商贸零售 2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 商贸零售 沪深300 相关研究报告 《马年春节消费稳健恢复，老铺黄金 宣 布 2 月 底 调 价 — 行 业 周 报 》 -2026.2.23 《美团拟收购叮咚买菜，打造即时零 售供应链优势—行业周报》-2026.2.8 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 老铺黄金调价幅度超预期，巩固品牌高端调性 ——行业周报 | 黄泽鹏（分析师） | 李昕恬（联系人） | | --- | --- | | huangzepeng@kysec.cn | lixintian@kysec.cn | | 证书编号：S0790519110001 | 证书编号：S0790125100021 | 老铺黄金调价幅度超预期，巩固品牌高端调性 2 月 28 日老铺黄金启动 2026 年首次调价，多数产品涨幅集中在 20%至 30%区间， 对比 2025 年三次调价，提价幅度明显放大。调价落地前，提价预期叠加大 ...

Core Viewpoint - The report indicates that Proya achieved a net profit attributable to shareholders of 1.03 billion yuan in Q1-Q3 2025, reflecting a 2.7% increase, although Q3 saw a decline of 23.6% in net profit to 230 million yuan, indicating slight pressure on performance [1] Financial Performance - Proya's net profit for Q1-Q3 2025 was 1.03 billion yuan, up 2.7% year-on-year [1] - In Q3 2025, the net profit dropped to 230 million yuan, down 23.6% compared to the previous year [1] Strategic Initiatives - The company continues to strengthen its "big single product strategy" and is upgrading core products while focusing on the development of new strategic products [1] - New product launches include the dual anti-aging eye cream 3.0, energy series 2.0, ruby mask 3.0, and a new ruby single-use product [1] Brand Development - Proya is pursuing a multi-brand and multi-category collaborative development strategy, with the innovative category brand "Original Color Pot" rapidly capturing market share in its niche [1] - The brand "Caitang" is focusing on the philosophy of "Chinese makeup, original beauty" to solidify its differentiated brand positioning [1] - The brand "Off&Relax" is deepening its penetration in the core shampoo category, enhancing its fragrance characteristics and therapeutic effects [1] Market Performance - During the Double Eleven shopping festival, Proya topped the Tmall sales chart within four hours, with GMV exceeding 460 million yuan in the first four hours of Li Jiaqi's beauty livestream [1] - The company is positioned as a leading domestic beauty brand, with a strong performance during Double Eleven and a reasonable valuation, maintaining a "buy" rating [1]

Core Insights - The company Proya has won the "IFSCC 2025 Top Ten Basic Research Award," becoming the only Chinese cosmetics company to receive this honor, highlighting the international recognition of China's beauty research capabilities [1][8] - Proya's research, conducted in collaboration with Zhejiang University, utilized AI-driven deep learning technology to efficiently screen bioactive compounds that enhance mitochondrial function and prevent skin aging [3][5] - The research led to the development of the anti-aging compound formula Cellergy pro™, which significantly improves energy metabolism in damaged cells and repairs mitochondrial abnormalities [3][5] Research and Development - Proya's research team, led by Dr. Wei Jihua, presented their findings at the IFSCC conference, showcasing a deep learning-aided screening platform that automates the analysis of mitochondrial dynamics and function [5] - The company has established collaborations with top institutions, including Zhejiang University and the University of Innsbruck, to explore mitochondrial function regulation and its relationship with aging pathways [6] - Proya aims to create original active ingredient screening models and develop high-quality self-researched raw materials, integrating advanced technologies into product development [6] Future Directions - The founder and chairman of Proya, Hou Junchen, emphasized the importance of scientific innovation and global research system investment as key drivers for the company's future [8] - Proya plans to continue its technology-driven and internationalization strategy to enhance its core competitiveness and promote high-quality development in Chinese beauty [8] - The Chief Scientific Officer, Huang Hu, noted that the award represents one of the highest accolades received by the Chinese research team in the history of IFSCC, reinforcing the commitment to empower Chinese brands on the global stage [8]