作者 罗文利 继2023年营收超过上海家化、三年内完成"冲二摘一"登顶国货美妆企业营收第一的宝座后，珀莱雅股份（603605.SH，下称"珀莱雅"）宣布其2024全年营收 破百亿元。它也是国内第一家营收破百亿的美妆企业。 2025年4月14，珀莱雅宣布设立首席数字官一职，并聘任胡宁波为首任首席数字官。珀莱雅官方介绍，胡宁波拥有超20年的数字化和信息化建设经验，曾任 奢侈品集团LVMH时装部北亚区首席信息官等职位。珀莱雅方面称，数字化将成为企业发展的关键战略。 新履职的首席数字官上任即确定了珀莱雅以ROI（投资回报率）为导向的数字化价值评估体系，以"确保技术投入能够精准转化为可量化的业务增长"。 珀莱雅首席数字官胡宁波告诉经济观察报，该评估体系目前已取得实质性突破：2024年，已应用该模型分析跨渠道营销投放ROI，实现营销资源边际收益的 可视化测算；数据决策平台完成数据基建——单品级盈利追踪、实时数据复盘系统，提升了成本利润透明度。 胡宁波称，这种数字化能力升级不仅让流量分配从经验驱动转向数据驱动，更重要的是将原本离散的营销行为转化为可量化、可追溯的决策依据，为提升流 量利用率提供系统化解决方案。 新设的首席数 ...

| 主要会计数据 | 2024年 | 2023年 | 本期比上 | 2022年 | | --- | --- | --- | --- | --- | | | | | 年同期增 | | | | | | 减(%) | | | 营业收入 | 10. 778, 411, 781. 20 | 8. 904. 573. 501. 39 | 21. 04 | 6. 385. 451. 424. 00 | | 归属于上市公司 | 1.551. 995. 692. 29 | 1. 193, 868, 141. 81 | 30. 00 | 817. 400. 223. 93 | | 股东的净利润 | | | | | | 归属于上市公司 股东的扣除非经 | 1.521.668.826.62 | 1. 174. 144, 260. 32 | 29. 60 | 788, 513, 237. 01 | | 常性损益的净利 | | | | | | 润 | | | | | | 经营活动产生的 | 1, 107, 000, 664. 19 | 1. 468, 793, 814. 58 | -24. 63 | 1.111,136.117.23 | ...

Core Insights - The Chinese beauty brand Proya has achieved its first 10 billion yuan revenue milestone, with total revenue reaching 10.778 billion yuan in 2024, marking a year-on-year growth of approximately 21% [1][3] - Proya's net profit attributable to shareholders for 2024 was 1.552 billion yuan, reflecting a year-on-year increase of 30% [1] - The brand's online sales channel remains dominant, contributing 95% to total revenue, although high marketing expenses associated with this channel are putting pressure on profit margins [1][7] Revenue and Profit Growth - Proya's total revenue for 2024 was 10.778 billion yuan, a 21.04% increase compared to the previous year, but this growth rate has significantly declined from 39.45% in 2023 [3] - The core brand Proya generated 8.581 billion yuan in revenue, up 19.55%, which is a notable decrease from the previous years' growth rates of around 36% [3] Brand Strategy and Product Development - Proya is intentionally reducing the core brand's contribution to overall revenue, with its share decreasing from 82.74% in 2022 to 79.69% in 2024 [5] - The company is focusing on the sunscreen category, launching new products and appointing Liu Yifei as the global spokesperson for its sunscreen line [5] - The color cosmetics brand Caitang has become the second-largest revenue source, generating 1.191 billion yuan, but its growth has sharply declined from previous years [6] Online Sales Performance - Proya's online sales reached 10.234 billion yuan in 2024, a year-on-year increase of 23.68%, with online sales accounting for an increasing proportion of total revenue [7] - The brand's flagship store on Tmall achieved the highest sales in the beauty category, indicating strong online performance [7] Marketing and Expenses - Proya's sales expenses for 2024 were 5.161 billion yuan, representing 47.88% of total revenue, an increase from 44.61% the previous year [8] - Marketing expenses rose significantly, with promotional costs increasing by 30.22% year-on-year [8] - Despite revenue growth, Proya's sales net profit margin was 14.71%, only slightly up from the previous year, indicating challenges in profitability [8]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [1][8]. Core Insights - The company reported a total revenue of 10.778 billion yuan for 2024, representing a year-on-year growth of 21.04%, and a net profit attributable to shareholders of 1.552 billion yuan, up 30% [3]. - In Q1 2025, the company achieved a total revenue of 2.359 billion yuan, with a year-on-year increase of 8.13%, and a net profit of 390 million yuan, growing by 28.87% [3]. - The company continues to strengthen its core capabilities and expand its brand matrix, focusing on the "6*N" strategy to enhance competitiveness [5]. Financial Performance Summary - For 2024, the company’s revenue by category includes skincare at 9.019 billion yuan (up 19.31%), beauty makeup at 1.361 billion yuan (up 21.96%), and hair care at 386 million yuan (up 79.41%) [5]. - In Q1 2025, the revenue breakdown shows skincare at 1.869 billion yuan (up 2.5%), beauty makeup at 375 million yuan (up 21.6%), and hair care at 112 million yuan (up 138.7%) [5]. - The average selling price for skincare products in Q1 2025 was 73.62 yuan per unit (up 0.46%), while beauty makeup and hair care saw price declines of 5.48% and 9.79%, respectively [5]. Profitability Metrics - The gross margin for 2024 improved by 1.46 percentage points to 71.39%, with net margin increasing by 0.89 percentage points to 14.71% [5]. - In Q1 2025, the gross margin further increased by 2.67 percentage points to 72.78%, and the net margin rose by 2.75 percentage points to 17.19% [5]. Earnings Forecast - The company is projected to achieve earnings per share of 4.80 yuan in 2025 and 5.76 yuan in 2026, with corresponding price-to-earnings ratios of 16 times and 13 times, respectively [5][6].

Market Overview - The Shanghai Composite Index closed at 3295.06 points, slightly below the five-day moving average, with a change of -0.07% [1] - The total trading volume of A-shares reached 1,137.01 billion yuan [1] Stocks Performance - A total of 514 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Jiuzhou Group (300040) with a deviation rate of 14.05% and a daily increase of 19.97% [1] - Zhejiang Huayuan (301535) with a deviation rate of 9.07% and a daily increase of 17.75% [1] - Nanguo Real Estate (002305) with a deviation rate of 7.92% and a daily increase of 10.32% [1] Detailed Stock Data - The following stocks have notable performance metrics: - Jiuzhou Group: Latest price 7.81 yuan, five-day moving average 6.85 yuan, turnover rate 43.12% [1] - Zhejiang Huayuan: Latest price 20.90 yuan, five-day moving average 19.16 yuan, turnover rate 58.83% [1] - Nanguo Real Estate: Latest price 1.39 yuan, five-day moving average 1.29 yuan, turnover rate 3.51% [1] - Other stocks with significant increases include: - Pulaia (603605) with a 10% increase and a deviation rate of 7.86% [1] - Fangda Group (000055) with a 9.95% increase and a deviation rate of 7.53% [1]

4月24日晚，美妆企业珀莱雅发布2024年全年业绩，收入达107.78亿元；净利润达15.52亿元，同比增长 30%。珀莱雅成为美妆行业第一个营收破百亿元的企业。 财报显示，珀莱雅的销售费用依然在增长，甚至达到其上市以来的新高。值得关注的是，在发布全年业 绩前，珀莱雅公布了多项研发动作，或为补齐研发短板。 转自：中国商报 研发投入费用较低 根据财报，珀莱雅的销售费用达到51.61亿元，同比增长29.93%，占营业收入的比例为47.88%。珀莱雅 表示，销售费用增加的主要原因是形象宣传推广费同比增加。 与几乎占据营收"半壁江山"的销售费用相比，研发投入费用较低。自2017年珀莱雅上市至2024年，珀莱 雅的研发费用分别为0.41亿元、0.51亿元、0.75亿元、0.72亿元、0.77亿元、1.28亿元、1.74亿元、2.1亿 元。可以看出，珀莱雅的研发投入虽然有所增加，但是整体仍较低。 在发布2024年年度业绩报告前，珀莱雅宣布组建由四位行业专家领衔的全球研发团队，该团队将统筹杭 州、上海及欧洲三大研发中心，重点布局抗衰老、皮肤健康等领域的核心技术研发。在该消息宣布当 日，珀莱雅股价波动区间为78.01元至79 ...

珀莱雅连续第五年发布可持续发展报告。 近日，珀莱雅（603605.SH）正式发布《2024年度可持续发展报告》。围绕"美美相生，共向未来"的可持续发展理念，从绿色美妆、品质创新、多元包容到 规范治理，以详实的数据和案例，呈现了珀莱雅在可持续发展道路上的多维实践，交出了一份兼具行业引领力与社会责任感的答卷。 2024年，珀莱雅在环境保护、社会责任以及公司治理（ESG）等多个领域取得突破性进展，其中：公司包装材料中可持续包装材料占比达33.88%，对比基准 年（2021年）提升33.72%；投入258.87万元用于社会公益，截至报告期末，2022年-2024年累计投入1，268.45万元，2022年-2024年直接受益人次累计达98万 人次；数据均提前达成《珀莱雅可持续发展战略规划（2022-2025）》的2025年目标。 2024年珀莱雅ESG部分评级表现图 作为化妆品行业ESG领域的先行者，珀莱雅在2024年也持续获得权威认可。珀莱雅连续两年在WindESG评级蝉联AA级、个人用品Ⅲ综合得分行业排名榜 首，并获评Wind中国上市公司ESG最佳实践100强；在国际评级CDP气候问卷，连续两年维持B评级，持续领跑 ...

绿色美妆：构建低碳闭环，引领行业转型 2024年，珀莱雅从可持续产品与消费、循环经济、降低运营环境影响三方面发力，打造从生产端到消费 端的低碳闭环，将绿色转型推向新高度。 在产品可持续升级上，公司对珀莱雅双抗焕亮精华液（双抗精华3.0）的评估显示，其综合可持续等级 达到"四星"。该产品淘汰了对环境有负面影响的成分，采用合欢树皮提取物替代，不仅增强了抗糖、抗 氧功效，还采用替换装设计，外瓶分离便于PP塑料内瓶回收，报告期内减少塑料使用70.64吨。未来， 公司还计划对更多产品进行可持续等级评估。 在绿色包装革新方面，公司通过简化生产工艺、优化结构与装配、提升材料使用等方式，增强包装的可 持续属性。2024年，包装材料中可持续包装比例较2021年提升33.72%，明星单品赋能鲜颜淡纹紧致霜 （3.0版）等5款产品推出环保替换装，全年累计减少塑料使用300吨、金属铝157千克，相当于减少 938.23吨二氧化碳当量排放。 近日，美妆行业龙头企业珀莱雅（603605.SH）正式发布《2024年度可持续发展报告》，这已是其连续 第五年发布此类报告。围绕"美美相生，共向未来"的可持续发展理念，珀莱雅以详实数据与丰富案例， ...

Group 1 - The Shanghai Composite Index closed at 3302.19 points, above the five-day moving average, with a slight increase of 0.15% [1] - The total trading volume of A-shares reached 733.14 billion yuan [1] - A total of 837 A-shares have prices that surpassed the five-day moving average, with notable stocks including Jiuzhou Group, Nanguo Real Estate, and Proya, showing significant deviation rates of 11.67%, 7.92%, and 7.86% respectively [1] Group 2 - The top stocks with the highest deviation rates from the five-day moving average include: - Jiuzhou Group (16.74% increase, 34.11% turnover rate, latest price 7.60 yuan, deviation rate 11.67%) [1] - Nanguo Real Estate (10.32% increase, 3.16% turnover rate, latest price 1.39 yuan, deviation rate 7.92%) [1] - Proya (10.00% increase, 2.50% turnover rate, latest price 84.71 yuan, deviation rate 7.86%) [1] - Other notable stocks with significant increases include: - Fangda Group (9.95% increase, 6.42% turnover rate, latest price 4.31 yuan, deviation rate 7.53%) [1] - Luolai Life (9.68% increase, 1.71% turnover rate, latest price 9.18 yuan, deviation rate 7.24%) [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [5][9]. Core Insights - The company has demonstrated strong financial performance, with a revenue of RMB 10.78 billion in 2024, a year-on-year increase of 21%, and a net profit of RMB 1.55 billion, up 30% year-on-year [6]. - The first quarter of 2025 showed continued growth, with revenue reaching RMB 2.36 billion, a year-on-year increase of 8.1%, and a net profit of RMB 390 million, up 28.9% year-on-year [6]. - The company is expected to maintain its competitive advantage through its "6*N" strategy, focusing on enhancing consumer loyalty and product upgrades [6][9]. Financial Performance Summary - The company reported a net profit of RMB 1.55 billion for 2024, with a projected net profit of RMB 1.87 billion for 2025, reflecting a growth rate of 20.6% [7][9]. - Earnings per share (EPS) are projected to increase from RMB 3.93 in 2024 to RMB 4.72 in 2025, indicating a growth of 20.2% [7][9]. - The price-to-earnings (P/E) ratio is expected to decrease from 20 in 2024 to 16 in 2025, suggesting improved valuation attractiveness [7][9]. Revenue Breakdown - The skincare segment accounted for 83.78% of total revenue, while the beauty segment contributed 12.64%, and the hair care segment made up 3.58% [6]. - The main brand, Proya, achieved a revenue of RMB 8.58 billion in 2024, a 19.6% increase year-on-year, while the second brand, Caitang, generated RMB 1.19 billion, also up 19% [6]. Market Position - The company maintains a strong market position with a solid brand strategy and product innovation, which has led to increased market penetration and revenue growth across its product lines [6][9].