珀莱雅(603605)：子品牌增长亮眼 期待双11大促表现

Core Insights - The company reported a revenue of 5.362 billion yuan for H1 2025, representing a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 799 million yuan, up 13.8% year-on-year [1] - The sub-brands, particularly Cai Tang and OR, showed significant growth, with revenue increases of 21.11% and 102.52% respectively, while the main brand, Proya, experienced a slight decline of 0.08% [2] - The overall gross margin improved to 73.4%, an increase of 3.56 percentage points year-on-year, while the net profit margin rose to 14.89%, up 0.86 percentage points [2] Revenue and Profitability - The company’s revenue projections for 2025-2027 are 12.584 billion, 14.440 billion, and 16.302 billion yuan, with corresponding growth rates of 16.8%, 14.8%, and 12.9% [3] - The net profit attributable to shareholders is expected to be 1.821 billion, 2.120 billion, and 2.439 billion yuan for the same period, with growth rates of 17.3%, 16.4%, and 15.0% [3] - Earnings per share (EPS) are projected to be 4.60, 5.35, and 6.16 yuan per share for 2025, 2026, and 2027 respectively [3] Strategic Initiatives - The company continues to implement its "big single product strategy," focusing on innovation in skincare and addressing high-growth demands, including anti-aging and whitening products [2] - New product launches include a whitening essence and cream targeting early aging, as well as a high-protection sunscreen, indicating a strong emphasis on product matrix upgrades [2]