Proya(SH:603605) Zhong Guo Jing Ying Bao·2025-10-31 21:10Core Viewpoint - The Chinese beauty brand Proya, listed on A-shares, is advancing its IPO process in Hong Kong to enhance its internationalization strategy and global market presence [1][2][3] Group 1: Company Developments - Proya held its second extraordinary general meeting on October 27, 2023, approving the proposal for a Hong Kong listing, marking a significant step in its IPO process [1][2] - The company aims to leverage the Hong Kong listing to accelerate its international strategy, enhance overseas business development, and improve its overall competitiveness [2][3] - Proya's revenue reached 10.778 billion yuan in 2024, making it the first domestic beauty brand to surpass 10 billion yuan in annual revenue [2] Group 2: Management Changes - Proya has undergone multiple rounds of management changes, appointing new executives with international experience, including a new CFO and CMO, to strengthen its global competitiveness [5][6] - The company is transitioning from a traditional management structure to a more dynamic one, with younger leaders expected to drive international growth and brand expansion [6][7] Group 3: Market Context - The domestic beauty market is experiencing a slowdown, prompting Proya to seek new growth opportunities abroad, as evidenced by its declining revenue growth rates over the past three years [7][8] - Proya's marketing expenses have increased significantly, reaching 5.161 billion yuan, as the company adapts to rising customer acquisition costs in a competitive landscape [7] Group 4: Strategic Initiatives - Proya is focusing on mergers and acquisitions as a key strategy to diversify its brand portfolio and reduce reliance on its main brand [8][9] - The company has already invested in the brand HuazhiXiao, acquiring a 38.45% stake, and is exploring further acquisitions in the baby skincare, fragrance, and men's skincare sectors [9]