Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,964,567,889.65, representing a year-on-year increase of 21.15%[2] - Net profit attributable to shareholders for Q3 2024 was ¥297,538,011.99, up 20.72% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥292,280,184.23, reflecting an 18.33% increase year-on-year[2] - Basic earnings per share for Q3 2024 was ¥0.75, a 20.97% increase from the previous year[3] - The weighted average return on equity increased to 6.34%, up 0.12 percentage points from the previous year[3] - The company's net profit for the year-to-date period increased by 33.95%, with a total profit growth of 27.84% driven by a 32.72% increase in operating revenue[7] - Total operating revenue for the first three quarters of 2024 reached CNY 6,966,033,360.37, a significant increase of 32.7% compared to CNY 5,248,569,751.16 in the same period of 2023[15] - Net profit for the first three quarters of 2024 was CNY 1,022,398,719.54, representing a growth of 31.9% from CNY 774,947,059.21 in the previous year[16] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 999,439,805.14, compared to CNY 746,686,029.86 in Q3 2023, marking an increase of approximately 33.8%[17] - The company reported a total comprehensive income of CNY 1,022,629,137.80 for Q3 2024, compared to CNY 775,669,948.00 in Q3 2023, reflecting an increase of approximately 31.7%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,478,061,850.68, a 2.12% increase from the end of the previous year[3] - As of September 30, 2024, the total current assets of Proya Cosmetics amounted to RMB 5,567,953,659.53, showing a slight increase from RMB 5,544,851,092.90 at the end of 2023[12] - The accounts receivable decreased to RMB 272,993,512.90 from RMB 344,570,196.54, indicating a reduction of approximately 20.9%[12] - Inventory increased significantly to RMB 1,188,576,985.95 from RMB 797,215,155.68, representing a growth of about 49.0%[12] - The total liabilities decreased to CNY 2,560,665,559.90 from CNY 2,922,766,991.44, indicating a reduction of 12.4%[14] - The total equity rose to CNY 4,917,396,290.78, compared to CNY 4,400,311,231.01, marking an increase of 11.7%[14] - The total liabilities to equity ratio improved to 0.52 from 0.66, indicating a stronger financial position[14] Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 49.44% to ¥403,998,041.03, primarily due to increased sales expenses and earlier payment schedules[7] - Net cash flow from operating activities for the first three quarters of 2024 was CNY 403,998,041.03, compared to CNY 799,016,528.87 in the same period of 2023, indicating a decrease of about 49.5%[18] - The cash inflow from operating activities for Q3 2024 was CNY 7,646,212,002.19, compared to CNY 5,720,753,996.48 in Q3 2023, indicating a growth of about 33.7%[18] - The company's cash and cash equivalents decreased to RMB 3,627,145,433.23 from RMB 4,011,085,558.07, a decline of approximately 9.6%[11] - The cash and cash equivalents at the end of Q3 2024 amounted to CNY 2,389,402,615.21, down from CNY 3,511,959,597.02 at the end of Q3 2023, representing a decrease of about 32.0%[19] - The net cash flow from investing activities for the first three quarters of 2024 was -CNY 1,026,961,263.02, compared to -CNY 151,313,045.64 in the same period of 2023, showing a significant increase in cash outflow[19] - The net cash flow from financing activities for the first three quarters of 2024 was -CNY 647,132,293.09, compared to -CNY 260,758,399.61 in the same period of 2023, indicating a larger cash outflow[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,321[8] - The largest shareholder, Hou Jun Cheng, holds 34.46% of the shares, totaling 136,739,037 shares[8] - The company held 2,210,825 shares in its repurchase account, accounting for 0.56% of the total share capital[10] - The top ten shareholders collectively held a significant portion of the shares, with the largest shareholder holding 136,739,037 shares[10] Strategic Initiatives - Proya Cosmetics is focusing on expanding its market presence and enhancing product development strategies[11] - The company has engaged in strategic initiatives to improve operational efficiency and financial performance[11] - The company plans to continue expanding its market presence and invest in new product development to drive future growth[16] Research and Development - Research and development expenses for the third quarter of 2024 were CNY 142,437,776.25, an increase of 10.0% compared to CNY 128,863,076.27 in the same quarter of 2023[16] Operating Costs and Profitability - Operating costs for the first three quarters of 2024 amounted to CNY 5,744,357,919.86, up from CNY 4,204,094,774.90, reflecting a rise of 36.6%[15] - The company reported a gross profit margin of approximately 17.5% for the first three quarters of 2024, compared to 20.0% in the same period of 2023[15]

| | | 珀莱雅化妆品股份有限公司 关于"珀莱转债"转股价格调整暨转股停牌的公告 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： 证券停复牌情况：适用 因珀莱雅化妆品股份有限公司（以下简称"公司"）部分股权激励限制性股票 的回购注销实施办理完成，引起珀莱转债转股价格调整,公司的相关证券停复牌情 况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113634 | 珀莱转债 | 可转债转股 停牌 | 2024/10/25 | 全天 | 2024/10/25 | 2024/10/28 | 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 7,5 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-049 | | --- | --- | --- | | 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 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 18 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 482,650 股；同时,因授予的 3 名激励对象 2023 年绩效考核未达标， 不满足当期限制性股票全部解除限售的条件，公司将回购注销其已获授但尚未解 除限售的限制性股票 27,342 股。综上，本次回购注销的限制性股票合计 509,992 股。 本次注销股份的有关情况： | 回购股份数量 | 注 ...

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 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 二〇二四年十月 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 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 引 言 本所是依法注册具有执业资格的律师事务所，有资格就中国法律、法规、规 范性文件的理解和适用出具法律意见。 本所及经办律师依据《证券法》《律师 ...

好在任何情况下本次计划会议内容不构成对任何人的投资建议除非法律法规有明确规定在任何情况下平安证券不对因使用本次计划会议内容而引致的任何损失承担任何责任相关人员不应以本次计划会议内容取代其独立判断或仅根据本次计划会议内容作出决策未经平安证券事先书面许可 任何机构或客人不得以任何形式复制、刊登、传播和引用本次电话会议内容包括未经授权对会议内容进行录音复制未经授权制作或传播会议纪要内容等否则由此造成的一切不良后果及法律责任由私自复制、刊登、传播和引用者 平安证券将对复制刊登传播和引用者暂停白名单权限甚至可暂停所在机构白名单权限直至相关不良影响消除 好的各位投资者大家晚上好我是平安智权新消费组的研究员胡琼芳今天我们要给大家汇报的是博莱雅的深度报告这是我们在5月份发的一篇报告大家后续如果有需求的话也可以找我们要相关报告的一个稿子然后其实在正式的汇报之前我也大概说一下今天博莱雅 包括美妆这一块也有一些调整其实主要也是因为昨天晚上双11预售首日然后李佳琪的直播间的一个销售因为大家确实直接看的话基本上只能看到李佳琪直播间的一个销售情况然后像品牌自播包括一些其他渠道的一个销售 比较难以去获得一个直接的数据的但是我们这边呢也是提 ...

珀莱雅化妆品股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：珀莱转债自 2022 年 6 月 14 日开始转股，截至 2024 年 9 月 30 日,累计共有人民币 958,000 元珀莱转债转换为珀莱雅化妆品股份有限公司 （以下简称"公司"）A 股股票，因转股形成的股份数量为 6,981 股，占可转债 转股前公司已发行股份总额的 0.0025%。 未转股可转债情况：截至 2024 年 9 月 30 日，尚未转股的珀莱转债金额为人 民币 750,755,000 元，占珀莱转债发行总量的 99.8726%。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2024-048 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 本季度转股情况：自 2024 年 7 月 1 日至 2024 年 9 月 30 日期间，珀莱转债 转股的金额为人民币 11,000 元，因转股形成的股份数量为 112 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - Proya has become the largest domestic cosmetics brand in terms of revenue, with expectations to exceed 10 billion yuan in 2024. The company has successfully leveraged its brand strength, product quality, and operational capabilities to lead the industry [3][12] - The company has effectively captured two major industry growth phases: the rise of online sales and the focus on ingredient-driven flagship products, establishing a strong brand presence [3][30] - Proya's multi-brand strategy is expected to contribute significantly to revenue growth, with sub-brands like Cai Tang and Yue Fu Ni showing rapid growth potential [3][60] Summary by Sections Company Overview - Proya, established in 2003, focuses on mass-market cosmetics and has developed a multi-brand matrix including Proya, Cai Tang, Off&Relax, and Yue Fu Ni. The main brand Proya contributed over 80% of revenue in 2023, with online sales accounting for 93% of total sales [2][12][15] Financial Performance - In 2023, Proya achieved a revenue of 8.91 billion yuan and a net profit of 1.19 billion yuan, making it the top domestic cosmetics company by sales. The company is projected to continue its growth trajectory with revenues expected to reach 11.35 billion yuan in 2024, 13.92 billion yuan in 2025, and 16.93 billion yuan in 2026 [1][16][77] Growth Strategy - Proya's growth strategy includes a focus on flagship products and expanding its multi-brand portfolio. The company has successfully launched several key products, including the "Early C, Late A" skincare concept, which has gained significant market traction [3][48][49] - The company is also expanding into Southeast Asia, leveraging the growing demand for cosmetics in emerging markets [70][74] Market Position - Proya's market share in the domestic cosmetics sector is expected to increase significantly, with projections indicating potential revenue growth to 130-168 billion yuan in the medium term, reflecting a doubling of revenue from 2023 levels [3][66][69] Investment Outlook - The report forecasts continued strong growth for Proya, with net profits expected to grow at a compound annual growth rate (CAGR) of 28.6% from 2024 to 2026. The company's price-to-earnings (P/E) ratio is projected to decrease from 20 in 2024 to 13 in 2026, indicating a favorable valuation compared to peers [1][79][81]

证券研究报告 | 公司点评 gszqdatemark 2024 09 18 年 月 日 矩阵焕发活力》 2024-04-19 2、《珀莱雅（603605.SH）：业绩在淡季中维持良好增 长，大促有望取得亮眼表现》 2023-10-26 3、《珀莱雅（603605.SH）：主品牌迭代推新优质增长， 多品牌矩阵活力焕发》 2023-09-19 珀莱雅（603605.SH） 上半年业绩稳健，董事会换届落地蓄力后续发展 2024H1 公司经营稳健，营收/归母净利润同比+38%/+40%。公司 2024H1 实现营收 50.01 亿元（同比+37.9%），实现归母净利润 7.02 亿元 （同比+40.48%）。毛利率同比下降 0.69pcts 至 69.82%，销售费用率同 比提升 3.22pcts 至 46.78%，主要系形象宣传推广费增加所致，公司经营 情 况 整 体 稳 健 。 分 渠 道 来 看 ， 上 半 年 线 上 渠 道 收 入 46.8 亿 元 （yoy+40.52%），其中主要为直营，收入 37.24 亿元（（yoy+40.01%）；线 下渠道收入 3.14 亿元（yoy+8.85%）。上半年分品牌来 ...

珀莱雅（603605.SH）事件点评 管理层顺利换届，源力系列与彩棠持续推新 2024 年 09 月 13 日 ➢ 事件：珀莱雅发布《关于第四届董事会第一次会议决议的公告》。经董事会 会议审议，同意选举创始人侯军呈先生任公司董事长，侯亚孟先生任公司总经理， 金衍华先生任副总经理，王莉女士任副总经理、董事会秘书、财务负责人，王小 燕女士任证券事务代表。 ➢ 董事会顺利换届，为下一个周期增长蓄力。24 年 9 月 12 日，公司第四届董 事会成员确认，创始人侯军呈先生任公司董事长；原珀莱雅公司联合创始人、董 事兼总经理方玉友先生因个人原因不再续任公司董事、总经理，未来以公司联合 创始人兼董事会顾问的身份，辅助公司战略规划及经营管理支持，公司总经理职 位由原公司副总经理侯亚孟先生（侯军呈先生之子）接任。公司人事变革早有预 期，落地之后减轻部分市场对换届的忧虑，新一届管理层已进入珀莱雅集团较长 时间，如侯亚孟先生 2014 年起就职于公司电商部，2021 年 9 月至今任公司董 事、副总经理；金衍华在珀莱雅供应链业务深耕多年，2007 年至今先后担任珀 莱雅及前身在湖州工厂的总经理、珀莱雅供应链管理中心总经历、公司副 ...

公 司 事 项 点 评 证 券 研 究 报 告 社会服务 2024 年 09 月 13 日 公 司 报 告 珀莱雅(603605.SH) H1经营稳健，管理层换届 推荐（维持） 事项： 股价：88.45 元 | --- | --- | |----------------------------|----------------------| | | | | 主要数据 | | | 行业 | 社会服务 | | 公司网址 | www.proy a-group.com | | 大股东 / 持股 | 侯军呈 /34.46% | | 实际控制人 | 侯军呈 , 方爱琴 | | 总股本 ( 百万股 ) | 397 | | 流通 A 股 ( 百万股 ) | 395 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 351 | | 流通 A 股市值 ( 亿元 ) | 349 | | 每股净资产 ( 元 ) | 11.32 | | 资产负债率 (%) | 37.3 | | 行情走势图 | | · 沪深300指数 相关研究报告 【平安证券】珀莱雅（603605.SH）*首次覆盖报告*大 单品奠基 ，敏 锐洞 ...