Proya(SH:603605) Shenwan Hongyuan Securities·2025-08-26 14:16Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company's performance met expectations, with profit growth outpacing revenue growth. In H1 2025, total revenue reached 5.362 billion yuan (up 7.21% YoY), and net profit attributable to shareholders was 799 million yuan (up 13.80% YoY) [7] - The company is planning a Hong Kong stock listing to accelerate international development and enhance overseas financing capabilities [7] - The new management strategy has shown initial results, with over 10 new products launched in the first half of 2025, expanding into new categories such as whitening and medical beauty [7] Financial Summary - Total revenue projections for 2025 are estimated at 11.854 billion yuan, with a YoY growth rate of 10.0% [6] - The net profit attributable to shareholders is projected to be 1.756 billion yuan in 2025, reflecting a YoY growth rate of 13.1% [6] - The gross margin for H1 2025 was reported at 73.4%, an increase of 3.6 percentage points YoY, while the net profit margin was 15.4%, up 0.9 percentage points YoY [7]