With the release of Chicmax’s interim results yesterday evening, the performance reports of China’s leading publicly listed beauty companies for the first half of the year have all been unveiled. Based on the disclosed financial data, CHAILEEDO has compiled a ranking of the Top 10 Chinese beauty companies for the first half of this year.
It can be seen that under the environment of weak consumer demand and intensifying competition, this ranking has shifted significantly compared with previous years, with the top ten domestic companies once again staging a fierce “dragon-tiger battle.”
Top 10 Companies Report 28.3 Billion Yuan ($3.96 billion) in Revenue for the First Half of the Year
Looking at the overall picture, although China’s cosmetics market grew by only 2.9% year-on-year in the first half of this year (according to data from the National Bureau of Statistics), the country’s top 10 domestic beauty companies still maintained double-digit growth, highlighting their strong business capabilities.
According to CHAILEEDO’s statistics, in the first half of 2025, the total revenue of the top 10 Chinese domestic beauty companies reached 28.304 billion yuan ($3.96 billion), an increase of 13.45% compared with 24.949 billion yuan ($3.5 billion) in the same period last year.
- Proya Tops the List Again, Two Groups Expected to Reach the 10-Billion-Yuan Mark This Year
In terms of rankings, Proya once again secured the top spot with revenue of 5.362 billion yuan ($750 million), making it the only company to surpass 5 billion yuan ($700 million) in the first half of the year. It is almost certain that Proya’s full-year revenue will exceed 10 billion yuan ($1.4 billion) again. Coming in second is Shanghai Jahwa with 4.108 billion yuan ($575 million) in revenue, which—alongside Proya—is poised to become another member of the “10-billion-yuan club” this year.
Companies with revenue between 2–4 billion yuan include Shanghai Jahwa (3.478 billion yuan), Giant Biogene (3.113 billion yuan), Mao Geping (2.588 billion yuan), S’Young International (2.5 billion yuan), and Botanee (2.372 billion yuan). Judging by their growth rates, these five companies are likely to hit the 5-billion-yuan scale by 2025.
Meanwhile, Yatsen, Marubi, and Freda all reported revenue under 2 billion yuan ($280 million). The “gatekeeper” of the top 10 list is Freda, with first-half revenue of 1.094 billion yuan. This also shows that the entry threshold for China’s top 10 beauty companies this year is 1 billion yuan.
It should be noted that the ranking only counted Bloomage Biotech’s functional skincare business, which generated revenue of 912 million yuan ($127.6 million) in the first half of the year, down 33.93% year-on-year, meaning it failed to make the list. Another domestic beauty brand, Fu Er Jia, also fell short with 863 million yuan ($120.8 million) in revenue, down 8.15% year-on-year.
From a growth perspective, five companies—Shanghai Jahwa, Giant Biogene, Mao Geping, Yatsen, and Marubi—achieved double-digit revenue growth. Among them, Mao Geping had the fastest growth at 31.28%, followed by Marubi at 30.83%.
Proya, Shanghai Jahwa, and S’Young recorded single-digit growth in the first half, while Botanee and Freda were the only two companies to see revenue declines, with Botanee dropping 15.43% (the largest decline) and Freda down 7.73%.
- Giant Biogene Is the Most Profitable, Mao Geping Has the Highest Gross Margin
From the perspective of net profit, while Proya posted the highest revenue, its net profit of 799 million yuan ($111.8 million) ranked second. Instead, Giant Biogene, which ranked fourth in revenue, delivered the highest net profit at 1.182 billion yuan ($165.4 million). This means Giant Biogene’s half-year profit alone exceeded Freda’s total revenue, underscoring its strong profit-generating ability.
In addition to Proya and Giant Biogene, two other companies—Mao Geping and Shanghai Jahwa—recorded net profits above 500 million yuan ($70 million). The rest posted net profits below this level, with Yatsen being the only company to record a loss of 23 million yuan ($3.2 million). However, this loss was narrower compared with the same period last year.
Looking at gross margins, most of the top 10 hovered around 75%. Only Giant Biogene and Mao Geping exceeded 80%, with Mao Geping leading at 84.2% and Giant Biogene at 81.68%. In contrast, Shanghai Jahwa and S’Young had gross margins below 70%, at 63.37% and 64.61%, respectively.
Fierce Competition, Significant Ranking Changes
CHAILEEDO’s review of the top 10 Chinese domestic beauty companies over the past three years shows significant shifts in the rankings. While some new players have entered the list, others have dropped out, reflecting the intense competition within China’s beauty market.
Specifically, Mao Geping was listed for the first time after its IPO in December 2024, as it had not been included in rankings prior to its half-year report that year. Thanks to its strong growth momentum, the company made its debut directly in fifth place.
In contrast, Bloomage Biotech, which ranked in the top 10 in both the first half of 2023 and 2024, fell out of the ranking this year due to three consecutive half-year revenue declines. Notably, Bloomage’s functional skincare business generated revenue of 1.966 billion yuan ($275.2 million) in the first half of 2023, placing it fifth at the time.
Shanghai Jahwa, Botanee, and Yatsen have also seen their positions slip over the past three years. Shanghai Jahwa, which ranked first in the first half of 2023, slid to third place last year and remained there this year. Botanee, third in the first half of 2023, fell to fourth last year and dropped further to seventh this year. Yatsen has also declined from sixth in the first half of 2023 to eighth this year.
On the other hand, while some companies slipped, others demonstrated strong growth and climbed the rankings. Proya and Chicmax stand out in this regard. Proya, ranked second in the first half of 2023, has held the number one spot for the past two years. Chicmax rose dramatically from eighth place in the first half of 2023 to second in 2024, thanks to over 120% revenue growth, and managed to hold second place again this year.
Giant Biogene also showed notable progress, climbing from seventh place in the first half of 2023 to fourth this year, fueled by two years of rapid growth.
Meanwhile, Freda and Marubi have remained consistently at the bottom two positions. However, Marubi has shown greater resilience, achieving three consecutive years of revenue growth, whereas Freda reported a revenue decline in the first half of this year.
Overall, the competitive landscape of China’s top 10 domestic beauty companies has undergone substantial changes in recent years. Some once fast-growing players have gradually weakened for various reasons, while others have seized opportunities to stage a strong comeback against the odds.
China’s Top 10 Domestic Beauty Companies Pursue a “Second Growth Curve”
Although China’s top 10 domestic beauty companies continue to demonstrate resilience in growth, they still lag significantly behind international beauty giants. For example, in the first half of this year, the combined revenue of China’s top 10 was still lower than that of Kenuve, which ranked seventh among the global top 10 (31.3 billion yuan).
This gap also suggests substantial room for growth, which is why China’s top 10 beauty companies are striving to build a “second growth curve” through various strategies, aiming to expand revenue scale and solidify their industry positions.
Among them, Proya and Chicmax were early movers in building their second growth curves, and their efforts are already showing results. Proya’s color cosmetics brand Timage posted revenue of 705 million yuan ($98.7 million) in the first half of this year, up 21.11% year-on-year. Notably, Timage’s revenue share has steadily risen over the past four years, from 8.99% in the first half of 2022 to 13.17% in the first half of 2025, underscoring the maturity of Proya’s second growth curve.
Chicmax’s second growth curve brand, Newpage, also delivered strong momentum, reporting revenue of 397 million yuan ($55.6 million) in the first half of this year, up 146.5% year-on-year. Similarly, Giant Biogene’s brand Collgene contributed significantly to growth, with revenue of 503 million yuan ($70.4 million) in the first half, up 26.9%.
It is also noteworthy that, beyond brand diversification, entering the medical device segment has become a new strategic direction for leading domestic beauty companies.
For example, in May this year, Proya launched its first Class II medical device—a recombinant collagen dressing—through its official Tmall flagship store.
In April, Bloomage Biotech’s independently developed injectable sodium hyaluronate solution with lidocaine, BIOHYALUX Bobo, was approved as a Class III medical device, becoming the first product in China approved for “facial skin quality improvement.”
Earlier, in May 2024, Marubi introduced its first medical device products—recombinant collagen dressings in patch and liquid formats.
Among non-listed companies, Pechoin and Chando have also entered the medical device track. Pechoin unveiled three medical aesthetics sub-brands—Jinque Ling, Jinjue Ling, and Yuque Ling—while debuting a range of post-procedure products. Chando launched two new Class III recombinant human collagen dressings in patch and liquid forms.
It is evident that with the booming medical aesthetics market, China’s leading domestic beauty companies are increasingly moving into the medical device category, which is likely to become their next growth curve.
Beyond expanding business portfolios, channel expansion has also become a critical revenue growth driver. In recent years, “going overseas” has become a necessary step.
For instance, Mao Geping reported overseas revenue of 1.152 million yuan ($161,200) in its latest interim report, up 503% year-on-year. The company also announced plans to establish an overseas R&D base to develop proprietary formulas and support international sales.
Proya announced in October last year that it had established an innovation center in Paris, becoming the first Chinese beauty brand to do so in France. This move is seen as a step to accelerate its global strategy. Proya also revealed during its 2024 Q1–Q3 earnings briefing that its overseas expansion currently focuses on Japan and Southeast Asia, mainly through online channels. Recently, Proya also announced plans to pursue a Hong Kong IPO to speed up its globalization roadmap.
Meanwhile, Winona entered Southeast Asia last year. Public reports show that the brand plans to build a global website this year, launch overseas social media accounts, and start by establishing a local team in Thailand before expanding into other markets.
In sum, China’s top 10 domestic beauty companies are extending their reach into multiple sectors and channels. In the future, they are poised to stand shoulder to shoulder with international beauty giants.
