公 司 报 告 主要数据 | 行业 | 社会服务 | | --- | --- | | 公司网址 | www.proy a-group.com | | 大股东/持股 | 侯军呈/34.51% | | 实际控制人 | 侯军呈,方爱琴 | | 总股本(百万股) | 396 | | 流通 A 股(百万股) | 395 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 368 | | 流通 A 股市值(亿元) | 367 | | 每股净资产(元) | 14.50 | | 资产负债率(%) | 28.1 | 百亿规模新起点 推荐（维持） 社会服务 2025 年 04 月 30 日 股价：92.88 元 珀莱雅(603605.SH) 行情走势图 相关研究报告 【平安证券】珀莱雅（603605.SH）*季报点评*高质量 稳健增长，双十一稳定发挥*推荐20241029 【平安证券】珀莱雅（603605.SH）*事项点评*H1经营 稳健，管理层换届*推荐20240913 【平安证券】珀莱雅（603605.SH）*首次覆盖报告*大 单品奠基 ，敏 锐洞察 +敏 捷执行 ，持续 突破**推荐 20240518 证券 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 93.18 CNY [7][5]. Core Views - The company achieved a revenue of 10.778 billion CNY in 2024, representing a year-over-year growth of 21.04%. The net profit attributable to shareholders was 1.552 billion CNY, up 30.00% year-over-year [3][6]. - In Q1 2025, the company reported a revenue of 2.359 billion CNY, an increase of 8.13% year-over-year, and a net profit of 390 million CNY, reflecting a year-over-year growth of 28.87% [3][6]. - The main brand, Proya, focused on the whitening segment, launching new products such as the "Optical Series" and upgrading existing lines to enhance its market position [4][5]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 10.778 billion CNY, growth of 21.04% - 2024 net profit: 1.552 billion CNY, growth of 30.00% - 2025 Q1 revenue: 2.359 billion CNY, growth of 8.13% - 2025 Q1 net profit: 390 million CNY, growth of 28.87% [3][6]. - **Brand Performance**: - Proya brand revenue in 2024: 8.581 billion CNY, growth of 19.55% - Other brands like Cai Tang and OR also showed significant growth, with OR achieving a revenue of 368 million CNY, up 71.14% [4][5]. - **Profitability Metrics**: - Gross margin for 2024 was 71.39%, with a net profit margin of 14.40% - The company’s net profit margin improved to 16.54% in Q1 2025 [4][6]. Future Projections - The company is expected to achieve net profits of 1.845 billion CNY in 2025, 2.177 billion CNY in 2026, and 2.610 billion CNY in 2027, with respective growth rates of 18.9%, 18.0%, and 19.9% [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 20x, 17x, and 14x respectively [5][6].

Group 1 - Shareholder Guangzhou Yunmei Industrial Investment Partnership reduced holdings by 1,715,960 shares, accounting for 2% of the total share capital of Babwei Co., currently holding 5,426,897 shares, which is 6.33% [1] - Shareholders Yantai Tianzi Chunxue Equity Investment Center and Yantai Tianzi Xuerui Equity Investment Center plan to reduce holdings by up to 2,000,000 shares (1% of total share capital) and 4,000,000 shares (2% of total share capital) respectively for Chunxue Food [1] - Shareholder Ai Jianjie reduced holdings by 2,020,000 shares, accounting for 1.99% of the total share capital of Derui Lithium Battery, currently holding 13,265,738 shares, which is 13.0953% [1] Group 2 - Specific shareholder Zhao Dongmei plans to reduce holdings by up to 847,605 shares (1% of total share capital) for Haitai Technology [2] - Shareholder Wuxi Huahang Kechuang Investment Center plans to reduce holdings by up to 1,200,000 shares (0.46% of total share capital) for Hangya Technology [2] - Beijing Qianfang Technology Co., Ltd. plans to reduce holdings by up to 3,019,317 shares (3% of total share capital) for Hongquan Internet of Things [2] Group 3 - Shareholders Dongtai Huaju Enterprise Management Partnership and Dongtai Huahang Enterprise Management Consulting Partnership plan to reduce holdings by 2,695,188 shares (1.99% of total share capital) for Huashengchang [3] - Independent director Yan Wenfu plans to reduce holdings by up to 590 shares (0.0006% of total share capital) for Jianlong Micro-Nano [3] - Ningbo Jujie Junhe Venture Capital Partnership terminated a previous reduction plan, having reduced holdings by 1,286,300 shares (0.8621% of total share capital) for Jujie Microfiber [3] Group 4 - Shareholder Hunan Hualing Xiangtan Steel Co., Ltd. plans to reduce holdings by up to 39,188,754 shares (3% of total share capital) for Lanshi Heavy Industry [4] - Shareholders Wang Xiaojun and Quanzhou Lihu Zhizhen Investment Co., Ltd. plan to reduce holdings by up to 6,459,400 shares (3% of total share capital) for Lihu Co. [4] - Vice President Zhang Haolin did not execute the reduction plan, holding 84,500 shares (0.0908% of total share capital) for Ligong Optical Technology [4] Group 5 - Shareholder Zheng Zixian reduced holdings by 897,700 shares, currently holding 5,396,600 shares (4.9999% of total share capital) for United Precision [5] - Shareholder Li Da plans to reduce holdings by up to 4,223,539 shares (3% of total share capital) for Meinong Biological [5] - Shareholder Huai'an Zhongren Jiaye Venture Capital Partnership plans to reduce holdings by up to 197,450 shares (0.1499% of total share capital) for Nanling Technology [5] Group 6 - Shareholders Yang Jianping and Xu Huifen reduced holdings by 966,100 shares, currently holding 66,629,183 shares (19.999999% of total share capital) for Xuelang Environment [6] - Shareholder Anhui Zhidao Investment Co., Ltd. plans to reduce holdings by up to 1,830,384 shares (1% of total share capital) for Xueqi Electric [8] - Shareholder Fuzhou Shuihua Laoyou Enterprise Management Consulting Partnership reduced holdings by 1,371,448 shares (0.67% of total share capital) for Xunyout Technology [8]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Insights - The company achieved a revenue of 10.778 billion yuan in 2024, representing a year-on-year growth of 21.04%, with a net profit of 1.552 billion yuan, up 30.00% [1][3] - The company continues to experience robust growth, driven by its main brand and sub-brands, with a significant increase in online sales [2][12] - The company is focusing on a big product strategy and expanding its sub-brand matrix, indicating strong long-term growth potential [3][15] Financial Performance Summary - In 2024, the company reported a total revenue of 10.778 billion yuan, with a year-on-year growth of 21.04% [4][11] - The net profit attributable to the parent company for 2024 was 1.552 billion yuan, reflecting a growth of 30.00% [4][11] - The company’s gross margin improved to 71.39% in 2024, an increase of 1.46 percentage points from the previous year [14] - The company’s operating cash flow for 2024 was 1.107 billion yuan, a decrease of 24.63% year-on-year due to increased payments for goods and promotional expenses [14] Revenue Breakdown - Online sales accounted for 95.06% of total revenue in 2024, with online revenue reaching 10.234 billion yuan, up 23.68% [2][12] - The main brand, Proya, generated 8.581 billion yuan in revenue, representing 79.69% of total revenue, with a growth of 19.55% [2][12] - The skincare category contributed 90.19 billion yuan, accounting for 83.78% of total revenue, with a growth of 19.31% [2][12] Future Projections - The company expects revenues of 12.469 billion yuan, 14.257 billion yuan, and 16.093 billion yuan for 2025, 2026, and 2027 respectively [3][4] - Projected net profits for the same years are 1.840 billion yuan, 2.150 billion yuan, and 2.441 billion yuan [3][4] - The report anticipates a decrease in the price-to-earnings ratio from 20 times in 2025 to 15 times in 2027, indicating improving valuation [3][4]

Core Viewpoint - The A-shares market is experiencing a narrow consolidation, with the banking sector performing notably well, while the majority of the components in the CSI A500 Index ETF (563880) have retreated [3][4]. Group 1: Market Performance - The CSI A500 Index ETF (563880) closed down 0.42%, ending a two-day upward trend [1]. - The A-shares market showed a mixed performance, with notable gains in stocks like Proya Cosmetics, which hit the daily limit, and several others such as Pylon Technologies and Goldwind Technology, which rose over 6% [3]. Group 2: Company Financials - Proya Cosmetics reported a revenue of 10.778 billion yuan for 2024, marking a 30% year-on-year increase in net profit. For Q1 2025, the revenue was 2.36 billion yuan, an 8.1% year-on-year growth, with a net profit of 390 million yuan [3]. - As of April 27, 89% of the CSI A500 Index ETF component stocks reported positive net profits, with an average year-on-year growth rate of 5.3% in net profit [5]. Group 3: Investment Opportunities - The CSI A500 Index ETF (563880) focuses on core assets in the A-share market, showcasing strong operational resilience and is expected to benefit from new domestic demand policies, presenting a good investment opportunity [3][4]. - The index is positioned to capture opportunities in new productive forces, such as AI and robotics, which are crucial for high-quality economic development [7]. - The CSI A500 Index ETF (563880) has the lowest comprehensive fee rate in the market, with a management fee of only 0.15% and a custody fee of 0.05%, along with a monthly evaluation of dividend distribution, providing investors with relatively predictable returns [7].

重要内容提示： ● 珀莱雅化妆品股份有限公司（以下简称"公司"）股票于 2025 年 4 月 24 日、4 月 25 日、4 月 28 日连续三个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的 情形。 | 证券代码：603605 | 证券简称：珀莱雅 | 公告编号：2025-020 | | --- | --- | --- | | 债券代码：113634 | 债券简称：珀莱转债 | | ● 经公司自查，并向公司控股股东及实际控制人发函询证，截至本公告披 露日，确认不存在应披露而未披露的重大信息。 珀莱雅化妆品股份有限公司 股票交易异常波动公告 ● 敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 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。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 4 月 24 日、4 月 25 日、4 月 28 日连续三个交易日 内日收盘价格涨幅偏离值累计超过 20%。根据《上海证券交易所交易规则》的有 关规定，属于 ...

本次减持股份计划实施前，珀莱雅化妆品股份有限公司（以下简称"公司"） 董事、副总经理金衍华先生持有公司股份 227,862 股，占公司总股本比例为 0.0575%；公司副总经理、董事会秘书兼财务负责人王莉女士持有公司股份 236,651 股，占公司总股本比例为 0.0597%。 因公司发行的"珀莱转债"自 2022 年 6 月 14 日起可转换为公司股份，转股 期间为 2022 年 6 月 14 日至 2027 年 12 月 7 日。本公告所述总股本为截至 2025 年 4 月 27 日的公司总股本 396,247,616 股，本次减持主体减持前持有的股份数、 当前持有股份数、拟减持股份数所占公司总股本的比例亦相应调整。 减持计划的主要内容 因自身资金需求，金衍华先生拟通过集中竞价交易的方式，减持其所持有的 公司股份不超过 56,965 股，占公司目前总股本的 0.0144%，占金衍华先生所持 有公司股份数的 25%；王莉女士拟通过集中竞价交易的方式，减持其所持有的公 司股份不超过 59,162 股，占公司目前总股本的 0.0149%，占王莉女士所持有公 司股份数的 25%。减持期间为自减持计划公告披露之日起 ...

关于《珀莱雅化妆品股份有限公司股票交易异常波动的 （此页无正文，为《珀莱雅化妆品股份有限公司股票交易异常波动的问询函》的 回函之签署页) 197 控股股东、实际控制人: 20 25年 4月28日 t and the support of 问询函》的回函 珀莱雅化妆品股份有限公司： 公司发来的《珀莱雅化妆品股份有限公司股票交易异常波动的问询函》已收 悉,经认真自查核实,现回复如下: 本人作为珀莱雅化妆品股份有限公司的控股股东、实际控制人，截至目前， 不存在影响贵公司股票交易异常波动的重大事项，不存在涉及贵公司应予以披露 而未披露的重大信息,包括但不限于重大资产重组、股份发行、重大交易类事项、 业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战略投资者等 重大事项。 特此回复。 (以下无正文) e ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 exceeded expectations, showcasing its leading position in the cosmetics industry [9] - Revenue for 2024 is projected to reach 10.778 billion yuan, representing a year-on-year growth of 21.04%, while net profit is expected to be 1.552 billion yuan, up 30% [9] - The main brand continues to grow, with online sales maintaining high growth rates [9] - The gross margin has reached new highs, driven by improved sales expense ratios and better management of sub-brands [9] - The company aims to enter the top ten global cosmetics brands within ten years, indicating a strong long-term growth strategy [9] Financial Summary - Total revenue (in million yuan) is forecasted as follows: 2023A: 8,905; 2024A: 10,778; 2025E: 12,750; 2026E: 14,484; 2027E: 16,294 [1][10] - Net profit (in million yuan) is projected as follows: 2023A: 1,194; 2024A: 1,552; 2025E: 1,858; 2026E: 2,160; 2027E: 2,480 [1][10] - The latest diluted EPS is expected to be 3.92 yuan for 2024, increasing to 6.26 yuan by 2027 [1][10] - The company’s gross margin is expected to be 71.39% in 2024, improving to 73.60% by 2027 [10] - The return on equity (ROE) is projected to decline from 28.73% in 2024 to 21.20% in 2027, reflecting a long-term growth strategy [10]

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]