为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦颜值经济、运动户外、食品康养、智能消电、宠物经 济、体验经济、兴趣消费、跨境出海、消费科技九大热门赛道，展开系列调研、走访和报道。 同时，南方都市报将联合广东连锁经营协会等多个省市的连锁协会成立组委会，举办"2025高品质消费生态大会"，组委会将从企业品质力、成长性、创新 性、社会责任等方面综合评定"2025高品质消费品牌TOP100"。 颜值经济中，美妆个护赛道向来是消费热点。国家统计局的数据显示，今年5月，化妆品类的零售总额同比增长达到4.4%，1-5月这一数据为4.1%，相比去年 有明显的回暖态势。当前，中国的美妆个护市场也正在逐渐进入变革期，报告观察到，功效护肤正在成为消费刚需，防晒和洗护等垂类赛道迎来明显增长， 直播电商、社交电商等新型电商渠道正在重构销售链路。 随着618大促的来临，美妆护肤品的消费延续高增长态势。据蝉妈妈数据，5月抖音美妆品牌榜单发生巨变，销售额破亿元的护肤品牌有25个，7个品牌销量 达100多万件。值得注意的是，今年618大促期间，不少国际大牌重回销售榜单的排名前列，高端化妆品市场竞争颇 ...

事件 公司发布2024 年年报与2025 年1 季报：2024 年营收107.78 亿元 （同比+21.0%），归母净利润15.52 亿 元（同比+30.0%），扣非归母净利润15.22亿元（同比+29.6%）；2025Q1 营收23.59 亿元 （同比 +8.1%），归母净利润3.9 亿元（同比+28.9%），扣非归母净利润3.79 亿元（同比+29.8%）。 2024 年营收过百亿大关，利润增长不改龙头底色2024Q4 与2025Q1 均在收入稳健基础上实现20%+利润 增长，表观上受益于综合毛利率提升与费用端降本增效。我们认为，2024H2 电商平台流量竞争激烈， 美妆品牌利润率多承压，珀莱雅利润率逆势提升，背后是公司四大单品矩阵系列支撑（客单价与复购率 提升）、精细化运营与成本管控能力强、2020 年转型以来不断积蓄的品牌势能。 "大单品策略"持续夯实，看好美白/油皮等品类增量2024 年以来公司持续夯实"大单品策略"，包括升级 双抗系列、红宝石系列、源力系列核心大单品，丰富能量系列新品，全新推出盾护防晒、超膜银管防 晒、针对美白的光学系列、针对油皮的净源系列。存量大单品系列升级延长生命周期、美白/油 ...

Group 1: Market Overview - A-shares experienced a decline with a trading volume of 1.07 trillion yuan, while the largest consumer ETF (159928) slightly dropped by 0.37% with a trading volume of nearly 300 million yuan, indicating high trading activity [1] - Over the past 60 days, there has been a continuous inflow of funds into consumer stocks, totaling nearly 2.6 billion yuan [1] Group 2: Company Performance - Proya, a leading domestic beauty brand, has gained market attention due to its impressive annual and quarterly reports, achieving a consecutive increase in stock price [3] - Proya's revenue for 2024 is projected to reach 10.234 billion yuan, with online sales accounting for 95.06% of total revenue, reflecting strong organizational efficiency and brand growth potential [3][4] - In Q1 2024, Proya's net profit attributable to shareholders increased by 29% year-on-year, showcasing improved operational quality [4] Group 3: Consumer Sector Earnings - Wuliangye reported Q1 2024 revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, with a net profit of 14.86 billion yuan, also up by 5.8% [5] - Among the 41 constituent stocks of the consumer ETF (159928), 22 have released Q1 reports, with 14 showing positive year-on-year growth in net profit, representing 64% [5][7] - Major companies like Muyuan Foods and Wen's Foodstuffs have turned profitable, with net profit growth exceeding 200% [5] Group 4: Financial Metrics - The consumer ETF (159928) has seen a net inflow of nearly 2.6 billion yuan over the past 60 days, with the latest share count reaching nearly 19 billion, maintaining historical highs [8] - The constituent index of the consumer ETF achieved a record net profit of 191.9 billion yuan in the first three quarters of the previous year, marking a year-on-year growth of 29.44% [8] - The latest price-to-earnings ratio for the consumer ETF is 20.37, which is at a low valuation compared to the past decade, indicating a favorable investment opportunity [8][10]

整理 ｜ 彭倩 #Big News# 增长压力之下，雀巢中国换帅 雀巢中国的首位本土 CEO 卸任。 近日，雀巢宣布现任雀巢大中华区董事长兼 CEO 张西强辞任，由现任菲律宾市场负责人马凯思 （Kais Marzouki）接替。这是雀巢集团自去年10月宣布不再将中国市场设立为独立大区后（今年1 月1日起生效），推出的一项人事调整举措。 由于中国市场曾表现颇佳，雀巢曾在2022年为其单独设立大中华区，张西强同年成为雀巢中国首位 本土CEO。中国是雀巢的第二大市场，一直被寄予厚望，张西强在上任时也曾为雀巢中国制定较为乐 观的增长计划：雀巢中国区要在2025年实现600亿小目标，在2030年实现1000亿大目标。 翻看过去3年的财报，雀巢中国区的体量分别为401.6亿元、436亿元和408.69亿元，遇到增长瓶 颈，与张西强曾制定的2025年达到600亿的目标也相差较大。 如今，全球消费市场正处于周期性波动，雀巢在内的一系列外资企业都需要更好的让产品适应当地市 场消费者需求和习惯的变化。 雀巢曾公开表示对中国市场的反思，前 CEO 施耐德曾表示，过去10年，雀巢在中国多项投资没有成 功，如对花生牛奶品牌银鹭的收购， ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported strong performance in Q1 2025 with a revenue of 2.36 billion yuan, a year-on-year increase of 8.13%, and a net profit of 390 million yuan, up 28.87% year-on-year [1][2] - The gross margin for 2024 was 71.39%, an increase of 1.46 percentage points year-on-year, driven by a decrease in freight rates [2] - The main brand continues to innovate with new product launches, contributing to a revenue of 8.58 billion yuan in 2024, a year-on-year increase of 19.55% [3][4] Financial Performance - For 2024, the company achieved a total revenue of 10.78 billion yuan, representing a 21.04% year-on-year growth, and a net profit of 1.55 billion yuan, up 30.00% year-on-year [1][4] - The company expects revenues for 2025-2027 to be 12.47 billion yuan, 14.16 billion yuan, and 15.95 billion yuan respectively, with corresponding net profits of 1.81 billion yuan, 2.09 billion yuan, and 2.40 billion yuan [4][5] - The EBITDA for 2024 is projected at 2.27 billion yuan, with a growth rate of 21.04% [4] Product Development - The main brand is in a stable transformation phase, continuously enhancing its product matrix with new launches such as the "Super Membrane Powder Tube" and "Optical Water Emulsion" [4] - The small brand "OR" showed remarkable growth with a revenue increase of 71.14% year-on-year, reaching 368 million yuan [3][4] Market Position - The company is solidifying its position as a leading domestic beauty brand, with a focus on expanding its product offerings and market share [4][5] - The sales expense ratio for 2024 was 47.88%, reflecting an increase of 3.27 percentage points year-on-year, while the management expense ratio decreased by 1.72 percentage points [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown strong performance in its financial results, with a 2024 revenue of 10.778 billion yuan, representing a year-on-year increase of 21.04%, and a net profit of 1.552 billion yuan, up 30.00% year-on-year [1] - The gross margin has improved, reaching 71.39% in 2024, an increase of 1.46 percentage points year-on-year, and the net profit margin increased to 14.40%, up 0.99 percentage points year-on-year [2] - The main brand continues to innovate with new product launches, contributing to a revenue of 8.581 billion yuan in 2024, a 19.55% increase year-on-year [3] Financial Performance Summary - 2024 revenue: 10.778 billion yuan, up 21.04% year-on-year [1] - 2024 net profit: 1.552 billion yuan, up 30.00% year-on-year [1] - 2025 Q1 revenue: 2.359 billion yuan, up 8.13% year-on-year [1] - 2024 gross margin: 71.39%, up 1.46 percentage points year-on-year [2] - 2024 net profit margin: 14.40%, up 0.99 percentage points year-on-year [2] Product Development and Market Position - The main brand has launched several new products, including the upgraded Ruby and Energy series, enhancing its anti-aging product matrix [3] - The small brand OR has shown remarkable growth with a revenue increase of 71.14% year-on-year, reaching 368 million yuan [3] - The company is expected to maintain its growth trend and increase market share through a solid product strategy [4] Financial Forecast - Expected revenue for 2025-2027: 12.466 billion yuan, 14.159 billion yuan, and 15.953 billion yuan respectively [4] - Expected net profit for 2025-2027: 1.807 billion yuan, 2.095 billion yuan, and 2.402 billion yuan respectively [4] - Corresponding P/E ratios for 2025-2027 are projected at 19x, 16x, and 14x respectively [4]

在回报股东方面，珀莱雅一直不遗余力，通过持续且丰厚的分红举措，彰显出公司对股东权益的高度重 视以及稳健发展的坚定信心。2024年年度报告显示，珀莱雅2024年度公司现金分红占2024年度合并报表 归属于上市公司股东净利润的40.07%，包括：拟每10股派发现金红利11.90元（含税）、拟分配现金红 利总额4.69亿元（含税）；2024年度集中竞价方式回购股份金额1.53亿元（含税）。自上市以来，珀莱 雅累计分红及回购金额已达20.02亿元（含2024年度拟分配的现金红利）。 据珀莱雅化妆品股份有限公司（股票代码：603605）近期发布的2024年年度报告显示，2024年度营业收 入同比增长21.04%，促使珀莱雅销售规模首次突破百亿元，实现收入107.78亿元；实现归母净利润 15.52亿元，同比增长30%；毛利率、净利率分别提升至71.39%和14.71%，核心经营指标均创历史新 高。2024年，珀莱雅依托"科技驱动产品、多品牌协同、全域渠道融合"，以卓越表现完成营收百亿元的 历史性突破，引领国货美妆行业迈向新高度，成为行业发展的标杆。 营收、净利创新高 上市以来累计分红及回购金额超20亿元 根据珀莱雅20 ...