图片来源：企业公告截图 近日，珀莱雅发布2025年半年报。披露公司上半年营收增长7.21%至53.62亿元，归属净利提高13.8%至7.99亿元。 | | | (1) 按渠道拆分 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 金额 | 2025H1 | 2024 比上 | 2023 比上 | 2022 比上 | 2025H1 | 2024 | | 分渠道 | | (亿元) | 同期增 | 年同期授 | 年同期增 | 年同期增 | 占比 | 白比 | | | | | 仮(%) | 诚(%) | 減(%) | 泥(%) | (%) | (%) | | 线上 | 直营 | 39. 05 | 4.87 | 20. 35 | 50. 70 | 59. 79 | 72. 90 | 75. 45 | | 分销 | | 12. 04 | 25.91 | 38. 40 | 16. 49 | 16. 79 | 22. 49 | 19. 61 | | 小计 | | 51.09 | 9.17 | 23. 68 | 42. 96 ...

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]

品牌矩阵中，彩妆品牌彩棠为第二大收入来源，营收达到11.91亿元，同比增长19.04%，但其在2023年 和2022年的同比增速高达75.06%和132.04%，这一数据断崖式下跌也与近两三年来彩妆消费市场疲软有 关。不过，另一个新秀彩妆品牌"原色波塔"在今年的销售额甚是亮眼，营收达到1.14亿元，同比增长 138.36%，该品牌在2023年之前都是并入了其他品牌计算，今年才得以单独计算业绩。除了化妆品，珀 莱雅旗下的洗护品牌Off&Relax的营收增速在近两年一直保持在70%左右，是珀莱雅矩阵品牌下增速表 现最为稳定的，其对总营收的贡献占比也相比于其他品牌有显著的逐年上升的趋势，从2022年的1.98% 提升至3.42%。 线上渠道对营收贡献大，但拖累盈利水平 2024年珀莱雅在线上渠道经营能力依然突出。2024年线上的业务收入达到102.34亿元，同比增长 23.68%，其占到总营收的比例在逐年攀升，2022年-2024年分别占比为90.98%、93.07%和95.06%。线上 渠道的优势也可以从具体品牌的销售情况看到。2024年度，珀莱雅天猫旗舰店成交金额首次跃居天猫美 妆第1，获抖音美妆排名第2，获京 ...