Today, Proya announced that its wholly owned subsidiary plans to acquire a 12.5479% stake in Shenzhen Flower Knows E-commerce Co., Ltd. (hereinafter referred to as “Flower Knows”) held by Yang Zifeng for RMB351 million using its own funds. Upon completion of the transaction, Proya’s shareholding will rise to 51%, and Flower Knows will officially be included in Proya’s consolidated financial statements.
This means that Proya will become the largest shareholder of Flower Knows, marking a further step by the domestic beauty giant to strengthen its strategic layout in the color cosmetics sector.
It is understood that Flower Knows, a color cosmetics brand focused on “girlish” aesthetics, has launched more than 25 original themed makeup collections since its establishment in 2016. With its distinctive design language, the brand has built a highly recognizable image among Gen Z consumers.
The capital partnership between Proya and Flower Knows began in late August 2025. At that time, Proya, through its wholly owned subsidiary Proya (Hainan) Investment Co., Ltd. (hereinafter referred to as “Proya Hainan”), invested RMB176 million to subscribe for RMB370,000 of registered capital in Flower Knows.
Following the previous investment, Proya, through Proya Hainan, held a 38.4521% stake in Flower Knows, becoming its second-largest shareholder in one move. After the completion of the latest transaction, Proya’s shareholding will reach 51%, making it the largest shareholder.
Correspondingly, Flower Knows founder Yang Zifeng’s shareholding will drop to 29.5355%, though he will still retain a considerable equity stake. Co-founder Zhou Tiancheng will hold 11.7710%, while Hainan Flower Knows Enterprise Management Partnership (Limited Partnership) will hold 7.6935%. This shareholding structure not only secures Proya’s controlling stake, but also leaves sufficient incentive room for the founding team.
According to the announcement, as of the valuation benchmark date at the end of 2025, the appraised value of Flower Knows’ total shareholders’ equity was RMB2.827 billion, representing an appraisal premium rate as high as 595.76%. Based on this valuation, the 12.5479% equity stake involved in this acquisition corresponds to a transaction value of RMB351 million.
It is worth noting that according to information disclosed in Proya’s 2025 annual report, Proya’s equity investment in Flower Knows amounted to approximately RMB428 million. Together with the RMB351 million acquisition of part of Yang Zifeng’s stake this time, does this mean Proya’s cumulative spending is approaching RMB800 million? CHAILEEDO sought confirmation from Proya at the first opportunity, but had not received a direct response as of press time.
Less than a year later, Proya has chosen to further increase its investment, and the high premium behind this move is closely tied to Flower Knows’ strong financial performance. According to financial data disclosed in Proya’s announcement, Flower Knows achieved revenue of RMB1.726 billion and net profit of RMB280 million in 2025. In the first quarter of 2026, its revenue had already reached RMB675 million, with net profit of RMB155 million. Its profit in just one quarter has already exceeded half of its full-year profit in 2025, indicating strong growth momentum.
According to CHAILEEDO data, among the top 100 cosmetics brands by domestic online transaction value in 2025, Flower Knows ranked 42nd with GMV of RMB1.709 billion, up 50.83% year on year.
In recent years, Proya has continued to advance its multi-brand and globalization strategy. In the color cosmetics sector, Proya owns Timage, which focuses on “professional makeup effects and Chinese aesthetics,” and INSBAHA, positioned as an “emerging young color cosmetics” brand. The two brands target white-collar consumers aged 28 to 35 and younger new-generation consumers, respectively
According to Proya’s annual report, in 2025, Timage generated revenue of RMB1.255 billion, up 5.37% year on year; INSBAHA recorded revenue of RMB256 million in the same period, up 125.38% year on year. In the color cosmetics sector, Proya has already accumulated rich operational experience.
Different from Proya’s two existing major color cosmetics brands, Flower Knows precisely targets young consumers aged 15 to 25 who are part of the broader ACG subculture and who love romantic aesthetics. The addition of this brand is expected to further complement Proya’s presence in the highly visual, design-driven and youth-oriented segment. Meanwhile, based on Flower Knows’ revenue scale of more than RMB1.7 billion, it will become the second-largest brand within Proya Group after the core Proya brand.
Proya also stated that its investment in Flower Knows enables seamless three-in-one complementarity in terms of target consumers, visual style and price range. This effectively avoids internal brand competition, enhances the risk-resistance of Proya’s brand portfolio, and connects full-lifecycle color cosmetics scenarios from new-generation consumers to mature women.
In addition to Flower Knows’ more than 7,000 offline outlets in the domestic market and its high online penetration rate, the brand’s overseas expansion is also highly aligned with Proya’s internationalization strategy. It is understood that Flower Knows has already entered markets including Japan, the United States and Southeast Asia, and has built highly recognizable brand awareness overseas with its “girlish aesthetics.” According to data, Flower Knows’ overseas business accounted for 11.5% of its revenue last year, with revenue exceeding RMB200 million.
Additional data shows that after Flower Knows entered Urban Outfitters, one of the most popular retail channels among Gen Z consumers in the United States, it ranked among the platform’s top five best-selling beauty brands within three months. It also became one of the beauty brands to enter 180 stores across the United States at the fastest pace, and broke Black Friday sales records for two consecutive years.
Proya also clearly stated in its announcement that Flower Knows, as a proven pioneer in overseas expansion, has provided valuable experience for the global expansion of the company’s other brands. It will also help advance Proya’s internationalization strategy and create new growth drivers for the company.
It is not difficult to see that the core reason Flower Knows has secured Proya’s follow-on investment at a high premium lies in the fact that, through its highly distinctive “girlish” visual aesthetics, efficient product development capabilities, and market-proven overseas expansion experience, it has independently built a highly efficient self-growth model.
