[Table_Title] 25H1 营收稳健增长，OR 品牌增速靓丽 ——珀莱雅（603605）2025 年半年报点评 [Table_Summary] 事件： 公司发布 2025 年半年报。 点评： 25H1 营收增长稳健，费用投放加大致 Q2 利润增长承压 2025H1 公司实现营业收入 53.62 亿元，同比增长 7.21%，实现归属母公司 净利润 7.99 亿元，同比增长 13.8%，实现扣非归母净利润 7.71 亿元，同比 增长 13.49%。2025H1 毛利率为 73.38%，同比提升 3.56pct，净利率为 15.41%，同比提升 0.93pct。2025H1 公司销售费用率为 49.59%，同比提 升 2.81pct，主要系形象宣传推广费增加；管理费用率为 3.31%，同比下降 0.23pct，降本增效措施逐步落地；财务费用率为-0.44%，同比提升 0.06pct； 研发费用率为 1.77%，同比微降 0.12pct。单 Q2 营业收入 30.03 亿，同比 增长 6.49%，归母净利润 4.08 亿，同比增长 2.36%。 珀莱雅及彩棠稳步拓矩阵，OR 品牌实现翻番增长 [Table_ ...

8月26日晚，珀莱雅披露2025年中报，上半年实现营业收入53.62亿元，同比增长7.21%，归母净利润7.99亿元，同比增长13.80%。对比来看，2024年上半 年，公司营收、净利润增速分别为37.90%和40.48%，今年两项核心指标增速均有所放缓。 值得关注的是，作为"业绩担当"的主品牌珀莱雅贡献营收39.79亿元，同比下降0.08%，这也是其五年来首现营收微降。在此之前，该品牌2021年上半年到 2024年上半年营收增速均为正（营收增速分别为31.44%、43.12%、35.86%、37.67%）。 同时，珀莱雅通过另一则公告披露，为加快公司的国际化战略和海外业务发展，拟筹划发行H股股票并在香港联合交易所主板挂牌上市。 为推进港股上市事宜，原红蜻蜓（603116）（603116.SH）、罗莱生活（002293）（002293.SZ）董秘薛霞被聘任为珀莱雅新任董秘。对此，8月27日晚 间，"珀莱雅股份"官微还发文称，"薛霞将以丰富的资本市场运作与跨国企业管理经验，为珀莱雅推进港股上市注入关键动能"。 21世纪经济报道记者朱艺艺 杭州报道 美妆生意承压，但稳坐国货美妆龙头的珀莱雅（603605）（603 ...

Summary of the Conference Call Records Industry Overview - The beauty and personal care industry is experiencing an increase in penetration rates and rising prices, showing stronger growth compared to traditional food and beverage sectors, leading new consumption trends [1][7] - Domestic brands are rapidly rising in the beauty and personal care market, replacing foreign brands, particularly Japanese and Korean brands, which are showing significant declines [1][3] Key Financial Performance - **Personal Care Segment**: - 2024 revenue growth of 19% and net profit growth of 25% - Q1 2025 revenue growth of 29% and profit growth of 13%, driven by product innovation and Douyin channel [1][6] - **Medical Aesthetics Segment**: - 2024 revenue growth of 16% and net profit growth of 22% - Q1 2025 revenue and profit remained flat, with significant internal differentiation [1][9] - **Cosmetics Industry**: - 2024 revenue growth of 11% and net profit decline of 9% (11% growth after excluding anomalies) - Some companies like Juzhi Biotechnology and Mao Ge Ping performed exceptionally well [1][10] Channel Performance - Douyin channel is noted for its dual role in marketing and sales, with high initial costs but potential for improved profitability as brand influence expands to other channels [4][8] - In April 2025, beauty brands on Douyin showed strong performance, with several brands achieving over 100% growth [11] Company-Specific Insights - **Ruo Yuchen**: - Q1 2025 revenue and profit growth exceeded 200% for its free brand and over 150% for its household cleaning brand [12] - **Deng Kang Oral Care**: - Q1 2025 revenue and profit growth of 15%-20%, with online channels showing over 200% growth [14] - **Polaire**: - Q1 2025 saw unexpected profit growth due to improved gross margins and optimized sales expenses [16] - **Mao Ge Ping**: - April 2025 Douyin channel growth of over 30% [17] - **Perfect Bio**: - Q1 2025 revenue growth of 28% and net profit close to 30% [18] - **Runben**: - Q1 2025 revenue growth of 44%, with a focus on new product launches [19] Market Trends and Investment Recommendations - The beauty and personal care sector is expected to continue leading new consumption trends, with investment strategies focusing on companies with strong innovation capabilities and those showing positive changes [1][7][26] - Recommended stocks include Ruo Yuchen, Deng Kang Oral Care, and Runben in the personal care segment, and high-end domestic brands like Mao Ge Ping and companies in the collagen segment like Juzhi Biotechnology [26] Additional Insights - The beauty and personal care sector is more sensitive to product demand, innovation, and channel changes compared to other consumer goods, providing a natural premium and innovation potential [24] - The overall market for personal care, beauty, and medical aesthetics is expected to show strong growth, driven by product innovation and structural opportunities [25]