2025.05. 20 在5月19日举行的珀莱雅（603605.SH）2024年度股东大会上，公司董事长侯军呈表示，公司考虑 通过巴黎分公司进行并购，填补公司在婴童、香水、男士护肤等赛道的空白，并购后会将新品牌引入 国内。 如今，在美妆国货崛起的背景下，本土企业站到了买家的位置，开始反向收购。 本文字数：932，阅读时长大约1.5分钟 作者 | 第一财经 刘晓颖 珀莱雅预备通过海外并购来填补其细分赛道的空白。 具体会收购哪些品牌？珀莱雅方面表示，这是未来规划，目前暂时还没有具体的细节。 从营收规模来看，珀莱雅在国内的美妆企业已经坐稳第一，去年成为首个收入破百亿的本土美妆公 司。该公司去年的营业收入为107.78亿元，同比增长21.04%；归母净利润15.52亿元，同比增长 30.00%。2025第一季度，公司营收23.59亿元，同比增长8.13%，归母净利润同比增长28.87% 至3.9亿元。 近年来，珀莱雅通过品牌升级和矩阵化战略，持续拓展产品线。除了同名品牌，旗下还有多个品牌， 比如2019年收购的彩妆品牌彩棠，2021年收购的日本洗护品牌Off&Relax等。不过，公司目前的 主力还是同名珀莱雅，其余品 ...

Core Insights - The company reported a revenue increase to 830 million yuan in Q1 2025, representing a year-on-year growth of 7.8%, continuing its growth trend [2] - The skincare segment, including brands Galénic, DR.WU, and EVELOM, saw a net income increase of 58%, contributing to a 47.7% growth in skincare revenue, totaling 360 million yuan [2] - The skincare segment accounted for 43.5% of total revenue, maintaining over 30% for 12 consecutive quarters [2] - Gross profit increased by 9.7% year-on-year, with a gross margin rising to 79.1%, marking a historical high for the quarter [2] - The company achieved a Non-GAAP net profit of 7.14 million yuan, marking two consecutive quarters of positive revenue growth and profitability [2] - The company emphasizes R&D as a core strategy for future growth, with Q1 2025 R&D investment nearing 22.64 million yuan, and a cumulative investment of over 580 million yuan since 2020 [2] Market Analysis - Analysts view the Q1 performance as a strong start, with strategic transformation yielding results, laying a solid foundation for stable growth throughout the year [3] - The company projects Q2 2025 total revenue between 810 million and 890 million yuan, indicating a year-on-year growth of approximately 2% to 12% [3] - The board has approved a new stock repurchase plan, allowing for the buyback of up to 30 million USD in common stock over the next 24 months, reflecting management's confidence in the company's long-term prospects [3]