Chinese beauty leader Proya Group released its financial report for 2023, with a whopping 39% increase in revenue to 8.9 billion yuan. The net profit attributable to the parent company amounted to 1.194 billion yuan, a remarkable 46% increase from the previous year. Segmenting by channel, online sales for 2023 reached 8.274 billion yuan, marking a 42.96% increase and accounting for 93% of Proya’s total revenue for the year.
By brand, Proya Group’s revenue for 2023 reached 7.177 billion yuan, a substantial 36.35% increase from the previous year. The color cosmetics brand TIMAGE saw its revenue surge by 75.06%, surpassing 1 billion yuan for the first time. Additionally, the hair care brand OR witnessed a staggering 71.17% increase in revenue, reaching 215 million yuan, while HAPSODE achieved a remarkable 61.82% increase, generating 303 million yuan in revenue. The data shows that apart from the flagship brand Proya, other cosmetic and hair care categories experienced significant growth.
Skincare accounted for the highest category revenue at 7.559 billion yuan, representing 85.03% of the total. Both hair care and cosmetics showed promising growth.
Proya Group stated that for its flagship brand Proya, Throughout the reporting period, Proya continued to strengthen its focus on hero products and implemented comprehensive upgrades for its key offerings, namely the “Double Effect Brightening Series” and the “Advanced Firming Nourishing Series,” incorporating exclusive ingredients. Additionally, Proya enhanced product effectiveness, user satisfaction, and sustainability. In the latter half of 2023, Proya introduced the first patented cyclic peptide raw material approved and registered in China’s cosmetics industry, integrating it into the Advanced Firming Nourishing Light Cream 3.0. This initiative not only reinforces Proya’s expertise and technological prowess in peptide development but also establishes its leadership in independent ingredient innovation.
Additionally, throughout the reporting period, TIMAGE continued to refine its hero product strategy within the facial makeup category, achieving top rankings across various product categories. Notably, the “tri-colored contour palette” secured the top position in the highlighter category on Tmall, while the “dual-colored highlighter palette” attained the second spot in the same category. Similarly, the “face primer” ranked second in the sunblock/primer category, and the “tricolored concealer palette” claimed the top position in the concealer category on Tmall.
In the initial half of the year, TIMAGE introduced the vibrant “Colorful Brilliance” product line. March saw the launch of the brand-new “Vigorous and Flowing Jade Series,” which included three new products: the “Tricolor Blush Palette,” the “All-in-one Brow Palette,” and the “Matte Lipstick.” Remarkably, the “Tri-color Blush Palette” emerged as the top-ranking product in the blush category on Tmall. Additionally, TIMAGE unveiled the innovative “Original Skin Cushion Compact” and enhanced the “Soft Mist Powder Compact (For Oily Skin).”
For the hair care brand Off&Relax, during the reporting period, OR continued to enhance the market share and reputation of its flagship products, namely the “OR Refreshing Springs Bouncy Shampoo” and “OR Refreshing Springs Hair Masque.” Additionally, OR reinforced its brand image as an “Expert in Asian Scalp Health” by introducing an advanced series focusing on oil control and anti-hair loss solutions. The standout product, “OR Purifying Scalp Cleanser,” claimed the top position in the pre-shampoo category on both Tmall and Little Red Book during promotional events. Moreover, the “OR Medicated Hair Tonic” achieved notable rankings, securing the 9th position in the anti-hair loss category on Tmall and leading the Imported Scalp Essence Leaderboard and Pre-sale Leaderboard on Tmall during the 11.11 shopping festival.
In addition, Proya released its financial report for the first quarter of 2024, with a revenue of approximately 2.182 billion yuan in the first three months of this year, an increase of 34.56% year-on-year. The net profit attributable to the shareholders of the listed company was approximately 303 million yuan, up 45.58% year-on-year; the basic earnings per share were 0.76 yuan, up 46.15% year-on-year.
