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 ...

Group 1 - The 2025 CBE Hangzhou International Beauty Expo gathered over 1,000 exhibitors from 20 countries and regions, focusing on driving growth in the beauty economy and leading the future of the industry [1] - Innovation in new products and raw materials is identified as the core engine for the development of the cosmetics industry, with discussions centered on how to lead future development through innovation [1] Group 2 - At the beauty ecosystem conference, the chairman of Proya Cosmetics Co., Ltd., Hou Junchen, emphasized the importance of technological, supply chain, channel, and marketing innovations for development [2] - Hou Junchen stated that Chinese culture is increasingly influencing the global market, and with the growing impact of Chinese consumer goods, Chinese beauty products are expected to become a global "golden card" [2] - Zhejiang Province has implemented regulatory innovations, including the "Zhejiang Beauty 18 Articles," which have stimulated industry innovation, resulting in a 100% year-on-year increase in new raw material registrations and a 12.4% increase in cosmetic exports to 6.642 billion yuan, accounting for 25.74% of the national total [2] Group 3 - The expo featured a Thai beauty and health products group, with 19 Thai companies launching new products, reflecting the growing trust of Chinese consumers in "Thai manufacturing" [5] - The Thai Consulate in Shanghai expressed hopes that the expo would facilitate the entry of more quality Thai brands into the Chinese market and promote technical cooperation and channel connections between Chinese and Thai enterprises [5]

Market Overview - The Shanghai Composite Index rose by 0.13% on August 21, with 17 out of the industries under Shenwan showing gains. The top-performing sectors were Agriculture, Forestry, Animal Husbandry, and Fishery, and Oil and Petrochemicals, with increases of 1.50% and 1.39% respectively [1] - The Beauty and Personal Care sector increased by 0.98%, while the Machinery and Electrical Equipment sectors experienced declines of 1.08% and 0.98% respectively [1] Beauty and Personal Care Sector - The Beauty and Personal Care sector saw a net outflow of funds amounting to 21.18 million yuan, with 29 stocks in the sector. Out of these, 20 stocks rose while 9 fell [1] - Among the stocks with net inflows, 12 experienced positive fund flow, with 7 stocks receiving over 10 million yuan. The leading stock in net inflow was Lafang Home, with a net inflow of 36.04 million yuan, followed by Shuiyang Co. and Furida, with net inflows of 25.39 million yuan and 24.69 million yuan respectively [1] - The stocks with the highest net outflows included Qingdao Kingking, Zhongshun Jierou, and Proya, with net outflows of 114 million yuan, 20.36 million yuan, and 19.06 million yuan respectively [1] Fund Flow Rankings in Beauty and Personal Care Sector - The table provided lists various stocks along with their daily percentage change, turnover rate, and main fund flow. Notable mentions include: - Lafang Home (3604.00 million yuan net inflow, +5.85%) - Shuiyang Co. (2538.65 million yuan net inflow, +8.61%) - Furida (2469.64 million yuan net inflow, +1.42%) [1]

Market Overview - The Shanghai Composite Index closed at 3766.21 points, above the six-month moving average, with an increase of 1.04% [1] - The total trading volume of A-shares reached 24,484.14 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 93 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xi'an Catering (9.78%) - Fuyao Glass (9.01%) - Sunrise Orient (6.98%) [1] Stocks with Small Deviation Rates - Stocks with minor deviation rates that just crossed the six-month moving average include: - Rui Ming Technology - Fengle Seed Industry - ST Zhongdi [1] Performance of Selected Stocks - Xi'an Catering: - Price change: +10.06% - Turnover rate: 11.89% - Latest price: 9.85 yuan - Deviation rate: 9.78% [1] - Fuyao Glass: - Price change: +10.01% - Turnover rate: 2.85% - Latest price: 61.35 yuan - Deviation rate: 9.01% [1] - Sunrise Orient: - Price change: +10.02% - Turnover rate: 9.10% - Latest price: 10.76 yuan - Deviation rate: 6.98% [1]

Market Overview - The Shanghai Composite Index rose by 1.04% on August 20, with 30 industries experiencing gains, led by the beauty and personal care sector, which increased by 2.42% [1] - The oil and petrochemical industry followed closely with a rise of 2.36% [1] - The pharmaceutical and biotechnology sector was the only industry to decline, with a decrease of 0.07% [1] Capital Flow Analysis - The net outflow of capital from the two markets was 30.229 billion yuan, with 10 industries seeing net inflows [1] - The electronics industry had the highest net inflow, amounting to 5.522 billion yuan, and it rose by 2.32% [1] - The food and beverage sector also saw a positive net inflow of 2.494 billion yuan, with a daily increase of 1.39% [1] Beauty and Personal Care Sector - The beauty and personal care industry experienced a rise of 2.42%, with a net inflow of 351 million yuan [2] - Out of 29 stocks in this sector, 22 stocks increased while 7 stocks decreased [2] - The top three stocks with the highest net inflow were Qingdao Kingking (111.57 million yuan), Proya (90.199 million yuan), and Shanghai Jahwa (67.136 million yuan) [2][3] Individual Stock Performance - Qingdao Kingking had a daily increase of 3.84% with a turnover rate of 20.38% and a net capital flow of 111.5719 million yuan [3] - Proya and Shanghai Jahwa also performed well, with increases of 3.66% and 6.21%, respectively [3] - The stocks with the highest net outflows included Reliable Shares (51.0926 million yuan), Hao Yue Care (21.4761 million yuan), and Qingsong Shares (18.5760 million yuan) [4]