Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.89%. The net profit attributable to shareholders was 1.026 billion yuan, up 2.65% year-on-year [2] - In Q3 2025, the company experienced a revenue decline of 11.63% year-on-year, with a net profit of 227 million yuan, down 23.64% year-on-year. The decline was attributed to fewer promotional activities and an early focus on the Double Eleven sales event [2][3] - The company's gross margin improved significantly to 74.68%, an increase of 3.96 percentage points year-on-year, although the net profit margin decreased due to increased brand-building expenses [4] - The company continues to effectively implement its big product strategy, upgrading star products and steadily launching new products. Revenue forecasts for 2025-2027 have been adjusted to 11.231 billion, 12.624 billion, and 14.075 billion yuan, respectively [5] Revenue Analysis - The revenue decline in Q3 2025 was influenced by fewer promotional activities and a shift in focus to the October Double Eleven event. Skincare products saw a revenue drop of 20.41%, while beauty makeup and personal care products experienced growth of 0.89% and 137.70%, respectively [3] - The average selling price (ASP) for skincare products decreased by 22.19% year-on-year, while beauty makeup and personal care products saw declines of 10.99% and 0.60%, respectively [3] Profitability Analysis - The company's gross margin for Q3 2025 was 74.68%, reflecting a year-on-year increase. However, the net profit margin fell to 13.19%, down 2.01 percentage points year-on-year due to increased operating expenses [4] Financial Forecasts - The adjusted earnings per share (EPS) for 2025-2027 are projected to be 4.13, 4.73, and 5.40 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 15, and 14 times [5][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 1.736 billion yuan in Q3 2025, a year-on-year decrease of 11.6%, with a net profit of 227 million yuan, down 23.6%. For the first three quarters, the total revenue was 7.098 billion yuan, an increase of 1.9%, and the net profit was 1.026 billion yuan, up 2.7% [9] - The company is focusing on enhancing profitability through cost reduction and efficiency improvements, with a gross margin of 74.7% in Q3 2025, an increase of 4.0 percentage points [9] - The company has signed a strategic cooperation agreement with West China Hospital to focus on mitochondrial anti-aging research, and its sub-brands OR and Yuanse Bota are showing strong growth [9] - The company is expected to achieve net profits of 1.615 billion yuan, 1.818 billion yuan, and 2.038 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.9, 15.9, and 14.2 [9] Financial Performance - The company's revenue for 2023 is projected at 8.905 billion yuan, with a growth rate of 39.5%. For 2024, revenue is expected to reach 10.778 billion yuan, with a growth rate of 21.0% [8] - The net profit for 2023 is estimated at 1.194 billion yuan, with a growth rate of 46.1%, and for 2024, it is projected to be 1.552 billion yuan, with a growth rate of 30.0% [8] - The company's EPS for 2025 is expected to be 4.08 yuan, with a PE ratio of 17.9 [8] Market Performance - The company's stock has shown a performance of -22% over the last 12 months compared to the CSI 300 index [4]

Core Insights - The company reported its Q3 2025 financial results, showing a mixed performance with revenue and profit pressures due to advanced promotional activities [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved operating revenue of 7.098 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 1.026 billion yuan, up 2.65% year-on-year [2]. - The gross margin for Q1-Q3 2025 was 73.69%, an increase of 3.62 percentage points year-on-year, while the net profit margin was 14.86%, up 0.19 percentage points year-on-year [2]. - In Q3 alone, the company reported revenue of 1.736 billion yuan, a decline of 11.63% year-on-year, and a net profit of 227 million yuan, down 23.64% year-on-year [2]. - The gross margin for Q3 was 74.68%, an increase of 3.96 percentage points year-on-year, but the net profit margin decreased by 2.01 percentage points to 13.19% [2]. Brand Performance - The main brand, Proya, maintains a solid industry position, while the Color Tang brand has been actively launching new products to expand its portfolio [3]. - In Q3 2025, skincare products generated revenue of 1.316 billion yuan, down 20.41% year-on-year; beauty makeup products remained stable at 236 million yuan; and hair care products saw a significant increase of 137.7%, reaching 179 million yuan [3]. - Proya ranked first in beauty category sales on Tmall during the first four hours of the Double Eleven sales event, and second in the beauty industry on Douyin during the first phase of the event [3]. Investment Outlook - The company is expected to continue steady growth in its main brand, with promising performance from its second and third-tier sub-brands, indicating a strong outlook for building a domestic beauty ecosystem [4]. - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 4.04, 4.52, and 5.02 yuan per share, with corresponding price-to-earnings (PE) ratios of 18, 16, and 15 times [4].

Core Viewpoint - The company has released its third-quarter report for 2025, detailing financial performance and operational updates, including a decision to postpone certain fundraising investment projects due to practical considerations [10][33]. Financial Data Summary - The third-quarter financial report is unaudited, covering the period from January to September 2025 [3]. - The company reported a decrease in average selling prices for skincare, beauty makeup, and hair care products due to changes in product sales mix [20][21]. - Key raw material prices showed mixed trends, with some prices decreasing while others increased, reflecting market dynamics [22][23][25][27][29]. Shareholder Information - As of the end of the reporting period, the company held 2,210,825 shares in its repurchase account, accounting for 0.56% of the total share capital [5]. Board Meeting and Resolutions - The fourth board meeting was held on October 30, 2025, where several resolutions were passed, including the approval of the third-quarter report and the postponement of certain fundraising projects [9][10][12]. - The board confirmed the members of the audit and nomination committees, with specific individuals designated as conveners [15][16]. Fundraising Project Updates - The company decided to postpone the "Information System Upgrade Project" to December 31, 2026, due to the complexity of system adjustments and increased customization needs [36][38]. - The total amount raised from the convertible bond issuance was approximately 751.71 million RMB, with net proceeds after expenses amounting to about 744.51 million RMB [34]. Investor Relations - An investor performance briefing is scheduled for November 10, 2025, to discuss the third-quarter results and address investor inquiries [41][42].

| 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | 珀莱雅化妆品股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将珀莱雅化妆品股份有限公司（以下简 称"公司"）2025 年第三季度主要经营数据披露如下： 二、2025 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 2025 年第三季度，公司主要产品的价格详见下表： | 主要产品 | 2024 年第三季 度平均售价 | | 2025 年第二季 度平均售价 | | 2025 年第三季 度平均售价 | | 同比变 动比率 | 环比变 动比率 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ...

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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 5.362 billion yuan for the first half of 2025, representing a year-on-year growth of 7.21%, and a net profit attributable to shareholders of 799 million yuan, up 13.80% year-on-year, which aligns with expectations [1] - The company's profitability continues to improve, with a gross margin increase of 3.56 percentage points to 73.38% and a net profit margin increase of 0.94 percentage points to 15.41% [4] - The company is positioned as a leading domestic cosmetics brand, leveraging a multi-brand strategy and full-channel operations to enhance its market presence [4] Summary by Relevant Sections Financial Performance - In Q2 2025, the company achieved revenue of 3.003 billion yuan and a net profit of 408 million yuan, with year-on-year growth rates of 6.49% and 2.36%, respectively [4] - The skincare category saw a slight decline in sales volume and price, while the beauty makeup category experienced a significant increase in sales volume but a decrease in price [4] Revenue Breakdown - For the first half of 2025, revenue by category was as follows: skincare at 4.199 billion yuan (up 0.20%), beauty makeup at 837 million yuan (up 25.79%), and hair care at 320 million yuan (up 131.25%) [4] - Online sales generated 5.109 billion yuan, reflecting a year-on-year increase of 9.17%, while offline sales decreased by 21.49% to 247 million yuan [4] Earnings Forecast - The projected earnings per share for 2025 and 2026 are 4.63 yuan and 5.39 yuan, respectively, with corresponding price-to-earnings ratios of 20 times and 17 times [5]

Core Viewpoint - The announcement provides key operational data for Proya Cosmetics Co., Ltd. for the second quarter of 2025, highlighting production, sales, and revenue figures, as well as price changes for major products and raw materials [1]. Group 1: Operational Data - In Q2 2025, the production volume for skincare products reached 6,550,198 units, while sales for beauty makeup products were 5,090,893 units, generating revenue of approximately 461.70 million yuan [1]. - The sales volume for skincare products was 2,217,463 units, and beauty makeup products sold 1,836,268 units, with revenue from beauty makeup totaling around 207.79 million yuan [1]. Group 2: Price Changes - The average selling price for skincare products in Q2 2025 was 98.73 yuan per unit, while beauty makeup products averaged 93.63 yuan, reflecting a year-on-year decrease of 8.14% and a month-on-month decrease of 3.14% for beauty makeup [1]. - The average selling price for skincare products increased by 5.72% year-on-year and 20.70% month-on-month, attributed to a higher sales proportion of premium items like serums and creams during promotional periods [1]. - The average selling price for hair care products was 107.04 yuan, showing a year-on-year increase, driven by a higher sales proportion of high-priced items [1]. Group 3: Raw Material Price Fluctuations - The average procurement price for major raw materials decreased by 46.91 yuan per kg year-on-year, with an overall decline of 8.80% in Q2 2025, indicating improved bargaining power due to increased production of high-efficacy products [1].

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].

Core Insights - The company reported a revenue of 5.362 billion yuan for the first half of 2025, representing a year-on-year growth of 7.21% [1] - The hair care segment experienced a remarkable growth rate of 131.25%, while the beauty and makeup segment grew by 25.79% [1] - The net profit attributable to the parent company was 799 million yuan, reflecting a year-on-year increase of 13.80% [1] - Operating cash flow reached 1.293 billion yuan, showing a significant year-on-year growth of 95.34% [1] - To boost investor confidence, the company announced a cash dividend plan of 8.00 yuan per 10 shares, totaling an estimated cash dividend of 315 million yuan [1] - If the dividend plan is executed, the total dividends distributed since the company's listing in 2017 will exceed 2.1 billion yuan [1] - On the same day as the interim report release, the company announced plans to issue H-shares and list on the Hong Kong Stock Exchange [1]