TacticScaleWhat Proya Cosmetics (珀莱雅) Does & How It Makes Money (603605.SS)
Updated October 2026 · reflects Proya Cosmetics's latest reported financials
Chinese beauty company selling skincare and makeup under multiple brands. It earns revenue by selling its own-brand beauty products to consumers, mostly through e-commerce platforms such as Tmall, Douyin, and JD.com.
How Proya Cosmetics makes money
It earns revenue by selling its own-brand beauty products to consumers, mostly through e-commerce platforms such as Tmall, Douyin, and JD.com. It also sells through specialty cosmetics stores, department stores, and multi-brand beauty retailers.
What Proya Cosmetics does
Proya Cosmetics is a Hangzhou-based beauty company founded in 2006. It develops, produces, and sells skincare, makeup, body, and hair products. Its brand portfolio includes the flagship PROYA line, TIMAGE, Off&Relax, Hapsode, CORRECTORS, INSBAHA, Awaken Seeds, UZERO, and Anya. Most of its sales come from Chinese online platforms, including Tmall, Douyin, JD.com, Kwai, Pinduoduo, and Vipshop. It also sells through specialty cosmetics stores, department stores, and multi-brand beauty stores. This makes Proya a multi-brand consumer beauty business that relies heavily on digital channels, with most of its revenue from China.
Products & services
- PROYA skincare
- TIMAGE makeup
- Off&Relax hair and body care
- Hapsode
- CORRECTORS
- INSBAHA
珀莱雅是做什么的？
珀莱雅化妆品股份有限公司成立于2006年，总部位于杭州，从事化妆品的研发、生产和销售，产品涵盖护肤、彩妆、身体护理和洗护发。旗下品牌包括主品牌珀莱雅，以及彩棠、Off&Relax、悦芙媞、CORRECTORS、INSBAHA、Awaken Seeds、UZERO和Anya等。 公司主要通过天猫、抖音、京东、快手、拼多多、唯品会等电商平台销售，也进入化妆品专营店、百货商场和美妆集合店等线下渠道。它是一家以中国市场为主、以线上渠道为核心的多品牌美妆企业。
What is Proya Cosmetics worth?
On an owner-earnings DCF, Proya Cosmetics's most-likely value is about ¥128 versus a recent price near ¥56 (56% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥50) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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