“二代”接手，珀莱雅“慢”了下来

Core Insights - Pulaia has experienced a decline in growth rates for revenue and net profit, marking the lowest growth since 2021, with revenue increasing by 7.21% to 5.362 billion yuan and net profit rising by 13.8% to 799 million yuan in the first half of the year [3][4] - The company aims to rank among the top ten global beauty brands in the next decade, implementing significant internal changes under the new management team led by Hou Yameng [4][7] - Pulaia has initiated a Hong Kong stock listing plan, which is seen as a crucial step towards internationalization and enhancing its capital strength and competitiveness [7][8] Financial Performance - Revenue for the first half of the year was 5.362 billion yuan, with a year-on-year growth of 7.21% [3] - Net profit reached 799 million yuan, reflecting a 13.8% increase [3] - The growth rates for both revenue and net profit are the lowest since 2021, with previous growth rates between 35% and 70% [3][4] Industry Context - The domestic cosmetics industry has shown signs of recovery, with retail sales of cosmetics increasing by 2.9% to 229.1 billion yuan in the first half of the year, compared to a decline of 1.1% in the previous year [3] - The overall retail sales of consumer goods in China reached 24.55 trillion yuan, growing by 5% year-on-year [3] Strategic Changes - Pulaia has undergone significant personnel changes, appointing new executives with international backgrounds, including a Chief Digital Officer and a Chief Scientific Officer [4][5] - The company has shifted its focus from merely acquiring traffic to enhancing content and reducing traffic costs, indicating a strategic pivot in its operational approach [5] Online Sales Performance - Online channel revenue for the first half of the year was 5.109 billion yuan, with a year-on-year growth of 9.17% [6] - The proportion of online sales in total revenue increased from 88.27% in the first half of 2022 to 95.39% in the first half of 2023 [6] Governance and Management - Pulaia has expanded its board from 5 to 7 members, adding an independent director and a board secretary with extensive experience in finance and international markets [6] - The company continues to adjust its management structure to support its growth and internationalization goals [6][7]