珀莱雅三季度“失速”

Core Insights - The leading domestic beauty brand, Proya, experienced a significant decline in its quarterly performance, with Q3 2025 revenue dropping to 1.736 billion yuan, a year-on-year decrease of 11.63%, and net profit falling to 227 million yuan, down 23.64%, marking the largest quarterly decline in recent years, exceeding market expectations [2][3][4]. Financial Performance - Proya's Q3 revenue decline of 11.63% and net profit decline of 23.64% are notably worse than market forecasts [2][3]. - The basic earnings per share for Q3 was 0.57 yuan, a decrease of 24% compared to the previous year, surpassing the declines in revenue and net profit [4]. - For the first three quarters of 2025, total revenue was 7.098 billion yuan, a slight increase of 1.89% year-on-year, while net profit reached 1.026 billion yuan, up 2.65%, indicating a significant slowdown in growth compared to the previous year [4]. Brand Performance - The main brand, Proya, accounted for 74.27% of total revenue, and its stagnation directly impacted overall performance. In Q2 2025, revenue growth for the main brand fell to 6.49%, a decline of over 30 percentage points compared to the same period in 2024 [5]. - In the first half of 2025, Proya's main brand revenue was 3.979 billion yuan, showing a slight decline of 0.08%, marking the first negative growth in five years [4][5]. Marketing and R&D Expenditure - Proya's high marketing expenses are a key factor affecting profitability, with sales expenses in the first half of 2025 reaching 2.659 billion yuan, resulting in a sales expense ratio of 49.59%. The promotional expenses alone accounted for 2.399 billion yuan, or 44.05% of revenue, significantly exceeding industry averages [5]. - In contrast, R&D investment remains low, with only 95 million yuan spent in the first half of 2025, resulting in an R&D expense ratio of just 1.77%, which is over 20 times less than sales expenses [5]. Strategic Developments - Proya is actively advancing its plan for a Hong Kong listing, having submitted its application to the Hong Kong Stock Exchange, with CICC and UBS serving as joint sponsors [6]. - The company plans to issue H-shares not exceeding 15% of the total share capital post-issuance, with potential for an additional 15% in over-allotment options. The raised funds will be allocated towards R&D, brand development, supply chain enhancements, and global expansion [8].