Yesterday, with the official release of the mid-year performance reports by Proya and Botanee Group, all major Chinese leading beauty companies have successively published their mid-year results. CHAILEEDO has compiled a list of the Top 10 Chinese beauty companies for the first half of this year based on the disclosed public financial data.
In recent years, there has been little change in the top ten rankings, with the total revenue of the top 10 companies reaching approximately 24.95 billion yuan ($3.5 billion), an increase of about 20% compared to the same period last year. It should be noted that Hengan Group, which announced the cancellation of its listing plan, and Maogeping, which has not yet disclosed its latest results, were not included in the calculations.
1.**Proya**
In the first half of 2024, Proya achieved a revenue of 5.001 billion yuan ($701.6 million), a year-on-year increase of 37.9% compared to 3.626 billion yuan ($508.7 million) in the same period last year. The net profit attributable to shareholders of the listed company was 701 million yuan ($78.34 million), a significant year-on-year increase of 40.48%. Its ranking rose from second place last year to first place this year.
The financial report data shows that Proya’s four main brands—Proya, TIMAGE, OR, and HAPSODE—have maintained relatively balanced growth rates. Over the past few years, Proya’s total revenue has consistently grown by more than 30%, making it the most stable growing company among the top ten domestic cosmetics companies.
2.**CHICMAX**
In the first half of 2024, CHICMAX achieved a revenue of 3.502 billion yuan ($491.3 million), a year-on-year increase of 120.7% compared to 1.587 billion yuan in the same period last year. The net profit attributable to shareholders of the listed company was 412 million yuan, a year-on-year surge of 308.7%. Its ranking rose from eighth place last year to second place this year.
According to the financial report, this remarkable breakthrough is driven by the rapid growth of its main brand Kans and the success of its Douyin strategy. The financial report data shows that in the first half of this year, the revenue of the Kans was 2.927 billion yuan ($410.6 million), a year-on-year increase of 184.7%, accounting for 83.6% of the company’s total revenue. According to CHAILEEDO, Kans has ranked first in Douyin beauty products for six consecutive times, with a total GMV of 3.44 billion yuan ($482.6 million), surpassing last year’s total GMV of 3.34 billion yuan ($468.6 million).
3.**Shanghai Jahwa**
In the first half of 2024, Shanghai Jahwa achieved a revenue of 3.321 billion yuan ($465.9 million), a year-on-year decrease of 8.51% compared to 3.629 billion yuan ($509.1 million) in the same period last year. The net profit attributable to shareholders of the listed company was 238 million yuan ($33.39 million), a year-on-year decrease of 20.93%. Its ranking fell from first place last year to third place this year.
Shanghai Jahwa, once the top company, is currently undergoing a transformation. In May, Shanghai Jahwa appointed a new CEO, Lin Xiaohai, and reorganized its domestic business into three divisions: the Personal Care Division (including Liushen and Maxam), the Beauty Division (including Dr. Yu, Herborist, Herborist Derma, and VIVE), and the newly established Innovation Division (including Giving, HomeAegis, and gf). The company has categorized its brands into three tiers and implemented differentiated management for each tier.
4.**Botanee**
In the first half of 2024, Botanee achieved a revenue of 2.804 billion yuan ($393.4 million), a year-on-year increase of 18.45% compared to 2.368 billion yuan ($332.2 million) in the same period last year. The net profit attributable to shareholders of the listed company was 483 million yuan ($67.76 million), a year-on-year increase of 7.5%. Its ranking fell from third place last year to fourth place this year.
The core brand Winona recorded a revenue of 2.388 billion yuan ($335 million), with an operating cost of 618 million yuan ($86.7 million), aiming to become a “5 billion yuan brand” within the next few years. Winona Baby, AOXMED, Za, and Pure & Mild achieved revenues of 101 million yuan ($14.17 million), 26.54 million yuan ($3.72 million), 239 million yuan ($33.53 million), and 25 million yuan ($3.5 million), respectively.
5.**Giant Biogene**
In the first half of 2024, Giant Biogene achieved a revenue of 2.54 billion yuan ($356.3 million), a year-on-year increase of 58.2% compared to 1.606 billion yuan ($225.3 million) in the same period last year. The net profit attributable to shareholders of the listed company was 983 million yuan ($137.9 million), a year-on-year increase of 47.4%. Its ranking rose from seventh place last year to fifth place this year.
Notably, Giant Biogene recorded the highest net profit among the Top 10 Chinese beauty companies.
According to the company’s financial report, from 2022 to the first half of 2024, the revenue growth rates of its brand Kefumei were 79.7%, 72.9%, and 68.6%, respectively, consistently maintaining high growth, with its revenue share increasing to 81.5% this year, a 5.1 percentage point increase compared to the same period last year.
6.**S’Young International**
In the first half of 2024, S’Young International achieved a revenue of 2.293 billion yuan ($321.7 million), a slight year-on-year increase of 0.14% compared to 2.2895 billion yuan ($321.2 million) in the same period last year. The net profit attributable to shareholders of the listed company was 106 million yuan ($14.87 million), a year-on-year decrease of 25.74%. Its ranking fell from fourth place last year to sixth place this year.
According to the financial report, the company will continue to focus on its comprehensive service capabilities in the Chinese market, as well as its deep brand incubation and premiumization capabilities. It will also continue to promote its overseas brand agency business, providing capital, brand, and product support, among other aspects, for overseas beauty brands entering the Chinese market, and offering a comprehensive solution in areas such as marketing, sales, and distribution to help overseas beauty brands reach Chinese core consumers.
Currently, S’Young International’s own brands include UNIFON, “Big Drop,” “MIHOO,” and “VAA.” Its agency brands include “EVIDENS DE BEAUTÉ,” KIKO, Dr. Ci:Labo, Listerine, MESOESTETIC, NESCENS, and LUMENE.
7.**Yatsen Holding**
In the first half of 2024, Yatsen Holding achieved a revenue of 1.568 billion yuan ($220 million), a year-on-year decrease of 3.45% compared to 1.624 billion yuan ($227.8 million) in the same period last year. The net profit attributable to shareholders of the listed company was negative 210 million yuan ($29.46 million), with losses expanding. Its ranking fell from sixth place last year to seventh place this year.
Notably, Yatsen Holding is the only company among the top ten to report a loss. In fact, Yatsen Holding’s losses had been gradually narrowing in the same period last year and the year before, with the loss reduced to just 61 million yuan ($8.56 million) in the same period last year. However, in the first half of this year, Yatsen Holding’s losses began to increase again.
In recent years, transformation and growth have been the main themes of Yatsen Holding’s operations, with skincare being a key focus of the company’s business development. Through acquisitions, Yatsen Holding currently owns skincare brands such as Galenic and Eve Lom, and operates the mainland business of Taiwanese medical skincare brand DR.WU.
8.**Bloomage Biotech**
In the first half of 2024, Bloomage Biotech achieved a revenue of 1.381 billion yuan ($193.7 million), a year-on-year decrease of 29.74% compared to 1.966 billion yuan ($275.8 million) in the same period last year. Its ranking fell from fifth place last year to eighth place this year. (Bloomage Biotech only includes its functional skincare business)
Like Shanghai Jahwa, Bloomage Biotech also experienced frequent personnel changes in the first half of this year. The company stated in its financial report that it is currently undergoing a phase of adjustment in its functional skincare business, focusing mainly on team restructuring, internal streamlining, strategy review, and correction actions. Operational measures have been tightened, market expansion has not fully unfolded, and the short-term operating results have inevitably been affected. The results of these changes still require time to manifest.
9.**Marubi**
In the first half of 2024, Marubi achieved a revenue of 1.352 billion yuan ($189.7 million), a year-on-year decrease of 27.65% compared to 1.059 billion yuan ($148.6 million) in the same period last year. The net profit attributable to shareholders of the listed company was 177 million yuan ($24.83 million), a year-on-year increase of 35.09%. Its ranking rose from tenth place last year to ninth place this year.
According to the financial report, the company’s main brand, Marubi, focused on eye care for Chinese consumers and achieved a revenue of 930 million yuan ($130.47 million) in the first half of 2024, a year-on-year increase of 25.87%. Its other brand, PL, achieved a revenue of 417 million yuan ($58.5 million), a year-on-year increase of 35.83%.
In the financial report, Marubi summarized that in the first half of 2024, it further deepened its strategy of focusing on core products. On the one hand, it continued to strengthen Marubi’s brand image as an expert in eye care and anti-aging, and on the other hand, it reinforced PL concept of minimalist makeup, deepening its brand influence.
10.**Freda**
In the first half of 2024, Freda achieved a revenue of 1.186 billion yuan ($166.4 million), a year-on-year decrease of 7.24% compared to 1.106 billion yuan ($155.2 million) in the same period last year. Its ranking fell from ninth place last year to tenth place this year. (Freda only includes its cosmetics business)
In the first half of this year, Freda’s subsidiary brands Dr. ALVA and RELLET recorded revenues of 645 million yuan ($90.48 million) and 447 million yuan ($62.7 million), respectively, accounting for 54.38% and 37.69% of the total revenue. In the financial report, Freda stated that it would continue to promote the “5+N” brand development strategy, strengthening the advantages of its two main brands, RELLET and Dr. ALVA, while supporting smaller brands in breaking through.
Overall, whether it’s Proya becoming the “new leader,” S’Young International’s strong rise, Giant Biogene’s steady climb, or the growth challenges faced by Yatsen Holding, Bloomage Biotech, and Shanghai Jahwa, all signal a clear message: a new market cycle is rotating, consumer preferences are changing, and a new pattern is forming in China’s domestic beauty market. Companies must adapt to these changes to find new growth engines.
