China’s Top 10 Listed Beauty Companies by Revenue in H1 2026

China’s leading listed beauty companies have recently released their financial results for the first half of 2026.

By revenue, PROYA ranked first with RMB 5.375 billion, retaining its position as the largest listed Chinese beauty company. Jahwa and CCM followed with revenue of more than RMB 3.7 billion each, forming the first tier. Mao Geping, Giant Biogene, Botanee and S’Young Group, with revenue ranging from RMB 2.5 billion to RMB 3.3 billion, made up the second tier. Yatsen Holding, Marubi Biotechnology and Lin Qingxuan also entered the top 10.

Profitability varied sharply across the group. PROYA’s net profit attributable to shareholders of the parent rose 46.26% year on year, while Lin Qingxuan delivered strong growth in both revenue and profit. Other companies recorded temporary profit declines as they adjusted brand portfolios or deliberately changed channel strategies, underscoring the intensifying industry shakeout.

At PROYA, the core brand maintained a solid revenue base while non-core brands grew substantially faster. Emerging brands including Off&Relax, INSBAHA and Awaken Seeds delivered rapid growth. PROYA’s investment in Flower Knows, followed by consolidation of the brand into its financial statements, marked an important strategic move in color cosmetics. TIMAGE, INSBAHA and Flower Knows now cover distinct consumer groups and price segments—from youthful mass-market demand to emerging and mid-to-premium positioning. Their front-end operations remain independent while sharing research, development and supply-chain capabilities. This platform model is moving PROYA from simply acquiring brands toward developing them through more refined operations.

Jahwa delivered a strong half-year performance. Net profit attributable to shareholders of the parent reached its highest first-half level since 2020, while adjusted net profit reached its highest comparable level in nearly a decade. A higher contribution from beauty products and efficiency gains from smarter manufacturing helped lift gross margin. Profit growth outpaced revenue growth, indicating a meaningful improvement in operating efficiency. Botanee showed a similar efficiency-led pattern: profit expanded much faster than revenue as the company shifted away from broad, scale-first expansion toward higher-quality growth.

CCM is also building a multi-tier brand portfolio. Although its core KANS brand is going through a period of adjustment, second-tier brands delivered strong growth. newpage and Anminyou expanded rapidly, making baby and child care an important source of incremental revenue. Through its “Six-Six Strategy,” the group is building six business pillars to reduce the earnings volatility associated with reliance on a single brand and strengthen its ability to navigate industry cycles.

Giant Biogene faced short-term pressure on both revenue and profit after deliberately scaling back high-cost livestreaming operations to reduce its dependence on paid traffic. At the same time, its medical-aesthetics business is entering a commercialization phase. Several recombinant collagen injectable products have been approved and launched, giving the company a potential second growth engine beyond functional skincare and expanding its long-term opportunity.

Botanee has pursued a model in which its core brand protects the base business while sub-brands open new growth avenues. Winona continues to deepen its position in sensitive-skin care and expand its portfolio around increasingly sophisticated consumer needs. Winona Baby, AOXMED and Za are also gaining momentum, gradually strengthening the group’s multi-brand growth profile.

S’Young Group is following a dual-engine strategy combining proprietary brands with international brand management. The share of revenue generated by its own brands continues to rise, while the product mix is shifting from facial masks toward higher-ticket lotions, creams and related skincare products. Premium international brands including EviDenS de Beauté and RéVive support the group’s move upmarket, while the two-part business structure helps offset concentration risk.

Looking ahead to the second half, Mao Geping may cross the RMB 6 billion revenue threshold, which would expand the group of Chinese listed beauty companies with annual revenue above that level to four. Emerging brands such as newpage and Off&Relax may also surpass RMB 1 billion in annual sales. With Giant Biogene beginning to commercialize its medical-aesthetics portfolio, PROYA continuing to consolidate Flower Knows, and Jahwa focusing resources on core brands, the final ranking for full-year 2026 may prove even more eventful than the first-half table.