Core Insights - The stock price of Proya increased by 2.04% on November 10, reaching 71.62 CNY per share, with a total market capitalization of 28.362 billion CNY [1] - Proya's stock has declined by 13.42% year-to-date, with a 3.01% drop over the last five trading days [1] Financial Performance - For the period from January to September 2025, Proya achieved a revenue of 7.098 billion CNY, representing a year-on-year growth of 1.89%, and a net profit attributable to shareholders of 1.026 billion CNY, up by 2.65% [2] - Cumulative cash dividends since Proya's A-share listing amount to 2.125 billion CNY, with 1.540 billion CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, Proya had 84,100 shareholders, an increase of 39.53% from the previous period, with an average of 4,708 circulating shares per shareholder, down by 28.23% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 27.1106 million shares, a decrease of 20.4089 million shares from the previous period [3]

Core Insights - The retail industry is experiencing a shift from value preservation to emotional value, with a focus on high-growth segments for investment opportunities [5][28] - The report maintains a positive outlook on the retail sector, emphasizing the importance of consumer insights and differentiated product offerings [5][28] Retail Market Overview - The retail index reported a slight increase of 0.31% during the week of November 3 to November 7, 2025, underperforming the Shanghai Composite Index, which rose by 1.08% [7][16] - Year-to-date, the retail index has increased by 4.20%, lagging behind the Shanghai Composite Index's 19.27% growth [16][20] Investment Strategy for 2026 - The investment strategy highlights four main themes: 1. **Gold and Jewelry**: Focus on high-end and fashionable gold segments, with recommendations for brands like Lao Pu Gold and Chao Hong Ji [5][48] 2. **Retail E-commerce**: Emphasize the transformation of offline retail to enhance service and experience, with key players like Yonghui Supermarket and Ai Ying Shi [5][48] 3. **Cosmetics**: Target domestic brands that capture emotional value and innovate on safety ingredients, recommending brands like Juzi Biological and Pechoin [5][49] 4. **Medical Aesthetics**: Focus on differentiated product manufacturers and expanding medical institutions, with recommendations for brands like Ai Mei Ke and Ke Di-B [5][49] Sector Performance - The jewelry sector is undergoing significant changes due to rising gold prices and a decline in traditional wedding markets, leading to the emergence of brands with strong consumer insights [5][29] - The cosmetics sector is seeing a rise in domestic brands leveraging cultural roots and emotional value to capture market share [5][41] Company-Specific Insights - **Chao Hong Ji**: Reported a revenue increase of 28.4% year-on-year for the first three quarters of 2025, with a notable performance in Q3 [54] - **Yonghui Supermarket**: Experienced a revenue decline of 22.2% year-on-year for the first three quarters of 2025, but is undergoing significant transformation [50] - **Juzi Biological**: Achieved a revenue growth of 21.7% year-on-year for the first half of 2025, focusing on collagen products [50]

经上海证券交易所自律监管决定书[2021]503号文同意，公司本次发行的75,171.30万元可转换公司债券 于2022年1月4日起在上海证券交易所上市交易，债券简称"珀莱转债"，债券代码"113634"。 根据有关规定和《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》"）的约定，公司该次发行的"珀莱转债"自2022年6月14日起可转换为公司股份，转 股期间为2022年6月14日至2027年12月7日，初始转股价格为195.98元/股，最新转股价格为95.46元/股。 历次转股价格调整情况如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603605 证券简称：珀莱雅 公告编号：2025-073 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"珀莱转债"预计满足转股价格修正条件的提示性公告 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、可转债发行上市概况 经中国证券监督管理委员会《关于核准珀莱雅化妆品股份有限公司公开发行可转换公司债券 ...

Core Points - The company, Proya, announced that the period for the downward adjustment of the conversion price for its "Proya Convertible Bonds" will start from October 27, 2025, and end on November 7, 2025 [1] - As of November 7, 2025, the company's stock has closed below 85% of the current conversion price (which is 81.14 yuan/share) for ten trading days [1] - If the stock closes below 85% of the current conversion price for a cumulative total of fifteen trading days within a consecutive thirty-day period, it will trigger the conversion price adjustment clause for the "Proya Convertible Bonds" [1]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-073 | | --- | --- | --- | | 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"珀莱转债"预计满足转股价格修正条件 的提示性公告 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。 1、因公司实施 2021 年度权益分派方案，自 2022 年 5 月 30 日起，珀莱转债 转股价格调整为 139.37 元/股，具体内容详见公司于 2022 年 5 月 24 日在上海证 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关于 2021 年度权益分派调整可转债转股价格的公告》（公告编号：2022-029）。 2、因公司 2022 年限制性股票激励计划授予所涉及的限制性股票登记完成， 自 2022 年 9 月 9 日起，珀莱转债转股价格调整为 138.92 元/股，具体内容详见 公司于 2022 年 9 月 8 日在上海证券交易所网站（www.sse.com.cn）披露的《珀 ...

Market Overview - The cosmetics sector experienced a decline of 1.21% on November 6, with Betaini leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Notable gainers included: - Shuiyang Co., Ltd. (300740) with a closing price of 20.83, up 1.46% [1] - Qingsong Co., Ltd. (300132) with a closing price of 7.27, up 1.11% [1] - Significant decliners included: - Betaini (300957) with a closing price of 42.22, down 4.89% [2] - Jiahen Home Care (300955) with a closing price of 36.68, down 3.47% [2] Trading Volume and Capital Flow - The cosmetics sector saw a net outflow of 82.6352 million yuan from institutional investors, while retail investors had a net inflow of 58.2199 million yuan [2] - The trading volume for Shuiyang Co., Ltd. was 149,100 shares, with a transaction value of 311 million yuan [1] Capital Flow Analysis - Major net inflows were observed in: - Shuiyang Co., Ltd. with a net inflow of 23.1839 million yuan [3] - Qingsong Co., Ltd. with a net inflow of 7.1227 million yuan [3] - Major net outflows were noted in: - Betaini with a net outflow of 90.237 million yuan [3] - Shanghai Jahwa (600315) with a net outflow of 90.237 million yuan [3]

Core Insights - The domestic beauty industry in China, once thriving due to traffic dividends, is showing signs of fatigue as evidenced by the financial reports for the first three quarters of 2025, with major brands experiencing significant declines in revenue and profit [2][3][8] Financial Performance - Proya's revenue for the first three quarters reached 7.098 billion yuan, a year-on-year increase of 1.89%, while net profit was 1.026 billion yuan, up 2.65%. However, in Q3 alone, revenue fell to 1.736 billion yuan, a decrease of 11.63%, and net profit dropped to 227 million yuan, down 23.64% [2][8] - Other domestic brands like Fulejia, Betaini, Huaxi Biological, and Aimeike reported declines in both revenue and net profit, with Fulejia's revenue down 11.54% and net profit plummeting 36.73% [2][8] Market Trends - The beauty market in China has grown from 131.8 billion yuan in 2014 to 420.3 billion yuan in 2024, with domestic brands achieving a compound annual growth rate of 13.18%, surpassing foreign brands for the first time in 2023 [4][5] - The "lipstick effect" is failing as consumer confidence and willingness to spend among young people have significantly decreased, impacting sales in the beauty sector [3][9] Consumer Behavior - Young consumers are increasingly opting not to wear makeup due to busy lifestyles and a shift in priorities, with many expressing a preference for sleep over makeup application [9][10] - The perception of makeup as a necessary tool for professional success is changing, with more women focusing on their professional abilities rather than appearance [10] Industry Challenges - Many domestic beauty brands are facing a "path dependence" issue, relying heavily on established marketing strategies that are becoming less effective as the market matures [11][12] - The over-reliance on social media marketing and influencer partnerships is leading to diminishing returns, with brands struggling to maintain growth in a saturated market [11][12] R&D and Innovation - There is a growing need for product innovation as consumers become more discerning and demand transparency regarding product ingredients and efficacy [15][16] - Proya's R&D expenditure was only 2.1 billion yuan in 2024, significantly lower than its sales expenses, highlighting a trend of prioritizing marketing over innovation [16][17] Strategic Shifts - Proya is shifting its focus towards digitalization and technological innovation, appointing experienced executives to enhance its product development and marketing strategies [17][18] - The company aims to leverage digital tools for better product iteration and to integrate AI into various business functions, indicating a strategic pivot towards long-term sustainability [18][19]

Core Insights - The 2025 Tmall "Double 11" pre-sale commenced on October 15, achieving impressive results in the first hour, with 35 brands surpassing 100 million yuan in sales and 1802 brands doubling their sales compared to the previous year [1] - Taobao Live emerged as a significant highlight during this consumption surge, with the number of users paying deposits experiencing double-digit growth and the number of live streaming rooms exceeding last year's levels [1] Group 1 - Li Jiaqi's live streaming room and other top Taobao live streaming rooms showed remarkable performance, with visitor numbers increasing by over 45% in the first hour and GMV for add-to-cart items showing positive year-on-year growth [3] - Key categories such as beauty, maternal and infant products, fashion, and food saw sales growth of nearly 80%, with over twenty popular items quickly selling out on the first day of the "Double 11" pre-sale [3] - The "Li Jiaqi Live Streaming Room Super Beauty Festival" became a focal point, with 39 products exceeding sales of 100,000 units on the first day [3] Group 2 - Domestic brands have significantly increased their participation on mainstream e-commerce platforms, with their market share rising from 40% to 66%, and live streaming rooms like Li Jiaqi's becoming crucial for showcasing these brands [4] - Domestic brands are establishing deep connections with young consumers through variety shows and top live streaming rooms, exemplified by Li Jiaqi leading 12 domestic beauty brands to open a pop-up store in Paris [4] - Brands such as Proya, Winona, and Naturie quickly entered the top twenty in Tmall's beauty sales within just four hours of the pre-sale, with Proya achieving the top position, highlighting the synergy between quality domestic products and live streaming marketing [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% over the next six months [6][16]. Core Insights - The company experienced a revenue decline of 12% year-on-year in Q3 2025, with a net profit decrease of 24%. However, for the first three quarters of 2025, revenue increased by 2% year-on-year to 7.1 billion yuan, and net profit rose by 3% to 1.03 billion yuan [2][3]. - The company is accelerating its globalization strategy, having submitted a prospectus for a Hong Kong IPO to support international expansion and potential mergers and acquisitions [2][3]. - The multi-brand strategy is showing growth, with significant performance from new product lines and brands, including a strong sales increase of 170% for the sunscreen category [2][3]. Financial Performance Summary - For Q3 2025, the company reported revenue of 1.74 billion yuan, down 12% year-on-year, and a net profit of 230 million yuan, down 24% year-on-year. The gross margin improved to 74.7%, up 4.0 percentage points year-on-year [2][3]. - The company forecasts total revenue of 10.86 billion yuan for 2025, with a slight growth of 0.7% year-on-year, and a net profit of 1.56 billion yuan, also reflecting a 0.7% increase [5][10]. - The projected earnings per share (EPS) for 2025 is 3.95 yuan, with a price-to-earnings (P/E) ratio of 18 times [5][10]. Business Strategy and Growth Drivers - The company is focusing on product innovation and brand development, with a clear roadmap for new product launches and upgrades, particularly in its core series [2][3]. - The investment in the emerging makeup brand "Hua Zhi Xiao" aims to attract a younger consumer demographic, enhancing the company's brand portfolio [2][3]. - The report highlights the importance of R&D in maintaining market leadership and driving future growth, with ongoing investments in product development [2][3].

Core Viewpoint - Proya, a leading Chinese cosmetics company, has submitted an application for a listing on the Hong Kong Stock Exchange, aiming to become the first domestic beauty brand to achieve an "A+H" share listing, amidst increasing competition in the domestic beauty market [1][5]. Financial Performance - In the first half of 2025, Proya's main brand generated revenue of 3.979 billion yuan, a slight decrease of 0.08% year-on-year. Despite overall revenue and net profit growth in the first three quarters of this year, the growth rates have dropped to single digits, with both metrics showing a year-on-year decline in the third quarter [1][7]. - Proya's revenue for 2022, 2023, and 2024 was 6.385 billion yuan, 8.905 billion yuan, and 10.778 billion yuan, respectively, while net profit for the same years was 817 million yuan, 1.194 billion yuan, and 1.552 billion yuan [6]. Market Position and Strategy - Proya's stock price has decreased by 13.30% from the beginning of the year to November 4, 2023, with an average price-to-earnings ratio of 21.21 times, compared to significant increases in the stock prices of other beauty companies listed in Hong Kong [1]. - The company is focusing on a multi-brand strategy, with significant revenue growth from brands like Caitang (21.11% increase), Yuanshe Bota (80.18% increase), and Off&Relax (102.52% increase) in the first half of 2025 [7]. Research and Development - Proya has prioritized "research and product innovation" as the primary use of funds raised from the Hong Kong listing, aiming to enhance its research capabilities to overcome growth bottlenecks [9]. - Research and development expenses from 2022 to 2025 have been 128 million yuan, 174 million yuan, 210 million yuan, and 95 million yuan, representing 2%, 1.95%, 1.95%, and 1.77% of revenue, respectively [9]. Management Changes and Internationalization - Proya has undergone significant management changes since the second generation took over, with new appointments aimed at injecting fresh energy into the company and accelerating its internationalization strategy [11][12]. - The company has introduced a "Double Ten Strategy," aiming to rank among the top ten global cosmetics companies in the next decade, which reflects its ambition to transition from mere scale growth to becoming a strong industry benchmark [13].