Proya(SH:603605) Bei Jing Shang Bao·2025-08-27 11:49Core Viewpoint - The domestic beauty brand Proya has reported revenue and net profit growth for the first half of 2025, but the growth rate is slowing compared to previous years, indicating potential challenges ahead [2][3]. Financial Performance - 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 13.8% [2]. - In comparison, the revenue and net profit growth rates for the first half of 2024 were 37.9% and 40.48%, respectively, while in 2023, they were 38.12% and 68.21% [2]. Brand Performance - The main brand, Proya, which is the largest revenue source, experienced a decline in revenue for the first time, reporting 3.979 billion yuan, a slight decrease of 0.08% year-on-year [2]. - In the same period of 2024, the single brand revenue growth rate was 37.67% [2]. Sales Strategy and Expenses - As overall performance slows and the main brand stagnates, there are indications that Proya's previous strategy of "traffic for sales" is becoming ineffective [3]. - Sales expenses have been increasing, with 2.786 billion yuan in 2022 (43.63% of revenue), 3.972 billion yuan in 2023 (44.61%), and 5.161 billion yuan in 2024 (47.88%) [3]. International Expansion - In response to slowing growth, Proya is focusing on international markets and announced plans to list in Hong Kong to enhance its overseas financing capabilities [3]. - The company aims to accelerate its international strategy and improve competitiveness through this move [3]. Management Changes and Strategic Initiatives - Following the appointment of a new general manager with international beauty industry experience, Proya has initiated significant management changes [4]. - The establishment of a European innovation center in Paris signals Proya's commitment to international market expansion [4]. - Proya has set a "Double Ten" strategy to rank among the top ten global cosmetics companies within the next decade and plans to pursue overseas acquisitions, particularly in baby care, fragrance, and men's skincare [4].