on celebrity endorsements and social media marketing, achieving remarkable growth from 2.361 billion yuan in 2018 to 10.778 billion yuan in 2024 [9]. - The company has signed multiple high-profile celebrity endorsements in 2025, but the revenue growth has sharply declined to 7.21% due to rising customer acquisition costs and diminishing internet marketing returns [12]. Group 3: Research and Development - Proya's R&D expenses have been notably low, with a R&D expense rate of only 1.95% in 2024, significantly lower than competitors like Huaxi Biological and Beitaini [19][20]. - The company has historically prioritized high cash dividends over R&D investment, with cumulative cash dividends exceeding 2.125 billion yuan since its IPO [22]. Group 4: Internationalization and Future Plans - Proya aims to use the funds raised from the Hong Kong listing to enhance R&D, smart manufacturing, and global expansion, although skepticism exists regarding the company's commitment to these areas [17][24]. - The company plans to pursue international growth primarily through acquisitions, which could provide quick market entry and new product technologies, but this strategy also carries risks and uncertainties [23].

Core Insights - Proya showcased significant research achievements at the 35th IFSCC 2025 International Cosmetics Science Conference, including a mitochondrial anti-aging study that won the "IFSCC 2025 Top Ten Basic Research Award" and 13 academic posters covering various cutting-edge research areas [1][2] Research Achievements - The 13 academic posters presented diverse research topics, such as the evaluation of facial melanin distribution using dual-modal imaging, the skin repair effects of a specific extract, and the development of new formulation techniques for cosmetics [2] - Notable studies included the impact of a fermented extract on UV damage, a microbiome analysis of scalp characteristics in young Chinese individuals, and the efficacy of a new pore management serum [2] International Recognition - Proya has consistently participated in IFSCC conferences, demonstrating its strong research foundation and capabilities, with previous achievements including a whitening study presented at the 34th IFSCC conference [3] - The company received significant media attention during IFSCC 2025, with representatives discussing Proya's strategic development and research innovations in interviews with international industry publications [3] Global Influence - Proya has been actively enhancing China's influence in the global cosmetics research field, with recent publications in prestigious journals and presentations at major international conferences [4] - The company has established a global cooperation network and engaged in discussions with leading cosmetic firms to explore collaborative opportunities [5][6] Future Directions - Proya aims to continue its dual strategy of integrating global advanced technologies while exporting Chinese innovations, contributing to the high-quality development of the company and the broader beauty industry [6] - The company plans to deepen its global R&D system and expand its product innovation and international market reach, aligning with consumer demands for more effective and safer cosmetics [6]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 珀萊雅化妝品股份有限公司 PROYA COSMETICS CO., LTD. （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向珀萊雅化妝品股份有限公司（「本公司」）、本公司的保薦人、整體 協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法 登記，且在根據1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於 美國公開發售證券。 本申請版本及當中所載資料均非於美國或任何其他禁止進行有關要約或銷售的司法權區出售或 招攬購買任何證券的要約。本申請版本並非於 ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或依賴該等內 容而引致的任何損失承擔任何責任。 PROYA COSMETICS CO., LTD. 珀萊雅化妝品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員 會（「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公 告，即表示 閣下知悉、接納及向珀萊雅化妝品股份有限公司（「本公司」）、其聯 席保薦人、整體協調人、顧問或承銷團成員表示同意： (f) 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港 公司註冊處處長登記前，不會向香港公眾人士發出要約或邀請。倘在適當時 候向香港公眾人士發出要約或邀請，有意投資者務請僅依據送呈香港公司註 冊處處長登記的本公司招股章程作出投資決定，招股章程的文本將於發售期 內向公眾人士提供； (g) 本公告並不構成向任何司法轄區的公眾人士提呈出售任何證券的招股章程、 發售通函、通告、通函、小冊子或廣告，亦 ...

Market Overview - The cosmetics sector increased by 0.77% on October 29, with Marubi Biological leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Marubi Biological (603983) closed at 36.66, up 3.74% with a trading volume of 41,500 shares and a turnover of 150 million yuan [1] - Babi Co. (920123) closed at 18.06, up 3.56% with a trading volume of 23,700 shares and a turnover of 41.72 million yuan [1] - Shanghai Jahwa (600315) closed at 25.46, up 2.74% with a trading volume of 154,500 shares and a turnover of 392 million yuan [1] - Betaini (300957) closed at 45.83, up 0.57% with a trading volume of 33,400 shares and a turnover of 152 million yuan [1] - Other notable performances include Proya (603605) at 76.87, up 0.18%, and Water Sheep Co. (300740) at 22.14, up 0.09% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 89.37 million yuan from institutional investors and 51.47 million yuan from retail investors, while individual investors saw a net inflow of 141 million yuan [2] - The detailed fund flow for individual stocks shows that Shanghai Jahwa had a net outflow of 32.36 million yuan from institutional investors [3] - Marubi Biological had a net inflow of 4.95 million yuan from institutional investors, but a net outflow of 8.77 million yuan from retail investors [3]

Core Viewpoint - The article discusses the contrasting performance of Proya, a leading domestic beauty brand in China, highlighting its impressive sales during the Double Eleven shopping festival while facing significant stock price declines and slowing growth in recent financial results [1][3][5]. Group 1: Company Performance - Proya achieved over 1 billion yuan in sales within the first four hours of the Double Eleven pre-sale, becoming the top brand in the beauty category [1]. - Despite the sales success, Proya's stock price has dropped over 20% since May and more than 40% from its peak in 2023 [1]. - In the first half of 2025, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.80% [5][6]. - The revenue growth rate of Proya in the first half of 2025 is the lowest since its listing in 2017, significantly down from 37.9% in the same period last year [6][9]. Group 2: Brand and Market Dynamics - Proya's main brand, which contributes nearly 80% of its revenue, saw a slight decline in revenue of 0.08% in the first half of 2025, marking its first negative growth in five years [10][11]. - The company has been expanding its multi-brand strategy through acquisitions, but the contributions from these new brands remain limited, with combined revenue from new brands being less than 1 billion yuan [14][16]. - The beauty market is becoming increasingly competitive, with mid-tier brands gaining market share while top brands like Proya are losing ground [24][25]. Group 3: Financial and Strategic Challenges - Proya's sales expenses reached 5.161 billion yuan in 2024, accounting for 47.88% of its revenue, while its R&D expenses were only 210 million yuan, indicating a heavy reliance on marketing over innovation [17]. - The company faces challenges in maintaining competitive product offerings, as it has not introduced new blockbuster products since its initial success [19]. - Proya's online sales accounted for over 95% of its revenue in 2024, highlighting its dependence on digital channels [33]. Group 4: Future Outlook - The article suggests that Proya is undervalued from an investment perspective, but it faces significant competition from both domestic and international brands [42]. - The company is undergoing leadership changes, which may introduce uncertainty into its operations [43]. - Proya must accelerate innovation and reform to realize its potential as a leading beauty brand in a rapidly evolving market [45].

Core Insights - The significance of the Double 11 shopping festival has evolved from merely being a sales event to a reflection of consumer preferences and platform competition, highlighting the need for innovation in platform mechanisms and better product value [1] Group 1: Platform Competition - The beauty market has become a microcosm of competition among platforms, with significant upgrades in content marketing, community operations, and membership systems during this year's Double 11 [2] - New entrants like Douyin, Kuaishou, and Xiaohongshu have transformed the competitive landscape, shifting from mere traffic channels to closed-loop e-commerce platforms, thus promoting a transition from "shelf e-commerce" to "scenario e-commerce" [4] - Tmall maintains its position as a "brand main stage," emphasizing new product launches and flagship store operations, with significant growth in live-streaming sales during the pre-sale period [4][8] Group 2: Sales Performance - Tmall's pre-sale data indicates a remarkable performance in the beauty category, with several brands achieving over 100 million yuan in sales within minutes of the pre-sale [4] - JD.com has focused on logistics and authenticity, achieving a 47.6% year-on-year increase in active users during the Double 11 period, with over 200 categories experiencing explosive growth [8] - Douyin and Xiaohongshu have leveraged a "content-driven + e-commerce" model, resulting in significant sales growth and a substantial increase in brands achieving over 100 million yuan in sales [8] Group 3: Consumer Behavior - A survey indicates that 74.77% of consumers purchased daily necessities during Double 11, with only 7.69% shopping for the sake of participation, reflecting a shift towards practical consumption [16] - The current consumer mindset prioritizes value for money, with 51.27% of users motivated by attractive prices for essential goods, while only 8.39% focus on emotional value [16] - Consumers are increasingly rejecting bulk-buying strategies, leading to a demand for products that align with personal values, aesthetics, and sustainability [20]