21世纪经济报道记者朱艺艺 杭州报道 珀莱雅（603605.SH）创始人侯军呈之子侯亚孟，于去年9月接任公司总经理一职，被市场解读为公 司"二代"接班。 近日，珀莱雅披露2024年年报以及2025年一季报，侯亚孟上任后的首份成绩单也随之出炉。 过去一年，公司营收同比增长21.04%至107.78亿元，突破百亿元大关，归母净利润和扣非净利润分别为 15.52亿元、15.22亿元，同比增长30.00%、29.60%，保持双位数增长。 对比A股美妆公司华熙生物（688363.SH）、上海家化（600315.SH）2024年营收、净利润纷纷下降的情 形，珀莱雅可谓展现出韧性。 在此基础上，2025年第一季度珀莱雅延续增长，营收同比增长8.13%至23.59亿元，归母净利润同比增长 28.87%至3.90亿元。 由于成绩单出色，资本市场反应迅速，珀莱雅于4月25日和4月28日先后收获涨停。 营收突破百亿元大关 作为A股国货美妆龙头，珀莱雅去年营收已突破百亿元大关。 在品牌端，公司旗下拥有"珀莱雅""彩棠""Off&Relax""悦芙媞""CORRECTORS""INSBAHA原色波 塔""惊时"等众多品牌，覆盖护肤类（ ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 93.18 CNY [7][5]. Core Views - The company achieved a revenue of 10.778 billion CNY in 2024, representing a year-over-year growth of 21.04%. The net profit attributable to shareholders was 1.552 billion CNY, up 30.00% year-over-year [3][6]. - In Q1 2025, the company reported a revenue of 2.359 billion CNY, an increase of 8.13% year-over-year, and a net profit of 390 million CNY, reflecting a year-over-year growth of 28.87% [3][6]. - The main brand, Proya, focused on the whitening segment, launching new products such as the "Optical Series" and upgrading existing lines to enhance its market position [4][5]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 10.778 billion CNY, growth of 21.04% - 2024 net profit: 1.552 billion CNY, growth of 30.00% - 2025 Q1 revenue: 2.359 billion CNY, growth of 8.13% - 2025 Q1 net profit: 390 million CNY, growth of 28.87% [3][6]. - **Brand Performance**: - Proya brand revenue in 2024: 8.581 billion CNY, growth of 19.55% - Other brands like Cai Tang and OR also showed significant growth, with OR achieving a revenue of 368 million CNY, up 71.14% [4][5]. - **Profitability Metrics**: - Gross margin for 2024 was 71.39%, with a net profit margin of 14.40% - The company’s net profit margin improved to 16.54% in Q1 2025 [4][6]. Future Projections - The company is expected to achieve net profits of 1.845 billion CNY in 2025, 2.177 billion CNY in 2026, and 2.610 billion CNY in 2027, with respective growth rates of 18.9%, 18.0%, and 19.9% [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 20x, 17x, and 14x respectively [5][6].

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported strong revenue growth, achieving an operating income of 2.97 billion yuan in 2024, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [1][11] - The online channel revenue continues to grow rapidly, with online sales reaching 2.54 billion yuan in 2024, a 35.77% increase year-on-year, accounting for 85.61% of total revenue [2] - The company is transitioning from a traditional cosmetics enterprise to a biotechnology cosmetics company, focusing on key technologies and core raw material research and development [10][11] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1][3] - The gross profit margin improved to 73.70% in 2024, up 3.01 percentage points year-on-year, while the net profit margin was 11.53%, down 0.94 percentage points [3][9] Revenue Breakdown - The main brand, Marubi, generated 2.06 billion yuan in revenue, accounting for 69.24% of total revenue, with a year-on-year increase of 31.69% [2] - The second brand, PL Lianhuo, achieved 905 million yuan in revenue, a 40.72% increase year-on-year [2] Market Strategy - The company is deepening its focus on major product strategies, particularly in eye care and wrinkle reduction, maintaining its leading position in the eye care category for three consecutive years [2][10] - The company has launched several innovative products, including the upgraded peptide eye cream and collagen essence, which have seen significant sales growth [2][10] Future Outlook - The company expects to achieve net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% [11][12] - The projected earnings per share (EPS) for the next three years are 1.03 yuan, 1.19 yuan, and 1.34 yuan [11][14]

Group 1 - The "2025 Shanghai International Beauty Festival" has been launched in Jing'an District, Shanghai, featuring seven international beauty giants and renowned brands, creating a consumer corridor that showcases both global debuts and domestic trends [1][2] - Jing'an District is positioned as a "demonstration area for international consumption center cities" and a "global new product launch hub," with a retail sales total exceeding 160.5 billion yuan in 2024, maintaining the top position among central urban areas [1][2] - In 2023, Jing'an attracted 234 new stores, including six global flagship stores, three Asian flagship stores, and 33 national flagship stores, highlighting its appeal as a "buy global, sell global" destination [1] Group 2 - The district has introduced major projects and measures to integrate culture, tourism, commerce, and sports, launching a "Jing'an Four Seasons Activity List" and various consumer incentive policies to create a one-stop shopping experience [2] - Jing'an plans to distribute "Jing'an Business Circle Premium Consumption Coupons" covering beauty, retail, and boutique chains, coinciding with the May Day and "520" wedding consumption seasons [2] - The district aims to establish itself as a "global cosmetics headquarters" by attracting renowned beauty and skincare companies, fostering a hub for innovation in the beauty industry [2][3] Group 3 - The Shanghai International Beauty Festival aims to gather cosmetic resources, enhance industry capabilities, and provide a platform for cosmetic companies to establish themselves in Jing'an [3] - The initiative focuses on innovating consumption models, deepening the integration of culture, tourism, commerce, and sports, and enhancing the international consumption environment [3] - Jing'an is actively working to create new scenarios for international consumption aggregation and to become a leading global beauty consumption hub [3]

Core Viewpoint - The performance of beauty companies listed in 2024 reflects a challenging environment, with many traditional giants facing significant losses while some emerging brands show strong growth [1][2]. Industry Overview - In 2024, China's total retail sales of consumer goods grew by 3.5%, but the retail sales of cosmetics declined by 1.1%, amounting to 435.65 billion yuan [2]. - The overall industry is experiencing a downturn, leading to price cuts and store closures by several foreign brands [2]. - Major companies like Shanghai Jahwa reported a loss of 833 million yuan, highlighting the struggles of established players [2][4]. Company Performance - As of April 27, 2024, 15 A-share cosmetic companies reported a total revenue of 50.081 billion yuan, a year-on-year increase of 3.59%, but net profit fell to 3.765 billion yuan, down from 5.127 billion yuan [4]. - Notable performances include: - Proya achieved revenue of 10.778 billion yuan, becoming the first domestic beauty brand to surpass 10 billion yuan [2][11]. - Shanghai Jahwa's revenue decreased by 13.93% to 5.679 billion yuan, with a net profit loss of 833 million yuan [6]. - Betaini reported revenue of 5.736 billion yuan, up 3.87%, but net profit fell by 33.53% to 503 million yuan [8]. - Huaxi Biological's revenue dropped by 11.61% to 5.371 billion yuan, with net profit down 70.59% to 174 million yuan [8]. Emerging Brands - New entrants like Gu Yu Biotechnology are preparing to enter the capital market, showcasing strong growth with a revenue of 4 billion yuan and GMV exceeding 5 billion yuan [14][15]. - Gu Yu's success is attributed to its focus on a unique ingredient and effective online marketing strategies, although its reliance on a single product category may pose future challenges [15]. Market Trends - The market is witnessing a shift where traditional giants are retracting while new players are emerging, indicating a potential reshaping of the industry landscape [10][14]. - The global beauty market is expected to see a coexistence of domestic brands leading in niche segments while foreign brands focus on high-end markets [16].

事件 盈利预测与投资建议 考虑到公司组织变革仍在持续，我们预计公司2025-2027 年收入分别为63.38/69.40/75.16 亿元，对应增 速分别为10.5%/9.5%/8.3%；归母净利润分别为7.37/8.46/9.37 亿元，对应增速分别为 46.6%/14.7%/10.8%；EPS 分别为1.74/2.00/2.21 元/股，维持"买入"评级。 风险提示：行业竞争加剧的风险；销售平台相对集中的风险；销售季节性波动的风险 公司发布2024 年年报与2025 年一季报：2024 年营收57.36 亿元（同比+3.9%），归母净利润5.03 亿元 （同比-33.5%）；2025Q1 营收9.49 亿元（同比-13.5%），归母净利润0.28 亿元（同比-84.0%）。 组织变革持续推进，利润增长短期承压 2024 年营收增长稳健，利润增长波动，主要源于：1）美妆行业2024 年"双11"等线上大促活动销售普遍 不如预期，公司未达成"双11"预期销售目标；2）市场竞争加剧影响，公司营销费用投入增加；3）悦江 投资业绩承诺未能如期完成，公司基于谨慎性原则，计提长期资产减值准备金；4）公司长期资产折旧 摊 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with revenue exceeding 10 billion yuan and significant profit growth, indicating robust market positioning and operational efficiency [1][3]. Financial Performance - In 2024, the company achieved revenue of 10.778 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.552 billion yuan, up 30.0% year-on-year [1]. - For Q1 2025, revenue reached 2.359 billion yuan, reflecting an 8.1% year-on-year growth, with a net profit of 390 million yuan, a 28.9% increase year-on-year [1]. - The company maintained over 20% profit growth in both Q4 2024 and Q1 2025, benefiting from improved gross margins and cost control [1]. Product Strategy - The company has been reinforcing its "big product strategy" since 2024, focusing on upgrading core product lines and launching new products targeting specific consumer needs, such as whitening and oil control [2]. - The upgrades to existing product lines and the introduction of new series are expected to drive continued double-digit growth on the foundation of over 10 billion yuan in revenue [2]. Profit Forecast and Investment Recommendation - Revenue projections for 2025-2027 are estimated at 12.584 billion yuan, 14.440 billion yuan, and 16.302 billion yuan, with corresponding growth rates of 16.75%, 14.75%, and 12.89% [3]. - Net profit forecasts for the same period are 1.821 billion yuan, 2.121 billion yuan, and 2.440 billion yuan, with growth rates of 17.33%, 16.47%, and 15.06% [3]. - Earnings per share (EPS) are projected to be 4.60 yuan, 5.35 yuan, and 6.16 yuan, maintaining a "buy" rating [3].

Core Insights - The article discusses the shift of export-focused companies towards the domestic market in response to international trade uncertainties, highlighting the role of "one product, one code" technology and interactive models in this transition [1][3]. Group 1: "One Product, One Code" Technology - "One product, one code" serves as a new identification technology that connects export-to-domestic companies with local consumers, enhancing transparency and trust in products [3][4]. - This technology allows consumers to access comprehensive information about products, from raw material sourcing to quality control, thereby increasing consumer confidence [3][4]. - An example is provided where a high-end home goods exporter successfully established a premium brand image in the domestic market by showcasing its use of eco-friendly materials and strict quality control through this technology [3][4]. Group 2: Interactive Model - The interactive model leverages "one product, one code" to create deep engagement between companies and consumers, enabling personalized marketing and insights based on consumer behavior [4][6]. - Companies can collect data on consumer preferences and behaviors, allowing them to tailor marketing activities and product offerings, such as limited edition products based on identified consumer demand [4][6]. - An example includes a beauty company that launched targeted marketing campaigns based on insights gained from consumer scanning data, enhancing consumer participation and loyalty [4][6]. Group 3: Brand Building - The interactive model empowers companies to build influential domestic brands by facilitating effective and creative brand communication strategies [6][7]. - Companies can engage consumers through online activities, fostering word-of-mouth marketing and adjusting brand strategies based on consumer feedback [6][7]. - An example is given of a sports equipment company that increased brand awareness and reputation through a consumer engagement campaign that encouraged sharing of personal fitness experiences [6][7]. Group 4: Market Expansion - The combination of "one product, one code" and the interactive model aids companies in rapidly entering the domestic market by analyzing regional consumer data to inform marketing strategies [7]. - Companies can optimize supply chain collaboration through data sharing with distributors and retailers, enhancing product distribution speed and market coverage [7]. - The article emphasizes that transitioning from export to domestic sales is essential for companies to address external challenges and achieve sustainable growth, advocating for the adoption of new technologies and consumer-centric approaches [7].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the new consumption sectors, specifically focusing on the beauty and trendy toy industries, highlighting the impact of Generation Z on consumer behavior and market dynamics [1][2][3]. Core Insights and Arguments Beauty Industry - The beauty industry is benefiting from the logic of domestic product substitution, with domestic brands continuously increasing their market share, particularly in the mid-to-high-end market [1][2][5]. - The market for skincare products, especially eye and facial care, is growing significantly faster than the overall market, driven by emerging functional ingredients like recombinant collagen and signaling molecules [1][15]. - The beauty sector is experiencing a shift from traditional e-commerce to content-driven e-commerce, necessitating changes in marketing strategies and organizational structures to adapt to a "product finds people" model [1][3][4]. - The impact of the US-China tariff war has made domestic beauty products more attractive, with over 10 billion yuan worth of beauty products imported from the US facing tariffs, enhancing the competitiveness of local brands [2][5]. - Companies like Proya, Betaini, and Perfect Diary are expected to show strong performance despite facing profit pressures, indicating overall strengthening competitiveness in the sector [2][5]. Trendy Toy Industry - The trendy toy industry is heavily reliant on IP (intellectual property) comprehensive operation capabilities rather than manufacturing, with leading companies maintaining competitive advantages through design and supply chain innovations [1][30][31]. - The market for trendy toys is rapidly growing, with a 30% year-on-year increase in the domestic pan-entertainment toy market, expected to maintain a compound annual growth rate of 14% over the next five years [31]. - Companies like Pop Mart are expanding their market presence in Southeast Asia and the US, with revenue growth expected to exceed market expectations [1][30][40]. Additional Important Insights - The beauty industry is transitioning from an incremental market logic to a stock market logic, with new business models and companies emerging [5][6]. - The rise of Generation Z as a primary consumer group is driving demand for products that emphasize emotional and personal expression, leading to structural opportunities in niche markets like trendy toys and beauty care [1][3][8]. - The beauty sector is seeing a shift towards personalized marketing and decentralized promotion strategies, reflecting changes in consumer preferences and shopping behaviors [4][11]. - The competitive landscape in the trendy toy sector is evolving, with leading brands like Pop Mart and others leveraging their IP capabilities to capture market share from smaller players [30][35][36]. Conclusion - The beauty and trendy toy industries are undergoing significant transformations driven by changing consumer preferences, competitive dynamics, and macroeconomic factors. The focus on domestic brands, innovative marketing strategies, and IP management will be crucial for companies looking to capitalize on these trends in the coming years [1][5][30][31].

Core Viewpoint - Domestic beauty brands are gaining competitive advantages in the market through high cost-performance ratios and refined operations [1][7]. Group 1: Market Performance - In early 2024, the retail sales of cosmetics in China are projected to be 435.7 billion yuan, a year-on-year decline of 1.1% [2]. - Despite the overall market stagnation, several domestic beauty companies have reported impressive performance, with Proya (603605.SH) achieving a revenue of 10.778 billion yuan, a year-on-year increase of 21.04% [2][3]. - Other established beauty companies such as Shiseido (02145.HK), Maogeping (01318.HK), and Marubi (603983.SH) also reported revenue growth exceeding 20% [2]. Group 2: Online Sales Strategy - Leading beauty companies are increasingly focusing on online sales, with Proya's online sales ratio exceeding 95% and sales surpassing 10 billion yuan [4]. - Shiseido's online sales ratio is over 90%, with sales exceeding 6 billion yuan, while Marubi's online sales ratio is above 85% [4]. - In the e-commerce landscape, Douyin has emerged as a significant player, with total beauty sales reaching between 2.5 billion to 5 billion units and total sales exceeding 100 billion yuan [4]. Group 3: Quarterly Performance - In Q1 2025, the retail sales of cosmetics reached 114.9 billion yuan, a year-on-year increase of 3.2% [6]. - Proya reported a Q1 2025 revenue of 2.359 billion yuan, up 8.13% year-on-year, and a net profit of 390 million yuan, up 28.87% [6]. - Marubi achieved a Q1 2025 revenue of 847 million yuan, a year-on-year increase of 28.01%, with a net profit of 135 million yuan, up 22.07% [6]. Group 4: Future Outlook - The management of Juzhi Biological aims for a revenue growth of 25% to 28% and a net profit growth of 21% to 24% for the 2025 fiscal year [7]. - The cosmetics and medical beauty industry is expected to show stable growth driven by policy support and consumer recovery [7]. - Domestic beauty brands are focusing on reducing traffic costs and enhancing digital marketing strategies to ensure measurable business growth [7].