| 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 ...

国浩律师（杭州）事务所 关于 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 珀莱雅化妆品股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销实施 之 法律意见书 二〇二五年八月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销实施 之 法律意见书 致：珀莱雅化妆品股份有限公司 根据珀莱雅化妆品股份有限公司（以下简称"珀莱雅"或"公司"）与国浩 律师（杭州）事务所（以下简称"本所"）签订的法律 ...

Core Insights - The number of stocks priced over 100 yuan in the A-share market has significantly increased, reaching 122 on August 15, marking a new high in nearly 506 trading days [2][4][5]. Market Activity - The average daily number of stocks priced over 100 yuan exceeded 110 in August, indicating heightened market activity [3]. - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a new phase high and northbound capital transactions surpassing 300 billion yuan for the first time this year [2]. Stock Characteristics - The 122 stocks priced over 100 yuan are distributed across 16 industries, with the electronics sector having the highest representation at 36 stocks, followed by computer and pharmaceutical industries [7]. - These stocks are primarily from the innovation-driven sectors, with 52 from the Sci-Tech Innovation Board and 38 from the Growth Enterprise Market [7]. Financial Metrics - Stocks priced over 100 yuan exhibit stronger earnings growth potential, with projected net profit growth rates exceeding 17% for 2023 and 2024, while non-100 yuan stocks are expected to see declines [8][11]. - The average price-to-earnings ratio of these high-priced stocks is competitive compared to their industry peers, with 29.51% classified as undervalued [8]. Institutional Interest - Nearly 80% of stocks priced over 100 yuan have received institutional research attention, significantly higher than the less than 50% for non-100 yuan stocks [8][11]. - The financing balance for these stocks has increased by over 30% since the end of last year, compared to less than 11% for non-100 yuan stocks [8][11]. Potential High-Value Stocks - A selection of 17 potential high-value stocks has been identified, all priced between 80 and 100 yuan, with strong institutional interest and projected earnings growth [12]. - These stocks are primarily concentrated in the innovation sectors, particularly in semiconductors and humanoid robotics [12][14].

Investment Rating - The report maintains a "Buy" rating for the high-end domestic cosmetics brand Mao Geping, projecting a net profit of 1.184 billion, 1.542 billion, and 1.953 billion yuan for 2025-2027, with year-on-year growth rates of +34%, +30%, and +27% respectively [15]. Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index growing by only 0.1% from August 8 to August 15, 2025, lagging behind the Shenwan A Index by 3.0 percentage points [6][7]. - Domestic brands are actively preparing for the upcoming consumption peak, with significant announcements from brands like Proya and Up Beauty, indicating a strategic focus on high-end markets [12]. - Mao Geping's performance in H1 2025 shows a strong revenue forecast of 2.57 billion to 2.6 billion yuan, reflecting a year-on-year growth of 30.4% to 31.9%, and a net profit of 665 million to 675 million yuan, indicating robust profitability in the high-end domestic makeup segment [13][14]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the overall market, with specific indices showing minimal growth [6][7]. - The top-performing stocks in the sector included Baiya Co. (+11.0%) and Nuobang Co. (+6.0%), while the worst performers were Beijia Co. (-13.1%) and Mao Geping (-9.4%) [8]. Recent Developments - The report highlights the upcoming earnings season for key domestic brands, with expectations for significant financial disclosures from companies like Runben Co. and Marubi Biological [12]. - New Oxygen Group reported a Q2 revenue of 379 million yuan, with its light medical beauty chain business showing a remarkable year-on-year growth of 426% [24][25]. E-commerce and Market Trends - The report provides insights into the e-commerce performance of domestic brands, with notable growth in GMV for brands like Proya and Up Beauty, indicating a strong online presence [18]. - The retail sales of cosmetics in July 2025 showed a year-on-year growth of 4.5%, suggesting a recovery in consumer spending [19][22]. Market Share and Competitive Landscape - The domestic cosmetics market is becoming increasingly competitive, with local brands gaining market share against international competitors, as evidenced by the performance of brands like Proya and Natural Hall [31][36]. - The report notes that the market for skincare products is projected to reach 271.2 billion yuan in 2024, despite a slight decline in growth [31].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail sector shows steady recovery with a year-on-year increase of 4.8% in total retail sales from January to July 2025, and a 3.7% increase in July alone [5][25] - Online channels continue to grow, while offline growth rates are marginally slowing down; specific categories like gold and jewelry, as well as cosmetics, show significant improvement [5][30] - The report emphasizes the importance of consumer sentiment and suggests focusing on high-growth segments such as gold jewelry and domestic beauty brands [8][34] Summary by Sections Retail Market Overview - The retail index closed at 2214.55 points, up 0.44% for the week, underperforming the Shanghai Composite Index which rose by 0.86% [7][16] - The commercial property management sector saw the highest increase this week, while the jewelry sector has led the gains since the beginning of 2025 with a 30.19% increase [20][22] Retail Sales Data - In July 2025, retail sales reached 38,780 billion yuan, with a year-on-year growth of 3.7% [25] - Online retail sales for the first seven months of 2025 reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online sales at 70,790 billion yuan, up 6.3% [27][28] Key Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuangjin and Chaohongji [8][34] - **Cosmetics**: Highlighting the rise of domestic brands and the need for innovation in product offerings, with recommendations for brands like Maogeping and Pola [8][35] - **Offline Retail**: Emphasizing the transformation of retail enterprises to adapt to changing consumer behaviors, recommending companies like Yonghui Supermarket and Aiyingshi [8][34] - **Medical Aesthetics**: Suggesting investment in companies with differentiated product lines, recommending Aimeike and Kedi-B [8][36] Company Performance Highlights - Laopuhuangjin reported a revenue of 85.06 billion yuan in 2024, with a net profit increase of 253.9% [40] - Maogeping achieved a revenue of 38.85 billion yuan in FY2024, with a growth of 34.6% [36] - Yonghui Supermarket's revenue for Q1 2025 was 174.79 billion yuan, reflecting a decline of 19.3% [36]

Group 1: Market Overview - Global markets showed positive performance, with the Hang Seng Index rising by 2.58% and the Nasdaq increasing by 0.14% year-to-date [1][3] - The Hong Kong stock market experienced significant gains, particularly in healthcare, information technology, and consumer discretionary sectors, while utilities, telecommunications, and energy sectors lagged [3] - A net outflow of HKD 8.277 billion was observed from southbound funds, indicating a cautious sentiment among investors [3] Group 2: Economic Insights - The U.S. economy is experiencing a rebound in core inflation, with expectations for a potential interest rate cut being pushed to later dates [4] - China's economic indicators show a continued recovery, with M1 and M2 growth rates reaching recent highs, although household housing demand remains weak [4] - The Chinese central bank is expected to maintain a loose monetary policy, potentially lowering the reserve requirement ratio (RRR) and the loan prime rate (LPR) in the future [4][5] Group 3: Company Analysis - Tencent - Tencent reported a strong Q2 2025 performance, with total revenue and non-IFRS operating profit increasing by 15% and 18% year-on-year, respectively [5] - The gaming and marketing segments showed robust growth, with year-on-year increases of 22% and 20%, contributing to a 3.6 percentage point rise in gross margin [5] - The target price for Tencent has been raised to HKD 705.0, reflecting confidence in its growth strategy and AI development opportunities [5] Group 4: Company Analysis - Hongteng Precision - Hongteng Precision's Q2 2025 results met expectations, with revenue and net profit growing by 9% and 13% year-on-year, respectively [6] - The company is accelerating its business transformation, with AI cloud and automotive segments accounting for 36% of revenue in Q2, up from 24% in 2024 [6][7] - The target price for Hongteng Precision is set at HKD 4.96, based on a rolling 16 times 2026 expected P/E ratio, indicating an attractive valuation [7] Group 5: Company Analysis - 361 Degrees - 361 Degrees maintains its sales growth guidance of 10%-15% for FY25, supported by strong demand for basketball products and e-commerce growth [8][9] - However, there are concerns regarding store opening risks and declining same-store sales, which could impact future orders [8] - The target price for 361 Degrees has been adjusted to HKD 7.09, reflecting a valuation based on 11 times FY25 expected P/E [8]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 24,970, up 0.25% for the day and 24.48% year-to-date [1] - The US markets saw gains, with the Dow Jones up 1.10% and the S&P 500 up 1.13%, reflecting positive sentiment driven by moderate inflation data [3] Hong Kong Stock Performance - The Hang Seng Financial Index rose 0.52% and is up 28.47% year-to-date, while the Hang Seng Utilities Index fell 0.30% but is still up 5.00% for the year [2] - Southbound capital saw a net inflow of HKD 9.45 billion, indicating strong interest in Hong Kong stocks [3] Economic Policies and Impacts - The Chinese government announced targeted interest subsidies for personal consumption loans, potentially leading to an increase in loan growth by CNY 1 trillion [3] - The Hong Kong Monetary Authority intervened by buying HKD 7.065 billion to defend the currency peg, with total purchases since June reaching HKD 116.6 billion [3] Company Analysis: Kingdee International - Kingdee reported a 1H25 revenue of CNY 3.19 billion, a year-on-year increase of 11.2%, aligning with expectations [4] - The company aims for AI-related revenue to constitute over 30% of total revenue by 2030, with AI contracts exceeding CNY 150 million in 1H25 [4] Company Analysis: Tencent Music - Tencent Music's 2Q25 revenue grew 18% to CNY 8.44 billion, with Non-IFRS net profit increasing 37% to CNY 2.57 billion, surpassing market expectations [5] - The company is expected to continue its growth trajectory, with projected revenue and profit increases of 17% and 28% respectively for 3Q25 [5] Focus Stocks - Geely Automobile (175 HK) has a target price of HKD 24.00, representing a 24% upside potential [6] - Luckin Coffee (LKNCY US) has a target price of USD 44.95, indicating a 19% upside potential [6] - Tencent (700 HK) is rated "Buy" with a target price of HKD 660.00, reflecting an 18% upside potential [6]

证券之星消息，8月12日化妆品板块较上一交易日下跌0.02%，上海家化领跌。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603630 拉芳家化 | | -2328.54万 | 8.07% | 1048.31万 | 3.63% | -3376.86万 | -11.70% | | 603605 | | 1580.14万 | 3.82% | -930.55万 | -2.25% | -649.59万 | -1.57% | | 300132 青松股份 | | 891.73万 | 5.74% | 1094.90万 | 7.05% | -1986.64万 | -12.79% | | 603983 丸美生物 | | 741.71万 | 7.38% | -407.62万 | -4.06% | -334.09 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of differentiated membership stores, such as the WS Jiangtun membership store launched by Wushang Group in Wuhan, which focuses on unique products and services [5][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in sectors like gold jewelry, offline retail, cosmetics, and medical aesthetics [8][29] Summary by Sections Retail Market Review - The retail industry index reported a decline of 0.38% for the week of August 4 to August 8, 2025, underperforming the Shanghai Composite Index, which increased by 2.11% [14][21] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 6.07% and a year-to-date increase of 32.99% [16][19] Retail Insights - Wushang Group's WS Jiangtun membership store adopts a "paid membership + selected products" model, aiming to provide a differentiated shopping experience [5][24] - The store features a dual membership structure with basic and diamond tiers, enhancing customer engagement and loyalty [25] Investment Recommendations - Focus on gold jewelry brands with differentiated product offerings and consumer insights, recommending companies like Laopu Gold and Chaohongji [8][29] - Highlight the potential of offline retail companies that adapt to consumer trends, recommending Yonghui Supermarket and Aiyingshi [8][29] - Emphasize the growth of domestic cosmetics brands, recommending companies like Maogeping and Pola [8][29] - Suggest investment in medical aesthetics firms with differentiated product lines, recommending Aimeike and Kedi-B [8][29] Company Performance Highlights - Laopu Gold achieved a revenue of 8.506 billion yuan in FY2024, with a net profit increase of 253.9% [31][36] - Yonghui Supermarket reported a revenue of 17.479 billion yuan in Q1 2025, with a significant decline in net profit [31] - Chaohongji's Q1 2025 revenue increased by 25.4%, driven by its focus on fashion jewelry [43]

Global Market Overview - Major global stock markets showed positive performance, with the Hang Seng Index closing at 24,903, up 1.61% for the day and 24.14% year-to-date [1] - The Hang Seng Tech Index rose by 2.29%, reflecting a year-to-date increase of 23.57% [1] - The US markets experienced slight declines, with the Dow Jones down 1.20% and the S&P 500 down 0.98% [1] Hong Kong Stock Performance - The Hang Seng Financial Index increased by 2.00%, with a year-to-date rise of 27.05% [2] - The Hang Seng Property Index rose by 1.35%, reflecting a year-to-date increase of 22.31% [2] Chinese Stock Market Insights - The Chinese stock market saw gains, particularly in healthcare, materials, and information technology sectors, while real estate and consumer sectors lagged [3] - Southbound capital inflow reached a four-month high of 23.43 billion HKD [3] - A forecast for the A-share market indicated strong performance for upstream companies in non-ferrous metals and chemicals due to rising product prices [3] Company Analysis: Yum China - Yum China maintained its full-year guidance, with Q2 sales increasing by 4% to 2.79 billion USD and net profit rising by 1% to 215 million USD, aligning with market expectations [4] - The company reported a gross margin of 70.9% and an operating profit margin of 10.9%, both exceeding market expectations [4] - The management set a conservative same-store sales growth target for the second half of the year, citing macroeconomic instability and cautious consumer behavior [5] Company Analysis: China Tower - China Tower's H1 2025 results met expectations, with revenue growing by 2.8% year-on-year to 49.6 billion RMB and net profit increasing by 8.0% to 5.8 billion RMB [5] - The net profit margin improved to 11.6%, reflecting a slight increase from the previous year [5] - The company announced an interim dividend of 0.13 RMB per share, enhancing shareholder returns [5] Focus Stocks - Geely Automobile (175 HK) rated as "Buy" with a target price of 24.00 HKD, indicating a potential upside of 32% [6] - Tencent (700 HK) also rated as "Buy" with a target price of 660.00 HKD, suggesting a 17% upside [6] - Alibaba (BABA US) rated as "Buy" with a target price of 141.20 USD, indicating a potential increase of 21% [6]