业绩滑铁卢、高管大出走，“二代”侯亚孟要带珀莱雅冲刺港股

Core Viewpoint - Proya has submitted its prospectus for a Hong Kong IPO, aiming to strengthen its presence in the cosmetics industry and achieve a position among the top ten global cosmetics companies within the next decade [2][3]. Company Overview - Founded in 2003 in Hangzhou, Proya has evolved into the fifth largest cosmetics group in China by retail sales as of 2024, being the only domestic brand among the top five [2]. - The company initially focused on the mass market, targeting third- and fourth-tier cities with a cost-effective strategy and has since expanded into e-commerce and multi-brand strategies [6]. Brand Performance - Proya's main brand continues to dominate its revenue, contributing approximately 80% of total income, with 2022 revenue from Proya at 52.64 billion yuan, accounting for 82.7% of total revenue [7]. - Despite the introduction of new brands, Proya's revenue growth has slowed, with the main brand's growth rate dropping from 36.36% in 2023 to 19.55% in 2024, and a negative growth in the first half of 2025 [7][10]. Financial Performance - In 2024, Proya's revenue reached 10.778 billion yuan, marking its first year surpassing the 10 billion yuan threshold, but growth rates have declined, with a 21.04% increase compared to the previous year [10]. - The company experienced a significant drop in revenue in the third quarter of 2025, with a year-on-year decline of 11.63% and a net profit decrease of 23.64% [11]. Pricing Trends - Average selling prices for Proya's products have decreased across all categories, with skincare products dropping by 22.19% year-on-year, and makeup products by 10.99% [12]. Management Changes - Proya has undergone significant management changes, including the appointment of a new general manager, which coincided with internal restructuring and the departure of key executives [15]. - The new management team is reportedly focused on international expansion, particularly in markets like Japan and Southeast Asia, with a current overseas revenue contribution of only 1.3% [16]. Strategic Initiatives - Proya is considering acquisitions to enhance its product offerings in areas such as children's products, fragrances, and men's skincare, with plans to leverage its Paris subsidiary for these initiatives [17].