证券代码：603605 证券简称：珀莱雅 公告编号：2025-063 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 关于召开2025年第二次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 27 日 14 点 30 分 召开地点：杭州市西湖区西溪路 588 号珀莱雅大厦 9 楼会议室 股东会召开日期：2025年10月27日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 10 月 27 日 至2025 年 10 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 为加快公司的国际化战略和海外业务发展，增强公司的境外融资能力，进一 步提高公司的综合竞争力，根据公司总体发展战略及运营需要，公司拟发行 H 股 股票并申请在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上 市（以下简称"本次发行上市"）。 珀莱雅化妆品股份有限公司 关于第四届董事会第八次会议决议的公告 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。 根据《公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、《境内 企业境外发行证券和上市管理试行办法》（以下简称"《境外上市管理办法》"）及 《监管规则适用指引——境外发行上市类第 1 号》等相关法律、法规的要求，公 司本次发行上市符合中国境内法律、法规和规范性文件的要求和条件。 根据《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市规则》"） 及香港法律对在中华人民共 ...

Core Viewpoint - The company, Proya (603605.SH), has announced its plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate its international strategy and enhance overseas business development [1] Group 1 - The board of directors has approved the proposal for issuing H-shares [1] - The move aims to strengthen the company's overseas financing capabilities [1] - The initiative is part of the company's overall development strategy and operational needs [1]

Core Viewpoint - The company, Proya (603605.SH), has announced its plan to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate its international strategy and enhance overseas business development [1] Group 1 - The board of directors has approved the proposal for issuing H-shares [1] - The move aims to strengthen the company's overseas financing capabilities [1] - The initiative is part of the company's overall development strategy and operational needs [1]

珀莱雅：公司拟发行H股股票并申请在香港联交所主板挂牌上市。 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-059 | | --- | --- | --- | | 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 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 2025 年 9 月 30 日,累计共有人民币 975,000 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 7,152 股，占可转债 转股前公司已发行股份总额的 0.0025%。 3、因公司实施 2022 年度权益分派方案，自 2023 年 5 月 29 日起，珀莱转债 转股价格调整为 98.61 元/股，具体内容详见公司于 2023 年 5 月 23 日在上海证 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关于 2022 年度权益分派调整可转债转股价格的公告》（公告编号 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The report highlights robust growth in consumption during the National Day and Mid-Autumn Festival holidays, driven by overlapping holidays and increased travel intentions, with daily cross-regional passenger flow reaching 304 million, a year-on-year increase of 6.2% [2][16] - The report identifies structural opportunities in the consumption sector, particularly in emotional consumption, the rise of domestic brands, and AI-driven consumer experiences [2][5] Retail Sector Summary - Retail sales for key retail and catering enterprises increased by 3.3% year-on-year during the first four days of the holiday [2] - Popular tourist provinces and lower-tier cities showed strong performance, with cities like Qingdao (+8.2%) and Nanjing (+5.9%) leading the way [2][11] - Emotional consumption trends are emerging, with significant sales increases in products like projectors and gaming consoles, which saw year-on-year growth of 245% and 292% respectively [2][12] Tourism Sector Summary - The long holiday period has amplified travel intentions, with long-distance and cross-border travel demand remaining strong [3][16] - Domestic long-distance travel orders increased by 3 percentage points year-on-year, with popular tourist destinations experiencing significant visitor growth [3][17] - Outbound tourism to Hong Kong and Macau saw daily visitor numbers increase by 6.4% and 7.8% respectively [22] Dining and Hospitality Summary - The dining and hotel sectors experienced moderate growth, with average prices remaining stable [4][37] - The average daily sales for duty-free shopping in Hainan reached approximately 1.2 billion yuan, reflecting an 11% year-on-year increase [27] - Hotel revenue per available room (RevPAR) showed a year-on-year increase of 6.27%, driven by growth in average daily rates (ADR) [37] Investment Recommendations - The report emphasizes institutional investment opportunities in the consumer sector for 2025, recommending four main investment themes: the rise of domestic brands, high-growth emotional consumption, the silver economy, and AI-driven consumer experiences [5][9]

Core Insights - The Chinese beauty industry is experiencing a significant transformation, with many brands exiting the market while others are rapidly launching new sub-brands to adapt to changing consumer demands and market conditions [1][8][24]. Group 1: Industry Trends - The beauty industry is facing a "winter" period, leading to the exit of several brands such as Qiaodi Shanghui and Jing Sheng Zhi Yuan [1]. - Despite the challenges, there is a surge in new brand launches, indicating a robust response from leading companies [1][8]. - Major players like Shangmei Co., Beitaini, and Polaroid are actively developing multiple sub-brands to enhance their market presence [8][24]. Group 2: Company Strategies - Shangmei Co. has launched three new brands this year, including NAN beauty, a high-end anti-aging brand Tazu, and a baby care brand [10][11]. - Beitaini is set to introduce a new acne treatment brand, Ansta, which has been in development for three years [15][16]. - Polaroid is considering overseas acquisitions to fill gaps in its product offerings, targeting markets such as baby care and men's grooming [17][24]. Group 3: Market Positioning - The multi-brand strategy allows companies to cater to diverse consumer needs across different demographics, enhancing their competitive edge [24][29]. - Companies are focusing on leveraging their main brand strengths to create differentiated sub-brands that address specific market segments [27][30]. - The trend of building a multi-brand matrix is becoming standard among leading beauty companies in China, moving away from a single-brand dominance [28][39]. Group 4: Growth Strategies - Companies are employing both internal brand incubation and external acquisitions as primary methods for expanding their brand portfolios [29][33]. - Internal incubation allows companies to innovate and meet emerging consumer demands effectively, while acquisitions provide immediate access to established brands and markets [32][38]. - The balance between these strategies is crucial for sustained growth and market relevance in a competitive landscape [39].

Core Insights - The beauty industry in China is experiencing significant changes, with a focus on high-end fragrance brands, domestic beauty brands' performance, and the integration of science and global strategies in the market [2][3][4][5][6][7]. Industry Environment - Douyin e-commerce has revitalized the perception of "Chinese good ingredients," showcasing natural components from local brands and enhancing consumer trust through expert endorsements and interactive marketing [3]. High-End Fragrance Market - The fragrance category is witnessing growth despite overall market pressures, with projections indicating the Chinese perfume market will reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4]. Domestic Beauty Brands Performance - In the first half of 2025, the domestic beauty market grew by 3.1%, with leading brands like Proya achieving 5.36 billion yuan in revenue, while others like Huaxi Biological faced challenges [5]. Globalization and Scientific Innovation - The second half of the domestic beauty market is expected to focus on scientific advancements, segmentation of consumer scenarios, and globalization strategies [7]. Medical Beauty and Cosmetic Integration - The medical beauty sector is projected to grow at a compound annual growth rate of 10%-15% from 2024 to 2027, with brands increasingly merging beauty and medical aesthetics to meet consumer demands for comprehensive care [10]. E-commerce and Brand Strategies - E-commerce operators in the beauty sector are facing challenges, with only one company, Ruoyu Chen, showing significant growth amidst a broader industry slowdown [14]. New Product Launches and Brand Collaborations - Major brands like L'Oréal are expanding into the fragrance market with new high-end products, while emerging brands like Huaxizi are innovating in skincare with a focus on traditional Chinese medicine [16][17]. Market Trends and Consumer Behavior - The beauty market is seeing a shift towards affordable and effective products, with brands needing to adapt to changing consumer preferences and the competitive landscape [12][25].

Core Insights - The company is actively exploring opportunities in online channels and enhancing its product matrix to strengthen brand and product capabilities while optimizing platform resources [1] - The company reported a gross margin increase to 73.38% in the first half of 2025, attributed to cost reduction and efficiency improvement measures [1] - The management emphasized the importance of brand strength, product quality, and consumer experience in future strategies, alongside ongoing cost control measures [2] Group 1 - The company is focusing on refining operational capabilities across various platforms through detailed management and optimization of online and offline channels [1] - The company has successfully completed the "smart customer service" project in collaboration with Ant Group, enhancing service efficiency and quality through AI technology [1] - The company is initiating an AI formula model project to innovate product development and accumulate experiential assets [1] Group 2 - The company has increased its brand investment to attract new customer segments and enhance consumer reach, particularly during promotional events like the 618 sales [2] - Future strategies will prioritize brand strength, product quality, and consumer feedback while balancing business growth with cost control to maintain profitability [2] - The management expressed interest in overseas acquisitions to enrich the brand and product portfolio, aiming to meet diverse consumer needs across different price points and scenarios [2]