珀莱雅赴港上市背后：引入投行背景独董 线下渠道持续收缩同比下滑21.49%

Group 1: Proya's Performance and Strategy - Proya plans to list in Hong Kong and has introduced an independent director with investment banking experience to enhance its governance [6][7][8] - In the first half of 2025, Proya achieved revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.80% [1] - The core brand Proya saw a slight revenue decline of 0.08% to 3.979 billion yuan, while the second-tier brands like Cai Tang and Off&Relax showed significant growth [2][3] Group 2: Market Dynamics and Challenges - Proya's online channels contributed 95.39% of total revenue, with online direct sales growing at a slower pace of 4.87% [4] - The offline channel experienced a significant decline of 21.49% [5] - The company is shifting focus to international markets due to slowing domestic growth and increasing competition [7][8] Group 3: Liren Liren's Struggles - Liren Liren reported a revenue decline of 13.98% to 831 million yuan and a net loss of 32.76 million yuan in the first half of 2025 [8][9] - The company's core e-commerce business is shrinking, particularly on the Tmall platform, which saw a 29% revenue drop [9] - Despite challenges, the self-owned brand matrix showed over 80% growth, indicating potential for new revenue streams [11][12] Group 4: Jiaheng's Financial Performance - Jiaheng achieved revenue of 514 million yuan, a year-on-year increase of 21.72%, but net losses expanded to 32.14 million yuan [13] - The company faces challenges with high fixed costs from new production capacity and declining profit margins in key business areas [15][18] - Management plans to implement cost-reduction measures and improve operational efficiency to enhance profitability [18][19]