公司于 2025 年 8 月 27 日在上海证券交易所网站（www.sse.com.cn）披露公 司《2025 年半年度报告》，为便于广大投资者更全面深入地了解公司 2025 年半 年度的经营成果、财务状况，公司计划于 2025 年 9 月 29 日(星期一)14:00-15:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以图文展示+网络文字互动问答方式召开，公司将针对 2025 年半年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答。 珀莱雅化妆品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 问题征集方式：投资者可于 2025 年 9 月 22 日(星期一)至 9 月 26 日(星期 五)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过珀莱雅 化妆品股份有限公司（以下简称"公司"）投资者关系邮箱（proyaz ...

撰稿/柳早（媒体人） 编辑/徐秋颖 校对/李立军 ▲网友发帖表示，对南孚电池广告内容不能理解。图/经视直播公众号 "好喜欢和我的领导一起出差，堪比南孚电池……上车开始聊工作，下车还能接着聊，一点都！不！ 累！" 及时接收最新最热的推文 点击"在看"，分享热点 广告法明文规定，广告不得含有淫秽、色情的内容，广告应当真实、合法，以健康的表现形式表达广告 内容。然而，近年来擦边营销屡屡翻车，为何仍有品牌企业试图通过博人眼球的广告吸引受众？从根源 来说，还是企业忽视了商业营销本质上仍属于公共传播范畴，陷入追求短期流量的误区。 目前南孚回应称，市场部正在对该广告语进行评估，判断其是否适合继续用于宣传。最终的结果如何， 恐怕还有待企业的判断，但如何能清楚地讲明广告用意，争取舆论谅解，确实是个无法回避的课题了。 另外，值得注意的是，这则广告出现在高铁座椅背后的小桌板上，本身就处在一个"旅途+职场"的叙事 场景中，这或许正是广告创意中"出差"元素的来源。这种擦边广告，是如何一路绿灯上了小桌板的，也 值得追问。这样的广告内容是否合适，是否照顾了舆论观感，可能也需要呈现广告的公共场所，有更严 肃的审视和更严谨的把关机制。 总的来 ...

2025 年 9 月 17 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk 港股分类指数上日表现 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 45,675 | -0.85 | 29.99 | | 恒生工商业 | 15,108 | 0.84 | 34.29 | | 恒生地产 | 18,991 | -1.46 | 27.35 | | 恒生公用事业 | 36,666 | 0.02 | 2.81 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 环球主要股市上日表现 收市价 升跌（%） 单日 年内 恒生指数 26,439 0.19 31.80 恒生国企 9,386 0.23 28.76 恒生科技 6,078 1.48 36.02 上证综指 3,862 -0.23 15. ...

Group 1: Stock Recommendations - Recommended stocks include Geely Automobile (175 HK), Li Auto (9863 HK), Zoomlion (1157 HK), Sany International (631 HK), and Luckin Coffee (LKNCY US) with "Buy" ratings[5] - Target price for Geely Automobile is set at 25.00, indicating a potential upside of 36%[5] - Luckin Coffee has a target price of 44.95, representing a potential upside of 16%[5] Group 2: Financial Metrics - Geely Automobile has a market capitalization of $24.0 billion and a P/E ratio of 10.50 for FY24A[5] - Li Auto's market cap is $11.0 billion with a projected P/E ratio of 9.90 for FY25E[5] - The average dividend yield for the recommended stocks ranges from 0.0% (Luckin Coffee) to 5.2% (Green Tea Group)[5] Group 3: Performance Overview - The basket of 25 stocks listed in the previous report achieved an average return of 2.5%, compared to the MSCI China Index return of 6.8%[10] - Out of the 25 stocks, 10 outperformed the benchmark index[10] Group 4: Recent Changes - New addition to the recommended stocks is Guoquan Food (2517 HK) with a "Buy" rating[7] - Jiangnan Buyi (3306 HK) has been removed from the recommended list[7]

Core Viewpoint - The Chinese beauty industry is experiencing a significant transformation driven by strategic investments in cutting-edge technology and content-driven brands, indicating a shift towards a more integrated and innovative market structure [4][25][28]. Investment Trends - In the first nine months of 2025, Chinese beauty companies completed 13 investments/acquisitions, with disclosed amounts exceeding 5.5 billion RMB, accounting for nearly 60% of the industry's capital flow [4][6]. - Major funding is concentrated in a few leading projects, indicating a selective investment phase, with the top three projects totaling nearly 5.2 billion RMB [6]. - The focus on technology and raw materials is evident, with regenerative medicine and RNA technology becoming key investment areas [7][24]. Strategic Investments - Huaxi Biological's investment in Saintno Pharmaceutical is a prime example of the focus on small nucleic acid drugs, which have significant potential despite the company currently lacking product sales [7][12]. - Proya's investment in Huazhi Xiao aims to build a business ecosystem, leveraging the brand's influence among young consumers and its potential for overseas expansion [10][13]. International Comparison - International giants like L'Oréal and Unilever are also active in the beauty investment space, with L'Oréal completing eight investments and Unilever seven in the first nine months of the year [14][19]. - The investment logic of international players tends to favor acquiring mature brands, while Chinese companies emphasize strategic collaboration and investment in technology [23][24]. Future Outlook - The current investment trends suggest a restructuring of the Chinese beauty industry, moving towards a model supported by technology, content, and global asset integration [25][30]. - The capital influx is raising industry standards, potentially eliminating smaller players lacking differentiation while providing growth opportunities for niche and innovative brands [24][25]. - The evolving landscape indicates that the future of the global beauty industry may be significantly influenced by the capital dynamics within China, potentially leading to the emergence of new world-class beauty giants from the Chinese capital ecosystem [30].

Market Overview - On September 16, the cosmetics sector rose by 0.03% compared to the previous trading day, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Shuiyang Co., Ltd. (300740) closed at 22.48, with a gain of 1.63% and a trading volume of 208,500 shares, amounting to a transaction value of 469 million yuan [1] - Qingdao Kingway (002094) closed at 8.47, up 1.44%, with a trading volume of 326,600 shares and a transaction value of 277 million yuan [1] - Other notable performers include: - Kezhou Co., Ltd. (300856) at 14.23, up 0.57% [1] - Beitaini (300957) at 49.13, up 0.41% [1] - Furuida (600223) at 7.91, up 0.38% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 43.2 million yuan from institutional investors, while retail investors saw a net outflow of 23.0 million yuan [2] - Conversely, speculative funds recorded a net inflow of 66.2 million yuan [2] Detailed Fund Flow for Key Stocks - Shuiyang Co., Ltd. (300740) had a net inflow of 41.1 million yuan from institutional investors, while retail investors faced a net outflow of 71.8 million yuan [3] - Qingdao Kingway (002094) saw a net inflow of 15.3 million yuan from institutional investors, but a net outflow of 7.2 million yuan from retail investors [3] - Other stocks with significant fund flow include: - Beitaini (300957) with a net inflow of 5.7 million yuan from institutional investors and a net outflow of 13.2 million yuan from retail investors [3] - Furuida (600223) faced a net outflow of 10.2 million yuan from institutional investors but a net inflow of 8.9 million yuan from retail investors [3]

Market Overview - On September 15, the cosmetics sector declined by 0.18%, with Huaye Fragrance leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Notable gainers included: - Jinsong New Material (300849) with a closing price of 14.48, up 3.72% and a trading volume of 121,800 shares, totaling 179 million yuan [1] - Lafang Home (603630) closed at 28.58, up 2.11% with a trading volume of 71,300 shares, totaling 200 million yuan [1] - Notable decliners included: - Huaye Fragrance (300886) closed at 29.66, down 1.79% with a trading volume of 18,400 shares, totaling 55.05 million yuan [2] - Marubi Biological (603983) closed at 39.95, down 1.36% with a trading volume of 13,900 shares, totaling 55.49 million yuan [2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 83.38 million yuan from institutional investors, while retail investors saw a net inflow of 76.42 million yuan [2] - The overall capital flow for individual stocks showed: - Jinsong New Material had a net inflow of 18.50 million yuan from institutional investors, accounting for 10.31% of its total [3] - Huaye Fragrance had a net outflow of 4.23 million yuan from institutional investors, accounting for 6.58% of its total [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.36 billion yuan for H1 2025, representing a year-on-year growth of 7.2%, while the net profit attributable to shareholders was 800 million yuan, up 13.8% year-on-year. In Q2 alone, revenue was 3 billion yuan, with a year-on-year increase of 6.5%, and net profit of 410 million yuan, growing 2.4% year-on-year [2][4]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business development, as well as enhance its overseas financing capabilities [2][4]. Financial Performance - In H1 2025, online direct sales, online distribution, and offline sales generated revenues of 3.91 billion, 1.2 billion, and 250 million yuan respectively, with year-on-year changes of 4.9%, 25.9%, and -21.5% [9]. - The main brand and sub-brands showed varied performance, with the main brand's revenue slightly declining by 0.1%, while sub-brands like OR and 原色波塔 saw significant growth of 103% and 80% respectively [9]. - The gross profit margin improved by 3.6 percentage points in H1 2025, attributed to cost reduction and efficiency improvements [9]. - The overall net profit margin increased by 0.9 percentage points to 14.9%, although Q2 saw a slight decline of 0.5 percentage points to 13.6% due to increased sales expenses during promotional periods [9]. Future Outlook - The company is expected to benefit from the ongoing expansion of its main brand and the continued strong performance of its sub-brands, which could contribute to incremental growth [9]. - EPS forecasts for 2025, 2026, and 2027 are projected to be 4.28, 5.05, and 5.77 yuan per share respectively [9].

Investment Rating - The report initiates coverage with a "Buy" rating for Shuiyang Co., Ltd. [3][13] Core Insights - The cosmetics and medical beauty sector underperformed the market, with the Shenwan Beauty Care Index increasing by 0.2% from September 5 to September 12, 2025, lagging behind the Shenwan A Index by 2.7 percentage points [3][4] - Domestic cosmetics brands showed strong growth in August, with key brands under Shumei Co. achieving a 70% growth rate on Douyin and Taobao platforms, indicating a robust performance despite high base effects [3][9] - The report highlights the upcoming Double 11 shopping festival, suggesting that brands should prepare for promotional strategies [3][9] Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance was weaker than the market, with declines in the Shenwan Cosmetics Index by 0.5% and the Shenwan Personal Care Index by 0.8% during the specified period [3][4] Key Company Review - Shuiyang Co., Ltd. is positioned as a leading technology-driven beauty company in China, with stable revenue between 4 to 5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024, up by 10.94 percentage points from 2021 [3][10] - The company has a dual business model of proprietary brands and CP agency brands, with a strong focus on high-end and global market transformation [3][10][12] E-commerce Data - In August, key domestic brands on Douyin and Taobao platforms showed significant growth, with Shumei Co. brands achieving a 70% increase, and other brands like Maogeping and Runben also reporting substantial growth rates [3][14] Market Trends - The report notes that the overall retail sales of cosmetics in July 2025 grew by 4.5%, indicating a recovery in consumer spending [3][17] - The domestic skincare market is projected to reach 271.2 billion yuan in 2024, despite a slight decline of 3.7% year-on-year, with domestic brands gaining market share [3][26] Company Announcements - Shumei Co. has appointed Dr. Karl Lintner, a pioneer in peptide beauty, as the chief scientific advisor, aiming to enhance its global competitiveness in research and development [3][21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the launch of the "Gaode Street Ranking," which aims to reconstruct the trust framework in offline services through real navigation and travel behavior data [23][27] - The report emphasizes the importance of emotional consumption themes and suggests focusing on high-quality companies in high-growth sectors [6][29] Summary by Sections Retail Market Review - The retail industry index closed at 2396.85 points, up 0.85% for the week, underperforming the Shanghai Composite Index, which rose by 1.52% [12][20] - Among retail sub-sectors, the supermarket sector had the highest weekly increase of 4.78%, while the watch and jewelry sector led with a year-to-date increase of 35.68% [14][18] Industry Dynamics - The launch of the "Gaode Street Ranking" is positioned as a significant step for Alibaba to transition from a navigation platform to a comprehensive local service platform, enhancing user experience and trust [23][27] - The ranking system incorporates real user behavior and credit filtering to provide authentic feedback, potentially disrupting the existing "to-store" business landscape dominated by Meituan and Dianping [27][29] Investment Recommendations - Investment Theme 1: Focus on differentiated gold and jewelry brands with deep consumer insights, recommending companies like Laopu Gold and Chaohongji [6][31] - Investment Theme 2: Highlight retail enterprises that adapt to trends and actively explore changes, recommending Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Emphasize high-quality domestic beauty brands with differentiated capabilities, recommending brands like Maogeping and Pola [6][30] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers, recommending Aimeike and Kedi-B [6][30] Company Performance Highlights - Laopu Gold reported a revenue of 12.354 billion yuan in H1 2025, a year-on-year increase of 250.9%, with a net profit of 2.268 billion yuan, up 285.8% [38][39] - Chaohongji achieved a revenue of 4.102 billion yuan in H1 2025, a 19.5% increase, with a net profit of 331 million yuan, up 44.3% [41][42] - Maogeping reported a revenue of 2.588 billion yuan in H1 2025, a 31.3% increase, with a net profit of 670 million yuan, up 36.1% [31][34]