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]

没有一家志向远大的消费品公司不看重数字化。此前行业里流行的职位名称是CIO，即首席信息官。CDO和CIO只差一个字母，却是一个时代的分野。刚刚 履新CDO的胡宁波如此理解自己的"新title"："从项目交付转向价值创造，从局部数字化升级走向全局数字化规划。" 珀莱雅创立于21世纪初，长于线下渠道和下沉市场。20年后的2023年，这家土生土长的国货品牌以89亿营收超越上海家化，登顶国产化妆品王座。据行业预 测，2024年珀莱雅的营收规模据预测有望突破一百亿元（年报将于4月24日披露）。 对这样一家百亿规模，从化妆品专营店鏖战到移动互联网时代的中国本土化妆品巨头来说，数字化扮演的角色也已今非昔比。 2024年4月，时任珀莱雅副总经理的侯亚孟参加内部的数字化转型项目启动会时说，"数字化是推动珀莱雅业务能力和市场表现升级的关键。"更早先时候， 在引入和普及飞书这类数字化工具时，侯亚孟也是踊跃的推动者和牵头人。 CIO时代的数字化，是基于业务的局部数字化。 创业之初，化妆品专营店即CS是珀莱雅的主要销售渠道，后伴随淘宝兴起，珀莱雅成为国内最早做电商生意的美妆企业。2019年，珀莱雅线上和线下渠道 的销售占比还几乎相当； ...

Investment Rating - The report indicates a positive outlook for the textile and apparel industry, highlighting potential recovery opportunities due to evolving tariff policies and domestic demand [5][9]. Core Insights - The manufacturing sector is expected to see a valuation recovery as the peak of risk aversion related to tariff policies has passed, with major brands maintaining order volumes and shipment schedules [5][9]. - The brand sector is poised for a valuation recovery driven by improved consumer sentiment and policy support, particularly in discretionary spending categories like apparel [5][9]. Industry Data Tracking - The Cotlook A index and China cotton price index decreased by 1.3% and 4.2% respectively, while wool prices fell by 4.3% [27]. - In March 2025, Vietnam's textile and apparel exports increased by 14.77% year-on-year, with footwear exports rising by 15.77% [31][33]. - Retail sales in China showed a year-on-year growth of 4% in the first two months of 2025, with notable increases in categories such as clothing and home appliances [24][25]. Company Dynamics - Anta Sports reported a double-digit revenue growth in Q1 2025, with a significant increase in sales from its various brands [3]. - Huali Group's revenue for 2024 reached 24 billion yuan, reflecting a 19.35% year-on-year increase, driven by both returning and new customers [3]. - Taiping Bird's Q1 2025 revenue declined by 7% year-on-year, but the company is expected to benefit from strategic adjustments and improved gross margins [3]. Market Performance - The textile and apparel sector experienced a decline of 5.72% this week, underperforming compared to the Shanghai Composite Index [6][14]. - The report highlights the performance of individual stocks, with notable gains from companies like Wan Shili and Tai Mu Shi, while companies like Kai Run and Mu Gao Di faced significant declines [21][22].

Investment Rating - The industry investment rating is "Outperform the Market" [1][30][35] Core Insights - The report highlights the impact of the escalating US-China "tariff war" on the market, with China responding with equivalent measures [3][6] - Recent policies aimed at promoting consumption, such as the "Special Action Plan for Promoting Healthy Consumption," are expected to boost domestic demand [7][8] - The retail sector is actively assisting foreign trade enterprises in expanding domestic sales channels, with major players like JD.com and Alibaba launching initiatives to support this transition [11][13] Summary by Sections Macro and Industry Dynamics - The US has increased tariffs on Chinese imports, with rates reaching up to 145% [6] - China has implemented measures to promote healthy consumption and enhance the shopping experience for foreign tourists [7][8] - The domestic travel market is showing growth, with significant increases in tourist numbers during the Qingming holiday [9][10] Company Dynamics - Jinbo Biotech has received approval for a new collagen product, marking a significant innovation in the medical aesthetics field [16] - Proya has announced the recruitment of several high-profile R&D experts to enhance its global research capabilities [16] - Xiaogoods City reported a revenue increase of 17.93% year-on-year for Q1 2025, indicating strong performance in essential consumer goods [17] Investment Recommendations - The report notes that the social service sector has shown resilience, with key companies trading at a PE ratio of 20-30 times for 2025, indicating stable operations [30] - The report emphasizes the strong performance of domestic retail companies amidst the tariff disruptions, with notable stock price increases for companies like China Duty Free and Yonghui Supermarket [28][30]

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty industry, highlighting the potential for domestic brands to gain market share and improve competitive dynamics [4]. Core Insights - The domestic beauty market is expected to see an optimization in competitive dynamics, driven by a rise in domestic consumption and a retreat of international brands due to increasing geopolitical uncertainties [9][10]. - The cosmetics and medical beauty sector outperformed the market during the period from April 3 to April 11, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the Shenwan A Index's decline of 1.9 percentage points [5][6]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed resilience, with key indices performing better than the overall market, indicating a positive trend for domestic brands [5][6]. - The report notes that the retail sales growth for cosmetics in January and February 2025 was 4.4%, outperforming the overall retail sales growth of 4.0% [23]. Market Trends - According to Euromonitor data, the market for domestic skincare and makeup brands is on the rise, with significant improvements in market share for brands like Proya and Natural Hall, which have entered the top ten in market share [9][35]. - The report anticipates that domestic brands will continue to benefit from the trend of rising domestic consumption, especially as international brands face challenges [10][35]. Company Performance Forecasts - For Q1 2025, several companies are expected to report positive growth: - Up Beauty Co. is projected to see a revenue and net profit increase of 10% year-on-year [11]. - Marubi is expected to achieve a revenue increase of 40% and a net profit increase of 35% [11]. - Proya is forecasted to have a revenue increase of 8% and a net profit increase of 10% [11]. - The report highlights that companies like Giant Biological and Mao Geping are also expected to see significant growth, with revenue and net profit both projected to increase by 40% and 25% respectively [11]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as Up Beauty Co., Proya, and Marubi, which are well-positioned to leverage the e-commerce boom [14]. - It also suggests keeping an eye on companies like Shanghai Jahwa and Betaini, which are expected to perform well in the upcoming quarters [14]. Industry Dynamics - The report discusses the entry of four prominent researchers into Proya, indicating a strong focus on technological innovation and talent development within the company [26]. - The competitive landscape in the medical beauty sector is evolving, with new products and innovations expected to drive growth and market share for companies like Jinbo Biological and Huaxi Biological [29][30].

近日，国货美妆上市龙头企业珀莱雅（603605）官宣全球研发团队，该团队由首席研发创新官孙培文博士，首席科学官黄虎博士，首席 科学顾问、欧洲科创中心副总裁Lieve Declercq博士以及上海研发中心负责人常晓维博士等国内外行业知名人士组成，将带领珀莱雅全 球三大研发中心的研发人员，完成从原料端到成品端所有关键环节的研发布局，深耕抗衰老、皮肤健康、绿色材料等关键技术领域，赋 能产品创新，成为推动珀莱雅持续创新、蓬勃发展的强大引擎，为企业国际化战略布局筑牢科技护城河。 全球化研发人才：多元融合跨域协作 自成立以来，珀莱雅持续完善全球研发体系，重视研发团队建设，通过博士后工作站建设、国家级人才引进计划等方式，构建了一支由 国际化美妆科研人士领衔、兼具学术深度与产业经验的全球研发团队。财报显示，截至2023年末，珀莱雅拥有322位研发人员，同比增 长40.61%，其中硕博学历占比41.61%，研发人员数量占公司总人数的比例达10.84%。 公开资料显示，珀莱雅首席研发创新官孙培文博士拥有美国普渡大学药理学博士学位及MBA学位，在消费品行业从业近30年；珀莱雅 首席科学官黄虎博士曾任清华大学化学系教授，美国宝洁总部 ...

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-003 | | --- | --- | --- | | 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 可转债转股结果暨股份变动公告 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： 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》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 97.41 元/股。历次转股价格调整情况如下： 1、因公司实施 2021 年度权益分派方案，自 20 ...

Group 1 - The Shanghai Composite Index decreased by 0.46%, while the Shanghai Medium Enterprises Composite Index fell by 0.58%, closing at 1258.1 points with a trading volume of 121.209 billion yuan [1] - Over the past month, the Shanghai Medium Enterprises Composite Index has declined by 0.87%, increased by 3.01% over the last three months, and has risen by 6.20% year-to-date [1] - The index is calculated based on a free-float market capitalization weighting method, with a base date of December 28, 2007, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the Shanghai Medium Enterprises Composite Index include: SMIC (6.02%), Cambrian (4.39%), Stone Technology (1.22%), Chuan Investment Energy (1.05%), Hengxuan Technology (0.92%), Pacific (0.9%), Huahai Qingshi (0.8%), Tuojing Technology (0.73%), Proya (0.67%), and Jingfang Technology (0.67%) [1] - The index is composed entirely of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Group 3 - In terms of industry composition, the index shows that Information Technology accounts for 32.95%, Industry for 21.72%, Consumer Discretionary for 11.13%, Healthcare for 10.55%, Materials for 8.70%, Consumer Staples for 5.20%, Communication Services for 4.37%, Financials for 2.12%, Utilities for 1.97%, Real Estate for 0.97%, and Energy for 0.32% [2] - The index samples are adjusted annually, with changes implemented on the next trading day after the second Friday of June, and can be adjusted temporarily under special circumstances [2] - Adjustments to the index will occur if a sample no longer meets the medium enterprise classification standards or if a sample is delisted; mergers, acquisitions, and spin-offs will be handled according to maintenance guidelines [2]