一方面是"老将"的退出。2024年9月，原珀莱雅联合创始人、董事兼总经理方玉友宣布卸任；2025 年5月，原珀莱雅副总经理、董事会秘书、财务负责人王莉辞职。 另一方面是"新人"的进入。2025年至今，除汪奕峰外，珀莱雅已新聘首席研发创新官孙培文、首 席数字官胡宁波两位高层。2024年11月，原上美股份（02145.HK）全球首席科学家黄虎加入珀莱 雅，担任首席科学官一职。 6月20日，珀莱雅方面告诉经济观察报，近期珀莱雅高层人员的聘任和相应的调整，主要都是紧密 围绕科研创新、国际化和数字化战略展开，同时也为实现"未来十年跻身全球化妆品行业前 十"的"双十"战略愿景提供支撑。 2024年9月，珀莱雅"二代"侯亚孟接棒总经理一职，在此之 后的9个月中，珀莱雅高层人员经历了频繁变动。 作者： 罗文利 封图：图虫创意 6月17日，珀莱雅化妆品股份有限公司（603605.SH，下称"珀莱雅"）发布了今年第三份高层人事 任命，宣布由汪奕峰出任该公司产品开发负责人兼孵化品牌副总经理。 去年9月，珀莱雅"二代"侯亚孟接棒总经理一职，在此之后的9个月中，珀莱雅高层人员经历了频 繁变动。 其中，黄虎、孙培文先后加入珀莱雅的研发团 ...

6月17日，珀莱雅化妆品股份有限公司（603605.SH，下称"珀莱雅"）发布了今年第三份高层人事任命，宣布由汪奕峰出任该公司产品开发负责人兼孵化品牌 副总经理。 去年9月，珀莱雅"二代"侯亚孟接棒总经理一职，在此之后的9个月中，珀莱雅高层人员经历了频繁变动。 一方面是"老将"的退出。2024年9月，原珀莱雅联合创始人、董事兼总经理方玉友宣布卸任；2025年5月，原珀莱雅副总经理、董事会秘书、财务负责人王莉 辞职。 另一方面是"新人"的进入。2025年至今，除汪奕峰外，珀莱雅已新聘首席研发创新官孙培文、首席数字官胡宁波两位高层。2024年11月，原上美股份 （02145.HK）全球首席科学家黄虎加入珀莱雅，担任首席科学官一职。 6月20日，珀莱雅方面告诉经济观察报，近期珀莱雅高层人员的聘任和相应的调整，主要都是紧密围绕科研创新、国际化和数字化战略展开，同时也为实 现"未来十年跻身全球化妆品行业前十"的"双十"战略愿景提供支撑。 珀莱雅进一步称，珀莱雅目前对人才的能力要求从"执行力+专业力"升级为学习力、协同力、自驱力，引入如具有互联网、快消背景的跨界人才。 在"二代"执掌后，国内美妆护肤行业营收第一的珀莱雅， ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 6 月 20 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(元) | 94 | | 产业别 | | | 化工 | | --- | --- | --- | --- | | A 股价(2025/6/19) | | | 80.98 | | 上证指数(2025/6/19) | | | 3362.11 | | 股价 12 个月高/低 | | | 119.38/72.68 | | 总发行股数(百万) | | | 396.25 | | A 股数(百万) | | | 395.41 | | A 市值(亿元) | | 320.20 | | | 主要股东 | | 侯军呈(34.51%) | | | 每股净值(元) | | | 13.32 | | 股价/账面净值 | | | 6.08 | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | -14.4 | | -2.7 -23.7 | 股价相对大盘走势 珀莱雅(603605. ...

Core Viewpoint - Proya has undergone significant organizational changes and strategic adjustments, particularly with the appointment of new executives from international backgrounds to enhance its product development and digital capabilities [1][4][12]. Management Changes - Proya has experienced a turnover in its core management team, with several key executives leaving since the beginning of 2024, including the former CMO and Chief Scientific Officer [3][4]. - The appointment of Wang Yifeng, previously with Amorepacific, as the head of product development and vice general manager of brand incubation is a strategic move to strengthen the company's brand-driven approach [1][4]. Financial Performance - In Q1 2024, Proya reported a revenue of 2.359 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% [6]. - For the full year 2024, Proya achieved a revenue of 10.778 billion yuan, reflecting a 21.04% growth, and a net profit of 1.552 billion yuan, which is a 30% increase [6]. Brand Performance - The revenue contribution from Proya's main brand has been declining, while the share of its sub-brands, such as Caitang and Off&Relax, has been increasing [6][7]. - Caitang's revenue share rose from 8.99% in 2022 to 11.07% in 2024, indicating it as a significant growth driver for the company [6][7]. R&D and Marketing Investments - Proya's R&D expenses for the previous year were 210 million yuan, accounting for 1.95% of its revenue, with a notable increase in marketing expenses by 29.93% to 5.161 billion yuan in 2024 [8][6]. - The increase in marketing expenses is attributed to a rise in promotional costs, which grew by 30.22% [8]. Strategic Initiatives - Proya has announced plans to enter the light medical beauty sector, launching its first medical dressing product aimed at post-surgical recovery, capitalizing on the rapid growth of the medical beauty market [10][12]. - The company aims to achieve a position among the top ten global cosmetics brands within the next decade through acquisitions and expansion into new markets [10][12].

站在百亿营收的节点，接棒的侯亚孟需要更多的成绩，立下的"十年挺进全球前十"目标正在徐徐展 开，"招兵买马"是第一步。6月19日，北京商报记者获悉，珀莱雅任命有着诸多国际美妆巨头从业背景 的汪奕峰担任产品开发负责人兼孵化品牌副总经理。在珀莱雅官方声音中，汪奕峰的到来，是珀莱雅想 从营销驱动转向品牌驱动的发展路径。显然，珀莱雅知道自己的问题所在。 上台不足一年，侯亚孟紧锣密鼓地引进人才组建自己的管理团队，这些人有一个共同点——都具备国际 美妆巨头的从业经验，这也被认为是侯亚孟在为"十年挺进全球前十"目标铺路。但全球前十是怎样的概 念，珀莱雅用20年踏进百亿营收阵营，全球前十的目标又需要多久？ "招兵买马" 汪奕峰的职业履历非常丰富，有着多家国际美妆巨头的从业经验，其职业经历覆盖欧莱雅、拜尔斯道 夫、高露洁、强生、爱茉莉太平洋、伊利等多家行业头部企业。根据公开资料，汪奕峰曾担任多个国际 知名品牌中国区总经理及集团营销总经理/CMO等关键职位，并多次主导这些品牌在中国市场的战略定 位重塑、商业模式转型以及产品矩阵创新等工作。 在珀莱雅看来，汪奕峰具有卓越的全链路管理能力与丰富的行业实战经验，深刻洞悉并践 行"品"与" ...

Core Insights - Tmall's "618" event this year saw record user engagement and sales, with 453 brands achieving over 100 million yuan in sales, a 24% increase year-on-year [1] - The high-net-worth 88VIP membership exceeded 50 million, marking a new high, while brand membership numbers grew by 15% [1] - The competition intensified with new players like Meituan and the collaboration between Taobao and Ele.me, drawing significant attention to the delivery battle [1] Group 1: Sales Performance - Tmall's "618" event featured a simplified promotional strategy, starting pre-sales earlier on May 13, with discounts up to 50% [2] - The combination of national subsidies and Tmall's "618" led to a 116% increase in total sales for participating categories compared to last year's "Double 11" [4] - Tmall's market share in home appliances and 3C digital products reached 45.3% and 45.5% respectively during "618" [4] Group 2: Product Trends - New beauty products saw explosive sales, with nearly 100 items surpassing 10 million yuan in sales [4] - The trend of wearing lingerie as outerwear gained popularity, with sales exceeding 200 million yuan during "618" [4] - Sales in sportswear and outdoor apparel grew by over 50%, while categories like trendy toys, jewelry, pets, and beverages also showed high growth [4] Group 3: Strategic Initiatives - Tmall's "618" serves as a critical period for implementing its "support the strong and eliminate the weak" strategy, with a doubled investment in user growth [5] - The platform simplified the registration process for merchants, allowing for easier participation in the event [6] - The competition among e-commerce platforms has evolved from consumer subsidies to a focus on supply chain efficiency and multi-channel growth strategies [6]

Core Viewpoint - China Lianhe Credit Rating Co., Ltd. maintains the long-term credit rating of Proya Cosmetics Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating strong financial health and operational performance [1][3][4]. Company Overview - Proya Cosmetics Co., Ltd. specializes in the research, production, and sales of cosmetics, maintaining competitive advantages in brand recognition, product diversity, and R&D capabilities [4][9]. - The company has a diverse brand portfolio including Proya, Caitang, Off&Relax, and others, covering various segments of the cosmetics market [9][14]. Financial Performance - For 2024, Proya reported a total revenue of 107.78 billion yuan, a year-on-year increase of 21.04%, and a profit of 18.89 billion yuan, up 26.34% from the previous year [4][10]. - As of March 2025, the company had cash assets of 47.34 billion yuan, with a low debt burden reflected in an asset-liability ratio of 28.15% [6][10]. Operational Strategy - The company successfully implemented a "big single product strategy," enhancing its market share in key categories and achieving significant sales growth through online channels [5][15]. - Proya's production capacity increased to 40.118 million units per year, with a focus on flexible production and inventory management [21][22]. R&D and Innovation - In 2024, Proya increased its R&D investment by 21.21%, totaling 2.10 billion yuan, and obtained 25 new patents, enhancing its technological edge [5][16]. - The company has established a European innovation center in Paris to strengthen its R&D capabilities [15]. Industry Context - The cosmetics industry in China is characterized by low technical barriers and high competition, with many players and a low market concentration [12][13]. - The online retail market for cosmetics is growing, with Proya ranking among the top companies in various categories on platforms like Tmall and Douyin [5][12]. Future Outlook - The stable rating outlook suggests that Proya's operational performance and competitive position are expected to improve further, driven by enhanced R&D and brand development [4][5].

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 关于公开发行可转换公司债券 2025 年跟踪评级结果 的公告 证券代码：603605 证券简称：珀莱雅 公告编号：2025-029 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： 公司前次主体长期信用等级为"AA"，珀莱转债前次信用等级为"AA"，评 级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 6 月 13 日。 联合资信在对公司经营状况、行业情况等进行综合分析与评估的基础上，于 本次公司主体长期信用等级为"AA"，珀莱转债信用等级为"AA"，评级展望为 "稳定"。本次评级结果较前次没有变化。 本次信用评级报告详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的《珀莱雅化妆品股份有限公司 2025 年跟踪评级报告》。 特此公告。 珀莱雅化妆品股份有限公司董事会 ? 前次债项评级："AA"，主体评级："AA"，评级展望："稳定" ? 本次债项评级："AA"，主体评级："AA"，评级展望："稳定" ? 本次 ...

基于公司投资战略布局和未来发展规划，经与各方充分沟通并友好协商，一 致同意公司将其持有的嘉兴沃永 45%的合伙企业份额（对应认缴出资额人民币 基于该合伙企业份额附带的所有权利和权益转让给浙江大稻启运集团有限公司， 转让价款为人民币 9,999 万元。2025 年 6 月 19 日，公司与浙江大稻启运集团有 限公司签署《嘉兴沃永投资合伙企业（有限合伙）出资份额转让协议》。 证券代码：603605 证券简称：珀莱雅 公告编号：2025-028 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 关于转让投资基金份额暨退出投资基金的公告 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、交易概述 珀莱雅化妆品股份有限公司（以下简称"公司"）与新沃股权投资基金管理 （天津）有限公司、乐清乐盈贸易有限公司于 2019 年 6 月 18 日签订了《嘉兴沃 永投资合伙企业（有限合伙）合伙协议》，共同出资设立嘉兴沃永投资合伙企业 （有限合伙）（以下简称"嘉兴沃永"或"合伙企业"），公司作为有限合伙人认 缴出资人民币 13, ...

重要内容提示： 根据《上市公司证券发行管理办法》和《上海证券交易所股票上市规则》等 有关规定，珀莱雅化妆品股份有限公司（以下简称"公司"）委托联合资信评估 股份有限公司（以下简称"联合资信"）对公司于 2021 年 12 月 8 日发行的可转 换公司债券（转债简称"珀莱转债"）进行了跟踪信用评级。 公司前次主体长期信用等级为"AA"，珀莱转债前次信用等级为"AA"，评 级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 6 月 13 日。 联合资信在对公司经营状况、行业情况等进行综合分析与评估的基础上，于 2025 年 6 月 19 日出具了《珀莱雅化妆品股份有限公司 2025 年跟踪评级报告》， 本次公司主体长期信用等级为"AA"，珀莱转债信用等级为"AA"，评级展望为 "稳定"。本次评级结果较前次没有变化。 本次信用评级报告详见公司同日于上海证券交易所网站（www.sse.com.cn） 披露的《珀莱雅化妆品股份有限公司 2025 年跟踪评级报告》。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：11 ...