10月3日 《经济日报》头版、2版刊发文章 《离岛免税业态升级》 版面图及全文如下 左右 核心体验之一 随着海南离岛免税政策的 不断优化 "免税购物天堂" 成为海南的又一张新名片 购物不再只是旅行的点缀 而成为游客赴琼旅游的 外国游客在三亚大东海旅游区购物。图源于三亚大东海旅游区 10月1日，位于海口市的海控全球精品免税城内，前来购物的消费者络绎不绝，在海南上大学的黄宇轩也是其中一员。"这是我第N次来免税城购物，这次 趁国庆假期出游来买一些护肤类产品。"黄宇轩说，海南离岛免税政策实施后，免税店成为她的购物首选，不仅价格优惠，新推出的"即购即提"政策也很 方便。 消费者在海控全球精品免税城内参与活动。图源于海控免税 海控全球精品免税城有限公司相关负责人介绍，近年来，免税城热卖商品格局有所改变，除传统热销产品外，彩妆、3C数码等品类销售增速较快，年轻 群体逐渐成为离岛免税购物的消费主力。这些年，为持续优化购物体验，免税城推出私享SPA、酒水品鉴等特色服务，全力打造海南离岛免税高端购物体 验新标杆。 资料图：海控全球精品免税城。南海网、南国都市报记者 李昊 摄 cdf海口国际免税城里，节日气息扑面而来。今年国庆中秋 ...

随着海南离岛免税政策的不断优化，"免税购物天堂"成为海南的又一张新名片，购物不再只是旅行的点 缀，而成为游客赴琼旅游的核心体验之一。 10月1日，位于海口市的海控全球精品免税城内，前来购物的消费者络绎不绝，在海南上大学的黄宇轩 也是其中一员。"这是我第N次来免税城购物，这次趁国庆假期出游来买一些护肤类产品。"黄宇轩说， 海南离岛免税政策实施后，免税店成为她的购物首选，不仅价格优惠，新推出的"即购即提"政策也很方 便。 从买免税到逛景区，三亚国际免税城持续刷新消费者购物体验。作为全国首个以免税商业为核心载体的 国家4A级旅游景区，通过推动旅游与时尚购物、亲子娱乐等业态深度融合，将传统商业空间转化为多 元价值平台，以"文商体旅康"融合发展模式构建国际消费新生态，打造了情景式、沉浸式休闲游览体 验。 三亚国际免税城聚焦"首"字经济，持续丰富业态组合和品牌迭代，引入爱心小熊咖啡店中国内地首店、 DIMOO"自然的形状"系列主题展全国首展等，通过"免税+体验+社交"的复合模式，吸引年轻客群。目 前已汇聚近1000个国内外知名品牌，为消费者提供多元购物选择。 如今，越来越多消费者选择海南离岛免税购物，线上线下相结合的购物 ...

cdf海口国际免税城里，节日气息扑面而来。今年国庆中秋双节期间，cdf海口国际免税城携超800个国 内外品牌，围绕"价格让利、场景互动、体验升级"三大方向，推出一系列优惠营销活动，以实实在在的 让利吸引顾客。在创意互动方面，店内设置了巨型扭蛋机、巨屏刮刮乐等互动装置，打造沉浸式场景， 延长留客时间、加强社交传播效果。"我们还创新推出'MAX币'作为通用畅玩币，有效串联'吃、喝、 玩、购、娱'五大消费环节，促进跨品类消费与场景互动。"cdf海口国际免税城销售经理孙慧妍说，希 望顾客不仅能感受到购物的愉悦，还能体验其他活动带来的快乐。 数据显示，自海南离岛免税额度新政实施以来，海口海关共监管离岛免税购物金额超2000亿元，免税购 物人数3000万人次，免税购物件数2.47亿件，海南离岛免税销售额占全球免税市场比重超8%。 海南离岛免税政策持续释放红利，有力促进了消费场景升级，"免税+文旅"模式不断深化，培育了多元 消费场景。 今年暑期，cdf海口国际免税城推出儿童剧场、研学课堂、主题巡游等活动，既可购物、饮食，又可游 玩、遛娃，实现从单一消费场景向复合型消费场景的升级。"近年来，我们与大型赛事、演唱会等活动 加强 ...

数据显示，南方基金旗下1只基金重仓拉芳家化。南方益和灵活配置混合（002293）二季度持有股数 6.98万股，占基金净值比例为3.13%，位居第三大重仓股。根据测算，今日浮亏损失约11.38万元。 南方益和灵活配置混合（002293）成立日期2016年1月11日，最新规模4996.3万。今年以来收益 27.06%，同类排名2593/8175；近一年收益51.61%，同类排名2558/7982；成立以来收益97.52%。 9月11日，拉芳家化跌5.75%，截至发稿，报26.72元/股，成交2959.48万元，换手率0.48%，总市值60.17 亿元。 资料显示，拉芳家化股份有限公司位于广东省汕头市龙湖区万吉工业区龙江路拉芳大厦，成立日期2001 年12月14日，上市日期2017年3月13日，公司主营业务涉及洗护类、护肤类、彩妆类产品的研发、生产 和销售。主营业务收入构成为：洗护类87.57%，其他9.52%，香皂2.84%，其他(补充)0.08%。 从基金十大重仓股角度 截至发稿，邹寅隆累计任职时间4年220天，现任基金资产总规模4996.31万元，任职期间最佳基金回报 14.63%， 任职期间最差基金回报-3 ...

Core Viewpoint - The company, Proya, is facing significant challenges as its performance growth slows to a five-year low, prompting a shift towards the Hong Kong stock market for further international expansion and financing opportunities [1][4][29] Group 1: Financial Performance - In the first half of 2025, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.8% [7] - Compared to the previous year, Proya's mid-year performance has significantly slowed, with 2024 showing a revenue growth of 37.9% and a net profit growth of 40.48% [7] - The brand's revenue growth has declined, with a slight decrease of 0.08% in the first half of 2025, marking the first revenue growth decline in five years [7][8] Group 2: Market Strategy and Internationalization - Proya plans to issue H-shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its financing capabilities [3][4] - The move to Hong Kong aligns with a broader trend in the beauty industry, where approximately 17 beauty companies are expected to pursue IPOs in the first half of 2025 [6] - If successful, Proya will be the only domestic beauty brand listed in both mainland China and Hong Kong [6] Group 3: Management Changes - Since the appointment of the new CEO, Hou Yameng, in 2024, Proya has undergone significant management changes, including the departure of several key executives [12][14][19] - The new management team is focused on internationalization, technology, digitalization, and brand enhancement [18] Group 4: Investment Activities - Proya has made a strategic investment in the makeup brand Huazhihao, acquiring a 38.45% stake, which is seen as a move to strengthen its position in the makeup segment [21][28] - This investment is part of Proya's strategy to address its weaknesses in the makeup category, as its existing makeup brand, Caitang, has not met growth expectations [28]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Proya Cosmetics, indicating a slight decline in stock price and a mixed trend in trading volume [1][2] - As of June 30, 2025, Proya achieved a revenue of 5.362 billion yuan, representing a year-on-year growth of 7.21%, and a net profit of 799 million yuan, with a growth of 13.80% [2] - The company has distributed a total of 1.81 billion yuan in dividends since its A-share listing, with 1.225 billion yuan distributed over the past three years [3] Group 2 - Proya's main business revenue composition includes skincare products (83.68%), beauty makeup (12.62%), hair care (3.58%), and other categories (0.12%) [1] - The number of shareholders increased by 18.25% to 60,300 as of June 30, 2025, while the average circulating shares per person decreased by 15.43% to 6,560 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 47.5196 million shares, a decrease of 12.3914 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is that Lafang Home Products Co., Ltd. has seen a significant stock price increase of 5.49%, reaching 29.19 CNY per share, with a total market capitalization of 6.574 billion CNY [1] - Lafang Home Products specializes in the research, production, and sales of personal care products, with a revenue composition of 87.57% from hair care, 9.52% from other products, 2.84% from soap, and 0.08% from supplementary products [1] - The company is located in Shantou City, Guangdong Province, and was established on December 14, 2001, with its stock listed on March 13, 2017 [1] Group 2 - According to data from the top ten holdings of funds, Southern Fund's Southern Yihe Flexible Allocation Mixed Fund (002293) holds 69,800 shares of Lafang Home Products, accounting for 3.13% of the fund's net value, making it the third-largest holding [2] - The Southern Yihe Flexible Allocation Mixed Fund has achieved a year-to-date return of 25.57% and a one-year return of 48.05%, ranking 2822 out of 8180 and 2705 out of 7967 in its category, respectively [2] - The fund manager, Zou Yinlong, has been in position for 4 years and 212 days, with the fund's total asset size at 49.9631 million CNY [3]

Core Viewpoint - The company Proya, a leading domestic beauty brand, is planning to issue H-shares and list on the Hong Kong Stock Exchange to boost its capital amid slowing growth rates in revenue and net profit [2][5][6]. Financial Performance - Proya's revenue for the first half of 2025 increased by 7.21% to 5.362 billion yuan, while net profit rose by 13.80% to 799 million yuan [3][5]. - The sales net profit margin improved to 15.41%, and the gross profit margin was 73.38% [3][5]. - The highest growth was seen in the hair care category, which surged by 131.25%, while the beauty makeup category grew by 25.79% [3][4]. Dividend Announcement - Proya announced a record cash dividend plan, proposing a distribution of 8 yuan per 10 shares, totaling approximately 315 million yuan [4][5]. - This dividend represents nearly 40% of Proya's net profit for the first half of 2025, bringing the total dividends since its listing in 2017 to over 2.1 billion yuan [5]. H-Share Listing Plans - The company is planning to issue H-shares to enhance its capital strength and competitiveness, aiming for international capital and brand recognition [5][6]. - The potential benefits of listing in Hong Kong include opportunities for capital internationalization, governance standardization, and global brand expansion [5][6]. Market Competition and Growth Potential - Despite being a leader in the domestic skincare market, Proya faces intense competition from international brands and emerging domestic brands [7]. - The global cosmetics market is projected to reach $446.43 billion by 2025, with a compound annual growth rate of 5.5%, indicating significant growth opportunities for Proya in overseas markets [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand continues to drive performance growth, with a revenue increase of 30.8% year-on-year in H1 2025, reaching 1.769 billion yuan, while net profit grew by 5.2% [4][5] - The company has adjusted its profit forecast due to intense industry competition, projecting net profits of 400 million, 523 million, and 667 million yuan for 2025, 2026, and 2027 respectively [4][5] - The dual-brand strategy is expected to sustain performance growth, and the current valuation is considered reasonable [4] Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, with a net profit of 186 million yuan [4] - For Q2 2025, revenue was 923 million yuan (up 33.5%), but net profit decreased by 23.1% to 51 million yuan [4] - The company's gross margin for H1 2025 was 74.6%, remaining stable year-on-year [5] Product and Market Strategy - The company reported strong performance in eye care products, with revenue of 420 million yuan (up 76.2%), while skincare and beauty categories also showed growth [5] - The online sales channel saw a significant increase, with online revenue reaching 1.571 billion yuan (up 37.9%), while offline sales declined by 7.1% [5] - The company is focusing on enhancing brand awareness and product innovation, with a notable new product launch achieving top sales rankings [6] Financial Projections - Revenue projections for 2025 to 2027 are 3.852 billion, 4.852 billion, and 5.906 billion yuan respectively, with year-on-year growth rates of 29.7%, 26.0%, and 21.7% [7][9] - The projected net profit for 2025 is 400 million yuan, with an expected EPS of 1.00 yuan [7][9] - The company's P/E ratio is projected to decrease from 45.4 in 2025 to 27.2 in 2027, indicating improving valuation over time [7][9]

Group 1 - The company reported its main operational data for Q2 2025, including production, sales, and revenue figures for its key products [1][2] - The total production and sales figures for the main product categories are as follows: Eye products (1,417,633 produced, 1,293,001 sold, revenue of 206,219,439 yuan), Skincare products (4,321,217 produced, 4,012,166 sold, revenue of 364,708,224 yuan), Cleansing products (1,248,862 produced, 1,089,700 sold, revenue of 65,706,024 yuan), and Beauty products (2,942,370 produced, 3,173,964 sold, revenue of 268,017,038 yuan) [1] - The average selling price of eye products increased by 57.93% to 159.49 yuan due to a higher proportion of upgraded eye cream sales and a lower proportion of eye mask sales [1][2] Group 2 - The average selling price of beauty products increased by 42.78% to 84.44 yuan, attributed to optimized marketing strategies that reduced low-priced promotional items [2] - The company experienced a decrease in the prices of key raw materials, including propylene glycol and butylene glycol, which helped lower procurement costs by 2% [2] - The company implemented large-scale procurement strategies, resulting in a 10% decrease in packaging materials, a 15% decrease in tube packaging, and a 24% decrease in certain box packaging materials [2]