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Proya Cosmetics Co (603605) Fair Value & Analysis

Consumer Defensive · CN · Market cap 26.2B CNY

PC Proya Cosmetics Co 603605 · SHG
Price¥57.72
Fair Value¥73.02
Upside+26.5%
Quality74/100
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Mixed Growth
Solidly profitable · 14.0% net margin
Low debt · generates free cash flow
2.98% dividend yield
Ranks above peers (9/15)
Wide moat 70/100
Evidence: High Range ¥56.84 – ¥139.33 Share as image

Fair value as of: Jul 11, 2026

From 26 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from ¥79.43 to ¥73.02 (−8.1%) since Jun 24, 2026. Share price −0.3% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • The rarer combination: high quality (74/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (¥56.84 to ¥139.33) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥135.52 ¥55.37 Fair Value ¥73.02 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range ¥55.37 – ¥135.52 · fair‑value band ¥56.84 – ¥139.33 · the ¥57.72 price screens below the ¥73.02 fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Proya Cosmetics Co (603605) currently trades at ¥57.72, while our model-based Fair Value estimate is ¥73.02, implying the stock looks roughly 26.5% undervalued today. The Quality Score stands at 74/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Proya Cosmetics Co generated revenue of 10.5B CNY at a net margin of 14.0%. Revenue declined 2.3% year over year. It earns a return on equity of 24.4%. The balance sheet holds a net cash position of 3.3B CNY. Fundamentals as of Jul 11, 2026

Our scenario range runs from ¥56.84 (bear case) to ¥139.33 (bull case); at ¥57.72, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -26% fair-value upside, at 27%, 603605 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥88.85 ¥161.25 ¥301.91 80
Residual Income ¥24.31 ¥30.71 ¥123.48 76
Rev-Margin DCF ¥55.05 ¥91.09 ¥145.30 74
All 26 models by family
DCF Models
FCF DCF ¥93.02 ¥146.11 ¥303.21 38
Owner Earnings ¥67.76 ¥140.49 ¥293.16 31
5Y Revenue Exit ¥55.05 ¥84.47 ¥141.37 39
5Y EBITDA Exit ¥68.21 ¥112.61 ¥194.13 41
5Y P/E Exit ¥76.09 ¥143.20 ¥229.69 38
10Y Revenue Exit ¥64.83 ¥108.61 ¥151.39 36
10Y EBITDA Exit ¥75.33 ¥134.13 ¥239.57 37
10Y P/E Exit ¥80.93 ¥149.43 ¥267.11 35
Earnings-Based
Graham-Dodd ¥25.72 ¥179.37 ¥251.72 54
Lynch FV ¥55.68 ¥79.54 ¥103.41 50
PEG = 1.0 ¥55.68 ¥79.54 ¥103.41 46
EPV ¥48.21 ¥54.45 ¥59.91 59
Dividend Discount
Gordon GGM ¥18.45 ¥38.36 ¥60.85 70
DDM Multi-Stage ¥18.45 ¥32.34 ¥40.26 61
Multiples
P/E Multiple ¥59.57 ¥79.43 ¥99.29 63
P/S Multiple ¥32.12 ¥42.82 ¥53.53 58
P/B Multiple ¥48.23 ¥64.30 ¥80.38 55
EV/EBIT ¥70.68 ¥90.66 ¥110.64 53
EV/EBITDA ¥59.28 ¥75.46 ¥91.64 54
EV/Revenue ¥38.85 ¥50.89 ¥62.94 43
Asset-Based
NCAV (Graham) ¥7.75 ¥10.39 ¥15.51 50
Growth DCF
Growth DCF ¥88.85 ¥161.25 ¥301.91 80
Rev-Margin DCF ¥55.05 ¥91.09 ¥145.30 74
Economic Profit
Residual Income ¥24.31 ¥30.71 ¥123.48 76
ROIC Compounder ¥52.58 ¥64.99 ¥80.00 72
Growth Earnings
Growth-Adj P/E ¥75.03 ¥107.18 ¥139.33 68

Widest divergence: DCF Models (¥134.13) versus Asset-Based (¥10.39). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 10.5B CNY
Revenue growth (YoY) -2.3%
Net margin 14.0%
Return on equity 24.4%
Free cash flow 2.0B CNY FY2025
P/E ratio 17.7
More key figures
Operating margin 16.9%
EPS (TTM) ¥3.74
Dividend yield 3.0%
EPS growth (YoY) -6.1%
Net cash 3.3B CNY FY2024

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 76 · Market factors (momentum, volatility) 37

Profitability 88
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 4
Distance to the 52-week high (market factor)
Net Issuance 83
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Proya Cosmetics Co.,Ltd. researches, develops, produces, and sells cosmetics in China, Hong Kong, and internationally. The company offers skincare, make-up, body, and hair products under the PROYA, TIMAGE, Off&Relax, Hapsode, CORRECTORS, INSBAHA, Awaken Seeds, UZERO, and Anya brands.

Full company description

Proya Cosmetics Co.,Ltd. researches, develops, produces, and sells cosmetics in China, Hong Kong, and internationally. The company offers skincare, make-up, body, and hair products under the PROYA, TIMAGE, Off&Relax, Hapsode, CORRECTORS, INSBAHA, Awaken Seeds, UZERO, and Anya brands. It sells its products through online platforms, such as Tmall, Douyin, JD.com, Kwai, and Pinduoduo, as well as Taobao, JD.com, and Vipshop; and specialty cosmetics stores, department stores, and beauty multi-brand stores. The company was formerly known as Proya (Huzhou) Cosmetics Co., Ltd. and changed its name to Proya Cosmetics Co., Ltd. Proya Cosmetics Co.,Ltd. was incorporated in 2006 and is headquartered in Hangzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Proya Cosmetics Co reported revenue of ¥10.6B in FY2025 versus ¥4.6B in FY2021, a compound +23.0%/yr. Reported net income was ¥1.5B in FY2025, compounding +27.0%/yr from FY2021.

Growth Quality 94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
10.6B CNY
Latest YoY
−1.7%
Avg. growth/yr (3Y)
+18.4%
Avg. growth/yr (5Y)
+23.1%
Avg. growth/yr (12Y)
+18.2%
Revenue +23.0%/yr
FY21 ¥4.6B
FY22 ¥6.4B
FY23 ¥8.9B
FY24 ¥10.8B
FY25 ¥10.6B
Net income +27.0%/yr
FY21 ¥576M
FY22 ¥817M
FY23 ¥1.2B
FY24 ¥1.6B
FY25 ¥1.5B

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Cite: Fair Value Calculator (2026). "Proya Cosmetics Co Fair Value". https://www.fairvalue-calculator.com/stock/603605

Peer Group

Household & Personal Products · 244 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 74 · Top 25%
Fair Value upside +27% · Above median
Return on equity (TTM) 24% · Top 25%
Return on assets 12% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 17% · Top 25%
Revenue growth -2% · Below median
Dividend yield (TTM) 3.0% · Above median
Debt / equity 0.13× · Higher than median

Valuation Multiples vs Household & Personal Products median · lower = cheaper

P/E (TTM) 17.7× · Cheaper than median
P/B 4.26× · Pricier than 75% of peers
P/S (TTM) 2.48× · Pricier than 75% of peers
P/FCF 1.9× · Pricier than median
EV/EBITDA 12.6× · Pricier than median
PEG 0.96× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 69 · sector 28
FUTURE 0 · sector 4
PAST 98 · sector 26
HEALTH 93 · sector 98
DIVIDEND 60 · sector 50

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Household & Personal Products stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
The Procter & Gamble Company PG $146.80 $108.16 -26%
Unilever PLC ULN 1,080 MXN 1,273 MXN +18%
Hindustan Unilever Limited HINDUNILVR ₹2,144 ₹1,000 -53%
Essity AB ESSITYA kr 279.00 kr 250.02 -10%
Godrej Consumer Products Limited GODREJCP ₹1,088 ₹367.64 -66%
Marico Limited MARICO ₹846.75 ₹233.05 -72%
APR Co 278470 375,000 KRW 151,222 KRW -60%
Dabur India Limited DABUR ₹429.45 ₹181.60 -58%
Kimberly-Clark de México, S. A. B. de C. V., KIMBERA 38.07 MXN 50.09 MXN +32%
PT Unilever Indonesia Tbk UNVR 1,730 IDR 1,934 IDR +12%

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Frequently asked questions

Is Proya Cosmetics Co (603605) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of ¥73.02 versus a price of ¥57.72, about +27% (undervalued).
What is the fair value of 603605?
Our model-based fair value for Proya Cosmetics Co is ¥73.02 (as of Jul 11, 2026), built from audited fundamentals. The current price is ¥57.72.
What is the quality score of 603605?
Proya Cosmetics Co has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Proya Cosmetics Co (603605)?
Proya Cosmetics Co reported trailing-twelve-month revenue of about 10.5B CNY (latest available figure, as of Jul 11, 2026).
What is the net profit margin of 603605?
The net profit margin of Proya Cosmetics Co is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.
Does Proya Cosmetics Co pay a dividend?
Proya Cosmetics Co currently shows a dividend yield of about 2.98% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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