海通国际发布珀莱雅研报，首次覆盖：新品周期与多品牌收获期共振，“双十战略”锚定跨越式成长

Group 1 - The core viewpoint of the report is that Haitong International has given Proya (603605.SH) an "outperform" rating based on several strategic factors [1] - Proya is at a critical intersection of strategic execution and management iteration, with the "Double Ten" goal anchoring its long-term direction and a new management team in place, aiming to return to a stable growth path by 2026 [1] - By 2026, the company is expected to enter a new product cycle and a multi-brand harvest period, which is anticipated to restore revenue growth [1] - The "Double Ten Strategy" aims for Proya to enter the global top ten within ten years, focusing on internal efficiency improvements while external expansion is seen as a necessary path [1] - The cosmetics industry is expected to remain highly competitive in 2026, with products that align well with consumer preferences in terms of quality and price expected to stand out [1]