Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a total revenue of 10.78 billion, representing a year-on-year growth of 21%, and a net profit attributable to shareholders of 1.55 billion, up 30% year-on-year. In Q4 2024, the revenue was 3.81 billion, with a growth of 4.3%, and the net profit was 550 million, growing by 23.4% year-on-year. For Q1 2025, the revenue reached 2.36 billion, a growth of 8.1%, with a net profit of 390 million, up 28.9% year-on-year [2][4]. Summary by Sections Revenue and Profit Performance - In 2024, the main brand maintained steady growth, with online and offline revenues of 10.23 billion and 530 million respectively, showing a growth of 23.7% and a decline of 13.6%. The main brand generated 8.58 billion in revenue, up 19.6% year-on-year. The company launched new products and upgraded core series during the reporting period [5][6]. Margin and Cost Management - The company's net profit margin improved by 1.0 percentage points in 2024, primarily due to a 1.5 percentage point increase in gross margin to 71.4%, attributed to lower freight rates. The sales expense ratio increased by 3.3 percentage points due to higher promotional costs, while management expenses decreased by 1.7 percentage points due to reduced share-based payment costs [6][7]. Future Growth Potential - In Q1 2025, the company demonstrated strong profit elasticity with a net profit margin increase of 2.7 percentage points to 16.5%. The gross margin rose by 2.7 percentage points to 72.8%, likely due to a decrease in major raw material costs. The company expects continued growth from its sub-brands and core series upgrades, which are anticipated to contribute to future revenue growth [7][8]. Earnings Forecast - The company forecasts EPS of 4.63, 5.40, and 6.02 yuan per share for 2025, 2026, and 2027 respectively, indicating a positive outlook for earnings growth [7].

商贸零售 2025 年 05 月 25 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 58% 2024-05 2024-09 2025-01 商贸零售 沪深300 相关研究报告 《2025 年 4 月社零同比+5.1%，社会 消 费 平 稳 运 行 — 行 业 点 评 报 告 》 -2025.5.19 《618 大促拉开帷幕，关注国货美妆表 现—行业周报》-2025.5.18 《关注零售行业中期投资策略：深挖 情 绪 消 费 景 气 赛 道 — 行 业 周 报 》 -2025.5.11 2025 年 4 月社零+5.1%，期待消费回暖趋势继续维持 ——行业周报 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790124070031 | chensi@kysec.cn 证书编号：S0790124070031 2025 年 4 月社零同比+5.1%，期待消费回暖趋势继续维持 本周国 ...

护肤科技日新月异，但氧化和糖化的协同损伤、以及与黑色素合成的复杂交互机制却始终是业 内的技术盲区——当紫外线激发的活性氧（ROS）与糖基化终产物（AGEs）形成恶性循环， 不仅加速胶原蛋白降解，更通过协同作用促进黑色素生成，使得单一通路的美白技术陷入"按 下葫芦浮起瓢"的窘境。 对于这一技术难题，珀莱雅深入攻坚并取得重大科研成果。 5月2 2日，2 0 2 5中国化妆品科学技术大会期间，由中国香料香精化妆品工业协会主办，珀莱雅 协办的"抗氧化抗糖化机理的认知与实践创新"主题论坛召开，集结了国内外顶尖专家学者展开 了一场关于抗氧抗糖化原理和应用的先锋探讨。 会上，珀莱雅科研团队不仅分享了Nrf 2 /GLO- 1氧糖双靶点调控机制，更系统性揭晓了刚刚上 市的王牌单品双抗精华「美白特证版」如何通过"氧糖双抗+双通路美白"破解技术困局的底层 逻辑。 "抗氧化抗糖化机理的认知与实践创新"主题论坛 这个论坛，不仅是一场前沿学术研究和技术应用创新的产学研碰撞，更透射出中国美妆企业不 断打破技术边界、回应消费需求的专业科研精神。 在科研层面，"抗氧化"和"抗糖化"，已经成为抗老、美白功效的核心关键词。 公开资料显示，皮肤老 ...

作者 | 远禾 数据支持 | 勾股大数 据（www.gogudata.com） 在政策红利持续释放、消费逐渐复苏以及贸易摩擦的多重驱动下，消费板块呈现快速上涨态势，其中化妆品及医美行业成为关注焦点。 开卖首小时，超 13000个品牌成交翻倍，43个品牌快速破亿元，"亿元俱乐部"品牌数量较去年618同期增长超50%，3C数码、美妆、家电家 装、服饰、运动户外、宠物、国际等各大行业成交全面超预期。 自 618成为各大电商平台最为重要的营销节点之一以来，这一促销活动已经成为了各大消费品牌的兵家必争之地。 以 2024年618为例，2024年618期间，美妆行业全渠道合并销售额同比增长6.6%，其中美容护肤销售额388.76亿元，同比增长5.18%，香 水彩妆类目销售额110.73亿元，同比增长12.08%。 由于国货品牌的差异化策略以及渠道优化等，国货美妆品牌增速远高于国际品牌。 在国内提振消费政策频出的背景下，线上线下各个渠道协同推进国货发展，而作为线上销售渠道最大受益者，国货美妆无疑是这一波浪潮中的 热门板块之一。 4月7日至今，Wind化妆品指数已上涨超20%，其中，珀莱雅近半月涨幅超20%。而从今年2月以来 ...

Core Insights - Ant Group's Digital Moli has formed a strategic partnership with Proya, marking the first collaboration between Digital Moli and a domestic beauty brand [1] - The partnership aims to enhance consumer experience through AI smart cloud customer service, AI smart inspection, and full-chain user experience [1] - Digital Moli will assist Proya in improving its competitiveness in digital operations and green environmental initiatives using AI technology [1]

Group 1 - Wang Li has resigned from her positions as Vice General Manager, Board Secretary, and Financial Responsible Person of Proya Cosmetics due to personal career development plans, with her resignation effective on May 19, 2025 [4] - Wang Li has been with Proya since September 3, 2018, serving as the financial responsible person and later taking on additional roles, with her original term set to end on September 12, 2027 [2][4] - After her resignation, the company's Chairman, Hou Jun Cheng, will temporarily take over the duties of Board Secretary, while General Manager Hou Ya Meng will act as the Financial Responsible Person until new appointments are made [5] Group 2 - Proya achieved a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, and a net profit of 1.552 billion yuan, which is a 30.00% increase [5] - In the first quarter of this year, Proya reported a revenue of 2.359 billion yuan, an 8.13% increase year-on-year, and a net profit of 390 million yuan, reflecting a growth of 28.87% [5]

Core Viewpoint - Proya, a leading domestic beauty brand, is facing challenges in achieving its strategic vision of entering the top ten global cosmetics industry within the next decade, amid a slowdown in domestic beauty consumption and mixed results from previous overseas acquisitions by peers [2][5][8]. Management Changes - On May 19, Proya announced the resignation of Wang Li, who served as the Vice President, Board Secretary, and Financial Head for seven years, citing personal career development as the reason [3][4]. - Wang's departure leaves several key positions temporarily filled by other executives, with the company planning to appoint new leaders for these roles soon [3][4]. - Proya has experienced frequent management changes recently, with notable departures including the Marketing Director and Chief Scientific Officer [3][4]. Financial Performance - In 2023, Proya's revenue surpassed Shanghai Jahwa, reaching 10.778 billion yuan, a 21.04% increase year-on-year, with a net profit of 1.552 billion yuan, up 30% [4]. - For Q1 2025, Proya reported a revenue of 2.359 billion yuan, an 8.13% year-on-year increase, and a net profit of 390 million yuan, up 28.87% [4]. Brand Growth and Market Position - Proya's main brands, Proya and Caitang, accounted for 79.69% and 11.07% of revenue in 2024, respectively, but both are experiencing slowing growth [6]. - The company is focusing on expanding its product lines, particularly in high-end segments, to stimulate growth [6][7]. Strategic Direction - Proya aims to achieve its "double ten" strategic vision of entering the top ten global cosmetics industry within the next decade, but this goal is complicated by current market conditions [5][8]. - The domestic beauty market is undergoing structural adjustments, with a slight decline in cosmetics revenue in 2024 [7][8]. Overseas Acquisition Plans - Proya is considering overseas acquisitions to introduce new brands into the domestic market, particularly in underrepresented categories such as baby care, fragrances, and men's skincare [2][8]. - The company is in the early stages of this acquisition strategy, with plans to utilize its existing brand assets and distribution channels to facilitate the integration of new brands [8][9]. - However, previous acquisitions by peers in the industry have not significantly boosted their performance, indicating potential challenges ahead for Proya [8][9].

Group 1 - The core point of the article is the unexpected resignation of Wang Li from her positions as Vice President, Secretary of the Board, and Financial Officer of Proya (珀莱雅), effective May 19, with her term originally set to end in September 2027 [1][2] - Wang Li has been with Proya for nearly 7 years, having served as Financial Officer since September 2018 and as Vice President and Secretary of the Board since September 2021 [1][2] - In 2024, Wang Li's pre-tax compensation from the company was reported to be 2.933 million yuan [1] Group 2 - Wang Li's resignation is described as a normal personnel change by Proya, with no further details provided regarding her decision [2] - Wang Li, aged 47, has an extensive professional background, holding multiple accounting certifications and having held various financial roles in different companies prior to joining Proya [2] - As of the announcement date, Wang Li held 177,700 shares of Proya, representing 0.0448% of the company's total share capital [2] Group 3 - Wang Li has sold shares of Proya multiple times in the past two years due to personal financial needs, raising over 14 million yuan from these transactions [3] - In June 2024, she sold 78,840 shares for approximately 8.8776 million yuan, and in April 2025, she sold 59,000 shares for about 5.4429 million yuan [3] Group 4 - Following Wang Li's departure, the company has appointed Chairman Hou Junchen to temporarily assume the role of Secretary of the Board, while General Manager Hou Yameng will act as Financial Officer until new appointments are made [4] - Hou Yameng, the son of Proya's founder, recently took over as General Manager in September 2024, which is interpreted as a signal of the company's second-generation succession [4]

2025.05. 20 在5月19日举行的珀莱雅（603605.SH）2024年度股东大会上，公司董事长侯军呈表示，公司考虑 通过巴黎分公司进行并购，填补公司在婴童、香水、男士护肤等赛道的空白，并购后会将新品牌引入 国内。 如今，在美妆国货崛起的背景下，本土企业站到了买家的位置，开始反向收购。 本文字数：932，阅读时长大约1.5分钟 作者 | 第一财经 刘晓颖 珀莱雅预备通过海外并购来填补其细分赛道的空白。 具体会收购哪些品牌？珀莱雅方面表示，这是未来规划，目前暂时还没有具体的细节。 从营收规模来看，珀莱雅在国内的美妆企业已经坐稳第一，去年成为首个收入破百亿的本土美妆公 司。该公司去年的营业收入为107.78亿元，同比增长21.04%；归母净利润15.52亿元，同比增长 30.00%。2025第一季度，公司营收23.59亿元，同比增长8.13%，归母净利润同比增长28.87% 至3.9亿元。 近年来，珀莱雅通过品牌升级和矩阵化战略，持续拓展产品线。除了同名品牌，旗下还有多个品牌， 比如2019年收购的彩妆品牌彩棠，2021年收购的日本洗护品牌Off&Relax等。不过，公司目前的 主力还是同名珀莱雅，其余品 ...

Group 1: Company Developments - Proya is considering overseas acquisitions to fill gaps in its product lines, including baby care, perfumes, and men's skincare, with plans to introduce new brands to the domestic market [1] - Warner Bros. has appointed Sirena Liu as the General Manager of its China Film Division, indicating a potential increase in content investment in China and exploration of new collaboration models [2] - Good Products has undergone significant management changes, with Cheng Hong taking over as Chairman and Yang Hongchun as Manager, signaling a shift towards a professional management structure amid increasing competition in the snack industry [4] Group 2: Industry Trends - The construction of a new Spider-Man themed area at Shanghai Disneyland marks a significant milestone in the park's expansion, aimed at attracting younger families and enhancing visitor engagement through diverse offerings [3] - The expansion reflects ongoing optimism in the Chinese market and suggests a new growth cycle driven by content in the cultural tourism industry [3]