Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry index decreased by 1.49% in the week of June 9 to June 13, 2025, underperforming the Shanghai Composite Index by 1.24 percentage points [6][13] - The jewelry sector showed the highest growth among retail sub-sectors, with a weekly increase of 4.99% and a year-to-date increase of 37.10% [17][20] - The opening of the POPOP store by Pop Mart in Shanghai represents a strategic expansion into the jewelry market, leveraging popular IPs to attract young consumers [25][26] Summary by Sections Retail Market Review - The retail industry index closed at 2120.43 points, down 1.49% for the week, and down 5.29% year-to-date [6][13] - Among 31 primary industries, the retail sector ranked 25th in performance [14][16] POPOP Store Opening - Pop Mart's POPOP store features products based on popular IPs, targeting young consumers with a price range of 400 to 3000 yuan [25][26] - The store aims to resonate emotionally with consumers, highlighting the importance of jewelry as a cultural and emotional symbol for the youth [26][29] Investment Recommendations - Investment focus on high-quality companies in high-growth sectors driven by emotional consumption themes [7] - Key recommendations include: - Gold and jewelry brands with differentiated product offerings: Old Paved Gold, Chao Hong Ji, and Zhou Da Sheng [31] - Retail companies adapting to trends: Yonghui Supermarket and Aiying Room [31] - High-quality domestic beauty brands: Maogeping, Proya, and Shangmei [32] - Medical beauty product manufacturers: Aimeike and Kedi-B [32] Company-Specific Insights - Old Paved Gold achieved a revenue of 8.506 billion yuan in FY2024, a 167.5% increase, with a net profit of 1.473 billion yuan, up 253.9% [33] - Chao Hong Ji reported a revenue of 6.518 billion yuan in 2024, a 10.5% increase, with a net profit of 194 million yuan, down 41.9% [39] - Zhou Da Sheng's revenue for 2024 was 13.891 billion yuan, down 14.7%, with a net profit of 1.010 billion yuan, down 23.2% [43]

Core Insights - The beauty industry is transitioning from a phase of "easy growth" to a "complex new stage" globally, with significant challenges ahead [2][5] - The McKinsey report predicts a global beauty market size of $441 billion in 2024, with a growth rate of 7% from 2022 to 2024, but a decline to 5% from 2024 to 2030 [3][4] - The Chinese beauty market is projected to account for 15% of the global market in 2024, with a compound annual growth rate (CAGR) of 3% from 2019 to 2024, but a significant drop to -3% from 2021 to 2024 [7][10] Regional Analysis - The Chinese beauty market has lost $6.33 billion (approximately 454 billion yuan) over four years, indicating a downturn post-pandemic [7] - The beauty giants are now looking for growth opportunities in emerging markets, particularly in the Middle East, Africa, and India, which are showing higher growth rates [11][12] - In 2024, major companies like L'Oréal and Unilever are increasing investments in emerging regions, with Unilever investing in seven Indian brands [13][14] Category Opportunities - Skincare remains the largest category in the beauty market, accounting for 41%, followed by haircare (21%), color cosmetics (19%), and fragrance (19%) [17] - Fragrance has shown the highest growth rate of 8% from 2019 to 2024, and is expected to continue leading with a growth rate of 4-6% from 2024 to 2030 [18][20] - The demand for health, sun protection, and personal care products is rising, indicating a shift in consumer preferences towards efficacy and certainty [22][24] Growth Drivers - Future growth in the beauty industry will primarily come from volume rather than price increases, as consumers are increasingly focused on the real value of products [26][30] - Price increases have been met with consumer resistance, as seen with Estée Lauder and L'Oréal, indicating a need for brands to focus on product quality and differentiation [28][31] - The beauty market is being segmented into five price tiers, and brands must compete on product strength or pricing rather than simply lowering prices [30][32] Consumer Trends - There is a noticeable shift in consumer spending towards emotional and experiential purchases, as evidenced by high-value art sales and changing preferences in the beauty sector [33][34] - The focus on value, differentiation, and individuality will be key opportunities in the current market landscape [34]

Macro Economic Overview - China's credit situation continues to be driven by government financing, while private sector credit demand remains weak. The growth rate of social financing in May has rebounded due to accelerated issuance of government bonds. However, tariff impacts are dragging down household purchasing, consumption, and corporate capital expenditure, leading to a continuous decline in new RMB loans year-on-year. More policy support is needed to revive private economic recovery momentum [2] - It is expected that the LPR will be further lowered by 10 basis points in the second half of 2025, and the broad fiscal deficit may moderately increase. The central bank is likely to maintain ample liquidity to support credit growth and stabilize the real estate sector, countering the impacts of tariff shocks. If a trade agreement can be reached between China and the US, China may focus on economic rebalancing, increasing fiscal expansion and consumption stimulation, and advancing manufacturing capacity reduction [2][4] Company Analysis Mindray Medical (300760 CH) - Mindray Medical recently held an investor day, focusing on the digital transformation of its equipment business and the expansion strategy of its flow-type business, aiming to build an overall solution covering all departments with "equipment + IT + AI" and "equipment + consumables." Key highlights include the establishment of a digital medical ecosystem based on IT + AI technology across three major production lines [5] - The company’s AI medical layout mainly focuses on emergency, surgery, and critical care, with the launch of a major model for critical care expected in December 2024, aiming to complete installations in over 30 hospitals this year. By the end of 2025, the company plans to release a major model for anesthesia, with specialized models for emergency, cardiovascular, ultrasound, and laboratory expected to be released in the next 1-2 years [5][6] - The automated assembly line is a key breakthrough for the IVD business, with over 200 new installations expected globally in 2024 and around 300 installations anticipated in 2025. The comprehensive IVD layout supports the company’s multi-disciplinary assembly line production, providing cost and iteration efficiency advantages [6][7] Baker Microelectronics (2149 HK) - Baker Microelectronics remains a core recommendation in the semiconductor sector, with a focus on demand prospects, geopolitical uncertainties, and upstream manufacturing resource investment plans. The company has a clear and sustainable growth strategy [8] Adobe (ADBE US) - Adobe reported a 11% year-on-year revenue growth to $5.87 billion for Q2 FY25, with non-GAAP net profit increasing by 7% to $2.17 billion, both in line with consensus expectations. The company raised its FY25 total revenue guidance to $23.5-23.6 billion, primarily driven by strong performance in its digital media business and increased penetration of AI products [8] Focus Stocks - Geely Automobile (175 HK): Buy rating, target price of 24.00 HKD, potential upside of 47% [9] - Xpeng Motors (XPEV US): Buy rating, target price of 28.00 USD, potential upside of 54% [9] - Luckin Coffee (LKNCY US): Buy rating, target price of 40.61 USD, potential upside of 15% [9] - Tencent (700 HK): Buy rating, target price of 660.00 HKD, potential upside of 29% [9] - Alibaba (BABA US): Buy rating, target price of 155.50 USD, potential upside of 38% [9]

Investment Rating - The report maintains a positive outlook on the domestic beauty and skincare industry, particularly focusing on the potential of Chinese brands expanding into Southeast Asia [4]. Core Insights - The domestic skincare market is entering a steady growth phase, with the market size projected to increase from CNY 244.9 billion in 2019 to CNY 271.2 billion by 2024, reflecting a CAGR of 2.1%. The color cosmetics market is expected to grow from CNY 59.3 billion to CNY 62.0 billion during the same period, with a CAGR of 0.9% [6][20]. - Southeast Asia is positioned as a crucial trade hub with high economic growth rates, where countries like Indonesia, Malaysia, and Vietnam are expected to maintain GDP growth around 5% from 2024 to 2026, outpacing developed nations by 1.5%-2% [6][8]. - The increasing e-commerce penetration in Southeast Asia is driving online beauty consumption, with Indonesia's e-commerce sales for skincare rising from 1.3% in 2016 to 20.9% in 2021 [6][8]. - The Southeast Asian market exhibits a layered consumer demand, with high-end brands having potential in Singapore, while mid-range brands can thrive in Malaysia, and cost-effective products are favored in Indonesia, Thailand, and Vietnam [6][8]. Summary by Sections Supply Chain Advantages - Domestic beauty brands are enhancing their supply chain capabilities, which allows them to explore new markets abroad. The trend of outsourcing to export-oriented brands is becoming a viable strategy for differentiation [6][20]. - The geographical advantages and high growth potential of Southeast Asia make it an attractive market for beauty consumption [6][29]. Production and Channel Flexibility - The report highlights the role of OEM/ODM factories in enabling brands to scale quickly in Southeast Asia, reducing investment risks and allowing brands to focus on marketing [46]. - The rise of online sales channels, particularly through platforms like Shopee and Lazada, is transforming the beauty retail landscape in Southeast Asia, with significant sales contributions from these platforms [60]. Consumer Demand Segmentation - The report identifies three tiers of consumer demand in Southeast Asia, suggesting that high-end brands can succeed in Singapore, while mid-range brands can find opportunities in Malaysia, and budget-friendly products are suitable for Indonesia and Vietnam [6][8]. Industry Trends - The report emphasizes the importance of localizing operations and leveraging supply chain advantages for Chinese beauty brands entering Southeast Asia, with several companies already establishing a presence in the region [7][48].

数据显示，2024年中国化妆品市场交易总额为10738.22亿元，同比增长2.8%。中国化妆品品牌交易额占 比为55.2%，同比增加2.9个百分点。在市场增速加快、消费升级明显、竞争白热化的环境下，"差异化 打法"已经成为美妆上市公司生存和谋求增长的核心战略。 "新消费形势下，情绪价值在消费中的作用越来越凸显，美妆作为新消费的重要板块，正在不断通过创 新产品、服务体验给消费者带来物质以及精神上的双重满足。"水羊集团股份有限公司（以下简称"水羊 股份"）相关负责人对《证券日报》记者表示，根据新消费形势的这一特点，在"618"常规促销之外，公 司高奢品牌EDB进一步拓展线下渠道，创新提供五感SPA，希望给消费者带来优质的服务。 随着2025年"618"大促进入备战白热化阶段，美妆个护行业成为消费市场的核心战场。在新消费红利不 断释放的背景下，上市公司通过差异化打法和细分客户挖掘抢占行业风口。 中央财经大学数字经济融合创新发展中心主任陈端在接受《证券日报》记者采访时表示："近年来，消 费者对产品性能、情绪价值等提出了更多样化的需求，从美妆个护上市公司备战'618'的情况来看，根 据新消费形势进行战略布局的趋势也越发 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.78 CNY [3][4] Core Views - The company is positioned as a leading multi-brand beauty group in the new development stage, with strong competitive advantages in its main brands [2][8] - The company has a well-established multi-brand portfolio, including seven differentiated brands covering skincare, makeup, and hair care, and is the first domestic beauty company to exceed 10 billion CNY in revenue [8] - Concerns regarding the transition to the second generation of leadership are noted, but the report emphasizes the positive long-term impact of this change on the company's development [8] - The company is actively enhancing its product innovation, R&D investment, and digital transformation, indicating a strong commitment to future growth [8] - The report highlights the potential for international expansion and acquisitions as part of the company's growth strategy, particularly in new sectors such as children's products, perfumes, and men's skincare [8] Financial Forecasts - The company is projected to achieve earnings per share of 4.56 CNY, 5.36 CNY, and 6.06 CNY for the years 2025, 2026, and 2027 respectively [3][9] - Revenue is expected to grow from 8,905 million CNY in 2023 to 15,577 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [3][11] - Operating profit is forecasted to increase from 1,503 million CNY in 2023 to 2,923 million CNY in 2027, reflecting a strong growth trajectory [3][11] - The company's gross margin is expected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced operational efficiency [3][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 112.78 CNY [3][4] Core Views - The company is positioned as a leading multi-brand beauty group in the new development stage, with strong competitive advantages in its main brands [2][8] - The company has a well-established multi-brand portfolio, including seven differentiated brands covering skincare, makeup, and hair care, and is the first domestic beauty company to exceed 10 billion CNY in revenue [8] - Concerns regarding the transition to the second generation of leadership are noted, but the report emphasizes the positive long-term impact of this change on the company's development [8] - The company is actively increasing its product innovation pace and R&D investments, with strategic partnerships aimed at enhancing digital capabilities and consumer experience [8] - Future growth opportunities include international expansion and acquisitions, particularly in new sectors such as children's products, perfumes, and men's skincare [8] Financial Forecasts - The company is projected to achieve earnings per share of 4.56 CNY, 5.36 CNY, and 6.06 CNY for the years 2025, 2026, and 2027 respectively [3][9] - Revenue forecasts indicate growth from 8,905 million CNY in 2023 to 15,577 million CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10.7% [3][11] - Operating profit is expected to increase from 1,503 million CNY in 2023 to 2,923 million CNY in 2027, reflecting a strong growth trajectory [3][11] - The company's gross margin is projected to improve from 69.9% in 2023 to 73.0% in 2027, indicating enhanced profitability [3][11]

Core Viewpoint - The company, Jincheng Pharmaceutical, has denied rumors regarding supplying raw materials to international beauty brands such as Estée Lauder and Proya, stating that the reported order amount exceeding 300 million yuan is not true [1] Group 1 - An investor inquired about the authenticity of claims that Jincheng Pharmaceutical has secured orders exceeding 300 million yuan from international beauty brands [1] - Jincheng Pharmaceutical clarified that the information circulating is not accurate and emphasized that any significant operational information will be disclosed in accordance with regulatory requirements [1]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-026 | | --- | --- | --- | | 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 2024 年度权益分派调整可转债转股价格的公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年度权益分派, 珀莱雅化妆品股份有限公司（以下简称"公司"）的 相关证券停复牌情况如下： 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券监督管理委员会关于可 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，具体调整办法 ...

国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 差异化分红事项 之 专项法律意见书 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 GrandallBuilding,No.2＆No.15,BlockB,BaitaPark,OldFuxingRoad,Hangzhou,Zhejiang310008,China 电话/Tel:(+86)(571)85775888 传真/Fax:(+86)(571)85775643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 珀莱雅差异化分红专项法律意见书 国浩律师（杭州）事务所 关于 珀莱雅化妆品股份有限公司 差异化分红事项 之 专项法律意见书 致：珀莱雅化妆品股份有限公司 国浩律师（杭州）事务所接受珀莱雅化妆品股份有限公司（以下简称"珀莱 雅"或"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股 ...