证券研究报告·公司点评报告 2025 年 11 月 4 日 江海证券研究发展部 消费行业研究组 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 | 市场数据 | | | --- | --- | | 总股本(百万股) | 396.01 | | A 股股本(百万股) | 396.01 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%) | 99.99 | | 12 个月最高/最低(元) | 105.19/71.90 | | 第一大股东 | 侯军呈 | | 第一大股东持股比例(%) | 34.53 | | 上证综指/沪深 300 | 3976.52/4653.40 | % 1 个月 3 个月 12 个月 相对收益 -9.07 -25.13 -42.75 绝对收益 -8.79 -10.37 -23.13 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-公司点评报告-珀莱雅 -603605：2024 年三季度点评：公司业绩 稳健增长 – 2024.10.30 2. 公司点评报告-珀莱雅-603605：2024 年中报点评： ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 5.36 billion yuan for H1 2025, representing a year-on-year growth of 7.2%, while the net profit attributable to shareholders was 800 million yuan, up 13.8% year-on-year. In Q2 alone, revenue was 3 billion yuan, with a year-on-year increase of 6.5%, and net profit of 410 million yuan, growing 2.4% year-on-year [2][4]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange to accelerate its international strategy and overseas business development, as well as enhance its overseas financing capabilities [2][4]. Financial Performance - In H1 2025, online direct sales, online distribution, and offline sales generated revenues of 3.91 billion, 1.2 billion, and 250 million yuan respectively, with year-on-year changes of 4.9%, 25.9%, and -21.5% [9]. - The main brand and sub-brands showed varied performance, with the main brand's revenue slightly declining by 0.1%, while sub-brands like OR and 原色波塔 saw significant growth of 103% and 80% respectively [9]. - The gross profit margin improved by 3.6 percentage points in H1 2025, attributed to cost reduction and efficiency improvements [9]. - The overall net profit margin increased by 0.9 percentage points to 14.9%, although Q2 saw a slight decline of 0.5 percentage points to 13.6% due to increased sales expenses during promotional periods [9]. Future Outlook - The company is expected to benefit from the ongoing expansion of its main brand and the continued strong performance of its sub-brands, which could contribute to incremental growth [9]. - EPS forecasts for 2025, 2026, and 2027 are projected to be 4.28, 5.05, and 5.77 yuan per share respectively [9].