Proya(SH:603605) Zheng Quan Shi Bao Wang·2025-10-30 12:36Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 1.89%, with a net profit of 1.026 billion yuan, up 2.65% year-on-year [1] - The gross margin reached 73.69%, an increase of 3.62 percentage points from the same period in 2024, while the net margin was 14.86%, indicating an improvement in profitability quality [1] Revenue Growth Strategy - The growth is attributed to the company's multi-brand strategy, which emphasizes the core brand's stability and new brand growth, enhancing its market position in the skincare sector [2] - The flagship brand, Proya, has maintained its leading position in the market, particularly during the Double 11 shopping festival, where it ranked first in the Tmall beauty category for the first four hours of sales [4] Research and Development - The company maintained a stable R&D expense ratio of 2.00%, with R&D investments amounting to 142 million yuan, supporting product upgrades and enhancing profitability [5] - Recent collaborations and innovations in R&D, such as partnerships with Sichuan University and the release of a white paper on scalp microecology, have strengthened the company's competitive edge in the beauty industry [5]