Core Insights - JD.com achieved significant growth during the 11.11 shopping festival, with a 40% increase in the number of users placing orders and nearly a 60% increase in order volume by November 11, 2025 [1] - The "try before you buy" model has effectively stimulated consumer enthusiasm, with trial channel user numbers increasing by 315% and repeat purchase users rising by 523% [1][3] - The trend of "sample economy" is expanding beyond beauty products, enhancing experiential consumption across various categories [3] Group 1: Sales Performance - JD.com led the growth in sales during the 11.11 period, particularly in the 3C digital and home appliance sectors, where it held the highest market share [1] - The trial channel saw nearly 20 categories of new customers double in number, with over 3,000 brands experiencing a doubling of repeat purchase users [3] Group 2: Consumer Behavior - The top three categories for user trial preferences were beauty and skincare, personal care, and maternal and infant products, with healthcare and household cleaning products following closely [3] - The "try and love" list showed that beauty and skincare remained the leading category, with maternal and infant products, personal care, nutrition, and pet care also performing well [3] Group 3: Brand Engagement - Brands are leveraging JD.com's trial capabilities to efficiently attract new customers at a low trial cost, with notable success from brands like Yili, which topped the new customer acquisition list during the 11.11 event [5][6] - The trial channel is positioned as a "gathering place for genuine brand samples," helping brands effectively reach target users while providing consumers with a more secure and cost-effective shopping experience [7]

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-075 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于不向下修正"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： 2025 年 10 月 27 日至 2025 年 11 月 14 日，珀莱雅化妆品股份有限公司 （以下简称"公司"）股票在连续三十个交易日中有十五个交易日的收盘价低于 当期转股价格的 85%（81.14 元/股），已触发"珀莱转债"转股价格向下修正条 款。 经公司第四届董事会第十次会议审议通过，公司董事会决定本次不向下 修正"珀莱转债"转股价格。并且在未来六个月内（即 2025 年 11 月 15 日至 2026 年 5 月 14 日），若"珀莱转债"触发向下修正条款，公司亦不向下修正"珀莱转 债"的转股价格。以 2026 年 5 月 14 日之后的首个交易日重新计算，若"珀莱转 债"再次触发向下修正条款，公司董事 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The retail sector shows a steady recovery in consumer spending, with a year-on-year increase of 4.3% in retail sales from January to October 2025, and a 2.9% increase in October alone [5] - Key categories such as essential goods like grains and oils maintain resilience, while discretionary items like gold and jewelry show remarkable performance, with jewelry sales up by 37.6% year-on-year in October [6] - Online retail continues to grow, with a 9.6% increase in online sales from January to October 2025, while offline retail channels also show signs of recovery [7] Summary by Sections Industry Overview - The retail sector is experiencing a robust recovery, with October retail sales reaching 46,291 billion yuan, exceeding market expectations [5] - The overall consumer price index (CPI) has turned positive, driven by rising prices in services and industrial goods [6] Consumer Behavior - Essential consumption categories like grains and oils have shown strong growth, while discretionary spending on cosmetics and jewelry has surged, indicating a shift towards "emotional consumption" [6][8] - The report emphasizes the importance of brands that resonate with consumers' emotional values and competitive strengths [8] Investment Recommendations - Focus on high-quality companies in the "emotional consumption" theme, particularly in four key areas: 1. Gold and jewelry brands with unique product offerings [8] 2. Offline retail companies adapting to market changes [8] 3. Domestic cosmetic brands emphasizing emotional value and safety [8] 4. Medical beauty firms with differentiated products and expansion strategies [8]

Core Insights - The "Double Eleven" shopping festival has evolved into a prolonged and competitive battle, requiring brands to adapt their strategies for sustained engagement rather than relying solely on price cuts [1] - Brands are increasingly focusing on building long-term trust and reputation with consumers, rather than just chasing high sales growth [1][5] Industry Trends - The preparation period for the beauty industry during "Double Eleven" has lengthened, while the time available for product incubation has shortened [2] - New brands are leveraging platforms like Li Jiaqi's livestream to launch products and accelerate growth, with significant increases in the number of new products introduced compared to previous years [2][3] - The head care segment has become a focal point for many beauty companies, with brands like Proya and Orange Group making strategic investments in this area [4] Company Strategies - Companies are adopting new marketing strategies to cope with declining online traffic efficiency, emphasizing the importance of product quality and user experience [6] - Natural brands like Chando are focusing on competitive pricing while maintaining product quality, achieving over 30% sales growth during "Double Eleven" [12] - Brands are increasingly engaging with consumers through pre-sale experiences and feedback collection to refine their products [3][5] Competitive Landscape - International brands are introducing promotional strategies such as "buy the original, get the original" to attract consumers, intensifying competition in the beauty market [7][9] - The beauty market is characterized by a rapid pace of product iteration, with brands needing to adapt quickly to consumer preferences and market dynamics [10][11] Sales Performance - Chando achieved over 2 billion yuan in sales during "Double Eleven," with specific product categories like masks and serums seeing significant growth [12] - The sales performance of new products like the "Lingyu Cream" from Pechoin and the "Collagen Hair Mask" from Hande Shi indicates a strong consumer response, with both products selling over 100,000 units [4][12]

Core Viewpoint - The company, Proya, stated that its stock price fluctuations are influenced by multiple factors, but its operational management activities are normal [2] Group 1: Company Strategy - The company will continue to enhance its operational management and solidify its diversified brand matrix and omnichannel layout [2] - Proya aims to optimize its core product matrix to improve brand strength, product quality, and technological capabilities [2] - The focus is on enhancing the company's core competitiveness and profitability to promote stable and high-quality development [2] Group 2: Investor Relations - The company is committed to actively rewarding investors and striving to create more value for shareholders [2] - Relevant information should be verified through disclosures on the Shanghai Stock Exchange [2]

证券日报网讯珀莱雅11月14日在互动平台回答投资者提问时表示，根据信息披露相关法律法规规定，公 司在定期报告中披露各报告期末股东总数信息，详情请查阅公司披露的定期报告。 （文章来源：证券日报） ...

Core Viewpoint - The company's stock price fluctuations are influenced by multiple factors, but its operational management activities are normal [1] Group 1 - The company is committed to enhancing information management to improve its core competitiveness and profitability [1] - The company aims to further increase its investment value and shareholder return capabilities [1]

（编辑 姚尧） 证券日报网讯 珀莱雅11月14日在互动平台回答投资者提问时表示，根据信息披露相关法律法规规定， 公司在定期报告中披露各报告期末股东总数信息，截至2025年9月30日，公司股东总数为84，093户，详 情可查阅公司披露的《2025年第三季度报告》。 ...

（编辑 姚尧） 证券日报网讯 珀莱雅11月14日在互动平台回答投资者提问时表示，公司管理层将持续勤勉尽责，认真 履行工作职责，做好经营管理工作，提升公司核心竞争力和盈利能力，推动公司可持续健康发展，努力 为股东创造更多价值，积极回报投资者。 ...

证券日报网讯珀莱雅（603605）11月14日在互动平台回答投资者提问时表示，公司重视研发建设，持续 以科技创新为核心驱动力，为技术和产业创新升级提供有力支持，完善全球研发体系建设，赋能产品创 新，持续提高品牌力、产品力、科技力。 ...