On August 22, CHICMAX, a leading Chinese cosmetics company, released its mid-2024 performance report, revealing significant growth in both revenue and profit. The report shows that in the first half of 2024, CHICMAX achieved a revenue of 3.502 billion yuan ($490.8 million), an increase of 120.7% year-on-year; net profit reached 412 million yuan ($57.74 million), an increase of 308.7% year-on-year; gross profit was 2.68 billion yuan ($375.6 million), an increase of 144.6% year-on-year; and the gross profit margin was 76.5%, up by 7.5 percentage points from the previous year.
The report indicates that CHICMAX’s three main brands—Kans, One Leaf, and Baby Elephant—contributed the most to the company’s performance, while other brands like Newpage and ARMIYO contributed to the company’s second growth curve. According to CHICMAX’s financial report, in the first half of 2024, the main brand Kans reached a new high with a revenue of 2.927 billion yuan ($410.2 million), an increase of 184.7% year-on-year; the second growth curve, Newpage, surged ahead with a revenue of 161 million yuan ($22.56 million), an increase of 173.2% year-on-year. The rapid growth of Kans’s revenue across multiple channels and the significant increase in Newpage’s sales performance drove CHICMAX’s substantial revenue and profit growth.
Data shows that in the first half of 2024, Kans’s online sales across all channels increased by 222.8%, making it the only brand in the top 20 of the beauty industry to achieve triple-digit growth. The best-selling product, Red Waist, sold over 10 million units across all channels, while White Waist sold over 1.5 million units across all channels.
At the same time, CHICMAX’s new brand, Newpage, launched only two years ago, has already gained widespread market recognition. In the first half of 2024, Newpage achieved triple-digit growth year-on-year in its flagship stores on Douyin, Tmall, and JD.com. The brand pioneered the infant and child skincare category in the industry and introduced a commercial model that combines medical research and co-creation, standing out in the mother and baby market with its high-end, differentiated, and professional approach.
In terms of research and development, the company invested over 78 million yuan ($10.93 million) in innovative R&D in the first half of 2024, a year-on-year increase of 44.0%. Since its founding, the company has consistently focused on independent R&D for over 20 years, developing a mature talent and technology system and achieving significant breakthroughs in scientific research.
In April 2024, CHICMAX successfully registered a new self-developed ingredient, Kans’s groundbreaking collagen rejuvenation technology “Hexapeptide-9,” becoming the first brand globally to independently develop Hexapeptide-9 in the functional skincare field, ushering in a new era of scientific anti-aging for domestic products.
In the next 10 years, CHICMAX will focus on six major sectors in the Chinese domestic market: mass skincare, personal care, mother and baby products, dermatological medical beauty, cosmetics, and high-end skincare + devices. This strategy aims to meet diverse consumer demands, unlock the high potential and momentum of various brands, and support the company’s long-term, healthy, and sustainable development.
