出品：新浪财经上市公司研究院 赛力斯的前身是小康股份，2016年在A股上市。2021年，公司率先与华为跨界合作，推出了AITO问界品牌，并陆续推出问界M5、M7、M9等多款产品。自此，赛力斯从老牌车企变身新势力，实 不过，若抛开华为"品牌光环"，赛力斯的技术含金量如何，或许值得商榷。 2022年至2024年，赛力斯研发支出分别为31.06亿、44.38亿和70.53亿元，低于理想汽车同期67.8亿、105.86亿和110.71亿的水平。 不仅研发支出金额显著偏低，除2023年外，赛力斯研发投入占同期营收的比例，也明显低于理想汽车。 事实上，赛力斯在电池、电机、电控以及数据等新能源核心技术方面，长期依赖华为和宁德时代等公司，作为老牌传统车企的"技术空心化"问题突出。 而华为与赛力斯的合作模式又强化了"华为技术主导" 的市场认知。相关调查显示，有超7成问界消费者因"华为技术"下单，而非赛力斯自身品牌。这种认知惯性使得赛力斯问界难以摆脱"代工厂 值得注意的是，研发支出不足的同时，赛力斯在营销方面的投入却显得不遗余力。 2022年至2024年，赛力斯销售费用分别为48.20亿、54.65亿和191.84亿，销售费用率 ...

Core Insights - The skincare and daily chemical industry in A-share listed companies shows a persistent trend of high gross margins and low net margins, with over 80% of companies having a gross margin above 50% and more than half having a net margin below 10% [1][2] Group 1: Financial Performance - In the first half of 2025, the top three companies by gross margin are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Despite high gross margins, over half of the selected companies have net margins below 10%, with Jinbo Biological, Fulejia, and Proya leading in net margins at 45.5%, 26.61%, and 15.41% respectively [2] Group 2: Marketing and Expenses - The high gross margin and low net margin phenomenon is closely linked to the significant marketing expenditures in the industry, with companies like Marubi Biological having a sales expense ratio as high as 56.5% [1][3] - Many companies in the skincare and daily chemical sector are spending over 40% of their revenue on marketing, indicating a highly competitive marketing environment [3] Group 3: Research and Development - The investment in R&D is significantly lower than marketing expenditures, with Marubi Biological's R&D expense ratio being only 2.3% compared to its high sales expense ratio [3] - The focus on marketing over R&D has led to severe product homogeneity, limiting innovation and the ability to meet consumer skincare needs effectively [3]

Core Viewpoint - Proya has reported strong financial performance with 2024 revenue exceeding 10 billion yuan for the first time, reaching 10.778 billion yuan, and a net profit growth of 30% year-on-year [1][2] Financial Performance - In Q1 2025, Proya achieved revenue of 2.36 billion yuan, representing an 8.1% year-on-year increase, with a net profit of 390 million yuan [1] - The 2024 revenue of Proya was 8.581 billion yuan, showing a year-on-year growth of 19.55% [2] - The main brand Proya generated 8.58 billion yuan in revenue, accounting for 79.7% of total revenue, with a year-on-year growth of 19.6% [3] Management Changes - The management transition marked a strategic shift for the company, with co-founder Fang Yu-you stepping down as general manager, succeeded by his nephew Hou Ya-meng [2] - Despite the leadership change, Proya aims to establish itself among the top ten global cosmetics companies in the next decade [2] Brand and Product Development - Proya has diversified its brand portfolio, including popular skincare and makeup brands, with significant growth in sub-brands like Off&Relax and Cai Tang [3] - The company has accelerated product launches in 2025, introducing several new products within five months [5] Sales and Marketing Strategy - Proya's online sales reached 10.234 billion yuan, accounting for 95.06% of total revenue, while offline sales decreased by 13.63% to 532 million yuan [3] - The company has invested heavily in marketing, with sales expenses amounting to 5.161 billion yuan, representing 47.88% of revenue, and an increase of 29.93% year-on-year [4] Research and Development - Proya has established R&D centers in multiple locations and formed a joint venture for core anti-aging ingredients, although R&D expenses remain below 2% of revenue [5]