According to the Huayuan Securities Research Report, Perea knows and is driving revenue acceleration, and profit release can be expected. Net profit to mother for the first three quarters of '26 was 1,256 million yuan, +22.46% YoY, while net profit to mother for 26Q3 was 88 million yuan, -61.18% YoY. The basic skincare routine is under pressure for a short period of time, and makeup and care are released at a high speed. Gross profit margins have declined structurally, and sales expenses have increased. Expenses dragged down profits, and Q3 profits declined markedly. The decline in profit is mainly due to an increase in image promotion expenses: 1) the main brand's core products have been launched, and investment in promotion has increased; 2) brands such as Huazhiao, Original Color Tower, OffRelax, and Shocktime have entered a period of rapid growth, and promotion investment has increased; 3) the channel structure and distribution pace have adjusted with the market. The 2026-2028 PE corresponding to the current stock price is 11/12/10 times, respectively, maintaining a “buy” rating.

According to the Huayuan Securities Research Report, Perea knows and is driving revenue acceleration, and profit release can be expected. Net profit to mother for the first three quarters of '26 was 1,256 million yuan, +22.46% YoY, while net profit to mother for 26Q3 was 88 million yuan, -61.18% YoY. The basic skincare routine is under pressure for a short period of time, and makeup and care are released at a high speed. Gross profit margins have declined structurally, and sales expenses have increased. Expenses dragged down profits, and Q3 profits declined markedly. The decline in profit is mainly due to an increase in image promotion expenses: 1) the main brand's core products have been launched, and investment in promotion has increased; 2) brands such as Huazhiao, Original Color Tower, OffRelax, and Shocktime have entered a period of rapid growth, and promotion investment has increased; 3) the channel structure and distribution pace have adjusted with the market. The 2026-2028 PE corresponding to the current stock price is 11/12/10 times, respectively, maintaining a “buy” rating.