Proya(603605) 华夏时报·2025-04-25 12:49Core Insights - The company Proya has achieved a significant milestone by becoming the first domestic beauty brand in China to surpass 10 billion yuan in revenue, with a reported revenue of 10.778 billion yuan for 2024, marking a 21.04% year-on-year increase [2] - Despite the impressive revenue figures, there are concerns regarding the slowing growth rates of its main brand Proya and its secondary brand Caitang, which is expected to hinder the company's ambitious goal of ranking among the top ten global cosmetics companies in the next decade [1][2] Financial Performance - Proya's net profit for 2024 reached 1.552 billion yuan, reflecting a 30% year-on-year growth [2] - The revenue growth rate for Proya's main brand slowed significantly, with a reported revenue of 8.581 billion yuan for 2024, a 19.55% increase compared to previous years [4] - Caitang, the secondary brand, generated 1.191 billion yuan in revenue for 2024, growing by 19.04%, but this is a marked decline from previous years' growth rates [4] Channel Dynamics - Online sales accounted for 95.06% of Proya's total revenue in 2024, with online revenue reaching 10.234 billion yuan, although the growth rate for online sales has slowed to 23.68% [6] - In contrast, offline sales have faced challenges, with a 13.63% decline in revenue, totaling only 532 million yuan, which has reduced its contribution to total revenue from 9.02% in 2022 to 4.94% in 2024 [6][7] - The company is attempting to balance its channel strategy by enhancing offline presence through new retail formats and marketing activities, but the effectiveness of these efforts remains uncertain [6][7]