Another Chinese Cosmetic Company Goes Public in HK

The only Chinese cosmetics company with two skincare brands both with annual retail sales of over 1.5 billion yuan is one step closer to going public.

On December 4, Shanghai Chicmax Group announced that it had passed the HKSe hearing and released the post-hearing information set. The document shows that in the first half of this year, Chicmax Group’s total revenue was 1.26 billion yuan (about $181 million), of which the revenue of three brands, KANS, One Leaf and Red Elephant, accounted for 93.0% of the group’s total revenue.

According to the prospectus disclosure, Shanghai Chicmax Cosmetics Co., Ltd. is a multi-brand cosmetic company that focuses on the development, manufacturing and sales of skincare and maternal and child care products. According to the Frost & Sullivan report, in 2021, the company is the only Chinese cosmetics company with two skincare brands that both have annual retail sales of more than 1.5 billion yuan (about $215 million). Among them, Red Elephant has already exceeded 1.8 billion yuan (about $258.5 million) in revenue in 2021, topping the Chinese market for Chinese domestic maternity and baby care products.

It is reported that Chicmax submitted a prospectus to the Hong Kong Stock Exchange on January 17 this year, officially launching the process of listing in Hong Kong. In the first three quarters of 2021, Chicmax Group revenue was 2.596 billion yuan (about $373 million), an increase of 12.77% year-on-year. During the same period, according to the prospectus, Chicmax Group ranked top three in retail sales of Chinese domestic brands of skincare products, top in Chinese domestic brands of mother and baby care products, and top in Chinese domestic brands of mask products.

It is worth noting that Chicmax’s profitability is increasing year by year – in 2019, 2020 and 2021, Chicmax’s revenue was 2.874 billion yuan (about $412.7 million), 3.381 billion yuan (about $486 million) and 3.619 billion yuan (about $519.7 million), respectively. Profit attributable to owners of the parent company is 62.6 million yuan (about $9 million), 204 million yuan (about $29.3 million), 339 million yuan (about $48.7 million), and 65.3 million yuan (about $9.4 million), respectively. This was mainly due to the increase in revenue from KANS, One Leaf and Red Elephant. In the first half of 2022, Chicmax Group’s total revenue was 1.262 billion yuan (about $181.2 million), down 31.1% compared to the same period last year, mainly due to the Nepidemic which affected its production and delivery in Shanghai.

As for R&D investment, the total R&D investment of Chicmax Group in the first half of this year was 51.9 million yuan (about $7.4 million), up 4.2% year-on-year, accounting for 4.1% of total revenue. Currently, as of the first half of this year, Chicmax Group has an R&D team of 204 people, including 81 people with master’s degree or above, accounting for 39.7% of the total number of people. The revenue generated from self-developed products accounts for 97% of the total revenue.

In fact, the online channel is another path for Chicmax’s growth. In its prospectus updated in January, Chicmax’s online revenue for 2020 was 2.543 billion yuan (about $365.2 million), up 69.0% year-on-year from 2019. As of the first nine months of 2021, Chicmax Group’s online revenue was 1.893 billion yuan (about $271.8 million), of which online self-operated stores accounted for 41%.

By product category, the skincare category accounted for the highest share, accounting for 73.6% of total revenue of all categories in the first half of 2022, while the mother and baby care category accounted for 25.4%. The revenue share of mother and baby care category is gradually increasing compared with the same period last year.



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