Core Viewpoint - The domestic beauty brand Proya is accelerating its globalization efforts, as evidenced by its strong financial performance and plans for an H-share listing in Hong Kong, which could make it the first A+H listed beauty company in China [1][6]. Financial Performance - Proya reported a revenue of 5.36 billion yuan for the first half of 2025, marking a year-on-year increase of 7.21% [2]. - The company's net profit attributable to shareholders reached 799 million yuan, up 13.80% year-on-year, with operating cash flow increasing by 95.34% to 1.29 billion yuan [2][4]. - The net profit margin improved to 15.41%, and the gross profit margin increased by 3.56 percentage points to 73.38% [1][2]. Dividend and H-share Listing - Proya announced its highest-ever interim dividend plan, proposing a cash dividend of 8.00 yuan per 10 shares, totaling an estimated 315 million yuan [4][5]. - The company is preparing for an H-share listing on the Hong Kong Stock Exchange, which is expected to enhance its capital strength and competitiveness [6][30]. Brand Performance - The main brand Proya generated 3.98 billion yuan in revenue, accounting for 74.27% of total revenue, while the color cosmetics brand Cai Tang achieved a revenue of 705 million yuan, growing by 21.11% [9][16]. - The brand Off&Relax saw a significant revenue increase of 102.52% to 279 million yuan, driven by new product launches and market expansion [21][22]. Research and Development - Proya maintained a steady investment in R&D, applying for 35 new patents in the first half of 2025, with a total of 240 patents held [29][30]. - The company is collaborating with various institutions to enhance its research capabilities and product innovation [30][31]. Digital Transformation - Proya's digital strategy is advancing, with projects aimed at integrating data across multiple brands and channels, enhancing customer service efficiency through AI, and supporting product innovation [31].