88年温州二代接班，要IPO了

Core Viewpoint - The article discusses the growth and strategic developments of Proya Cosmetics, highlighting its recent IPO application and significant financial milestones, including its entry into the "100 billion club" in revenue, and the introduction of a substantial dividend plan [5][13]. Group 1: Company Overview - Proya Cosmetics was founded in 2003 by Hou Junchen and his brother-in-law Fang Youyou, and has emerged as a leading domestic beauty brand in China [5][8]. - The company achieved a revenue of 107.8 billion yuan in 2024, becoming the first domestic beauty brand to surpass the 100 billion yuan mark [13]. - Proya's stock price has increased from 15.3 yuan per share at its IPO in 2017 to around 70 yuan recently [6]. Group 2: Business Strategy and Growth - Proya adopted a "rural encircling cities" strategy to differentiate itself from international brands, focusing on third and fourth-tier cities [8]. - The company successfully transitioned to e-commerce, with online sales accounting for 95.06% of its revenue by 2024 [9][15]. - Proya introduced a "big single product strategy" in 2020, focusing on high-demand products like the Ruby Essence and Dual Anti-Aging Essence, which align with the rising trend of ingredient-focused skincare [9][10]. Group 3: Financial Performance - Proya's revenue from 2022 to 2025 shows a growth trajectory with figures of 63.85 billion yuan, 89.05 billion yuan, and 107.78 billion yuan, but a decline is noted in 2025 with a revenue of 17.36 billion yuan in Q3, down 11.63% year-on-year [13][14]. - The main brand's growth has stagnated, with a slight decline of 0.08% in the first half of 2025, contrasting with previous growth rates of 37.46%, 36.36%, and 19.55% [13]. Group 4: Future Outlook and Leadership Transition - The company is entering a new era with the succession of Hou Junchen's son, Hou Yameng, who has been appointed as the general manager, indicating a shift towards a new generation of leadership [17]. - Proya aims to become one of the top ten global cosmetics companies within the next decade, with plans for international expansion and potential acquisitions [18]. - The company is actively pursuing an IPO on the Hong Kong Stock Exchange to enhance its international financing capabilities [18].