Proya(SH:603605) Mei Ri Shang Bao·2025-09-09 23:20Core Viewpoint - The Hong Kong IPO market is experiencing increased activity, with Hangzhou Proya Cosmetics Co., Ltd. planning to become the first domestic beauty company to achieve "A+H" listing, driven by policy support and market demand [1][2]. Company Overview - Proya, once regarded as a benchmark for domestic beauty brands, is reinitiating its IPO process after eight years, aiming for a listing on the Hong Kong Stock Exchange [2]. - The company was listed on the A-share market in November 2017, with an initial surge of 44%, reaching a market capitalization of over 6 billion yuan [2]. - As of the latest closing, Proya's stock price is 82.38 yuan per share, with a market capitalization of 32.623 billion yuan, reflecting a decline of over 37% from its historical high of 135.22 yuan per share in 2023 [2][3]. Financial Performance - In 2024, Proya reported total revenue of 10.778 billion yuan, with a year-on-year growth of 7.21% to 5.362 billion yuan in the latest half-year report, marking the lowest growth rates since 2021 [3]. - The net profit for the same period increased by 13.80% to 799 million yuan, but both revenue and net profit growth rates have nearly halved compared to the previous year [3]. - The main brand, Proya, experienced a slight revenue decline of 0.08% in the first half of 2025, marking its first negative growth in five years [3]. Market Position - Despite the slowdown in revenue and profit growth, Proya maintains its position as the leading domestic beauty brand, achieving the highest market share in China's skincare market in 2024 [4]. - In the first half of 2025, Proya led the Chinese beauty market with revenue of 5.362 billion yuan, outperforming its closest competitor by 2.3 percentage points in the skincare category [4]. Strategic Moves - Prior to announcing its IPO, Proya has been actively investing in business expansion, including acquiring a 38.45% stake in the makeup brand Huazhi Xiao, which targets Gen Z consumers [5]. - Huazhi Xiao has successfully entered multiple international markets, with overseas revenue accounting for 10% of its total revenue [5]. - The IPO is seen as a strategy to accelerate internationalization and enhance overall competitiveness [5]. Industry Trends - Proya is not the only beauty company pursuing a Hong Kong listing; other companies like L'Oréal and Tian Ci Materials have also opted for IPOs to support their global strategies [6]. - The "A+H" listing model is gaining popularity in the capital market, with 161 companies currently listed on both A-share and Hong Kong markets, including 11 new additions this year [6].