天眼查App显示，近日，上海尾语化妆品有限公司成立，法定代表人为郭恩好，注册资本5万人民币， 经营范围为一般项目：化妆品批发；化妆品零售；服装服饰批发；服装服饰零售；鞋帽批发；鞋帽零 售；箱包销售；日用品销售；母婴用品销售；个人卫生用品销售；日用杂品销售；互联网销售（除销售 需要许可的商品）；普通货物仓储服务（不含危险化学品等需许可审批的项目）；装卸搬运；包装服 务；国内贸易代理；采购代理服务；供应链管理服务；技术服务、技术开发、技术咨询、技术交流、技 术转让、技术推广。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [2][10][12]. Group 1: Convertible Bond Overview - The company issued 7,517,130 convertible bonds on December 8, 2021, with a total amount of 75.1713 million yuan, at a face value of 100 yuan each, with a maturity of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on January 4, 2022, with the bond code "113634" and a ticket rate that increases over the years, starting from 0.30% in the first year to 2.00% in the sixth year [3]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 195.98 yuan per share, which has been adjusted multiple times due to various corporate actions, with the latest adjustment bringing it to 95.46 yuan per share as of October 17, 2025 [4][5][11]. - The conversion price has been adjusted downwards due to the company's annual profit distribution plans and stock incentive plans, with the most recent adjustment occurring on October 23, 2025 [5][6][11]. Group 3: Downward Adjustment Clause and Trigger Conditions - The downward adjustment clause allows for a price reduction if the stock price falls below 85% of the current conversion price for at least 15 out of 30 consecutive trading days [10]. - The company confirmed that from October 27 to November 14, 2025, the stock price met the criteria for triggering the downward adjustment clause [10][12]. Group 4: Board Decision on Adjustment - The company's board of directors held a meeting on November 14, 2025, and unanimously decided not to adjust the conversion price of the convertible bonds [12]. - The board expressed confidence in the company's long-term development and internal value, stating that the conversion price would remain unchanged for the next six months, even if the adjustment conditions are met again [12].

Summary of e.l.f. Beauty Fireside Chat - November 14, 2025 Company Overview - **Company**: e.l.f. Beauty (NYSE: ELF) - **Key Speakers**: Tarang Amin (Chairman and CEO), Mandy Fields (CFO) Key Points Industry and Market Trends - The U.S. mass beauty market has shown a growth of 2% in the last quarter, consistent with a decade-long trend [3][4] - e.l.f. has gained 160 basis points of market share recently, marking 27 consecutive quarters of market share gains [3][4] - e.l.f. is the number one unit share brand and number two dollar share brand in the beauty market, with significant potential for future growth [4] Financial Performance - e.l.f. experienced a surprising stock price pullback following FQ2 results, which the management deemed an overreaction [2] - The company repurchased $50 million of shares, reflecting confidence in its business fundamentals [2] - Organic sales declined by 3% in FQ2, primarily due to a strategic decision to halt shipments to certain retailers [6][12] - Consumption trends remained strong, with a 7% increase in consumption despite shipment issues [16][20] Shipment and Inventory Management - The decision to stop shipments was a tactical move to ensure retailers reflected the correct pricing after a price increase [7][10] - Normal shipment patterns resumed post-Q2, with no lingering issues expected in FQ3 [13][20] - The company anticipates that shipments will continue to lag behind consumption in the second half of the year due to previous expansions in retail space [15][16] International Expansion - International growth was reported at 2% in FQ2, impacted by the previous year's launch at Rossmann [14][47] - The U.K. market has faced challenges due to increased promotional activity from competitors, but e.l.f. continues to gain market share [48] - Future growth is expected from markets like Germany and the GCC, with significant expansion plans in place [44][50] Product Innovation and Pricing Strategy - e.l.f. plans to launch new products in spring 2026, with expectations of strong performance following previous successful launches [27][78] - A 15% price increase was implemented, with management pleased with the resulting consumption trends [74] - The company maintains a strong value proposition, with 75% of its portfolio priced at $10 or less [80] Acquisition of rhode - The acquisition of rhode is seen as a strategic move to enter the prestige beauty segment, with strong initial sales performance [81][84] - rhode is expected to contribute positively to e.l.f.'s overall margins and growth trajectory [56][58] - The brand has shown significant momentum in retail launches, outperforming previous records at Sephora [82][84] Gross Margin and EBITDA Outlook - e.l.f. expects a 200 basis point sequential improvement in gross margins for the second half of the year, despite tariff challenges [55][63] - Marketing spend is projected to increase in the second half, impacting EBITDA margins but aimed at driving long-term growth [62][63] Technology and AI Integration - e.l.f. is in the early stages of leveraging AI for operational efficiencies, particularly in marketing and consumer engagement [68][71] Conclusion - e.l.f. Beauty remains optimistic about its growth prospects, driven by strong consumption trends, strategic pricing, and innovative product launches, alongside the successful integration of rhode into its portfolio [39][84]

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 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]

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。 ...

11月14日，国家统计局发布10月份经济数据。 从消费数据来看，10月份，社会消费品零售总额46291亿元，同比增长2.9%。其中，除汽车以外的消费 品零售额42036亿元，增长4.0%。 从消费结构来看，10月份，商品零售额41092亿元，同比增长2.8%，其中占社零总额比重较高的汽车类 零售额同比下滑6.6%，对商品消费的增速有所拖累。不过，受大促提前影响，部分"双十一"大促品类包 括化妆品、鞋服等同比增速加快。另外，餐饮收入5199亿元，增长3.8%，主要得益于十月的假日经济 拉动。 受访专家认为，假日消费是政策成本较小的一种提振消费方式，建议优化和落实休假制度，延长一些法 定节假日的假期时长。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善促进消费制度机制，清 理汽车、住房等消费不合理限制性措施，建立健全适应消费新业态新模式新场景的管理办法，落实带薪 错峰休假。 化妆品、鞋服等大促品类增长加快 10月份，服装、鞋帽、针纺织品类在10月份的同比增速达到6.3%，高于1到10月份3.5%的整体增速水 平；化妆品品类的增速为9.6%，高出1到10月份4.6%的整体增速水平。 2024 ...