Core Viewpoint - The acquisition of the functional skincare brand Baizhicui by the makeup brand Judo's parent company, Juyi Group, marks its official entry into the skincare sector, reflecting a broader trend of multi-brand and cross-category development in the beauty industry [1][2]. Category Expansion: Skincare/Makeup/Medical Devices - Skincare brands are primarily venturing into makeup and fragrance, while makeup brands are increasingly extending their reach into skincare [3][4]. - The mainstream choice for skincare brands entering the makeup market is to launch base makeup products, followed by fragrances [5]. Skincare Brands Entering Makeup Market - Notable brands like Proya, Han Shu, and Baique Ling have launched cushion products, while others like Natural Hall and Oushiman have introduced foundation products [5][6]. Skincare Brands Focusing on Medical Devices - Skincare brands are showing a strong interest in the medical device category, primarily launching products featuring recombinant collagen [6][7]. Makeup Brands Entering Skincare Market - Makeup brands are primarily focusing on masks as their first choice for skincare products, followed by serums and creams [8][9]. - The low technical requirements and acceptance of masks make them an attractive entry point for makeup brands [10]. Product Pricing Strategies - Skincare brands typically price their makeup products below 200 yuan, with many under 100 yuan, while makeup brands entering skincare tend to target mid to high-end price ranges [13][14]. - Medical device products from skincare brands have a wider pricing range, with some products priced as high as 300 yuan [13]. Market Performance - Sales figures for newly launched products vary significantly, with some brands achieving over 10,000 units sold, while others struggle to reach even 100 [15][16]. - For instance, the luxury caviar mask from Mao Ge Ping has sold over 100,000 units, contributing significantly to the brand's revenue [17]. Challenges in Cross-Category Development - The drive for cross-category development is largely due to rising traffic and customer acquisition costs, as well as the saturation of single-category growth [18]. - Successful cross-category ventures depend on the ability to transfer existing consumer perceptions to new product categories [19].

证券代码：603605 证券简称：珀莱雅 公告编号：2025-030 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 关于完成工商变更登记的公告 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。 珀莱雅化妆品股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 19 日分别召开了第四届董事会第三次会议、2024 年年度股东大会，审议 通过了《关于变更公司注册资本并修订 <公司章程> 及办理工商变更登记的议案》。 具体内容详见公司于 2025 年 4 月 25 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变更公司注册资本并修订 <公司章程> 及办理工商变更登记的公告》（公告编号：2025-012）。 董 事 会 名称：珀莱雅化妆品股份有限公司 统一社会信用代码：91330100789665033F 类型：其他股份有限公司（上市） 法定代表人：侯军呈 注册资本：叁亿玖仟陆佰贰拾肆万柒仟陆佰零陆元 成立日期：2006 年 05 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-030 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 注册资本：叁亿玖仟陆佰贰拾肆万柒仟陆佰零陆元 成立日期：2006 年 05 月 24 日 住所：浙江省杭州市西湖区留下街道西溪路 588 号 珀莱雅化妆品股份有限公司 关于完成工商变更登记的公告 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。 珀莱雅化妆品股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日、2025 年 5 月 19 日分别召开了第四届董事会第三次会议、2024 年年度股东大会，审议 通过了《关于变更公司注册资本并修订<公司章程>及办理工商变更登记的议案》。 具体内容详见公司于 2025 年 4 月 25 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变更公司注册资本并修订<公司章程> 及办理工商变更登记的公告》（公告编号：2025-012）。 公司于近日完成上述事项 ...

Investment Rating - The report does not explicitly state an investment rating for the discretionary cosmetics industry Core Insights - The 2025 618 shopping festival showed robust growth, with total sales across integrated e-commerce, instant retail, and community group buying reaching 855.6 billion yuan, 29.6 billion yuan, and 12.6 billion yuan respectively, marking year-on-year growth rates of 15.2%, 18.7%, and -9.1% [1][17] - The overall transaction volume of major platforms increased by 10.4% year-on-year, with Taobao/Tmall, JD.com, Douyin, Pinduoduo, and Kuaishou accounting for 48.7%, 19.3%, 18.4%, 10.1%, and 3.6% of GMV respectively [1][17] - The beauty category on major e-commerce platforms achieved a GMV of 60-70 billion yuan during the 618 period, with a year-on-year increase of over 10% [1][19] Summary by Sections Sales Performance - Sales during the 618 festival from May 13 to June 18, 2025, reached 855.6 billion yuan, with a year-on-year growth of 10.4% across major platforms [1][17] - Tmall's GMV, excluding refunds, increased by 10% year-on-year, with 453 brands exceeding 100 million yuan in sales, a 24% increase [2][18] Platform Insights - Douyin saw over 60,000 brands doubling their transaction amounts year-on-year, with more than 2,000 products exceeding 10 million yuan in sales [2][18] - JD.com led the industry with over 100% growth in user orders, achieving a record high in daily active users [2][18] Market Share and Brand Rankings - Tmall maintained a 41.3% market share in the beauty category, followed by Douyin at 35.7%, JD.com at 14.8%, and Kuaishou at 8.2% [1][19] - The top brands in the beauty and skincare category on Tmall included Pechoin, Lancôme, L'Oréal, Estée Lauder, and Skinceuticals, with Skinceuticals entering the top five for the first time [1][19] Competitive Landscape - The competition in the makeup and perfume category was intense, with YSL topping the list, followed by Caitang and Mao Ge Ping [1][19] - On Douyin, the beauty and skincare category saw 34 brands exceeding 100 million yuan in sales, a significant increase of 88.9% year-on-year [1][20]

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

Core Viewpoint - The company is optimizing its investment structure by divesting non-core assets to enhance financial efficiency and focus on its main cosmetics business [1][2]. Group 1: Investment and Strategic Decisions - The company announced the transfer of a 45% stake in Jiaxing Woyong Investment Partnership for a price of 99.99 million yuan, indicating a strategic decision to improve capital utilization [1]. - This transaction aligns with the company's long-term development strategy and reflects a prudent approach to investment [1]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 10.778 billion yuan, representing a year-on-year growth of 21.04%, with a net profit of 1.552 billion yuan, up 30% [2]. - For the first quarter of 2025, the company reported a revenue of 2.359 billion yuan, an increase of 8.13%, and a net profit of 390 million yuan, growing by 28.87% [2]. Group 3: Research and Development - The company increased its R&D investment to 210 million yuan in 2024, a growth of 21.21%, and established three R&D centers in cities like Hangzhou and Shanghai [2]. - Future R&D efforts will focus on key areas such as anti-aging, scalp micro-ecology, and sustainable materials to build technological barriers [2]. Group 4: Brand and Market Strategy - The company is implementing a multi-brand and multi-category strategy, with brands like "Proya," "Caitang," and "Off&Relax," covering various segments such as skincare and makeup [2]. - This strategy aims to create a clear and complementary brand matrix within the domestic cosmetics industry [2]. Group 5: Channel and Digital Strategy - The company is enhancing its online and offline channel development, focusing on e-commerce and new marketing methods like live streaming to increase brand penetration and customer loyalty [3]. - A unified data foundation has been established to drive decision-making efficiency through digitalization and AI technologies, creating an "AI beauty ecosystem" for improved operations and personalized consumer experiences [3].

Core Viewpoint - The article discusses the significant changes in the management structure of Proya Cosmetics, highlighting the shift towards innovation, digitalization, and internationalization strategies under the new leadership of Hou Yameng, who took over as General Manager in September 2024 [1][4][6]. Management Changes - In the past nine months, Proya has experienced frequent changes in its senior management team, with the departure of key figures and the introduction of new executives focused on research and digital strategies [3][4]. - The company has seen the exit of veteran leaders, including co-founder Fang Youyou and former Vice General Manager Wang Li, while bringing in new talent such as Wang Yifeng, Sun Peiwen, and Hu Ningbo [4][15][16]. Strategic Focus - Proya's recent appointments are closely aligned with its strategic goals of enhancing research innovation, internationalization, and digital transformation, supporting its ambition to rank among the top ten global cosmetics companies in the next decade [4][14]. - The company has upgraded its talent requirements from "execution and professionalism" to "learning ability, collaboration, and self-drive," aiming to attract cross-industry talents with backgrounds in internet and fast-moving consumer goods [5]. Digital Transformation - Hu Ningbo, the newly appointed Chief Digital Officer, has established a digital value assessment system focused on ROI to ensure that technological investments translate into measurable business growth [11][19]. - The company is implementing a "brand innovation development" model to enhance long-term brand growth by integrating market demand, research, product development, and marketing [20]. Organizational Structure - Proya has undergone multiple organizational structure adjustments since its listing, with the latest changes reflecting a shift towards a brand-driven approach, emphasizing research, branding, supply chain, and digitalization as core components [21][24]. - The company has seen significant revenue growth, with reported revenues of 6.385 billion yuan and 8.9 billion yuan in 2022 and 2023, respectively, marking year-on-year increases of 37.8% and 39.5% [25][26]. Marketing Strategy - The shift from a marketing-driven to a brand-driven strategy is a key focus for Proya, as indicated by the recent appointment of Wang Yifeng, who will lead efforts to enhance product development and brand growth [27].

Core Viewpoint - Proya Cosmetics Co., Ltd. is undergoing significant leadership changes aimed at enhancing research innovation, internationalization, and digitalization strategies to achieve its goal of becoming a top ten global cosmetics company in the next decade [2][6][12]. Leadership Changes - Proya has appointed Wang Yifeng as the new head of product development and vice general manager of incubated brands, marking the third high-level personnel change this year [2][4]. - Since the appointment of Hou Yameng as general manager in September 2022, Proya has seen a net addition of four new executives while two long-standing members have departed [4][8]. - The new hires include key figures focused on research and digitalization, such as Sun Peiwen as Chief R&D Innovation Officer and Hu Ningbo as Chief Digital Officer [5][6]. Strategic Focus - The recent appointments are closely aligned with Proya's strategic vision, emphasizing research innovation, internationalization, and digitalization [2][6]. - Proya has upgraded its talent requirements from "execution and expertise" to "learning ability, collaboration, and self-drive," aiming to attract cross-industry talent with backgrounds in internet and fast-moving consumer goods [2][6]. Organizational Structure - Proya's organizational structure has been adjusted to focus on brand or business-led project teams, with R&D, branding, supply chain, and digitalization as four key platforms [9][10]. - The company has made seven organizational adjustments since its listing, with the most significant changes occurring during the second board term [10]. Financial Performance - Proya's revenue growth has accelerated, with reported revenues of 6.385 billion yuan in 2022 and 8.9 billion yuan in 2023, reflecting year-on-year growth rates of 37.8% and 39.5%, respectively [12]. - The company's net profit also saw substantial increases, reaching 820 million yuan in 2022 and 1.19 billion yuan in 2023, with growth rates of 41.9% and 46% [12]. - Marketing expenses have risen significantly, with annual sales expenses reported at 1.992 billion yuan, 2.786 billion yuan, and 3.972 billion yuan from 2021 to 2023, indicating a focus on marketing strategies [12].

Core Insights - The 618 shopping festival has undergone a significant transformation this year, with a shift in focus from extreme GMV pursuit to enhancing brand value and consumer experience [2][20][31] Group 1: Market Performance - From January to May 2023, the retail sales of cosmetics in China reached 188.9 billion yuan, a year-on-year increase of 4.1%, with May's sales at 43.5 billion yuan, up 4.4% [2][4] - The overall e-commerce sales during the 618 festival reached 855.6 billion yuan, marking a year-on-year growth of 15.2%, with skincare sales at 43.2 billion yuan and fragrance and makeup at 14.3 billion yuan [5][6] - High-end beauty brands saw significant growth, with brands like YSL and Hourglass reporting over 60% year-on-year increases [9][10] Group 2: E-commerce Platform Changes - Major e-commerce platforms, particularly Tmall, have simplified their promotional strategies, eliminating complex rules and focusing on direct discounts to enhance consumer experience [14][20] - Tmall's 618 festival saw a 9% year-on-year growth in the first cycle, with a significant increase in user engagement and purchasing intent [18][23] - The introduction of features like "sold-out add-to-cart" has improved inventory management for merchants while enhancing the shopping experience for consumers [17][20] Group 3: Brand Dynamics - International beauty brands have experienced strong growth on Tmall, with a ratio of domestic to international brands at 5:15 [7] - New and innovative brands have emerged, with some achieving over 900% growth during the 618 festival, indicating a shift towards quality and innovation in the beauty sector [10][12] - The consumer preference for familiar brands has increased, with 47% of Chinese consumers indicating a tendency to choose known brands, up 14 percentage points from 2024 [22][23] Group 4: Future Trends - The beauty industry is moving towards a phase where brand value, product innovation, and operational efficiency are prioritized over mere sales volume [31][32] - E-commerce platforms are focusing on supporting high-quality brands and providing strategic guidance to enhance brand growth [26][29] - The market is transitioning from a focus on traffic-driven growth to a more sustainable model that emphasizes brand loyalty and consumer satisfaction [31][32]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [2][8]. Core Insights - The company has demonstrated strong performance during the 618 promotional event, leading in GMV rankings in the skincare category on major platforms [4]. - The company is focusing on product upgrades and enhancing its research and development capabilities, aiming to solidify its position as a leading domestic brand and expand globally [7]. - The financial forecasts suggest a steady increase in net profit and earnings per share (EPS) over the next few years, with projected net profits of RMB 18.72 billion, RMB 22.06 billion, and RMB 25.78 billion for 2025, 2026, and 2027 respectively [6][7]. Financial Summary - The company reported a net profit of RMB 817 million in 2022, with projections of RMB 1.872 billion for 2025, reflecting a year-on-year growth of 20.61% [6][9]. - Revenue is expected to grow from RMB 6.385 billion in 2022 to RMB 12.776 billion in 2025, indicating a robust growth trajectory [9]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 28 in 2022 to 17 in 2025, suggesting an attractive valuation as earnings grow [6][9].