招银国际：珀莱雅（603605）-1H26earningsboostedbyone-offgain;organicmomentumstillsoft

珀莱雅(603605) Proya's1H26revenuewasbroadlyflatatRMB5,375mn(+0.2%YoY),whileattributableNProse46%YoYtoRMB1,168mn.TheincreasewasduetoaoneoffinvestmentgainofRMB445mnonthestep-upofconsolidationofFlowerKnows(花知晓).Excludingtheone-offgain,recurringNPfell14%YoYtoRMB664mn,withunderlyingnetmargindownto13.9%from15.4%in1H25.Decliningflagship-brandsalesandahigherselling-expenseratiosuggestthecorebusinessisstillbottoming.WemaintainourBUYratingandkeepour30xtargetP/Emultipleunchanged,yetcutourTPby31%toHK$89.58,mai