【私募调研记录】汉和资本调研珀莱雅

Group 1 - The core viewpoint of the news is that Hanhe Capital has conducted research on the listed company Proya, highlighting its plans for sustainable dividends and global expansion through a potential Hong Kong listing [1] - Proya's cash dividend for the first half of 2025 is expected to reach nearly 40% of its net profit attributable to shareholders, indicating a commitment to maintaining strong and sustainable dividends [1] - The company has appointed new independent director Fan Mingxi and employee representative director, as well as a new board secretary, Xue Xia [1] Group 2 - Proya's gross profit margin increased to 73.38% in the first half of 2025, although the sales expense ratio rose due to increased brand investment [1] - The company's single product strategy has shown significant results, with plans for continued iteration and category expansion [1] - Proya is focusing on the Japanese and Southeast Asian markets for its international expansion, while also advancing its sustainability goals, some of which have been achieved ahead of schedule [1]