根据《中华人民共和国公司法》等相关法律、法规的规定，公司已就上述股 份回购注销事项履行了通知债权人程序，具体内容详见公司于 2025 年 8 月 27 日披露的《关于回购注销部分限制性股票通知债权人的公告》（公告编号： 2025-050）。在前述公告约定的申报时间内，公司未收到相关债权人向公司提出 清偿债务或者提供相应担保的要求。 2025 年 11 月 14 日，公司披露了《关于 2022 年限制性股票激励计划部分限 制性股票回购注销实施公告》（公告编号：2025-074），本次回购注销股权激励限 制性股票数量为 29,344 股。 二、本次股权激励限制性股票回购注销情况 近日，公司收到了中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，本次回购注销的股权激励限制性股票已过户至公司开立的回购 | | | 珀莱雅化妆品股份有限公司 关于部分股权激励限制性股票回购注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、本次股权激励限制性股票回购注销的决策与信息披露 2025 年 8 月 25 日，珀 ...

| | | 珀莱雅化妆品股份有限公司 关于部分限制性股票回购注销实施完成 暨不调整"珀莱转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 调整前转股价格：95.46 元/股 调整后转股价格：95.46 元/股，因本次限制性股票回购注销数量占珀莱 雅化妆品股份有限公司（以下简称"公司"）总股本比例较小，经计算并四舍五 入，本次回购注销完成后，珀莱转债转股价格未发生变化。 经中国证券监督管理委员会《关于核准珀莱雅化妆品股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]3408 号）核准，并经上海证券交易所 同意，公司向社会公开发行可转换公司债券 7,517,130 张。公司于 2021 年 12 月 8 日公开发行了 7,517,130 张可转换公司债券，每张面值 100 元，发行总额 75,171.30 万元，并于 2022 年 1 月 4 日在上海证券交易所上市交易，债券简称 "珀莱转债"，债券代码"113634"。珀莱转债的存续时间为 2021 年 12 月 8 日至 20 ...

Core Viewpoint - The cosmetics industry in China is expected to evolve from ingredient accumulation to precise targeting, and from marketing competition to better integration of technology, channels, and brands, with the potential for domestic brands to create globally influential brands in the next decade [1] Industry Summary - The domestic cosmetics market is experiencing continuous growth with ongoing ingredient innovation [2] - The market size is projected to grow from 688.6 billion yuan in 2024 to 973.4 billion yuan in 2029, with a CAGR of 7.2% [2] - The skincare market is expected to reach 698.5 billion yuan by 2029, with a CAGR of 8.6%, while the anti-wrinkle skincare segment is projected to grow to 285.2 billion yuan, with a CAGR of 18.9%, significantly outpacing overall market growth [2] - Active plant ingredients are a hot trend, with domestic brands exploring local plant resources to achieve technological advancements and brand enhancement through "herbal technology" [2] Company Case Study: Lin Qingxuan - Lin Qingxuan, established in 2003, focuses on the anti-wrinkle skincare market and has pioneered the "oil-based skincare" concept [3] - The brand has established a competitive barrier by concentrating on the core ingredient of Camellia oleifera and utilizing proprietary extraction technology to create a product matrix [3] - Lin Qingxuan's core product, Camellia oil, has undergone five iterations from 2014 to 2024 and has maintained the top retail sales position in China for 11 consecutive years [3] - The company enhances its core technology through strategic partnerships and independent research, with plans to upgrade its key ingredient further by 2024 [3] - Lin Qingxuan has built a comprehensive value chain encompassing exclusive raw material supply, patented ingredient extraction, product development, and production [3] Financial Performance of Lin Qingxuan - Lin Qingxuan's revenue is projected to grow from 691 million yuan in 2022 to 1.21 billion yuan in 2024, with a CAGR of 32.3% [4] - Online revenue has increased from 312 million yuan to 714 million yuan, with a CAGR of 51.2% [4] - Adjusted net profit is expected to rise from a loss of 4 million yuan to a profit of 200 million yuan [4] - The company's gross margin has improved from 78% to 82.5%, and adjusted net profit margin has increased to 16.6%, indicating strong brand positioning and growth potential [4] Investment Recommendations - Relevant stocks in the beauty and personal care sector include: Shumei Co., Maogeping, Proya, Shanghai Jahwa, Marubi, Shuiyang, Betaini, and Runben [5] - For the agency operation sector, consider: Ruoyu Chen and Qingmu Technology [6] - Other companies to watch include: Meili Tianyuan Medical Health, Kidswant, as well as Lin Qingxuan, Natural Hall, and Plant Doctor regarding their IPO progress [6]

Core Viewpoint - The beauty industry in China's A-share market is experiencing a clear divergence in performance among companies, indicating that the era of overall growth may be coming to an end [2][3]. Group 1: Company Performance - Proya reported a revenue of 7.098 billion yuan for the first three quarters of 2025, a year-on-year increase of 1.89%, but a decline in Q3 revenue by 11.63% to 1.736 billion yuan [2]. - Shanghai Jahwa achieved a revenue of 4.961 billion yuan for the first three quarters, up 10.83%, with Q3 revenue increasing by 28.29% to 1.482 billion yuan [2]. - Betaini's revenue for the first three quarters was 3.464 billion yuan, down 13.78%, with Q3 revenue decreasing by 9.95% to 1.092 billion yuan [2]. - Shuiyang reported a revenue of 3.409 billion yuan for the first three quarters, up 11.96%, with Q3 revenue increasing by 20.92% to 909 million yuan [3]. - Marubi's revenue for the first three quarters was 2.450 billion yuan, a 25.51% increase, with Q3 revenue rising by 14.28% to 686 million yuan [3]. - Fulejia's revenue for the first three quarters was 1.297 billion yuan, down 11.54%, with Q3 revenue decreasing by 17.58% to 434 million yuan [3]. Group 2: Market Trends and Challenges - Many beauty companies are facing significant development pressures, with only a few maintaining growth in both the first three quarters and Q3 [3][4]. - Proya's slowing growth and decline in Q3 revenue and net profit highlight a shift from previous rapid growth [4]. - Fulejia, despite being labeled as the "first stock of medical beauty masks," is experiencing market challenges that have affected its performance [4]. - Shuiyang attributes its positive performance to the gradual realization of its high-end strategy, although it faces long-term challenges in the high-end beauty market [4]. Group 3: Strategic Moves - Proya and Marubi have initiated plans for a Hong Kong listing, which may be a strategy to break through growth bottlenecks [5]. - The shift from incremental competition to stock competition in the beauty industry gives more significance to the Hong Kong listing, although achieving internationalization remains a challenge [5].

Core Viewpoint - The Chinese economy has shown resilient growth, with GDP reaching 101.5 trillion yuan and a year-on-year increase of 5.2%. The beauty industry, as a key component of the "aesthetic economy," is reshaping consumer patterns, reflecting a structural shift in consumption from material to emotional needs [1][8][18]. Group 1: Economic Context - The beauty industry is a significant driver of the "aesthetic economy," indicating a transition in consumer spending from material goods to experiences and emotional fulfillment [1][8]. - China's cosmetic retail sales have grown from 204.94 billion yuan in 2015 to an expected 435.65 billion yuan in 2024, with a compound annual growth rate of approximately 10.5% [1][18]. - The market has maintained a scale exceeding one trillion yuan for two consecutive years, solidifying its position as the largest cosmetic consumption market globally [1][42]. Group 2: Industry Development - The beauty industry has evolved through various phases, including market reactivation, foreign investment, and a channel revolution driven by e-commerce and content platforms [1][8]. - The "14th Five-Year Plan" has prioritized the cosmetics industry, with multiple regulatory and innovation support policies set to be implemented by 2025, promoting lifecycle management and core technology innovation [1][26]. Group 3: Consumer Trends - The retail performance of cosmetics has shown a mixed trend, with significant sales peaks during promotional events, but also a decline in consumer confidence reflected in a consumer confidence index of 87.9 in June [19][23]. - The market is experiencing a shift towards high-quality, cost-effective products, with consumers increasingly favoring products priced between 300 to 500 yuan [60][61]. Group 4: Regulatory Environment - The regulatory framework for the cosmetics industry is transitioning from traditional post-market oversight to a more comprehensive lifecycle management approach, enhancing safety and quality standards [26][30]. - New policies are being introduced to encourage innovation in raw materials and support the development of high-end domestic brands, reflecting a commitment to high-quality industry growth [29][30]. Group 5: Market Structure - The Chinese beauty market is characterized by a high entry and exit rate for brands, with a significant number of new entrants relying on marketing and social media for rapid growth [50][51]. - The market structure shows a concentration of companies in economically developed regions, particularly Guangdong, which houses the largest number of beauty enterprises [47][48].

Core Viewpoint - The stock prices of several companies, including Kesh Holdings, Bawei Holdings, and Yiyi Holdings, have seen significant increases, indicating positive market sentiment and potential investment opportunities in these firms [1] Company Performance - Kesh Holdings experienced a stock price increase of over 10% [1] - Bawei Holdings and Yiyi Holdings both saw their stock prices rise by more than 5% [1] - Other companies such as Shuiyang Holdings, Huaye Fragrance, Polaier, and Fulejia also showed upward trends in their stock prices [1]

Group 1 - The beauty care sector is experiencing active trading, with significant stock price increases for several companies [1] - Keshare Co. saw a rise of 5.5%, while Yiyi Co. increased by 4% [1] - Other companies such as Shuiyang Co., Bavi Co., Huaye Fragrance, and Proya also showed upward movement in their stock prices [1]

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][37]. Core Insights - The report highlights a robust performance in the beauty and personal care sector during the Double Eleven shopping festival, with significant sales growth across various platforms [4][28]. - The overall retail sales growth in October 2025 was 2.9%, surpassing market expectations, with notable increases in gold and jewelry sales, while categories like automotive and home appliances saw declines [3][24]. - The report emphasizes the strong performance of specific companies, such as Proya and Marubi, which achieved substantial sales growth during the Double Eleven event [4][31]. Summary by Sections Market Performance - During the week of November 10-14, 2025, the retail, social services, and beauty care sectors saw increases of 4.06%, 2.28%, and 3.75% respectively, ranking 3rd, 12th, and 4th among 31 primary industries [15][17]. Key Industry Data and News - In October 2025, retail sales grew by 2.9%, with jewelry sales increasing by 37.6%. In contrast, retail sales for home appliances and automotive categories declined by 14.6% and 6.6% respectively [3][24]. - The total retail sales for the first ten months of 2025 reached 41.22 trillion yuan, with a year-on-year growth of 4.28% [24]. Key Company Announcements - Marubi plans to issue H shares and apply for a listing on the Hong Kong Stock Exchange to enhance its capital strength and competitiveness [36]. - The founder of Yonghui Supermarket intends to reduce his shareholding, potentially affecting the company's stock performance [36]. Investment Recommendations - The report recommends focusing on companies such as Proya, Giant Bio, Marubi, Runben, and Chaohongji, which are positioned well within the beauty care and new consumption sectors [6][37].

Group 1: Stock Recommendations - Geely Automobile (175 HK) has a target price of 25.00, indicating a potential upside of 47% with a PE ratio of 9.50[5] - Luckin Coffee (LKNCY US) has a target price of 44.95, suggesting a potential upside of 12% with a PE ratio of 30.00[5] - Alibaba (BABA US) has a target price of 209.40, indicating a potential upside of 33% with a PE ratio of 22.50[5] Group 2: Market Performance - The basket of 24 long positions had an average return of -3.4%, while the MSCI China Index returned -0.8%[9] - Among the 24 stocks, only 5 outperformed the benchmark[9] Group 3: Analyst Ratings - New additions include companies like Bosideng (3998 HK) and Futu Holdings (FUTU US), both rated as "Buy"[6] - The report indicates a focus on sectors such as technology, insurance, and consumer goods, with multiple stocks receiving "Buy" ratings[5][6]

Core Insights - This year's Double 11 event marks Taobao's first global promotion across 20 countries and regions, transforming from a "Chinese shopping festival" to a global consumer celebration [1] - Taobao's "Overseas Growth Plan" has enabled merchants to enter international markets with zero barriers, resulting in over 200,000 signed merchants doubling their transaction volumes, significantly outpacing overall growth [1][9] - The platform has enhanced its logistics, payment, and localized operations, leading to unprecedented engagement from overseas consumers during Double 11 [1][9] Market Performance - Taobao experienced strong GMV growth in overseas markets such as Singapore, Malaysia, Australia, and Japan during the Double 11 period [1] - Daily active users (DAC) for overseas orders saw double-digit growth, with nine key markets reporting over 20% year-on-year increases [1][7] - New user acquisition in Thailand doubled compared to last year, driven by the introduction of Thai and English language versions [2][7] Supply Chain and Service Expansion - The introduction of new supply capabilities, including cross-border direct mail services for furniture and health products, has opened new growth avenues [9] - The successful pilot of cross-border free shipping for perishable food items in Hong Kong resulted in a transaction volume increase of over 50% [9] - Nearly one million new industry supplies were added for Double 11, showcasing the platform's commitment to diversifying offerings [7] Cultural Impact - The Double 11 event has evolved beyond mere transactions, becoming a cultural phenomenon among global consumers, with various products gaining popularity in different regions [9] - Taobao's global outreach reflects the growing influence of Chinese consumer culture, as evidenced by the diverse range of products appealing to local markets [9]