Recently, leading Chinese beauty company Proya released its financial report for the first half of 2025. The company recorded operating revenue of RMB 5.362 billion, up 7.21% year-on-year, and net profit attributable to shareholders of RMB 799 million, an increase of 13.80% year-on-year. Operating cash flow reached RMB 1.293 billion, surging 95.34% year-on-year. Gross margin rose by 3.56 percentage points to 73.38%.
Proya stated that in the first half of this year, the haircare category grew by 131.25%, while the beauty and makeup category rose by 25.79%, becoming key drivers of revenue growth. The company attributed its sustained performance growth to the firm implementation of its “6*N strategy.”
The report also disclosed the performance of major brands. In the first half of 2025, the flagship Proya brand achieved revenue of RMB 3.979 billion, accounting for 74.27% of total revenue and continuing to play its role as the company’s “hero brand.” From January to June, the Proya brand maintained a leading position across major Chinese e-commerce platforms: its flagship store on Tmall ranked No. 1 in beauty sales; on Douyin, Proya ranked No. 2 in beauty sales overall; and on JD.com, it ranked No. 5 in beauty and No. 1 among domestic brands.
The company’s second-largest brand by revenue, Timage (a professional makeup artist brand), recorded revenue of RMB 705 million, up 21.11% year-on-year. Notably, Timage’s contribution to Proya’s revenue has steadily increased over the past four years—from 8.99% in H1 2022 to 13.17% in H1 2025.
The fastest-growing brand in H1 2025 was Off&Relax, positioned as an “Asian scalp health and care expert.” The brand’s revenue surged to RMB 279 million, up 102.52% year-on-year. On Tmall, its two flagship stores ranked 6th in the haircare category (excluding dyeing and styling) and 2nd among domestic brands, with transaction value growing over 130% year-on-year. During the “618” shopping festival on Douyin, Off&Relax ranked No. 1 in the hair tonic category, helping its Douyin sales more than double again in the first half of the year.
In addition, HAPSODE and INSBAHA also reported growth of 3.31% and 80.18% respectively, with revenues of RMB 166 million and RMB 97 million.
From a channel perspective, Proya continues to focus on an online-first, offline-supplemented sales model. Online sales are concentrated on Tmall, Douyin, JD.com, Kuaishou, and Pinduoduo, while offline sales rely on distributors through cosmetics specialty stores and department stores.
The report shows that in H1 2025, Proya’s online revenue was RMB 5.109 billion, up 9.17% year-on-year, accounting for 95.39% of total revenue, with the share continuing to expand. In contrast, offline revenue was RMB 247 million, down 21.49% year-on-year, with offline channels contributing just 4.61% of total revenue.
Importantly, on the same day of the half-year results release, Proya announced that it will begin preparations for a main board listing on the Hong Kong Stock Exchange. On August 25, the board of directors approved the proposal to issue H-shares and list on the HKEX, marking a critical step in Proya’s internationalization journey and underscoring its confidence in future business prospects.
