Core Viewpoint - Proya has undergone significant organizational changes and strategic adjustments, particularly with the appointment of new executives from international backgrounds to enhance its product development and digital capabilities [1][4][12]. Management Changes - Proya has experienced a turnover in its core management team, with several key executives leaving since the beginning of 2024, including the former CMO and Chief Scientific Officer [3][4]. - The appointment of Wang Yifeng, previously with Amorepacific, as the head of product development and vice general manager of brand incubation is a strategic move to strengthen the company's brand-driven approach [1][4]. Financial Performance - In Q1 2024, Proya reported a revenue of 2.359 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% [6]. - For the full year 2024, Proya achieved a revenue of 10.778 billion yuan, reflecting a 21.04% growth, and a net profit of 1.552 billion yuan, which is a 30% increase [6]. Brand Performance - The revenue contribution from Proya's main brand has been declining, while the share of its sub-brands, such as Caitang and Off&Relax, has been increasing [6][7]. - Caitang's revenue share rose from 8.99% in 2022 to 11.07% in 2024, indicating it as a significant growth driver for the company [6][7]. R&D and Marketing Investments - Proya's R&D expenses for the previous year were 210 million yuan, accounting for 1.95% of its revenue, with a notable increase in marketing expenses by 29.93% to 5.161 billion yuan in 2024 [8][6]. - The increase in marketing expenses is attributed to a rise in promotional costs, which grew by 30.22% [8]. Strategic Initiatives - Proya has announced plans to enter the light medical beauty sector, launching its first medical dressing product aimed at post-surgical recovery, capitalizing on the rapid growth of the medical beauty market [10][12]. - The company aims to achieve a position among the top ten global cosmetics brands within the next decade through acquisitions and expansion into new markets [10][12].

Core Viewpoint - The company aims to achieve its "Double Ten" strategy, targeting to enter the top ten global cosmetics industry within the next decade, under the leadership of new general manager Hou Yameng [2][4][7]. Talent Acquisition - The appointment of Wang Yifeng as the head of product development and brand incubation is a strategic move to shift from a marketing-driven approach to a brand-driven one [2][3]. - Hou Yameng has been actively building a management team with international beauty industry experience, indicating a focus on enhancing brand strength and innovation capabilities [3][4]. Financial Performance - In 2024, the company reported a revenue of 10.78 billion yuan, a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30% [5]. - Despite maintaining growth, the revenue and net profit growth rates have been slowing down, with 2025 Q1 showing an 8.13% revenue increase and a 28.87% net profit increase [5][6]. Market Strategy - The company plans to expand into international markets and new product categories, including medical beauty and men's skincare, to support its growth ambitions [7][8]. - The company has made several acquisitions but has seen limited success in scaling these brands, with only one brand, Caitang, exceeding 1 billion yuan in revenue [6][8]. Competitive Landscape - To achieve its ambitious goals, the company must enhance its brand positioning and matrix compared to established international brands, which poses significant challenges [8][9]. - The current competitive environment in the medical beauty and men's skincare sectors is intense, requiring the company to strengthen its capabilities to compete effectively [7][9].

Core Insights - Tmall's "618" event this year saw record user engagement and sales, with 453 brands achieving over 100 million yuan in sales, a 24% increase year-on-year [1] - The high-net-worth 88VIP membership exceeded 50 million, marking a new high, while brand membership numbers grew by 15% [1] - The competition intensified with new players like Meituan and the collaboration between Taobao and Ele.me, drawing significant attention to the delivery battle [1] Group 1: Sales Performance - Tmall's "618" event featured a simplified promotional strategy, starting pre-sales earlier on May 13, with discounts up to 50% [2] - The combination of national subsidies and Tmall's "618" led to a 116% increase in total sales for participating categories compared to last year's "Double 11" [4] - Tmall's market share in home appliances and 3C digital products reached 45.3% and 45.5% respectively during "618" [4] Group 2: Product Trends - New beauty products saw explosive sales, with nearly 100 items surpassing 10 million yuan in sales [4] - The trend of wearing lingerie as outerwear gained popularity, with sales exceeding 200 million yuan during "618" [4] - Sales in sportswear and outdoor apparel grew by over 50%, while categories like trendy toys, jewelry, pets, and beverages also showed high growth [4] Group 3: Strategic Initiatives - Tmall's "618" serves as a critical period for implementing its "support the strong and eliminate the weak" strategy, with a doubled investment in user growth [5] - The platform simplified the registration process for merchants, allowing for easier participation in the event [6] - The competition among e-commerce platforms has evolved from consumer subsidies to a focus on supply chain efficiency and multi-channel growth strategies [6]

Core Insights - The "next-use" essence is becoming a must-have option for beauty brands, with the market size in China expected to reach 7.5 billion yuan in 2024, reflecting a year-on-year growth of over 20% [1] - Major brands like OLAY, Proya, and Miss Tina are entering the next-use product space, indicating a trend where "9 out of 10 brands" are adopting this format [1] Market Trends - The next-use essence has emerged as a phenomenon in the beauty sector, highlighted by over 20 next-use essence products launched during the 618 shopping festival [2] - The cumulative filing of "next-use" products reached 6,518 by June 17, 2025, with 5,653 specifically for next-use essences [2] - In the first five months of 2025, 21 out of 24 newly launched next-use products were essences, accounting for over 87% [2] Product Development - The next-use essence market is diversifying, with brands like OLAY and Proya focusing on specific skin issues such as anti-aging and acne treatment [4] - Key ingredients in next-use essences include recombinant collagen, with some products featuring multiple types for targeted anti-aging effects [4] - The introduction of next-use formats is expanding beyond essences to include sunscreen, makeup removers, and even men's skincare products [5] Consumer Demand - Consumer education around next-use essences is maturing, and brands are encouraged to create unique advantages to stand out in a competitive market [5] - The convenience and hygiene of next-use products are appealing to consumers, especially for those with sensitive skin or post-medical treatment needs [5][6] - Social media engagement around next-use products is significant, with topics related to them generating over 1.7 billion views on platforms like Xiaohongshu [9] Industry Challenges - Some industry experts express concerns about the environmental impact of next-use packaging, which often relies on plastic materials [10] - There is a debate about the necessity of next-use formats for all products, with some suggesting that not all formulations require such packaging [10][11] - The industry is exploring more sustainable packaging options to address environmental concerns while maintaining the convenience of next-use products [10]

Core Viewpoint - China Lianhe Credit Rating Co., Ltd. maintains the long-term credit rating of Proya Cosmetics Co., Ltd. at AA, with a stable outlook for both the company and its convertible bonds, indicating strong financial health and operational performance [1][3][4]. Company Overview - Proya Cosmetics Co., Ltd. specializes in the research, production, and sales of cosmetics, maintaining competitive advantages in brand recognition, product diversity, and R&D capabilities [4][9]. - The company has a diverse brand portfolio including Proya, Caitang, Off&Relax, and others, covering various segments of the cosmetics market [9][14]. Financial Performance - For 2024, Proya reported a total revenue of 107.78 billion yuan, a year-on-year increase of 21.04%, and a profit of 18.89 billion yuan, up 26.34% from the previous year [4][10]. - As of March 2025, the company had cash assets of 47.34 billion yuan, with a low debt burden reflected in an asset-liability ratio of 28.15% [6][10]. Operational Strategy - The company successfully implemented a "big single product strategy," enhancing its market share in key categories and achieving significant sales growth through online channels [5][15]. - Proya's production capacity increased to 40.118 million units per year, with a focus on flexible production and inventory management [21][22]. R&D and Innovation - In 2024, Proya increased its R&D investment by 21.21%, totaling 2.10 billion yuan, and obtained 25 new patents, enhancing its technological edge [5][16]. - The company has established a European innovation center in Paris to strengthen its R&D capabilities [15]. Industry Context - The cosmetics industry in China is characterized by low technical barriers and high competition, with many players and a low market concentration [12][13]. - The online retail market for cosmetics is growing, with Proya ranking among the top companies in various categories on platforms like Tmall and Douyin [5][12]. Future Outlook - The stable rating outlook suggests that Proya's operational performance and competitive position are expected to improve further, driven by enhanced R&D and brand development [4][5].

Core Viewpoint - The credit rating for Proya Cosmetics Co., Ltd. remains stable, with both the company and its convertible bonds rated "AA" [1][2]. Group 1: Credit Rating Details - The previous bond rating was "AA", and the issuer rating was also "AA", with a stable outlook [1]. - The current bond rating is "AA", and the issuer rating is "AA", with a stable outlook, indicating no change from the previous rating [2]. - The credit rating was conducted by United Ratings, based on a comprehensive analysis of the company's operational status and industry conditions [2].

Transaction Overview - The company has agreed to transfer its 45% stake in the Jiaxing Woyong Investment Partnership to Zhejiang Dadao Qiyun Group for a price of RMB 99.99 million [2][8] - The company initially invested RMB 135 million in the partnership, which was established in June 2019 [1][2] - The transfer does not constitute a related party transaction or a major asset restructuring as per relevant regulations [2][8] Financial Information - As of December 31, 2024, the partnership had total assets of RMB 395.07 million and total liabilities of RMB 247.77 million, resulting in a net asset value of RMB 147.30 million [3] - For the first quarter of 2025, the partnership reported revenue of RMB 59.39 million and a net profit of RMB 51.97 million [3] Valuation and Pricing - The transfer price of RMB 99.99 million was based on an asset valuation report that estimated the partnership's equity value at RMB 219.64 million [4][8] - The pricing was determined through mutual agreement and is considered fair and reasonable, ensuring no harm to the company's or shareholders' interests [4][8] Payment Terms - The payment for the transfer will be made in two installments: 30% upon signing the agreement and 70% upon completion of the transfer registration [9][10] - The company guarantees that the transferred stake is free from any encumbrances or third-party claims [10] Strategic Implications - This transaction aligns with the company's investment strategy and is expected to enhance capital efficiency [11] - The company anticipates that this move will not significantly impact its financial status or operational activities [11]

重要内容提示： 根据《上市公司证券发行管理办法》和《上海证券交易所股票上市规则》等 有关规定，珀莱雅化妆品股份有限公司（以下简称"公司"）委托联合资信评估 股份有限公司（以下简称"联合资信"）对公司于 2021 年 12 月 8 日发行的可转 换公司债券（转债简称"珀莱转债"）进行了跟踪信用评级。 公司前次主体长期信用等级为"AA"，珀莱转债前次信用等级为"AA"，评 级展望为"稳定"，评级机构为联合资信，评级时间为 2024 年 6 月 13 日。 联合资信在对公司经营状况、行业情况等进行综合分析与评估的基础上，于 2025 年 6 月 19 日出具了《珀莱雅化妆品股份有限公司 2025 年跟踪评级报告》， 本次公司主体长期信用等级为"AA"，珀莱转债信用等级为"AA"，评级展望为 "稳定"。本次评级结果较前次没有变化。 本次信用评级报告详见公司同日于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 2025 年跟踪评级报告》。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-029 | | --- | --- | --- | | 债券代码：11 ...

珀莱雅化妆品股份有限公司 2025 年跟踪评级报告 China Lianhe Credit Rating Co.,Ltd. 联 合 资 信 评 估 股 份 有 限 公 司 专 业 | 尽 责 | 真 诚 | 服 务 www.lhratings.com 1 联合〔2025〕4622 号 联合资信评估股份有限公司通过对珀莱雅化妆品股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持珀莱 雅化妆品股份有限公司主体长期信用等级为 AA，维持"珀莱转债" 信用等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月十九日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合 资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对 象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵 循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响， 本报告在资料信息获取、评级方法与模型、未来事项预测评估等方面存在 局限性。 二、本报告系联合资 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-028 | | --- | --- | --- | | 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 关于转让投资基金份额暨退出投资基金的公告 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。 一、交易概述 珀莱雅化妆品股份有限公司（以下简称"公司"）与新沃股权投资基金管理 （天津）有限公司、乐清乐盈贸易有限公司于 2019 年 6 月 18 日签订了《嘉兴沃 永投资合伙企业（有限合伙）合伙协议》，共同出资设立嘉兴沃永投资合伙企业 （有限合伙）（以下简称"嘉兴沃永"或"合伙企业"），公司作为有限合伙人认 缴出资人民币 13,500 万元，认缴出资比例为 45%，具体内容详见公司于上海证 券交易所网站（www.sse.com.cn）披露的《关于公司参与发起设立投资基金的公 告》（公告编号：2019-032）。 2020 年 5 月 7 日，公司收到基金管理人新沃股权投资基金管理（天津）有 限公司的通知，嘉兴沃永投资合伙企业 ...