Group 1 - The beauty care sector experienced a strong rebound on August 26, with significant stock price increases for several companies [1] - Jiaheng Jiahua reached a 20% limit-up, indicating strong investor interest and confidence in the company [1] - Other companies such as Shuiyang Co., Fulejia, Pola, and Lafang Jiahua also saw stock price increases, with Shuiyang Co. rising over 5% [1]

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].

Core Viewpoint - The company has completed the repurchase and cancellation of a portion of its restricted stock under the equity incentive plan, totaling 242,424 shares, which has resulted in changes to its share capital structure [1][2]. Group 1: Decision and Disclosure - The decision for the repurchase and cancellation of restricted stock was approved by the company's fourth board meeting and the fourth supervisory board meeting [1]. - The company has fulfilled the necessary procedures for notifying creditors regarding the stock repurchase and cancellation [1]. Group 2: Repurchase and Cancellation Details - The repurchase and cancellation of the restricted stock was completed on August 21, 2025, with the shares transferred to a dedicated repurchase account [2]. - The company will proceed with the necessary business registration changes following the cancellation [2]. Group 3: Changes in Share Capital Structure - After the repurchase and cancellation, the share capital structure is as follows: - Restricted shares before: 842,520; after: 600,096, a decrease of 242,424 - Unrestricted shares remain unchanged at 395,405,086 - Total shares before: 396,247,606; after: 396,005,182, a decrease of 242,424 [3].

Core Viewpoint - The adjustment of the conversion price for the "Pola Convertible Bonds" is due to the completion of the repurchase and cancellation of certain restricted stock options, leading to a change in the conversion price from 96.23 CNY/share to 96.26 CNY/share, effective from August 26, 2025 [1][6]. Group 1: Conversion Price Adjustment - The conversion price before adjustment was 96.23 CNY/share, and after adjustment, it is 96.26 CNY/share [2][6]. - The adjustment of the conversion price is based on the repurchase and cancellation of 242,424 shares of restricted stock due to the departure of 14 incentive plan participants [5][6]. - The conversion price adjustment will take effect on August 26, 2025, with the conversion being suspended on August 25, 2025 [2][6]. Group 2: Regulatory Compliance - The adjustment follows the relevant provisions in the prospectus and regulations from the China Securities Regulatory Commission regarding convertible bonds [3][5]. - The company has completed the necessary procedures for the repurchase and cancellation of the restricted stock as of August 21, 2025 [5][6]. - The adjustment method for the conversion price is outlined in the prospectus, ensuring compliance with applicable laws and regulations [4][5].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]

Investment Rating - The report maintains a "Positive" outlook on the hair care industry, highlighting its significant market potential and opportunities for differentiation [3][6]. Core Insights - The hair care industry is the second largest segment in the cosmetics market, following skincare, with substantial potential for domestic brand replacement. The demand for hair care products is evolving towards more personalized and segmented offerings, driven by consumers' increasing pursuit of quality in their daily lives [5][6]. - The market for hair care products in China is expected to grow steadily, with sales reaching 55.9 billion yuan in 2023, reflecting a year-on-year increase of 13.4%. Projections indicate that the market could exceed 70 billion yuan by 2026 [5][6]. - Domestic brands are well-positioned to capture market share due to their understanding of local consumer needs, especially in a market where international brands dominate but face challenges in adapting to rapid changes in consumer preferences [7][8]. Summary by Sections 1. Hair Care Market Overview - The hair care segment is characterized by a wide range of products, including cleansing and conditioning items, and is crucial in consumers' daily routines. The market is experiencing a shift towards more specialized and effective products [16][18]. - The competitive landscape is shifting, with domestic brands gaining traction as international leaders struggle to keep pace with evolving consumer demands [22][27]. 2. Hair Care Product Trends - The demand for functional and gentle hair care products is on the rise, with consumers increasingly seeking solutions for specific issues such as hair loss and scalp health. The market is seeing a trend towards herbal ingredients that appeal to health-conscious consumers [55][67]. - The hair care market is projected to maintain stable growth, with a market size of 55.9 billion yuan in 2023 and an expected increase to over 70 billion yuan by 2026 [63][67]. 3. Facial Cleansing Market Dynamics - The facial cleansing market is also experiencing steady growth, with a market size of 49.8 billion yuan in 2023, projected to reach 52.5 billion yuan by 2026. Multi-functional products that combine cleansing with other benefits are gaining popularity [5][6]. 4. Body Care Market Insights - The body care segment is witnessing a revival, with consumers increasingly valuing emotional well-being and seasonal product differentiation. The market is expected to reach 23.4 billion yuan by 2024, with a focus on efficacy and fragrance [5][6]. 5. Competitive Landscape and Opportunities - Numerous domestic beauty companies are expanding their product lines and adopting multi-brand strategies to capture market share in the hair care sector. Key players include Lafang, Shangmei, Shanghai Jahwa, and Proya, each with distinct strategies to enhance brand recognition and market presence [6][7][8].

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、本次股权激励限制性股票回购注销的决策与信息披露 | | | 珀莱雅化妆品股份有限公司 关于部分股权激励限制性股票回购注销完成的公告 三、回购注销股权激励限制性股票后公司股本结构变动情况 公司本次回购注销股权激励限制性股票后，公司股本结构变动情况如下： 单位：股 | 类别 | 变动前数量 | 变动数量 | 变动后数量 | | --- | --- | --- | --- | | 有限售条件股份 | 842,520 | -242,424 | 600,096 | | 无限售条件股份 | 395,405,086 | 0 | 395,405,086 | | 总计 | 396,247,606 | -242,424 | 396,005,182 | 注："变动前数量"的"总计"为截至本公告披露日工商登记最新总股本，不包括2025 年4月1日至本公告披露日期间的可转债转股数量。 2025 年 6 月 26 日，珀莱雅化妆品股份有限公司（以下简称"公司"）召开 第四届董事会第五次会议和第四届监事会 ...

| | | 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 调整前转股价格：96.23 元/股 调整后转股价格：96.26 元/股 珀莱转债转股价格调整起始日：2025 年 8 月 26 日 珀莱转债自 2025 年 8 月 25 日停止转股，2025 年 8 月 26 日起恢复转股 万元，并于 2022 年 1 月 4 日在上海证券交易所上市交易，债券简称"珀莱转债"， 债券代码"113634"。珀莱转债的存续时间为 2021 年 12 月 8 日至 2027 年 12 月 7 日。转股期限为 2022 年 6 月 14 日至 2027 年 12 月 7 日，初始转股价格为 195.98 元/股。 一、转股价格调整依据 1、根据《珀莱雅化妆品股份有限公司公开发行 A 股可转换公司债券募集说明 书》（以下简称"《募集说明书》"）相关条款以及中国证监会关于可转换公司债券 发行的有关规定，珀莱转债在发行后，当公司发生送红股、转增股本、增发新股 （不包括因本次发行的可转债转股而增加的股本）、配股以及派发现金股利等情况 时，公司将按上述条件出现的先后顺序，依次对转股价格进行累积调整，具体调 整 ...