审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—3 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕6225 号 珀莱雅化妆品股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项审计说明 t with 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 珀莱雅化妆品股份有限公司全体股东： 我们接受委托，审计了珀莱雅化妆品股份有限公司（以下简称珀莱雅公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的珀莱雅公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往 来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供珀莱雅公司年度报告披露时使用，不得用作任何其他目的。我们 同意将本报告作为珀莱雅公司年度报告的必备文件，随同其他文件一起报送并对 外披露。 ...

珀莱雅化妆品股份有限公司 内部控制审计报告 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕6223 号 珀莱雅化妆品股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了珀莱雅化妆品股份有限公司（以下简称珀莱雅公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是珀莱 雅公司董事会的责任。 第 2 页 共 2 页 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，珀 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,359,334,894.91, representing an increase of 8.13% compared to CNY 2,181,919,106.72 in the same period last year[4]. - Net profit attributable to shareholders for the same period was CNY 390,281,697.93, reflecting a growth of 28.87% from CNY 302,845,157.17 year-on-year[4]. - Basic earnings per share rose to CNY 0.99, a 30.26% increase from CNY 0.76 in the previous year[4]. - Diluted earnings per share also increased to CNY 0.99, up 32.00% from CNY 0.75 year-on-year[5]. - Operating profit for Q1 2025 was ¥493,882,458.09, representing a 24.8% increase from ¥395,713,955.01 in Q1 2024[21]. - Net profit for Q1 2025 was ¥405,560,791.59, up 28.7% from ¥314,974,456.95 in Q1 2024[21]. - Other comprehensive income after tax for Q1 2025 was ¥122,936.85, compared to a loss of ¥48,390.37 in Q1 2024[22]. Cash Flow - The net cash flow from operating activities increased by 56.78%, amounting to CNY 675,490,380.59, primarily due to an increase in cash collections from customers[8]. - The net cash flow from operating activities increased to $675,490,380.59, up from $430,862,423.81, representing a growth of approximately 56.7% year-over-year[25]. - Total cash inflow from operating activities amounted to $2,761,025,865.44, compared to $2,689,148,254.33 in the previous period, indicating a slight increase of about 2.7%[25]. - Cash outflow from operating activities decreased to $2,085,535,484.85 from $2,258,285,830.52, reflecting a reduction of approximately 7.7%[25]. - The net cash flow from investing activities was negative at -$28,822,207.21, an improvement from -$79,661,124.91 in the prior period[25]. - Cash inflow from financing activities totaled $286,400.00, significantly higher than $50,000.00 previously, marking a growth of 472.8%[26]. - The net cash flow from financing activities was -$2,667,552.16, compared to -$155,071,599.45, showing a substantial improvement[26]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 8,201,525,310.98, an increase of 8.92% compared to CNY 7,530,182,694.00 at the end of the previous year[5]. - The company's current assets reached RMB 6,245,901,803.19, up from RMB 5,613,357,796.89, indicating an increase of about 11.2%[15]. - Total liabilities of the company amounted to RMB 2,266,174,338.94, up from RMB 1,992,556,238.53, indicating an increase of about 13.7%[16]. - The company's long-term debt, represented by bonds payable, was RMB 788,783,082.71, slightly up from RMB 780,011,293.32, indicating a marginal increase of about 1%[16]. - Total current liabilities increased to RMB 1,477,391,256.23 from RMB 1,212,544,945.21, reflecting a growth of about 21.9%[16]. - Total assets increased to ¥8,201,525,310.98 in Q1 2025, compared to ¥7,530,182,694.00 in Q1 2024[17]. - Total liabilities rose to ¥2,308,638,718.38 in Q1 2025, up from ¥2,043,934,843.04 in Q1 2024[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 50,966[10]. - Shareholders' equity attributable to the parent company was CNY 5,796,840,173.26, reflecting a growth of 7.31% from CNY 5,402,074,485.07 at the end of the last year[5]. - Total equity attributable to shareholders increased to ¥5,796,840,173.26 in Q1 2025, up from ¥5,402,074,485.07 in Q1 2024[17]. - The company has no significant changes in the top 10 shareholders or their participation in margin trading activities[12]. Compliance and Reporting - The company has committed to maintaining transparency and accuracy in its financial reporting, ensuring compliance with legal responsibilities[2]. - Non-recurring gains and losses for the period amounted to CNY 11,347,658.87 after tax, with significant contributions from government subsidies[7].

Financial Performance - The company's revenue for 2024 reached CNY 10,778,411,781.20, representing a 21.04% increase compared to CNY 8,904,573,501.39 in 2023[24]. - Net profit attributable to shareholders for 2024 was CNY 1,551,995,692.29, a 30.00% increase from CNY 1,193,868,141.81 in 2023[24]. - The basic earnings per share for 2024 was CNY 3.93, reflecting a 30.56% increase from CNY 3.01 in 2023[25]. - The company's total assets as of the end of 2024 were CNY 7,530,182,694.00, a 2.83% increase from CNY 7,323,078,222.45 at the end of 2023[24]. - The net cash flow from operating activities for 2024 was CNY 1,107,000,664.19, a decrease of 24.63% compared to CNY 1,468,793,814.58 in 2023[24]. - The company reported a weighted average return on equity of 32.53% for 2024, up from 29.94% in 2023, an increase of 2.59 percentage points[25]. - The total revenue for the company reached CNY 10,765,600,419.70, with a gross profit of CNY 3,077,384,979.23, resulting in a gross margin of 71.41%, which increased by 15.39% year-on-year[96]. - The company's sales expenses increased by CNY 1,188,810,892.03, reflecting a growth rate of 29.93% compared to the previous year[104]. Dividend and Shareholder Actions - The company plans to distribute a cash dividend of 11.90 RMB per 10 shares, totaling approximately 468.90 million RMB, which represents 40.07% of the net profit attributable to shareholders for the year 2024[6][7]. - The company executed a share buyback amounting to approximately 153.04 million RMB during the year 2024[6]. - The total number of shares for dividend calculation is based on 396,247,555 shares as of December 31, 2024, after excluding treasury shares[6]. - The company does not plan to increase capital reserves or issue bonus shares in the current dividend proposal[6]. Audit and Governance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The board of directors and senior management have ensured the accuracy and completeness of the annual report[3]. - The company has confirmed that all board members attended the board meeting to approve the annual report[4]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and specialized committees, ensuring clear responsibilities and effective checks and balances[191]. - The company has complied with the governance requirements set by the China Securities Regulatory Commission, with no significant discrepancies reported[191]. Market and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[24]. - The company launched new product lines, including the "Source Power" series featuring a globally exclusive ingredient, and the "Optical" series targeting skin whitening[46][47]. - The company is exploring overseas market opportunities and adapting to rapid market changes through a flexible organizational structure[45]. - The company is committed to digital transformation, improving operational efficiency through SAP upgrades and product lifecycle management systems[187]. - The company is prioritizing the development of new channels, particularly on platforms like Tmall and Douyin, to enhance brand visibility and market position[177]. Marketing Strategies - The marketing strategy focused on themes of "youthfulness" and "technological strength," with various campaigns and events to engage consumers[48]. - The company launched a series of marketing campaigns, including collaborations with national-level IPs and brand ambassadors, to enhance brand visibility and sales[58]. - The company plans to optimize its Tmall operations by focusing on high-end and repair product lines, enhancing digital transformation, and improving conversion efficiency through live streaming[166]. - A new marketing strategy has been implemented, aiming to increase brand awareness by 40% in the next six months[196]. Research and Development - The company applied for a total of 64 new patents in 2024, including 35 invention patents, 12 utility model patents, and 17 design patents, while obtaining 25 new patents during the same period[78]. - The company established a European Innovation Center in Paris, enhancing its research capabilities alongside existing centers in Hangzhou and Shanghai[78]. - The company is investing heavily in R&D, with a budget increase of 30% for new technology development[196]. - Ongoing research and development efforts focus on creating differentiated technological barriers and enhancing product efficacy through clinical studies and innovative formulations[185]. Risks and Challenges - The company has outlined potential risks in its future development strategy, which investors should be aware of[10]. - The company faces risks related to intensified industry competition and potential underperformance in new brand and product category launches[188][189]. Customer Engagement and Satisfaction - The company has achieved a customer satisfaction rate of 90%, reflecting a strong performance in service delivery[200]. - Customer satisfaction ratings have improved, with a reported increase of 10% in positive feedback from users[196]. Future Outlook - The company has outlined a future outlook projecting a 20% growth in revenue for the next fiscal year[196]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[198]. - The company is considering strategic acquisitions to enhance its market position, targeting firms with a combined revenue of 500 million[196].

Core Insights - The cosmetics industry is undergoing a comprehensive transformation from production to consumption in the digital economy era [1] - Proya, a leading domestic cosmetics company, appointed Hu Ningbo as its first Chief Digital Officer (CDO) to enhance digital transformation and break down departmental barriers [1] - The establishment of the CDO role aims to create a top-level digital strategy and shift from partial digital upgrades to comprehensive digital planning [1] Group 1 - Proya's digital transformation focuses on building sustainable digital competitiveness by integrating technology, data, and business elements [1] - Hu Ningbo emphasizes that digital transformation is about reconstructing business logic with digital thinking rather than merely stacking technologies [1] - Proya plans to implement a "digital value assessment system" oriented towards ROI to ensure that technology investments translate into quantifiable business growth [1] Group 2 - Proya's product development is crucial for its success, with new products taking a long time from initiation to market launch due to the need for cross-departmental collaboration [2] - The use of Feishu's multi-dimensional tables has optimized collaboration and reduced the R&D cycle, saving 25% of work time for over 40 employees at Proya's Shanghai R&D center [2] - Proya's market research department has improved data collection efficiency by using Feishu's voice function to gather consumer feedback in noisy environments, which is then summarized by AI for analysis [2] Group 3 - With the advent of the CDO era, Feishu is expected to provide greater value as a tool accessible to all employees [3]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-004 | | --- | --- | --- | | 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 可转换公司债券的批复》（证监许可[2021]3408 号）核准，珀莱雅化妆品股份有 限公司（以下简称"公司"）于 2021 年 12 月 8 日公开发行了 7,517,130 张可转 换公司债券，每张面值 100 元，发行总额 75,171.30 万元，按面值发行，期限 6 年。上述可转换公司债券票面利率为：第一年 0.30%，第二年 0.50%，第三年 1.00%， 第四年 1.50%，第五年 1.80%，第六年 2.00%，存续期限为自发行之日起 6 年， 即 2021 年 12 月 8 日至 2027 年 12 月 7 ...

珀莱雅（603605.SH）事件点评 珀莱雅双抗上新，美白布局持续完善 2025 年 04 月 17 日 ➢ 事件：4 月 14 日公司上新双抗系列的美白特证版"双抗焕白净亮精华液"； 4 月 15 日珀莱雅正式官宣易烊千玺成为其品牌全球代言人，目前新品已在电商 平台全面推出。 ➢ 双抗精华全新升级，美白特证加持正式切入美白赛道。双抗精华「美白特证 版」全名"珀莱雅双抗焕白净亮精华液"，主要成分为生育酚葡萄苷、专研柚皮 苷、麦角硫因 MAX 等，具有减黄提亮、美白透亮、紧致嘭弹的功效。双抗精华 于 2020 年上市，此前分别在 2021 年、2023 年进行了产品升级，定价分别为 229 元/30ml；280 元/30ml；209 元/30ml。本次升级的 4.0 版本聚焦三大突破 性革新：1）全新双抗净白科技。突破再发现 2 大核心靶点"Nrf2-净氧因子"內 源调控 ROS，"GLO-1-净糖因子"内源调控 AGES，内外双驱动，超速清氧糖。 2）成分革新：抗氧、抗糖、美白再升阶。新加入的柚皮苷上阵，阻截氧化黑和糖 化黑；又复配传统美白成分烟酰胺和传明酸，双通路实现美白功效。3）严苛实 验，力证产品力。首 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2024-2026 at 20X, 16X, and 13X respectively [4][5]. Core Insights - The company has launched a new whitening product, the "Double Anti-White Brightening Essence," which features innovative ingredients and technology aimed at enhancing skin brightness and reducing yellowing [2][3]. - The appointment of Yi Yangqianxi as the global brand ambassador is expected to strengthen the brand's market presence and appeal to younger consumers [4]. - Financial forecasts indicate significant growth in revenue and net profit, with expected net profits of 1.56 billion, 1.92 billion, and 2.36 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 30.7%, 23.1%, and 22.9% [4][5]. Summary by Sections Product Development - The new "Double Anti-White Brightening Essence" incorporates advanced ingredients such as tocopherol glycoside and grapefruit peel glycoside, focusing on reducing yellowing and enhancing skin brightness [2]. - The product's pricing is set at 239 yuan for 30ml, with a strong emphasis on scientific validation through rigorous testing [2][3]. Brand Strategy - The collaboration with Yi Yangqianxi aligns with the brand's commitment to innovation and youthfulness, aiming to provide effective skincare solutions [4]. - The brand's strategy includes continuous product upgrades and a focus on scientific efficacy to differentiate from competitors [3]. Financial Performance - The company is projected to achieve total revenues of 11.75 billion, 14.40 billion, and 17.29 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 32.0%, 22.5%, and 20.1% [5][7]. - The net profit margins are expected to remain stable, with net profit rates around 13.41% to 13.66% over the forecast period [7][8].

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]