Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, with a net profit of 1.552 billion yuan, up 30.00% [1][3] - The company continues to experience robust growth, driven by its main brand and sub-brands, with a significant increase in online sales [2][12] - The company is focusing on a big product strategy and expanding its sub-brand matrix, indicating strong long-term growth potential [3][15] Financial Performance Summary - In 2024, the company reported a total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [4][11] - The net profit attributable to the parent company for 2024 was 1.552 billion yuan, reflecting a growth of 30.00% [4][11] - The company’s gross margin improved to 71.39% in 2024, an increase of 1.46 percentage points from the previous year [14] - The company’s operating cash flow for 2024 was 1.107 billion yuan, a decrease of 24.63% year-on-year due to increased payments for goods and promotional expenses [14] Revenue Breakdown - Online sales accounted for 95.06% of total revenue in 2024, with online revenue reaching 10.234 billion yuan, up 23.68% [2][12] - The main brand, Proya, generated 8.581 billion yuan in revenue, representing 79.69% of total revenue, with a growth of 19.55% [2][12] - The skincare category contributed 90.19 billion yuan, accounting for 83.78% of total revenue, with a growth of 19.31% [2][12] Future Projections - The company expects revenues of 12.469 billion yuan, 14.257 billion yuan, and 16.093 billion yuan for 2025, 2026, and 2027 respectively [3][4] - Projected net profits for the same years are 1.840 billion yuan, 2.150 billion yuan, and 2.441 billion yuan [3][4] - The report anticipates a decrease in the price-to-earnings ratio from 20 times in 2025 to 15 times in 2027, indicating improving valuation [3][4]

Core Viewpoint - The A-shares market is experiencing a narrow consolidation, with the banking sector performing notably well, while the majority of the components in the CSI A500 Index ETF (563880) have retreated [3][4]. Group 1: Market Performance - The CSI A500 Index ETF (563880) closed down 0.42%, ending a two-day upward trend [1]. - The A-shares market showed a mixed performance, with notable gains in stocks like Proya Cosmetics, which hit the daily limit, and several others such as Pylon Technologies and Goldwind Technology, which rose over 6% [3]. Group 2: Company Financials - Proya Cosmetics reported a revenue of 10.778 billion yuan for 2024, marking a 30% year-on-year increase in net profit. For Q1 2025, the revenue was 2.36 billion yuan, an 8.1% year-on-year growth, with a net profit of 390 million yuan [3]. - As of April 27, 89% of the CSI A500 Index ETF component stocks reported positive net profits, with an average year-on-year growth rate of 5.3% in net profit [5]. Group 3: Investment Opportunities - The CSI A500 Index ETF (563880) focuses on core assets in the A-share market, showcasing strong operational resilience and is expected to benefit from new domestic demand policies, presenting a good investment opportunity [3][4]. - The index is positioned to capture opportunities in new productive forces, such as AI and robotics, which are crucial for high-quality economic development [7]. - The CSI A500 Index ETF (563880) has the lowest comprehensive fee rate in the market, with a management fee of only 0.15% and a custody fee of 0.05%, along with a monthly evaluation of dividend distribution, providing investors with relatively predictable returns [7].

Group 1 - The People's Bank of China plans to implement more proactive macro policies, including potential interest rate cuts and reserve requirement ratio reductions to maintain liquidity [2] - The National Development and Reform Commission introduced measures to stabilize employment and promote high-quality economic development, focusing on five areas: supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [3] - The Ministry of Human Resources and Social Security outlined five key measures to ensure overall employment stability, including expanding employment opportunities, implementing a combination of employment policies, focusing on key groups, enhancing vocational training, and improving public employment services [6] Group 2 - The China Securities Association is seeking industry feedback on guidelines to regulate the investment behavior of securities personnel to prevent illegal trading practices and protect investor rights [7] - The Shanghai government has introduced a voluntary housing provident fund scheme for flexible employment personnel, allowing them to determine their contribution amounts based on income [8] - Shenzhen's new policies to support domestic market expansion for enterprises include ten specific measures, with individual rewards up to 25 million yuan [11] Group 3 - Xiaomi regained the top position in China's smartphone market with a shipment of 13.3 million units and a market share of 18.6%, marking a 39.9% year-on-year increase [27] - Both Midea and Gree claim to be the "number one" in air conditioning, with differing metrics cited in their annual reports, leading to consumer confusion [28] - Alibaba has open-sourced its new Qwen3 model, which significantly reduces costs and integrates fast and deep reasoning capabilities [29]

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

重要内容提示： ● 珀莱雅化妆品股份有限公司（以下简称"公司"）股票于 2025 年 4 月 24 日、4 月 25 日、4 月 28 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的 情形。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-020 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | ● 经公司自查，并向公司控股股东及实际控制人发函询证，截至本公告披 露日，确认不存在应披露而未披露的重大信息。 珀莱雅化妆品股份有限公司 股票交易异常波动公告 ● 敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 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、股票交易异常波动的具体情况 公司股票交易于 2025 年 4 月 24 日、4 月 25 日、4 月 28 日连续三个交易日 内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有 关规定，属于 ...

本次减持股份计划实施前，珀莱雅化妆品股份有限公司（以下简称"公司"） 董事、副总经理金衍华先生持有公司股份 227,862 股，占公司总股本比例为 0.0575%；公司副总经理、董事会秘书兼财务负责人王莉女士持有公司股份 236,651 股，占公司总股本比例为 0.0597%。 因公司发行的"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。本公告所述总股本为截至 2025 年 4 月 27 日的公司总股本 396,247,616 股，本次减持主体减持前持有的股份数、 当前持有股份数、拟减持股份数所占公司总股本的比例亦相应调整。 减持计划的主要内容 因自身资金需求，金衍华先生拟通过集中竞价交易的方式，减持其所持有的 公司股份不超过 56,965 股，占公司目前总股本的 0.0144%，占金衍华先生所持 有公司股份数的 25%；王莉女士拟通过集中竞价交易的方式，减持其所持有的公 司股份不超过 59,162 股，占公司目前总股本的 0.0149%，占王莉女士所持有公 司股份数的 25%。减持期间为自减持计划公告披露之日起 ...

美团、京东密集辟谣。 美团官方微信号 "小团有话说" 今日再发辟谣文章，称近期发现大量账号有组织、持续传播不实信 息，恶意攻击和诋毁美团，"骑手使用双开或京东软件被封号""美团外卖柜禁止其他平台使用""美 团外卖分量缩水" 等均为谣言。针对 "外卖柜排他"，美团称其外卖柜自 2020 年起广泛铺设，面向 饿了么、闪送等全行业骑手开放，已累计投入十多亿元。 早前京东外卖官方微博对 "商家被要求承担 50% 百亿补贴" 做出辟谣，称平台不会强制设置分摊比 例，现行政策中商家分摊比例保持远低于行业平均水平，所有合作均基于双向沟通达成共识。 马斯克的 xAI 想单轮融 200 亿美元。 融资的主体是马斯克前不久整合 X（前 Twitter）和大模型公司 xAI 的新公司。如果马斯克能融 到，xAI 这轮融资就能位列单笔风投历史上单笔融资额第二，仅次于 OpenAI 前不久的 400 亿美 元。这笔融资结束后，xAI 的估值将会超过 1200 亿美元。 据媒体报道，马斯克寻求融资可能不全是为了发展 xAI，还会用于偿还当年收购 Twitter 时遗留的 债务。截至去年 12 月，X 就为这笔债务支付超过 13 亿美元的 ...

关于《珀莱雅化妆品股份有限公司股票交易异常波动的 （此页无正文，为《珀莱雅化妆品股份有限公司股票交易异常波动的问询函》的 回函之签署页) 197 控股股东、实际控制人: 20 25年 4月28日 t and the support of 问询函》的回函 珀莱雅化妆品股份有限公司： 公司发来的《珀莱雅化妆品股份有限公司股票交易异常波动的问询函》已收 悉,经认真自查核实,现回复如下: 本人作为珀莱雅化妆品股份有限公司的控股股东、实际控制人，截至目前， 不存在影响贵公司股票交易异常波动的重大事项，不存在涉及贵公司应予以披露 而未披露的重大信息,包括但不限于重大资产重组、股份发行、重大交易类事项、 业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等 重大事项。 特此回复。 (以下无正文) e ...

Core Viewpoint - Domestic beauty brands are gaining competitive advantages in the market through high cost-performance ratios and refined operations [1][7]. Group 1: Market Performance - In early 2024, the retail sales of cosmetics in China are projected to be 435.7 billion yuan, a year-on-year decline of 1.1% [2]. - Despite the overall market stagnation, several domestic beauty companies have reported impressive performance, with Proya (603605.SH) achieving a revenue of 10.778 billion yuan, a year-on-year increase of 21.04% [2][3]. - Other established beauty companies such as Shiseido (02145.HK), Maogeping (01318.HK), and Marubi (603983.SH) also reported revenue growth exceeding 20% [2]. Group 2: Online Sales Strategy - Leading beauty companies are increasingly focusing on online sales, with Proya's online sales ratio exceeding 95% and sales surpassing 10 billion yuan [4]. - Shiseido's online sales ratio is over 90%, with sales exceeding 6 billion yuan, while Marubi's online sales ratio is above 85% [4]. - In the e-commerce landscape, Douyin has emerged as a significant player, with total beauty sales reaching between 2.5 billion to 5 billion units and total sales exceeding 100 billion yuan [4]. Group 3: Quarterly Performance - In Q1 2025, the retail sales of cosmetics reached 114.9 billion yuan, a year-on-year increase of 3.2% [6]. - Proya reported a Q1 2025 revenue of 2.359 billion yuan, up 8.13% year-on-year, and a net profit of 390 million yuan, up 28.87% [6]. - Marubi achieved a Q1 2025 revenue of 847 million yuan, a year-on-year increase of 28.01%, with a net profit of 135 million yuan, up 22.07% [6]. Group 4: Future Outlook - The management of Juzhi Biological aims for a revenue growth of 25% to 28% and a net profit growth of 21% to 24% for the 2025 fiscal year [7]. - The cosmetics and medical beauty industry is expected to show stable growth driven by policy support and consumer recovery [7]. - Domestic beauty brands are focusing on reducing traffic costs and enhancing digital marketing strategies to ensure measurable business growth [7].

连续两年蝉联国货美妆行业营收榜首，主导或参与制定国家标准19项，累计获得229项国家专利（2024 年财报报告期内）……珀莱雅化妆品股份有限公司自2003年成立以来，历经自主研发、A股上市、多品 牌矩阵构建等阶段，成长为中国美妆行业首家营收破百亿的企业。 如今，以科技创新为核心驱动力，珀莱雅正朝着"未来十年跻身全球化妆品行业前十"的目标迈进，不断 为科技强国建设贡献民企力量。从珀莱雅的发展历程，我们得以窥见民族品牌参与全球美妆产业竞争的 突围之路。 下好"硬功夫"：三大研发中心构建国际化研发格局 穿过杭州西郊龙坞茶镇的葱郁茶田，珀莱雅杭州龙坞研发中心的新中式建筑跃入眼帘。走进实验区，科 研人员正专注操作着精密仪器，对产品安全性进行检测。 "产品生产出来仅仅是起点，在顺利的情况下，产品从生产完成到消费者手中，需要经历成分分析、重 金属含量检测、微生物检测等十几道严苛的质检程序。"珀莱雅研发人员指着闪烁的仪器屏幕介绍道， 眼前这台价值百万的仪器精度可达到十的负九次方，其精准度相当于在堆满10亿个球的体育场里，准确 找到其中一个。 珀莱雅杭州龙坞研发中心研发人员正对产品进行检测。新华网发 珀莱雅化妆品股份有限公司供 ...