第一章 总则 第一条 为规范珀莱雅化妆品股份有限公司（以下简称"公司"）对外投资 经营决策行为，降低投资经营决策风险，提高投资经营收益，使公司对外投资经 营决策科学化、规范化，根据《中华人民共和国公司法》《上海证券交易所股票 上市规则》、《上海证券交易所上市公司自律监管指引第1号——规范运作》、 珀莱雅化妆品股份有限公司 对外投资经营决策管理制度 《上海证券交易所上市公司自律监管指引第5号——交易与关联交易》、《珀莱 雅化妆品股份有限公司章程》（以下简称"《公司章程》"）等有关规定，特制 定本制度。 第二条 本制度所称投资，是指公司为获取未来收益而将一定数量的货币资 金、股权、实物资产、无形资产等作价出资，对外进行各种形式的投资活动，包 括对外投资（含对子公司投资等）以及法律法规允许的其他投资，不含委托理财。 本制度所称融资，是指公司通过发行股票、债券、其他权益凭证筹措资金的 行为。 第三条 公司投资经营行为必须符合国家有关法规及产业政策，符合公司发 展战略，有利于增强公司竞争能力，有利于合理配置企业资源，创造良好经济效 益，促进公司可持续发展。 第四条 本制度适用于公司及公司下属全资及控股子公司。 第二章 ...

珀莱雅化妆品股份有限公司 独立董事工作制度 第一章 总则 第一条 根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》相关法律、法规 和《珀莱雅化妆品股份有限公司章程》（以下简称"《公司章程》"）规定，为 进一步完善珀莱雅化妆品股份有限公司（以下简称"公司"）的法人治理结构， 强化对内部董事及管理层的约束和监督机制，保护中小股东及债权人利益，促进 公司的规范运作，特制定本制度。 第二条 独立董事是指不在公司担任除董事之外的其他职务，并与公司及其 主要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行 独立客观判断的关系的董事。 第三条 公司设独立董事 3 名，其中至少包括一名会计专业人士。会计专业 人士指具有高级职称或注册会计师资格的人士。 独立董事对公司及全体股东负有忠实与勤勉义务。独立董事应当认真履行职 责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益， 保护中小股东的合法权益。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或 个人的影响。 若发现所审议事项存在影响其独立性的情况， ...

格隆汇8月26日丨珀莱雅(603605.SH)公布2025年半年度报告，报告期实现营业收入53.62亿元，同比增长 7.21%；归属于上市公司股东的净利润7.99亿元，同比增长13.80%；归属于上市公司股东的扣除非经常 性损益的净利润7.71亿元，同比增长13.49%；基本每股收益2.02元。拟向在册全体股东每10股派发8.00 元现金红利（含税）。 ...

珀莱雅公告，2025年上半年营业收入53.62亿元，同比增长7.21%。净利润7.99亿元，同比增长13.80%。 ...

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business development [1] Group 1 - The fourth board meeting of the company approved the proposal for issuing H-shares on August 25, 2025 [1] - The issuance aims to accelerate the company's internationalization and improve its overseas financing capabilities [1] - The proposal requires approval from relevant regulatory bodies, including the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,830, up 1.94% for the day and 28.76% year-to-date [1] - The A-share market is entering a second bullish phase, with significant increases in client margin sizes at securities firms and a notable rise in ETF investments, reaching $681 billion, surpassing Japan [3][4] Company Analysis Pinduoduo (PDD US) - Pinduoduo reported Q2 2025 revenue growth of 7% year-on-year, reaching 104 billion RMB, in line with expectations, driven by online marketing services [5] - Non-GAAP net profit decreased by 5% to 32.7 billion RMB, but exceeded market expectations by 46%, indicating strong operational performance [5] - The target price has been raised by 9% to $146.30, reflecting a positive outlook despite ongoing investments in platform ecosystem enhancement [5] Jiumaojiu (9922 HK) - Jiumaojiu's revenue for the first half of FY25 decreased by 10% to 2.75 billion RMB, slightly below market expectations [9] - The company anticipates closing 40 to 50 additional stores in the second half of FY25, leading to a total of approximately 100 closures for the year [6] - Despite challenges, there are positive signs of stabilization in same-store sales, with a potential rebound expected from store renovations [6][9] ZhongAn Online (6060 HK) - ZhongAn Online's net profit for the first half of FY25 surged by 11.04 times to 668 million RMB, significantly exceeding market expectations [10] - The property and casualty insurance segment saw a 9.3% increase in total premiums, driven by substantial growth in health and auto insurance [10] - The target price has been raised to 23 HKD, reflecting improved profitability and operational efficiency [10] Greentown Service (2869 HK) - Greentown Service reported a 22.6% increase in net profit for the first half of FY25, with total revenue growing by 6.1% [12] - The company has successfully improved operational efficiency, leading to enhanced profit margins despite industry pressures [12][13] - The target price has been adjusted to 6.61 HKD, based on a revised earnings forecast and valuation adjustments [12][15] Baker Hughes (2149 HK) - Baker Hughes achieved a revenue of 292 million RMB in the first half of FY25, a slight increase from the previous year, maintaining strong profitability with a gross margin of 51.8% [18] - The company continues to expand its product offerings and remains a core recommendation in the semiconductor sector [18][19] - The target price remains at 93 HKD, reflecting confidence in long-term growth prospects [19] Tongda Group (698 HK) - Tongda Group's net profit for the first half of FY25 increased by 394%, driven by reduced financial costs and improved operational efficiency [20] - The company is expected to benefit from upgrades in its main business and expansion in its subsidiary's product lines [20] - The target price has been raised to 0.135 HKD, reflecting improved earnings visibility [20]

每经AI快讯，8月26日，美容护理板块震荡走强，嘉亨家化20%涨停，水羊股份涨超5%，敷尔佳、珀莱 雅、拉芳家化等跟涨。 （文章来源：每日经济新闻） ...

Core Viewpoint - The stock of Proya Cosmetics has shown a positive trend with a year-to-date increase of 8.18%, reflecting strong performance in the cosmetics industry [1][2]. Group 1: Stock Performance - As of August 26, Proya's stock price increased by 2.04%, reaching 90.35 CNY per share, with a total market capitalization of 35.779 billion CNY [1]. - The stock has seen a net inflow of main funds amounting to 1.2531 million CNY, with significant buying and selling activities recorded [1]. - Over the past five trading days, the stock has risen by 7.67%, and over the past 20 days, it has increased by 7.98% [1]. Group 2: Financial Performance - For the first quarter of 2025, Proya reported a revenue of 2.359 billion CNY, marking an 8.13% year-on-year growth, and a net profit attributable to shareholders of 390 million CNY, which is a 28.87% increase [2]. - Cumulatively, Proya has distributed 1.81 billion CNY in dividends since its A-share listing, with 1.225 billion CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of March 31, 2025, the number of Proya's shareholders increased by 19.70% to 51,000, while the average circulating shares per person decreased by 16.46% to 7,758 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 59.911 million shares, a decrease of 10.2038 million shares from the previous period [3].

Core Viewpoint - The hair care industry is entering a golden period of domestic substitution, driven by rising consumer demand for quality and personalized products [1][2]. Group 1: Industry Overview - The hair care sector is the second largest category in the cosmetics industry, following skincare, and has significant potential for domestic brand substitution [2]. - Hair care products, which include cleansing and styling items, are increasingly characterized by segmentation and personalization as consumer preferences evolve [2]. Group 2: Market Trends - The sales of hair care products in China have been on a steady rise, reaching 55.9 billion yuan in 2023, a year-on-year increase of 13.4%, with expectations to exceed 70 billion yuan by 2026 [3]. - The demand for functional hair care products is increasing, particularly in response to concerns about hair quality and hair loss, with a focus on product gentleness [3]. Group 3: Facial Care Insights - The facial cleansing market in China is projected to reach 49.8 billion yuan in 2023, with an expected growth to 52.5 billion yuan by 2026, highlighting the rising popularity of multifunctional products that combine cleansing with other benefits [4]. - The trend towards "cleanse + X" products is gaining traction, simplifying skincare routines and appealing to consumer convenience [4]. Group 4: Body Care Market - The body care market is experiencing a mild recovery, with increasing consumer awareness of health and a broader demand for personal care products [5]. - Seasonal differentiation in body care product preferences is noted, with summer focusing on brightening and pore refinement, while winter emphasizes hydration and soothing properties [5].

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to the repurchase and cancellation of certain restricted stock options, which will affect the trading of its securities [1][3][6]. Group 1: Convertible Bond Details - The company issued 7,517,130 convertible bonds with a total value of 75,171.30 million yuan, which were listed on January 4, 2022 [1]. - The initial conversion price was set at 195.98 yuan per share, with the conversion period running from June 14, 2022, to December 7, 2027 [1]. - The conversion price was adjusted from 96.23 yuan per share to 96.26 yuan per share, effective from August 26, 2025 [3][6]. Group 2: Stock Repurchase and Cancellation - On June 26, 2025, the company approved the repurchase and cancellation of 242,424 shares of restricted stock due to the departure of 14 incentive plan participants [5][9]. - The repurchase was completed on August 21, 2025, and the company will proceed with the necessary changes to its business registration [10]. - The adjustment in the conversion price is in accordance with the company's prospectus and relevant regulations [6].