Core Insights - The company reported a total revenue of 53.56 billion yuan for the first half of 2025, reflecting a year-on-year increase of 7.24% compared to 2024 and 21.09% compared to 2023 [1] Channel Breakdown - Online revenue reached 51.09 billion yuan, showing a growth of 9.17% year-on-year from 2024 and 23.68% from 2023, with a significant contribution of 95.39% to total revenue [1] - Offline revenue was only 2.47 billion yuan, which represents a decline of 21.49% compared to 2024 and 13.63% compared to 2023 [1] Brand Performance - Revenue from various brands in the first half of 2025 included: - Proya: 39.79 billion yuan - Caitang: 7.05 billion yuan - OR: 2.79 billion yuan - Yuefuti: 1.66 billion yuan - Original Pot: 0.97 billion yuan [4] - By product category, skincare (including cleansing) generated 41.99 billion yuan, color cosmetics brought in 8.37 billion yuan, and hair care products accounted for 3.2 billion yuan [4]

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]

Core Insights - The Chinese beauty brand Proya has achieved its first 10 billion yuan revenue milestone, with total revenue reaching 10.778 billion yuan in 2024, marking a year-on-year growth of approximately 21% [1][3] - Proya's net profit attributable to shareholders for 2024 was 1.552 billion yuan, reflecting a year-on-year increase of 30% [1] - The brand's online sales channel remains dominant, contributing 95% to total revenue, although high marketing expenses associated with this channel are putting pressure on profit margins [1][7] Revenue and Profit Growth - Proya's total revenue for 2024 was 10.778 billion yuan, a 21.04% increase compared to the previous year, but this growth rate has significantly declined from 39.45% in 2023 [3] - The core brand Proya generated 8.581 billion yuan in revenue, up 19.55%, which is a notable decrease from the previous years' growth rates of around 36% [3] Brand Strategy and Product Development - Proya is intentionally reducing the core brand's contribution to overall revenue, with its share decreasing from 82.74% in 2022 to 79.69% in 2024 [5] - The company is focusing on the sunscreen category, launching new products and appointing Liu Yifei as the global spokesperson for its sunscreen line [5] - The color cosmetics brand Caitang has become the second-largest revenue source, generating 1.191 billion yuan, but its growth has sharply declined from previous years [6] Online Sales Performance - Proya's online sales reached 10.234 billion yuan in 2024, a year-on-year increase of 23.68%, with online sales accounting for an increasing proportion of total revenue [7] - The brand's flagship store on Tmall achieved the highest sales in the beauty category, indicating strong online performance [7] Marketing and Expenses - Proya's sales expenses for 2024 were 5.161 billion yuan, representing 47.88% of total revenue, an increase from 44.61% the previous year [8] - Marketing expenses rose significantly, with promotional costs increasing by 30.22% year-on-year [8] - Despite revenue growth, Proya's sales net profit margin was 14.71%, only slightly up from the previous year, indicating challenges in profitability [8]