业绩增速放缓 珀莱雅海外市场寻增

Core 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 [2][3]. Financial Performance - Proya achieved revenue of 5.362 billion yuan, a year-on-year increase of 7.21% in the first half of 2025 [2]. - The net profit for the same period was 799 million yuan, reflecting a year-on-year growth of 13.8% [2]. - In contrast, 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 for the company, 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 and Marketing Strategy - 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]. - Despite the rising sales expenses, the corresponding revenue and net profit growth rates have shown fluctuations [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 its overall competitiveness through this move [3]. - Proya has already begun its overseas market expansion, establishing a European innovation center in Paris and initiating a "Double Ten" strategy to rank among the top ten global cosmetics companies within the next decade [4]. Management Changes - Following the appointment of a new general manager with international beauty industry experience, Proya has undergone significant management changes [4]. - The company plans to pursue overseas acquisitions, particularly in the baby care, fragrance, and men's skincare sectors [4].