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 ...

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]

Macroeconomic Group - The Federal Open Market Committee (FOMC) decided to maintain the federal funds rate at 4.25% - 4.50%, marking a pause in the rate cut cycle that began in September of the previous year, aligning with market expectations [3] - The FOMC's statement was revised to indicate that uncertainty has diminished but remains high, and it reiterated that net export fluctuations affect data while the economy continues to expand steadily [3] - The dot plot indicates that the median FOMC members expect two rate cuts in 2025, totaling 50 basis points, with the median rate forecast for 2025 at 3.9% [4][5] Industry Comprehensive Group - The price of DDR4 memory products has surged nearly 100% since January 2025, with current prices exceeding the June 2024 peak, while DDR5 prices have also increased significantly [9] - The rapid price increase in the storage market has led to substantial growth in the performance of domestic storage module manufacturers and distributors, particularly benefiting companies with high inventory levels such as Jiangbolong and Demingli [9] Advanced Manufacturing Group - Powin, a major battery storage system integrator in the U.S., filed for Chapter 11 bankruptcy, affecting several Chinese companies, including CATL and Qingdao CIMC Puwei [11] - The bankruptcy was attributed to soaring tariff costs and a weak business model lacking vertical integration, leading to significant debt risks for Chinese firms [11] - The U.S. energy storage market is expected to experience a short-term freeze, with Fluence reducing its annual revenue guidance by 27% [11] Consumption Group - The combined GMV of beauty products on Tmall and Douyin reached 29.96 billion yuan in May 2025, showing a slight year-on-year increase of 1.3%, with a notable divergence in performance between high-end and mass-market brands [14] - High-end domestic brands like Mao Ge Ping and Ke Li Jin saw significant sales growth, while mass-market brands like Proya and Winona faced declines [15] - The beauty consumption trend is shifting towards high-end, efficacy-driven products, with Douyin emerging as a new growth engine for high-end brands [15]

Global Market Overview - The Hang Seng Index closed at 23,980, down 0.34% for the day but up 40.67% year-to-date [1] - The S&P 500 and Nasdaq in the US remained unchanged, with year-to-date increases of 26.48% and 31.24% respectively [1] - The DAX in Germany fell by 1.30%, while the Nikkei 225 in Japan rose by 0.59% [1] Sector Performance in Hong Kong - The Hang Seng Financial Index decreased by 0.70% for the day, but is up 43.08% year-to-date [2] - The Hang Seng Real Estate Index fell by 0.25%, showing a year-to-date decline of 4.70% [2] - The Hang Seng Utilities Index increased slightly by 0.11%, with a year-to-date gain of 11.26% [2] Chinese Stock Market Trends - The Chinese stock market experienced a pullback, with healthcare, energy, and consumer staples sectors leading the decline [3] - A-shares in biopharmaceuticals and media saw significant drops, while coal and utilities sectors rose [3] - The People's Bank of China is expected to reduce its quantitative tightening (QT) measures starting in Q2 of next year, impacting bond yields [3] Oil and Commodity Market Insights - Rising tensions in the Middle East have led to a spike in oil prices, although the medium-term outlook for oil remains pessimistic due to expected oversupply [3] - The International Energy Agency forecasts global oil production to rise to 104.9 million barrels per day by 2025, while demand is projected to decrease to 103.8 million barrels per day [3] Focus Stocks and Investment Recommendations - Geely Automobile (175 HK) is rated as a "Buy" with a target price of 24.00, representing a potential upside of 47% [4] - Luckin Coffee (LKNCY US) is also rated as a "Buy" with a target price of 40.61, indicating an 18% upside [4] - Tencent (700 HK) has a target price of 660.00, suggesting a 29% potential increase from its current price [4]

Group 1: Stock Recommendations - Geely Automobile (175 HK) has a target price of 24.00, representing a potential upside of 46% with a P/E ratio of 16.42[5] - XPeng Motors (XPEV US) has a target price of 28.00, indicating a potential upside of 50% with a P/E ratio of 18.65[5] - Sany International (631 HK) has a target price of 8.70, suggesting a potential upside of 28% with a P/E ratio of 6.82[5] - Luckin Coffee (LKNCY US) has a target price of 40.61, indicating a potential upside of 15% with a P/E ratio of 35.30[5] - Tencent (700 HK) has a target price of 660.00, representing a potential upside of 30% with a P/E ratio of 509.50[5] Group 2: Performance Overview - The basket of 23 long positions had an average return of 1.1%, outperforming the MSCI China Index which returned 0.7%[9] - Among the 23 stocks, 7 stocks outperformed the benchmark[9] - The report includes a total of 23 stocks with various sectors such as automotive, technology, and healthcare[5]