天眼查商业履历信息显示，珀莱雅化妆品股份有限公司，成立于2006年，位于杭州市，是一家以从事化 学原料和化学制品制造业为主的企业。企业注册资本39624.7606万人民币，实缴资本39624.6981万人民 币。公司法定代表人为侯军呈。 通过天眼查大数据分析，珀莱雅化妆品股份有限公司共对外投资了37家企业，参与招投标项目17次，知 识产权方面有商标信息1203条，专利信息418条，此外企业还拥有行政许可49个。 来源：金融界 资金流向方面，今日主力资金净流入1.05亿元，占比成交额9.62%。其中，超大单净流入4439.28万元、 占成交额4.07%，大单净流入6063.12万元、占成交额5.56%，中单净流出流出6649.09万元、占成交额 6.09%，小单净流出3853.31万元、占成交额3.53%。 珀莱雅最新一期业绩显示，截至2025一季报，公司营业总收入23.59亿元、同比增长8.13%，归属净利润 3.90亿元，同比增长28.87%，扣非净利润3.79亿元，同比增长29.76%，流动比率4.228、速动比率 3.741、资产负债率28.15%。 金融界消息 截至2025年8月20日收盘，珀莱雅（6 ...

Global Market Overview - The Hang Seng Index closed at 25,177, down 0.37% for the day but up 25.51% year-to-date [1] - The S&P 500 closed at 6,449, down 0.01% for the day and up 9.65% year-to-date [1] - The Shanghai Composite Index rose by 0.85% to 3,728, with a year-to-date increase of 11.23% [1] Industry Insights - The healthcare sector showed resilience, with major life sciences companies reporting better-than-expected performance in 2Q25, leading to upward revisions in annual guidance [5][6] - The pharmaceutical industry is facing pressure on profit margins due to external factors, but major pharmaceutical companies continue to invest in R&D, indicating a stable outlook for innovation [8] - The retail sector in the U.S. demonstrated resilience with a monthly growth rate increase from 0% in the first half of the year to 0.7% in July, indicating strong consumer spending [4] Company Analysis - Tongcheng Travel reported a total revenue of RMB 4.7 billion in 2Q25, a 10% year-on-year increase, with adjusted net profit rising by 18% to RMB 775 million, exceeding expectations [8] - Xtep's sales for the first half of 2025 grew by 7% to RMB 6.8 billion, with net profit increasing by 21% to RMB 913 million, surpassing forecasts [13] - Leap Motor achieved a revenue of RMB 14.2 billion in 2Q25, a 42% quarter-on-quarter increase, marking its first positive operating profit [14] Investment Ratings - Leap Motor is rated as a "Buy" with a target price of HKD 80, reflecting a strong growth outlook driven by new model launches and expanding sales [14] - Xtep maintains a "Buy" rating with a target price of HKD 7.39, supported by robust sales performance and operational efficiency [12] - Tongcheng Travel is also rated as a "Buy," with a target price of HKD 24.00, based on its strong core business performance [8]

Core Viewpoint - The company, Proya Cosmetics Co., Ltd., is repurchasing and canceling 242,424 restricted stocks due to the departure of 14 incentive recipients who no longer meet the incentive conditions [2][4][6]. Summary by Sections Repurchase and Cancellation Reasons - The repurchase and cancellation of restricted stocks are based on the company's 2022 Restricted Stock Incentive Plan, as the 14 incentive recipients have left the company and no longer qualify for the incentive [2][4]. - The repurchase price for the restricted stocks has been adjusted from 54.203 yuan per share to 53.013 yuan per share following the completion of the 2024 annual equity distribution [5][6]. Decision and Disclosure - The decision for the repurchase was approved during the fourth board meeting on June 26, 2025, and the company has complied with the necessary legal procedures for notifying creditors [3][4][9]. - The company has confirmed that no creditors have raised claims for debt repayment or provided guarantees during the notification period [3]. Stock Structure Changes - After the repurchase and cancellation, the total number of restricted stocks remaining under the incentive plan will be 600,096 shares [6][8]. - The company has opened a special securities account for the repurchase and expects the cancellation to be completed by August 21, 2025 [7]. Legal Compliance - The repurchase and cancellation process has been confirmed to comply with relevant laws and regulations, including the Company Law and the Securities Law of the People's Republic of China [10]. - The company has committed to ensuring the accuracy and completeness of the information related to the repurchase and cancellation [9].

Core Viewpoint - The company, Proya Cosmetics Co., Ltd., is implementing a buyback and cancellation of 242,424 restricted stocks due to the departure of 14 incentive recipients who no longer meet the incentive conditions [2][4][5]. Group 1: Buyback and Cancellation Details - The buyback and cancellation of restricted stocks is based on the company's 2022 Restricted Stock Incentive Plan, which stipulates that stocks granted to individuals who have left the company must be repurchased [2][4]. - The decision for the buyback was approved during the board meetings held on June 26, 2025, where the repurchase price was adjusted from 54.203 yuan per share to 53.013 yuan per share [3][6]. - The company has completed the necessary procedures for notifying creditors regarding the stock buyback and has not received any claims from creditors [3][4]. Group 2: Stock Structure Changes - After the buyback, the total number of restricted stocks remaining under the incentive plan will be 600,096 shares [7]. - The company has opened a special securities account for the buyback and expects the cancellation of the stocks to be completed by August 21, 2025 [8]. Group 3: Legal Compliance and Commitments - The board of directors has confirmed that the buyback process complies with relevant laws and regulations, ensuring that the rights of the incentive recipients and creditors are not harmed [10][12]. - A legal opinion has been issued confirming that the buyback adheres to the necessary legal procedures and disclosure obligations [11][12].

Group 1 - The stock price of Proya reached 84.50 yuan as of the close on August 18, 2025, with an increase of 1.45 yuan, representing a rise of 1.75% [1] - The trading volume on that day was 102,835 hands, with a turnover of 868 million yuan and a fluctuation of 3.29% [1] - Proya is primarily engaged in the research, production, and sales of cosmetics, covering various categories such as skincare, makeup, and cleansing [1] Group 2 - On the evening of August 18, the company announced the repurchase and cancellation of 242,424 restricted stocks held by 14 former incentive targets from the 2022 restricted stock incentive plan, with the cancellation date set for August 21, 2025 [1] - On August 18, the net inflow of main funds into Proya was 62.29 million yuan, with a net inflow of 32.09 million yuan over the past five days [1]

Summary of Key Points Core Viewpoint - The company announced the repurchase and cancellation of 242,424 restricted stocks due to the departure of 14 incentive recipients who no longer meet the incentive conditions as per the 2022 Restricted Stock Incentive Plan [1][2]. Group 1: Repurchase and Cancellation Details - The repurchase price for the restricted stocks was adjusted from 54.203 yuan per share to 53.013 yuan per share following the completion of the 2024 annual profit distribution [1][3]. - The decision for the repurchase and cancellation was approved during the fourth board meeting on June 26, 2025, and involves a total of 242,424 shares [1][4]. - The company has initiated the necessary procedures for the repurchase and cancellation of the stocks, which is expected to be completed by August 21, 2025 [4][5]. Group 2: Impact on Share Capital Structure - Following the cancellation, the number of restricted shares will decrease from 842,520 to 600,096, while the total share capital will reduce from 396,247,606 to 396,005,182 shares [5]. - The company has complied with legal requirements regarding the reduction of registered capital and has notified creditors as per the relevant laws [2][6]. Group 3: Legal Compliance and Commitments - The company confirmed that the repurchase and cancellation process adheres to the relevant laws and regulations, ensuring no harm to the rights of the incentive recipients or creditors [4][6]. - A legal opinion was provided confirming that the repurchase and cancellation process has met all necessary procedural requirements [6].

证券日报网讯 8月18日晚间，珀莱雅发布关于2022年限制性股票激励计划部分限制性股票回购注销实施 公告称，根据公司《2022年限制性股票激励计划（草案）》的相关规定，鉴于公司2022年限制性股票激 励计划授予的14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242，424股。注销日期：2025年8月21日。 （文章来源：证券日报） ...

Core Viewpoint - The article discusses the transformation of the brand HAPSODE under Proya, emphasizing its shift from being an "oil skin care expert" to a "young skin research brand," targeting the Z generation's desire for high efficacy and emotional resonance in skincare products [3][22]. Group 1: Brand Transformation and Strategy - HAPSODE has undergone a comprehensive rebranding, introducing the YOUTHLAB research laboratory to focus on young skin issues and develop personalized solutions [3][26]. - The new brand declaration "Young Research, Vitality" encapsulates Proya's multi-brand strategy and aims to decode the skincare challenges faced by the Z generation [3][22]. - The brand's visual identity has been revamped to convey professionalism and vitality, appealing to the emotional and rational needs of young consumers [23][24]. Group 2: Scientific Research and Product Development - Proya's research indicates that the complexity of young skin is influenced by emotional factors, with the skin acting as an "emotional organ" [5][21]. - The YOUTHLAB has developed a "dual oil sensitivity control system" targeting overactive sebaceous glands, which are identified as the root cause of various skin issues [5][6]. - The flagship product, the "Redness Repair Essence 2.0," features 98% high-purity Kava extract and aims for rapid redness reduction and oil control [6][8]. Group 3: Market Position and Financial Performance - HAPSODE's revenue reached 332 million yuan in 2024, marking a 9.41% year-on-year growth, highlighting its role in Proya's youth-oriented brand strategy [33]. - The brand targets a diverse demographic, including trend-loving Z generation consumers and quality-seeking professionals, with a price range that offers strong value [33]. - Proya's commitment to R&D is evident, with a budget of 210 million yuan for 2024 and a growing number of patents, reinforcing its innovative capabilities [17]. Group 4: Emotional Engagement and Consumer Connection - The brand recognizes that skincare issues are often reflections of emotional states, leading to a focus on emotional communication in marketing strategies [22][32]. - Collaborations with popular youth icons, such as Ricky from the boy band ZEROBASEONE, aim to create relatable brand ambassadors that resonate with the target audience [27][30]. - The brand's approach combines scientific efficacy with emotional support, aligning with the Z generation's values of self-fulfillment and mental well-being [32][33].

Group 1: Stock Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 25%[5] - Li Auto is rated as a "Buy" with a target price of HKD 72.00, indicating a potential upside of 7%[5] - Sany International is rated as a "Buy" with a target price of HKD 8.70, suggesting a potential upside of 22%[5] - Luckin Coffee is rated as a "Buy" with a target price of USD 44.95, indicating a potential upside of 17%[5] - Tencent is rated as a "Buy" with a target price of HKD 705.00, representing a potential upside of 19%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of 4.7%, compared to the MSCI China Index return of 5.2%[10] - Out of the 26 stocks, 11 stocks outperformed the benchmark[10] - The report includes a total of 26 stocks with varying sectors such as automotive, technology, and healthcare[5]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-037 | | --- | --- | --- | | 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 回购注销实施公告 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： 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 14 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 242,424 股。综上，本次回购注销的限制性股票合计 242,424 股。 本次注销股份的有关情况： | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 242,424 股 | 242,424 股 | 2025 年 8 月 21 日 ...