Group 1 - The core viewpoint of the articles highlights the rise of domestic beauty brands in China, which are now taking on the role of buyers and engaging in reverse acquisitions to expand their market presence [1][4]. - Proya plans to fill gaps in its product lines, such as baby care, perfumes, and men's skincare, through overseas acquisitions, with specific brands yet to be disclosed [2][3]. - Proya has established itself as a leading domestic beauty company, achieving a revenue of 10.778 billion yuan in the previous year, marking a 21.04% year-on-year growth, and a net profit of 1.552 billion yuan, up 30% [2]. Group 2 - Analysts suggest that domestic beauty companies need a diversified brand matrix to scale effectively, with mergers and acquisitions being a preferred strategy for sustained growth [3]. - Historical context shows that many successful domestic brands were previously acquired by foreign companies, indicating a shift in the current trend where local firms are now acquiring international brands [3][4]. - The trend of local companies acquiring high-end or niche brands reflects a strategy to enhance their product offerings, as seen with Perfect Diary's acquisitions of Galénic and Eve Lom [4].

国浩律师（杭州）事务所 法律意见书 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 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 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 关于 珀莱雅化妆品股份有限公司 2024 年年度股东大会之 2024 年年度股东大会之 国浩律师（杭州）事务所 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 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（以下简称"本所"）接受珀莱雅化妆品股份有限 公司（以下简称"公司"）的委托，指派律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），并根据《中华人民共和国公司法》（ ...

Meeting Details - The shareholders' meeting was held on May 19, 2025, at the company's headquarters in Hangzhou [1] - The attendance rate of shareholders was 65.9722% [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A total of 259,899,029 votes in favor, representing 99.9784% for the first resolution [1] - A total of 259,924,769 votes in favor, representing 99.9883% for the second resolution [1] - A total of 259,927,969 votes in favor, representing 99.9896% for the third resolution [1] - A total of 259,926,169 votes in favor, representing 99.9889% for the fourth resolution [1] Special Resolutions - The special resolution required a two-thirds majority and was successfully passed [3] - Ordinary resolutions were passed with more than half of the votes from the attending shareholders [3] Legal Compliance - The meeting's procedures and voting methods complied with the Company Law and the company's articles of association [4] - The legal opinions were provided by lawyers confirming the validity of the meeting and the resolutions passed [4]

Group 1 - The company announced the resignation of Ms. Wang Li from her positions as Vice General Manager, Board Secretary, and Financial Responsible Person due to personal career development plans, effective from May 19, 2025 [1][2] - Ms. Wang held a total of 177,651 shares, representing 0.0448% of the company's total share capital as of May 16, 2025, and has complied with relevant regulations regarding shareholding and transfer [3] - During the interim period of the vacant Board Secretary position, the Chairman, Mr. Hou Jun Cheng, will act as the Board Secretary, and the General Manager, Mr. Hou Ya Meng, will act as the Financial Responsible Person [4] Group 2 - The company expressed gratitude for Ms. Wang's contributions during her tenure [4]

（一）提前离任的基本情况 珀莱雅化妆品股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 19 日收到王莉女士的书面辞职报告，王莉女士因个人职业发展规划，申请辞去公司 副总经理、董事会秘书、财务负责人职务。辞职后，王莉女士将不再担任公司任 何职务。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-022 | | --- | --- | --- | | 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 关于高级管理人员离任的公告 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、高级管理人员离任情况 | | | | | | 是否继续在 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时 | 原定任期 | 离任原因 | 上市公司及 | 未履行完 | | | | 间 | 到期日 | | 其控股子公 | 毕的公开 | | | | | | | 司任职 | 承诺 | | 王莉 | ...

本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 380 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 259,954,929 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 65.9722 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-021 | | --- | --- | --- | | 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 2024年年度股东大会决议公告 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： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | ...

Core Viewpoint - The company announced the resignation of Wang Li from her positions as Vice President and Board Secretary due to personal career development plans [1] Group 1 - Wang Li submitted a written resignation report to the company's board [1] - After her resignation, Wang Li will no longer hold any position within the company [1] - During the vacancy of the Board Secretary, Chairman Hou Jun Cheng will temporarily assume the responsibilities of the Board Secretary [1] Group 2 - In the absence of a financial officer, General Manager Hou Ya Meng will temporarily take on the role of financial officer [1]

智通财经5月19日电，在今日举行的珀莱雅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。（智通财经记者 罗祎辰） 珀莱雅：考虑通过海外并购布局婴童、香水等赛道 ...

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]

Investment Rating - The investment rating for the social services industry is "Positive" (maintained) [1] Core Insights - The social services sector has shown a decline in performance, with the A-share social service index underperforming the market, ranking 27th among 31 primary industries [8] - The tea beverage industry is experiencing significant growth, with major players like Mixue Ice City and Gu Ming rapidly expanding their store numbers [44][48] - The beauty sector is witnessing a rise in domestic brands, with strong performance during the 618 shopping festival, indicating a shift towards local products [56][57] Summary by Relevant Sections 1. Trend in Toy Industry - In April 2025, online sales in the toy and animation category reached 1.314 billion yuan, marking a 48% year-on-year increase [16] - The blind box and ACG peripheral products showed strong growth, with sales increasing by 105% and 116% respectively [17][21] 2. Tea Beverage Industry - As of April 2025, there are 486,000 tea beverage stores in operation, with a net increase of 7,600 stores in the first four months of the year [44][48] - Major brands like Mixue Ice City and Gu Ming have significantly increased their store counts, with Mixue reaching 38,337 stores [51] 3. Education Sector - Youdao reported a revenue of 1.3 billion yuan in Q1 2025, a decrease of 6.72% year-on-year, but achieved a record operating profit of 104 million yuan, up 247.7% [52][54] - The company is focusing on AI-driven educational services, which have shown promising growth [52] 4. Beauty Industry - The 618 shopping festival saw a strong performance from domestic beauty brands, with significant sales growth compared to previous years [56][57] - The hair care market is experiencing steady growth, particularly through online channels, with Douyin becoming a major contributor [56]