美妆龙头珀莱雅盯上港股，净利增速“衰老”

Core Viewpoint - The company Proya has announced plans to list its H-shares on the Hong Kong Stock Exchange to accelerate international expansion and enhance overseas financing capabilities, potentially becoming the first A+H share company in the beauty industry [1]. Financial Performance - Proya's revenue from 2021 to 2024 has shown a consistent upward trend, with figures of 46.33 billion, 63.86 billion, 89.05 billion, and 107.8 billion yuan, reflecting year-on-year growth rates of 23.47%, 37.82%, 39.45%, and 21.04% respectively [1]. - The net profit attributable to the parent company for the same period was 5.76 billion, 8.17 billion, 11.94 billion, and 15.52 billion yuan, with growth rates of 21.03%, 41.88%, 46.06%, and 30.00% [1]. Recent Performance Challenges - In the first half of this year, Proya reported revenue of 53.62 billion yuan, a year-on-year increase of only 7.21%, marking the lowest growth rate in nearly five years [2]. - The net profit for the same period was 7.99 billion yuan, with a growth rate of 13.80%, down from 40.48% in the previous year [2]. - The slowdown in growth is attributed to a decline in sales and average prices in the skincare and beauty makeup categories [2]. Sales and Marketing Expenses - Proya's sales expenses have been high, with ratios to revenue of 43.63%, 44.61%, and 47.88% from 2022 to 2024 [2]. - In the first half of this year, sales expenses reached 26.59 billion yuan, a 13.64% increase, accounting for 49.59% of total revenue [2]. - The increase in sales expenses is primarily due to higher platform service fees from online channel expansion, increased promotional efforts for new products, and investments in self-built MCN and content marketing teams [2]. Market Dynamics - The effectiveness of Proya's "spending for growth" strategy has diminished due to the decline in traffic benefits and rising platform fees, raising concerns about future revenue growth and cost pressures [2].