Brands and Industry

Shanghai Juyi Cosmetics Co., Ltd. (hereinafter referred to as "Juyi Group") announced the full-year performance data for 2024. In the twelve months as of December 31, 2024, Juyi Group's annual retail sales exceeded 4.2 billion yuan, with its revenue reaching 3.5 billion yuan, a year-on-year increase of 36%. The group achieved significant breakthroughs in two major categories: color cosmetics and hair care. Among them, Juduo became the first brand under Juyi Group with retail sales exceeding 2.5 billion yuan. Its annual revenue exceeded 2 billion yuan, a year-on-year increase of 23%.

Giant Biogene released its 2024 annual performance report. In the twelve months as of December 31, 2024, the company's revenue was 5.539 billion yuan, a year-on-year increase of 57.2%; its gross profit was 4.547 billion yuan, a year-on-year increase of 54.3%; its net profit was 2.062 billion yuan, a year-on-year increase of 42.4%; and the profit attributable to the holders of the parent company was 2.062 billion yuan, a year-on-year increase of 42.1%. By brand, in 2024, Comfy achieved revenue of 4.54 billion yuan, a year-on-year increase of 62.9%; Colgan's revenue was 840 million yuan, a year-on-year increase of 36.3%. By business, in 2024, the revenue of functional skin care products was 4.3023 billion yuan, and the revenue of medical dressings was 1.2181 billion yuan. The financial report pointed out that in 2024, the online direct sales revenue through the company's DTC stores was 3.5872 billion yuan, a year-on-year increase of 66.5%; the online direct sales revenue to e-commerce platforms was 377.1 million yuan, a significant year-on-year increase of 112.5%. In terms of R&D, during the reporting period, the company's R&D expenditure was 106.5 million yuan, a year-on-year increase of 42.1%, and the proportion of R&D expenditure to revenue was 1.9%.

MGPIN released its 2024 annual performance announcement. During the reporting period, the company achieved a total revenue of 3.885 billion yuan, a year-on-year increase of 34.61%; its net profit reached 881 million yuan, a year-on-year increase of 33.04%. In terms of product types, in 2024, the sales revenue of color cosmetics products reached 1.622 billion yuan, accounting for 57.1% of the total product sales revenue; the sales revenue of skin care products was 1.160 billion yuan, accounting for 42.9%. Among them, the star products, the Light-sensing Traceless Powder Cream series and the Luxury Caviar Mask, performed outstandingly. In 2024, their retail sales were 400 million yuan and 800 million yuan respectively. In terms of sales channels, in 2024, the sales revenue of offline channels increased by 21.6% from 1.6021 billion yuan in 2023 to 1.9487 billion yuan; the revenue of online channels increased by 51.2% from 1.1798 billion yuan in 2023 to 1.7843 billion yuan, and the proportion of online channels exceeded 47.8% for the first time. By the end of 2024, MGPIN's brand counters covered more than 120 cities across the country, with a total of 378 self-operated counters and 31 dealer counters established.

On April 1, Acetyl Tripeptide-30 citrulline of Shenzhen Hujia Technology Co., Ltd. completed the new raw material filing, with the filing number "Guozhuangyuanbeizi 20250031". Acetyl Tripeptide-30 citrulline, with the INCI name Acetyl Tripeptide-30 citrulline, CAS#2098345-00-5. Shenzhen Hujia Technology Co., Ltd., established in 2014, mainly engages in cosmetics, and HBN is its brand.

On March 27, Shanghai Liren Lizhuang Cosmetics Co., Ltd. (Stock code: 605136) released its 2024 annual report. The report showed that in 2024, the company achieved an operating revenue of 1.728 billion yuan, a year-on-year decrease of 37.44%; the net profit attributable to the parent company was a loss of 24.4003 million yuan, a year-on-year decrease of 182.64%. The performance decline was mainly affected by factors such as the termination of cooperation with some brands, the adjustment of the operation mode, and the increased investment in the R&D and marketing of its own brands during the strategic transformation period. However, the company's own brands performed remarkably, with the operating revenue increasing by more than 140% year-on-year.

On March 27, Liangmianzhen (600249) released its 2024 annual report. The report showed that in 2024, the company's operating revenue was 1.053 billion yuan, a year-on-year increase of 5.82%; the net profit attributable to the parent company was 81.0988 million yuan, a year-on-year increase of 255.59%; the non-recurring profit and loss net profit attributable to the parent company was 8.9473 million yuan, a year-on-year decrease of 37.13%; the basic earnings per share was 0.15 yuan, and the gross profit margin was 16.70%.

On March 26, 2025, the filtrate of the fermentation product of Schizophyllum commune of Beishang Jiamei (Beijing) Technology Co., Ltd. completed the new raw material filing, with the filing number "Guozhuangyuanbeizi 20250030".

On March 26, 2025, according to the publicity platform of the National Medical Products Administration, the seed oil of Lunaria Annua completed the filing of new cosmetic raw materials and entered the publicity stage.

On March 20, the new cosmetic raw material "Zinc Polyaspartate Chelate" developed by Youran Innovation (Beijing) Technology R & D Center Co., Ltd. successfully obtained the new raw material filing, with the filing number "Guozhuangyuanbeizi 20250028".

Recently, the European Commission announced that the EU will start imposing retaliatory tariffs on US beauty products worth 26 billion euros (approximately 204.4 billion yuan) from April, in response to the 25% tariffs imposed by the US on all imported steel and aluminum.

On March 31, Yunnan Baiyao Group Co., Ltd. (hereinafter referred to as "Yunnan Baiyao") released its 2024 annual report.
According to the financial report, in 2024, Yunnan Baiyao achieved an operating revenue of 40.033 billion yuan, a year-on-year increase of 2.36%; the net profit attributable to the parent company was 4.749 billion yuan, a year-on-year increase of 16.02% compared with 4.094 billion yuan in the previous year; the non-recurring profit and loss net profit attributable to the parent company was 4.523 billion yuan, a year-on-year increase of 20.18% compared with 3.764 billion yuan in the previous year, reaching a historical high.

It is reported that Guyu Biotechnology Group Co., Ltd. has completed the tutoring filing registration with the Guangdong Securities Regulatory Bureau and plans to make its first public offering of stocks, with China Construction Investment Securities Co., Ltd. as the tutoring securities firm.

It is reported that the China Securities Regulatory Commission has issued a filing notice regarding the overseas issuance and listing of Eternal Beauty Holdings Limited (hereinafter referred to as "Eternal Beauty Holdings"), marking that Eternal Beauty Holdings has passed the IPO filing of the China Securities Regulatory Commission and taken a key step towards listing.

On March 28, Rhin Biotech released its 2024 performance report.
According to the financial report, in 2024, the company achieved an operating revenue of 1.772 billion yuan, a year-on-year increase of 18.60%; the net profit attributable to the shareholders of the listed company was 163 million yuan, a year-on-year increase of 97.56%; the non-recurring profit and loss net profit attributable to the parent was 151 million yuan, a year-on-year increase of 634.19%. It is worth mentioning that in 2023, Rhin Biotech achieved a net profit attributable to the parent of 82.51 million yuan, a year-on-year decline of 53.84%; the non-recurring profit and loss net profit attributable to the parent was 20.62 million yuan, a year-on-year decline of 86.17%. That means 2024 was a crucial year for Rhin Biotech's net profit to turn from negative growth to positive growth.

Recently, according to media reports, relevant person in charge of the Beiersdorf Innovation Center announced that Beiersdorf has decided to invest 31.42 million US dollars (approximately 225 million yuan) in Nivea (Shanghai) Co., Ltd. in 2025, targeting three strategic directions: local formula R & D, intelligent production line upgrade, and precise marketing layout.

Recently, the IPO review status of Changzhou BrightGene Bio-Medicine Technology Co., Ltd. on the Beijing Stock Exchange has been changed to "suspended", mainly because the financial report has expired and supplementary audit matters are required.

It is learned that Unilever has officially announced the acquisition of the refillable deodorant brand Wild to consolidate the group's leading position in the high-end beauty and personal care sector. The specific transaction details have not been disclosed, but previous reports said that the transaction amount was approximately 230 million pounds (approximately 2.16 billion yuan).

On April 16, Sodium Hyaluronate Salicylate of Bloomage Biotechnology Co., Ltd. completed the new raw material filing, with the filing number "Guozhuangyuanbeizi 20250035".

Recently, Missface, a company listed on the New Third Board, released its 2024 full-year performance report. The report shows that in 2024, the company's revenue was 129.7 million yuan, a year-on-year decrease of 14.8%; the net profit was 12.42 million yuan, a sharp decrease of 51.17%. It was once the first single-brand chain listed company in China, creating more than 300 single products with the concept of "scientific and precise skin care", but since the number of its stores exceeded 500 in 2024, store expansion has stagnated, and it has shown signs of fatigue in industry competition.

On April 14, Shenzhen Viccience Biotechnology Co., Ltd. was officially listed on the New Third Board (874747).

On April 14, the LVMH Group released its first-quarter performance report for the 2025 fiscal year, showing that the group's revenue in the first quarter was 20.311 billion euros (approximately 169.2 billion yuan), a year-on-year decrease of 3%, failing to meet the market-expected year-on-year growth of 2%. Among them, the sales of the fashion and leather goods department were 10.108 billion euros (approximately 84.2 billion yuan), a year-on-year decrease of 5%; the organic revenue of the wine and spirits department decreased by 9%, the perfume and cosmetics department decreased by 1%, and the watches and jewelry department remained unchanged.

On April 10, Bloomage Biotechnology (688363) released its 2024 annual report. The company achieved an operating revenue of 5.371 billion yuan, a year-on-year decrease of 11.61%; the net profit attributable to the parent was 174 million yuan, a year-on-year decline of 70.59%. Among them, the revenue of the core business, the innovative transformation business of skin science, was 2.569 billion yuan, a year-on-year decrease of 31.62%, accounting for 47.92% of the main business revenue. The performance decline was mainly due to the decrease in revenue from this business, the provision of a large amount of asset impairment of approximately 189 million yuan, and the reduction of government subsidies.

Recently, Jiangsu CreateMed Technology Co., Ltd. released its 2024 annual report. The company's annual operating revenue was 288 million yuan, a year-on-year increase of 1.82%; the net profit was 33.8154 million yuan, a year-on-year decline of 50.84%.

On April 10, Givaudan, a global giant in flavors and fragrances, released its first-quarter financial report for 2025. The report shows that Givaudan achieved sales of 1.977 billion Swiss francs (approximately 17.7 billion yuan) in the first quarter. Calculated on a comparable basis, it increased by 7.4%, and in Swiss francs, it increased by 8.5%. Among them, the sales of the perfume and beauty business were 1.009 billion Swiss francs (approximately 9 billion yuan). Calculated on a comparable basis, it increased by 9.8%, and in Swiss francs, it increased by 12.2%. This growth was mainly due to the company's strong performance in high-growth markets and the continuous optimization of its product portfolio.

On April 7, the leaf extract of Ilex Kudingcha of Guangzhou KANGAMAMA Technology Innovation Research Co., Ltd. completed the new raw material filing, with the filing number "Guozhuangyuanbeizi 20250034".

Recently, the publicity platform of the National Medical Products Administration showed that the callus tissue extract of Epiphyllum oxypetalum of Hangzhou Shiguang Xinya Co., Ltd., a subsidiary of Zhejiang Unnamed Shiguang Biotechnology Co., Ltd. (Filing number: Guozhuangyuanbeizi 20250033) completed the new raw material filing and entered the publicity stage.

Recently, the China Securities Regulatory Commission issued the "Filing Notice on the Overseas Issuance and Listing of Eternal Beauty Holdings Limited". Eternal Beauty Holdings plans to issue no more than 348,750,000 overseas-listed ordinary shares and list on the Hong Kong Stock Exchange.

On April 2, Kids-King, a leading enterprise in the mother-baby-children industry, disclosed its 2024 annual financial report. According to the financial report, Kids-King achieved an annual revenue of 9.34 billion yuan, a year-on-year increase of 6.68%; the net profit attributable to the parent was 180 million yuan, a year-on-year increase of 72.44%, turning from negative growth to positive growth. In addition, the net cash flow from operating activities reached 1.18 billion yuan, a year-on-year increase of 46.7%, confirming the substantial improvement in its operating efficiency.

PROYA released its 2024 full-year and first-quarter 2025 performance reports. In the twelve months ending December 31, 2024, PROYA's operating revenue was 10.778 billion yuan, a year-on-year increase of 21.04%; the net profit attributable to shareholders of the listed company was 1.552 billion yuan, a year-on-year increase of 30.00%; the non-recurring profit and loss net profit attributable to the parent was 1.522 billion yuan, a year-on-year increase of 29.60%. In the three months ending March 31, 2025, the operating revenue was 2.359 billion yuan, a year-on-year increase of 8.13%, and the net profit attributable to shareholders of the listed company was 0.390 billion yuan, a year-on-year increase of 28.87%. By brand, in 2024, the operating revenue of the PROYA brand was 8.581 billion yuan, a year-on-year increase of 19.55%; the operating revenue of Chando was 1.191 billion yuan, a year-on-year increase of 19.04%; Off&Relax increased by 71.14% year-on-year, and Joyful increased by 9.41% year-on-year. By category, in 2024, the revenue of skin care (including skin cleansing) business was 9.019 billion yuan, a year-on-year increase of 19.31%, and the revenue of beauty and color cosmetics was 1.361 billion yuan, a year-on-year increase of 21.96%. The financial report pointed out that in 2024, the transaction amount of the PROYA brand ranked second in Douyin's beauty category. During the 618 event and the Double 11 event in 2024, the transaction amount of the PROYA brand ranked first in Douyin's beauty category.

On April 24, Shanghai Jahwa United Co., Ltd. (Stock code: 600315) released its 2024 annual report and the first-quarter report of 2025. In 2024, the company achieved an operating revenue of 5.679 billion yuan and a net profit loss of 833 million yuan. In the first quarter of 2025, the company achieved an operating revenue of 1.704 billion yuan and a net profit attributable to the parent company of 217 million yuan.

On April 22, Fuerjia released its 2024 annual report. The report shows that in 2024, Fuerjia achieved an operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32%. However, the net profit attributable to the parent company was 661 million yuan, a year-on-year decrease of 11.77%. The growth of the company's revenue was mainly due to the continuous strength of its cosmetics business, which accounted for 57.72% of the total revenue, with a year-on-year increase of 7.49%. However, the sales expenses increased by 40.53%, accounting for 37.1% of the revenue, resulting in a decline of the net interest rate to 32.78%.

Recently, Jiaheng Home Chemical Co., Ltd. released its 2024 performance report. The revenue was 923 million yuan, a year-on-year decrease of 9.13%, and the net profit loss was 23.697 million yuan, a year-on-year decrease of 159.00%. The revenue of the cosmetics business decreased by 15.63%, and the capacity utilization rate was only 32.76%. Although the home care business increased by 27.93%, its scale was limited.

On April 21, Jinbo Biotech released its 2024 performance report, showing that the company's revenue increased by 84.92% year-on-year, reaching 1.443 billion yuan; the net profit increased by 144.27% year-on-year, reaching 732 million yuan. All three major business segments achieved significant growth: the revenue of the medical device business was 1.254 billion yuan, a year-on-year increase of 84.37%, with a gross profit margin as high as 95.03%; the revenue of functional skin care products was 142 million yuan, a year-on-year increase of 86.83%; the revenue of raw materials and other businesses was 46 million yuan, a year-on-year increase of 89.07%.

On April 23, the publicity platform of the National Medical Products Administration showed that Cyclopeptide-113 completed the filing of new cosmetic raw materials and entered the publicity stage, with the filing number "Guozhuangyuanbeizi 20250037". This raw material was filed by Chengdu KJ Polypeptide Technology Co., Ltd., and its parent company was Sino-Medicine Co., Ltd. Cyclopeptide-113 is a beauty peptide that can relieve skin burning, stinging, erythema and other problems, and is suitable for soothing and whitening cosmetics.

On April 21, the shares of Zhuhai Yasha Biotechnology Co., Ltd. were suspended on the National Equities Exchange and Quotations. The reason for the suspension was that the company voluntarily applied for the termination of listing.

On April 29, Mingchen Health, a daily chemical enterprise with well-known brands such as "Dihua Zhixiu", released its 2024 annual report. The report shows that in 2024, the company's operating revenue was 1.380 billion yuan, a year-on-year decrease of 15.71%; the net profit attributable to the parent company was 46.7196 million yuan, a year-on-year decrease of 33.60%; the non-recurring profit and loss net profit attributable to the parent company was 45.9838 million yuan, a year-on-year decrease of 29.50%.
On the same day, Mingchen Health released its first-quarter report of 2025. In the first quarter of the company, the operating revenue was 361 million yuan, a year-on-year decrease of 0.10%; the net profit attributable to the parent company was 12.7130 million yuan, a year-on-year decrease of 71.62%; the non-recurring profit and loss net profit attributable to the parent company was 12.6084 million yuan, a year-on-year decrease of 71.97%.
On April 29, Shuiyang Co., Ltd. released its 2024 full-year and first-quarter 2025 performance reports. According to the financial report, in 2024, the company achieved an operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%; the net profit attributable to the parent company was 110 million yuan, a year-on-year decrease of 62.63%; the non-recurring profit and loss net profit attributable to the parent was 118 million yuan, a year-on-year decrease of 56.74%. Among them, the operating revenue of its own brands was 1.651 billion yuan, maintaining a stable proportion of the overall operating revenue. The gross profit margin of its own brands was 74.27%. The further improvement of the brand structure drove the overall gross profit margin of the company to increase.

On April 29th, Symrise, one of the world's four major fragrance and flavor giants, released its first - quarter financial report for 2025. The report shows that the group's sales in the first quarter reached 1.317 billion euros (approximately 10.92 billion yuan), with an organic growth of 4.2% and a year - on - year growth of 2.0%.

On April 28th, LG Household & Health Care released its financial report for the first quarter of fiscal year 2025 (from January to March 2025). According to the report, the company's sales in the first quarter of this year were 1.6979 trillion won (approximately 8.587 billion yuan), a decrease of 1.8% compared to the same period last year; the operating profit was 142.4 billion won (approximately 720 million yuan), a year - on - year decrease of 5.7%.

Recently, Colgate - Palmolive announced its first - quarter results for 2025 as of March 31st. According to the financial report, in the first quarter, Colgate - Palmolive's net sales decreased by 3.1% to 4.911 billion US dollars (approximately 35.8 billion yuan); the operating profit increased by 3% to 1.076 billion US dollars (approximately 7.84 billion yuan). The decrease in net sales includes a 0.4% negative impact from the pet nutrition business and a 4.4% drag from foreign exchange on net sales.

On April 25th, Yunnan Botanee Bio - Technology Group Co., Ltd. (hereinafter referred to as "Botanee") released its 2024 annual report and the first - quarter performance report for 2025. The financial report shows that in 2024, Botanee achieved operating income of 5.736 billion yuan, a year - on - year growth of 3.87%; the net profit was 503 million yuan, a year - on - year decrease of 33.53%. In the first quarter of 2025, Botanee's operating income was 949 million yuan, a year - on - year decrease of 13.51%, and the net profit was 20.9248 million yuan, a year - on - year decrease of 86.44%.

On April 25th, Marubi Biotechnology released its 2024 financial report. During the period, Marubi Biotechnology's revenue was 2.97 billion yuan, a year - on - year growth of 33.44%; the net profit attributable to the shareholders of the listed company was 342 million yuan, a year - on - year growth of 31.69%. This is the year with the highest revenue and revenue growth rate for Marubi Biotechnology in the past 10 years.

International Large Group

Recently, the Beiersdorf Group released its first-quarter financial report for 2025, showing that the group's sales in the first quarter reached 2.7 billion euros (approximately 22.373 billion yuan), with an organic growth of 3.6%. Among them, the sales of the consumer goods business department were 2.3 billion euros, a year-on-year increase of 2.3%, but the growth rate was the lowest in the same period of the past five years; the Nivea brand grew by 2.5%, mainly due to double-digit growth in the North American market, and the Derma brand portfolio (Eucerin, Aquaphor) grew by 11.4%, becoming a growth engine. However, the sales of the high-end brand La Prairie decreased by 17.5%.

Unilever announced its first-quarter financial report for 2025. In the three months as of March 31, the group's revenue was 14.8 billion euros, a year-on-year decrease of 0.9%, with underlying sales increasing by 3.0% year-on-year and sales volume increasing by 1.3% year-on-year. By business segment, in the first quarter, the revenue of the beauty and health department was 3.3 billion euros, a year-on-year increase of 2.9%, the revenue of the personal care department was 3.3 billion euros, a year-on-year increase of 2.9%, and the revenue of the home care department was 3.3 billion euros, a year-on-year decrease of 4.4%.

Procter & Gamble announced its third-quarter financial report for the 2025 fiscal year. In the three months as of March 31, 2025, the group's net sales were 19.8 billion US dollars, a year-on-year decrease of 2%, and the net profit was 3.793 billion US dollars, basically the same as the same period last year. By business segment, in the third fiscal quarter, the net sales of the beauty department were 3.49 billion US dollars, a year-on-year decrease of 2%, and the net profit was 539 million US dollars, a year-on-year decrease of 8%; the net sales of the grooming department were 1.505 billion US dollars, a year-on-year decrease of 2%, but the net profit increased by 6% year-on-year; the net sales of the health care department were 2.880 billion US dollars, basically the same as the same period last year, and the net profit increased by 8% year-on-year.

Recently, L'Oréal announced its first-quarter financial report for 2025. As of March 31, the sales reached 11.73 billion euros (approximately 98.8 billion yuan), a year-on-year increase of 3.5%. All business segments achieved growth: the professional hair products department grew by 1.6%, the mass cosmetics department grew by 2.3%, the high-end cosmetics department grew by 5.8%, and the dermatological beauty department grew by 2.7%. In terms of regional markets, Europe grew by 4.3%, North Asia grew by 6.9%, SAPMENA-SSA grew by 10.4%, Latin America grew by 7.9%, but the North American market decreased by 3.8%.

E-commerce Platform

Kuaishou Technology (01024) released its annual financial report as of December 31, 2024.
According to the financial report, in 2024, Kuaishou achieved revenue of 126.898 billion yuan, an increase of 11.8% compared with the previous year; the annual profit was 15.344 billion yuan, an increase of 139.8% compared with the previous year. In the fourth quarter of 2024, Kuaishou's revenue was 35.384 billion yuan, a year-on-year increase of 8.7%; the profit during the period was 3.974 billion yuan, a year-on-year increase of 10%.

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