9月29日，珀莱雅举办2025年半年度业绩说明会。会上公司独立董事谈到，线上渠道还有很多机会，公 司正在积极开拓机会品类，丰富产品矩阵，强化品牌力、产品力，持续争取平台资源；渠道的核心主要 是提升各平台的运营能力，对各平台持续精细化运营。线下也有很多渠道机会点，公司持续关注线下渠 道新形式，挖掘机会点，持续布局。 对于海外并购，管理层表示，有关投资并购，我们希望能够通过投资丰富我们的品牌和产品矩阵，对现 有品牌和品类起到补充作用，核心是要满足消费者不同价位、不同场景、不同人群的需求。 （上证路演） (编辑：林辰)关键字： 珀莱雅 化妆品 在AI和大数据应用方面，公司围绕产品研发及开发、营销、生产及供应链等业务域，落地关键系统的 选型及开发。包括与蚂蚁集团"数字蚂力"战略合作的项目之一"智能客服"项目顺利结项，通过AI技术与 分布式服务网络融合，提升客服服务效率与质量，支撑流量高峰场景需求；启动AI配方大模型项目， 联合外部技术伙伴探索研发智能化路径，助力产品创新与经验资产化沉淀。 交流中管理层也谈到，2025年上半年公司的毛利率提升到73.38%，主要系降本增效举措取得了显著成 效。包括公司持续提升品牌力、产 ...

Core Viewpoint - The market has reacted negatively to the ownership change proposal of Helen Piano, resulting in a significant drop in its stock price, which fell from a peak of 12 yuan to around 9 yuan, representing a loss of one-fourth of its market value over four trading days [1][2]. Group 1: Stock Performance - The latest market price of 9.03 yuan is below the transaction price of 9.09 yuan per share for the ownership change, indicating that the new controlling shareholder, Cui Yongqing, is already facing a "floating loss" before officially taking control [2]. - On July 30, Helen Piano closed at 9.03 yuan, down 2.48% [1]. Group 2: Ownership Change Details - Helen Piano disclosed multiple equity change reports on July 29, highlighting Cui Yongqing's background, who has served as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd. for the past five years [3][5]. - The announcement listed 10 other core enterprises controlled by Cui Yongqing, but did not mention his role in Quantuo Technology, where he holds only 13.64% of the shares, making him the second-largest shareholder [5][6]. Group 3: Financial Support and Future Prospects - Following the announcement of the ownership change, Helen Piano's chairman, Chen Hailun, stated that he would lend 200 million yuan to the company to improve cash flow, which exceeds the company's projected revenue for 2024 of 159 million yuan [9][10]. - Chen Hailun's comments did not lead to market confidence, as the stock continued to decline despite his assurances [10]. Group 4: Potential Shareholder Actions - Helen Investment, the current controlling shareholder of Helen Piano, indicated that there are no specific plans to increase or dispose of shares in the next 12 months, but it does not rule out the possibility of selling shares in the future [11][13].

Core Viewpoint - Helen Piano's stock price has dropped significantly following the announcement of a change in control, indicating market skepticism about the new ownership and its implications for the company's future [1][13]. Group 1: Stock Performance - Over four trading days, Helen Piano's market value decreased by 25%, with the stock price falling from a peak of 12 yuan to around 9 yuan [1]. - As of July 30, the stock closed at 9.03 yuan, which is below the transaction price of 9.09 yuan per share for the change in control [3][4]. Group 2: New Ownership - The new controlling shareholder, Cui Yongqing, has incurred a "floating loss" before officially taking control of Helen Piano due to the stock price decline [4]. - Cui Yongqing has held positions as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd., but this company does not appear to be a core asset under his control [6][8]. Group 3: Company Announcements - Helen Piano disclosed multiple equity change reports on July 29, highlighting Cui Yongqing's capabilities and the companies he controls [5][13]. - The reports listed 10 other core enterprises and business situations controlled by Cui Yongqing, but did not mention Quantuo Technology's limited ownership structure [7][8]. Group 4: Market Reactions and Future Outlook - Following the announcement of the control change, Helen Piano's stock experienced high volatility, opening up 16.62% but closing down 4.76% on the same day [13]. - Chairman Chen Helen's comments about the stock transfer and future support for the company did not alleviate market concerns, as the stock continued to decline [14][16].