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 ...

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][29]. Core Insights - The report highlights significant market performance for the week of June 23-27, 2025, with retail, social services, and beauty care sectors increasing by 4.56%, 4.61%, and 1.04% respectively, outperforming the Shanghai Composite Index which rose by 1.91% [14][17]. - Key events include the strategic investment of 3.4 billion yuan by Jianbo Biological into Yangshengtang, and the successful IPO of Yingtong Holdings on the Hong Kong Stock Exchange [3][28]. Summary by Sections Market Performance - The retail, social services, and beauty care sectors ranked 9th, 8th, and 24th among 31 primary industries, with notable increases in sub-sectors such as education, professional chains, and trade, which rose by 7.47%, 7.42%, and 5.2% respectively [14][17]. Key Industry Data and News - In the beauty care sector, significant developments include the entry of Kefu Mei into Malaysia's Watsons, becoming the first Chinese efficacy skincare brand in the region, and the announcement by the National Medical Products Administration regarding the management of cosmetic raw materials [23][24]. - Jianbo Biological's restructuring of its collagen product to a medical device category and the successful listing of Yingtong Holdings are also noteworthy [3][24]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Ltd., Juzhi Biological, Marubi Biological, Runben Co., Ltd., Proya, Chaohongji, Blukoo, and Furuida as potential investment targets within the highlighted sectors [5][29].

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]