百亿珀莱雅，人事动荡继续

Core Viewpoint - Proya, after becoming the first domestic beauty brand to exceed 10 billion in revenue, continues to undergo significant personnel changes, including the resignation of key executives, which reflects a broader transition in leadership and strategy as the company aims to maintain its growth trajectory and enhance its international presence [1][2][6]. Personnel Changes - Wang Li has resigned from her positions as Vice General Manager, Board Secretary, and Financial Officer, with her resignation being effective immediately despite her term originally set to last until September 2027 [1]. - The company has experienced a series of high-profile departures, including Chief Marketing Officer Ye Wei in January 2024 and Chief Scientific Officer Wei Xiaolan in July 2024, indicating a turbulent period of leadership changes [2]. - The transition of power is marked by the appointment of Hou Yamen, son of the actual controller, as General Manager, signifying a shift to the "second generation" of leadership [2][6]. Financial Performance - During Wang Li's tenure, Proya's revenue grew from 2.36 billion in 2018 to 10.778 billion in 2024, with net profit increasing from 287 million to 1.552 billion, and gross margin rising to 71.39% [1]. - However, growth rates have begun to slow, with revenue and net profit growth for 2024 projected to decline to 21.04% and 30%, respectively, compared to previous years where net profit growth exceeded 40% [3][4]. R&D and Internationalization - Proya is focusing on enhancing its R&D capabilities and internationalization, as evidenced by the recruitment of Lieve Declercq from Estée Lauder and the formation of a new R&D team comprising both domestic and international experts [5]. - Despite being a market leader, Proya's R&D expenditure has been relatively low, with only 1.96% of total revenue allocated to R&D in 2023, which decreased to 1.95% in 2024 [5]. Strategic Challenges - The company faces challenges in maintaining its online advantages while addressing offline weaknesses and enhancing its R&D capabilities amidst increasing competition from international giants and emerging domestic brands [7]. - The transition to a new leadership team is seen as a critical moment for Proya to redefine its strategies and operational capabilities to sustain its market position and pursue international growth [6][8].