10月9日，自然堂向《中国经营报》记者表示："基于当前资本市场环境、行业竞争态势及公司自身战略 发展阶段的综合考量，公司选择赴港上市。" 实际上，今年以来，大量企业赴港上市。同时，在港股持续走强的背景下，也有企业在上市之后获得了 非常好的股价表现，以此前上市的毛戈平为例，在成功登陆港股市场之后，至今股价已翻倍。 中经记者 钟楚涵 孙吉正 上海报道 艾媒咨询CEO张毅向记者指出："从大环境来看，目前港股市场表现整体来说不错。同时，作为国际资 本市场，在港股IPO有利于自然堂吸引全球化投资者的参与以及企业拓展海外市场。自然堂的上市计划 也来源于行业竞争的倒逼，国货美妆品牌头部企业比如珀莱雅、林清轩、毛戈平等都已经上市或者正在 启动上市计划，在此背景下自然堂也会感受到压力。" 此前传闻已久的自然堂全球控股有限公司（以下简称"自然堂"）IPO消息终于落地。近日，自然堂递交 招股资料，冲击港股。招股资料显示，截至目前，自然堂九成以上的收入来自旗舰品牌自然堂，未能成 功将其余品牌打造出圈。另外，与本土头部企业珀莱雅、上美股份相比，自然堂在业绩增速、利润率水 平上都处于落后状态。 冲击港股 近日，自然堂披露招股资料，准备在 ...

Core Insights - Several domestic beauty brands have reported mixed results for the first half of the year, with some achieving revenue and net profit growth while others struggle with stagnation or losses [1][3][4] Group 1: Performance Overview - Up to mid-2025, companies like Proya, Shangmei, Mao Geping, and Shuiyang have shown revenue and net profit growth, while Betaini, Huaxi Biology, and Yixian E-commerce continue to face challenges [1][3] - Shangmei achieved revenue of 4.108 billion yuan, a 17.3% increase year-on-year, and a net profit of 524 million yuan, up 30.65% [3] - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3] - Shuiyang's revenue reached 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3] - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and net profit was 799 million yuan, up 13.8% [4] - Betaini's revenue fell to 2.372 billion yuan, down 15.43%, with a net profit decrease of 49.01% to 247 million yuan [4] - Yixian E-commerce reported revenue of 1.92 billion yuan, a 22.48% increase, but a net loss of 22.97 million yuan [4] - Huaxi Biology's revenue dropped 19.57% to 2.261 billion yuan, with a net profit decline of 35.38% to 221 million yuan [4] Group 2: Strategic Responses - Companies are adapting to the end of the traffic dividend era by focusing on multi-brand strategies and high-end product offerings [6][9] - Proya is pursuing a multi-brand strategy, acquiring various brands to strengthen its market position [7] - Shuiyang is focusing on high-end transformation, acquiring international brands to enhance its premium offerings [7] - Betaini is also working on a multi-brand approach, with significant growth in its high-end anti-aging brand [8] - Shangmei is leveraging price advantages in the budget market, but this has led to concerns about entering a price war [8] Group 3: International Expansion - Domestic beauty brands are increasingly looking for growth opportunities overseas [9][10] - Proya plans to issue H-shares for international expansion and has announced overseas acquisitions in various beauty segments [9] - Betaini is establishing regional headquarters in Thailand and expanding its product presence in local markets [9] - Yixian E-commerce has launched a global innovation R&D center and is expanding into Southeast Asia and North America [10] - Shuiyang is also pursuing a global strategy, focusing on brand and supply chain globalization [10]

Group 1 - The core point of the article is that Proya has announced its intention to list in Hong Kong while revealing its semi-annual report, which has attracted significant attention in the capital market [1][2] - Proya's revenue for the first half of the year reached 5.362 billion yuan, a year-on-year increase of 7.21%, while net profit attributable to shareholders was 799 million yuan, up 13.80% year-on-year [3] - The growth rates of revenue and net profit have significantly slowed compared to the previous year, indicating that Proya has entered a period of more moderate growth [4] Group 2 - The main brand "Proya" reported a slight decline in revenue of 0.08% year-on-year, marking the first negative growth in five years [4] - Proya's marketing expenses have increased, with total sales expenses reaching 2.659 billion yuan, accounting for 49.59% of revenue, which is significantly higher than the revenue growth rate [6] - The company has experienced significant internal personnel changes, including the departure of several core executives and the introduction of new executives with international backgrounds [7][8] Group 3 - Proya's plan to list in Hong Kong aims to accelerate its international strategy and overseas business development, although its current overseas sales account for less than 5% of total revenue [12][13] - The company faces challenges in expanding its overseas market presence, particularly in saturated markets like Europe and North America, where established brands dominate [15] - Proya's reliance on online channels for 90% of its domestic revenue poses a challenge for its international expansion, where offline channels remain crucial [15]

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Core Viewpoint - The domestic beauty brand Proya (603605.SH) is facing challenges as its stock price dropped significantly, and it is planning to issue H-shares for listing on the Hong Kong Stock Exchange, potentially becoming the first beauty company with both A and H shares [1][2][3]. Financial Performance - Proya reported a revenue of 5.362 billion yuan for the first half of 2025, representing a year-on-year growth of 7.21%, while the net profit attributable to shareholders was 799 million yuan, up 13.80% year-on-year [5]. - In comparison, the revenue growth rate for the same period in 2024 was 37.90%, and the net profit growth rate was 40.48%, indicating a significant slowdown in performance [6][15]. Strategic Developments - The company has initiated preparations for its Hong Kong listing and has appointed a new independent director with a strong investment banking background, which may aid in this process [4][7]. - Proya aims to secure more stable funding for core R&D, brand building, and overseas market expansion through the upcoming listing [8]. Brand Performance - The main brand "Proya" experienced a slight revenue decline of 0.08% to 3.979 billion yuan, with its revenue share decreasing from 79.71% to 74.27% [16]. - In contrast, the second-tier brands showed strong growth, with the makeup brand "Caitang" increasing revenue by 21.11% to 705 million yuan, and the hair care brand "Off&Relax" achieving a revenue of 279 million yuan, doubling its previous performance [16]. Market Outlook - Concerns have been raised regarding the future growth of Proya's main brand, but analysts believe that with the new R&D team and system, there is potential for recovery in growth [16]. - The upcoming Hong Kong listing is expected to enhance the company's international presence and facilitate overseas acquisitions, which is viewed positively for its long-term growth prospects [16].

Group 1: Proya's Performance and Strategy - Proya plans to list in Hong Kong and has introduced an independent director with investment banking experience to enhance its governance [6][7][8] - In the first half of 2025, Proya achieved revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.80% [1] - The core brand Proya saw a slight revenue decline of 0.08% to 3.979 billion yuan, while the second-tier brands like Cai Tang and Off&Relax showed significant growth [2][3] Group 2: Market Dynamics and Challenges - Proya's online channels contributed 95.39% of total revenue, with online direct sales growing at a slower pace of 4.87% [4] - The offline channel experienced a significant decline of 21.49% [5] - The company is shifting focus to international markets due to slowing domestic growth and increasing competition [7][8] Group 3: Liren Liren's Struggles - Liren Liren reported a revenue decline of 13.98% to 831 million yuan and a net loss of 32.76 million yuan in the first half of 2025 [8][9] - The company's core e-commerce business is shrinking, particularly on the Tmall platform, which saw a 29% revenue drop [9] - Despite challenges, the self-owned brand matrix showed over 80% growth, indicating potential for new revenue streams [11][12] Group 4: Jiaheng's Financial Performance - Jiaheng achieved revenue of 514 million yuan, a year-on-year increase of 21.72%, but net losses expanded to 32.14 million yuan [13] - The company faces challenges with high fixed costs from new production capacity and declining profit margins in key business areas [15][18] - Management plans to implement cost-reduction measures and improve operational efficiency to enhance profitability [18][19]

Core Viewpoint - The report from Dongfang Securities indicates that Proya's mid-year results met expectations, demonstrating the company's operational resilience as a multi-brand group [1] Financial Performance - In the first half of the year, Proya achieved a revenue growth of 7% and a net profit growth of 14% year-on-year, despite increasing competition in the beauty industry and a relatively large operational scale [1] - The main brand's revenue remained stable year-on-year, while the color cosmetics brand Caitang grew by 21%, the hair care brand OR experienced a significant growth of 103%, and the small brand Original Pot saw a rapid increase of 80%, collectively driving the company's steady growth [1] Cash Flow and Shareholder Returns - The quality of earnings remained strong, translating into better cash dividend returns for investors, with net cash from operating activities increasing by 95% year-on-year [1] - The mid-term inventory turnover days decreased by approximately 14 days year-on-year, indicating improved operational efficiency [1] - The company plans to distribute a dividend of 0.8 yuan per share, reflecting its commitment to shareholder returns [1] Future Outlook - Current market concerns focus on the future growth rate of the main brand; however, it is believed that with the gradual integration of the new R&D team and system, the main brand is expected to regain its growth momentum [1]

Core Viewpoint - The domestic beauty industry is expected to experience a new wave of mergers and acquisitions, highlighted by the acquisition of skincare brand Baizhicui by local beauty group Juyi Group, which aims to complement its existing beauty business [1][2]. Group 1: Acquisition Details - Juyi Group has signed an acquisition agreement with Baizhicui, although the specific price has not been disclosed [1]. - Baizhicui, founded in 2012 by dermatologist Li Yuanhong, has focused on product promotion through professional channels such as public hospitals [2]. - Post-acquisition, Li Yuanhong will continue as Chief Product Officer at Baizhicui, overseeing the entire product development process [2]. Group 2: Market Dynamics - The domestic beauty industry is experiencing "extreme polarization," with leading companies establishing competitive advantages while smaller brands face significant survival pressures [1][5]. - The acquisition strategy is seen as a viable path for leading companies, with a trend of "big fish eating small fish" expected to continue [5]. Group 3: Business Growth and Financials - Juyi Group's revenue reached 2.61 billion yuan in 2023, projected to grow to 3.5 billion yuan in 2024, marking a 36% year-on-year increase [6]. - The main brand, Judo, reportedly generated over 2 billion yuan in revenue, positioning it as a leading domestic color cosmetics brand [6]. - The acquisition of Baizhicui is anticipated to enhance Juyi's revenue, potentially exceeding 4 billion yuan this year [7]. Group 4: Strategic Implications - The acquisition aligns with Juyi Group's multi-brand strategy, expanding its presence in the color cosmetics, skincare, and hair care sectors [4]. - Industry experts suggest that the merger will provide Baizhicui with more resources and support to deepen its focus on sensitive skin products, while Juyi fills a gap in its skincare offerings [7]. - The ongoing trend of acquisitions and expansions is viewed as a strategic move to enhance market valuation and prepare for potential public listings in the future [7].