业绩增速放缓 珀莱雅海外市场寻机

Core Viewpoint - The domestic beauty brand Proya has reported a revenue and net profit increase for the first half of the year, but its growth rate is slowing compared to previous years [1][3]. Financial Performance - Proya's revenue for the first half of the year reached 5.362 billion yuan, a year-on-year increase of 7.21% - The net profit was 799 million yuan, reflecting a year-on-year growth of 13.8% [1] - In contrast, the previous year saw a revenue growth of 37.9% and a net profit growth of 40.48% [3] - The main brand, Proya, experienced a revenue decline of 0.08% in the first half of this year, with revenue of 3.979 billion yuan, compared to a growth rate of 37.67% in the same period last year [3] Sales and Expenses - Proya's sales expenses have been increasing, with 2022 sales expenses at 2.786 billion yuan (43.63% of revenue), rising to 3.972 billion yuan (44.61% of revenue) in 2023 [3] - The continuous increase in sales expenses has led to fluctuations in revenue and net profit growth rates [3] Strategic Direction - In response to slowing growth, Proya is focusing on international markets and plans to list in Hong Kong to enhance its overseas business development and financing capabilities [4] - The company aims to leverage the A+H listing policy to increase capital market financing for future global acquisitions [4] - Proya has already begun its international expansion, establishing a European innovation center in Paris and launching a "Double Ten" strategy to rank among the top ten global cosmetics companies in the next decade [5] Management Changes - Following a significant management overhaul, Proya's new leadership team has international beauty industry backgrounds, indicating a strategic shift towards global expansion [5] - The company is prioritizing overseas acquisitions, particularly in the baby care, fragrance, and men's skincare sectors [5]