The Net Profit of Proya Increased by 43.55% in Q3
- Chaileedo Press
- Oct 27, 2022
- 2 min read
Updated: Oct 27, 2022
On October 27, Proya released the Proya Third Quarter Report 2022. The operating revenue was 1.336 billion yuan ($184.6 million), up 22.07% year on year. The net profit attributable to shareholders of the listed company was 198 million yuan ($27.3 million), up 43.55% year on year.
In the first half of the year, under the influence of many adverse market environments such as the epidemic situation in Shanghai and the rising price of raw materials, the performance growth of many domestic and foreign cosmetics enterprises was interrupted, and some leading enterprises even experienced negative growth. According to the data released by the National Bureau of Statistics, from January to September, the total retail sales of cosmetics were 277.4 billion yuan ($38.336 billion), down 2.7% year on year.
According to CHAILEEDO analysis of the last five years Proya semi-annual reports, in addition to the epidemic situation fierce 2020, Proya has been maintaining a steady double-digit growth rate, the first half of this year's revenue growth rate is only small than last year, net profit growth has even approached the 2019 level.
In recent years, Proya has performed well in the capital market. At the beginning of the listing, the market value of Proya was 3.068 billion yuan ($424 million). As of the closing of October 25, the stock price of Proya was 159.95 yuan/share (22.105 dollars/share), and the market value was 45.35 billion yuan ($6.26 billion).
According to the semi annual financial report of Proya, the proportion of online channel revenue in the total revenue has increased from 53.09% in 2019 to 88.27% in 2022. In the first half of 2022, the online revenue was 2.309 billion yuan ($319.1 million), achieving a growth of 49.49%. The offline revenue was 307 million yuan ($42.4 million), down 16.31% year on year.
According to the official data of Tmall, in this "Double 11" promotion pre-sale, Proya ranks fifth in the list of Tmall's cosmetics industry and beauty and skincare brands. According to CHAILEEDO's statistics, the Proya brand in Li Jiaqi's live broadcast room has achieved a GMV of 491 million yuan ($67.8 million).
For a long time, there has been a voice in the market that Proya "pays more attention to marketing than R&D". According to the Proya Third Quarter Report 2022, the sales expense rate from January to September 2022 is 42.93%, while the R&D expense rate is 2.41%. There is still a big gap between the two investments. Compared with other domestic enterprises, the proportion of R&D investment in Proya is also slightly weak. The data shows that in the first three quarters of 2022, the R&D expenses of BOTANEE accounted for 4.4% of the operating income. In the first half of 2022, the R&D expenses of BLOOMAGE BIOTECH accounted for 6.11%.
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