The raw material supplier invested by PROYA and Giant Biogene has been listed.

Vichy Biotech has officially listed on the Beijing Stock Exchange.

Since 2026, the IPO heat in the upstream cosmetic raw material track has continued to rise. From the early year when Barich got the first approval from the Beijing Stock Exchange, to May when Gikai Bio and Green Bio successively passed the review, a number of raw material enterprises have successively knocked on the door of the capital market.

On July 27, Shenzhen Vichy Biotech Co., Ltd. (hereinafter referred to as Vichy Biotech) rang the listing bell at the Beijing Stock Exchange (hereinafter referred to as BSE), officially becoming the "first peptide raw material stock" in the cosmetics sector of the BSE.

This time, Vichy Biotech publicly issued 8.83 million new shares, with a total share capital of 58.83 million shares after issuance, at an issue price of 22.16 yuan per share. The total raised funds are about 196 million yuan, and the net raised funds after deducting issuance expenses are about 165 million yuan. This offering adopts the combined mode of "strategic placement + online issuance": 883,000 shares for strategic placement, accounting for 10% of the total issuance; 7.947 million shares for online issuance, with a total of 40.659 billion valid online subscription shares, and the online winning allocation ratio is only 0.0195%.

After deducting the issuance expenses, all the funds raised from Vichy Biotech's IPO this time will be used for the "New Vichy Health Industrial Park Project of Zhuhai Vichy Biotech Co., Ltd." and the "Vichy Biotech R&D Center Project".

On the first day of listing, Vichy Biotech's opening price was 45.01 yuan, an increase of about 103.11% compared with the issue price of 22.16 yuan; as of press time, the intraday stock price once rose to 46.37 yuan, with a maximum increase of 109.25%, and the total market value was about 2.54 billion yuan.

Revenue has increased for three consecutive years, with cosmetics raw material business contributing over 60%

Founded in January 2011, Vichy Biotech focuses on the R&D, production and sales of cosmetics raw materials centered on skin-active peptides and finished cosmetics (ODM), with full-chain delivery capabilities from raw material R&D to finished product manufacturing [1].

Its founder, Ding Wenfeng, graduated from Tongji Medical University. He obtained a master's degree from Huazhong University of Science and Technology in 2000 and a doctorate in peptide pharmaceutical chemistry from Peking University in 2005. Later, he was engaged in R&D of new peptide drugs and authored the book "Skin-Active Peptides".

Ding Wenfeng, founder of Vichy Biotech, at the annual Jumeili Conference

Looking back on the listing process, Vichy Biotech launched the BSE listing counseling on February 14, 2025, and the BSE officially accepted its IPO application on June 30; it passed the review of the BSE Listing Committee on May 6, 2026, and obtained the approval of the China Securities Regulatory Commission for registration on June 16. From the acceptance of the IPO to the final listing, the whole process took about 13 months.

Source: Vichy Biotech official website

From the operational perspective, Vichy Biotech has maintained continuous growth in revenue and profits in the past three years. According to the prospectus, from 2023 to 2025, Vichy Biotech's operating revenue was 165 million yuan, 248 million yuan and 275 million yuan respectively, with year-on-year increases of 21.68%, 50.23% and 11.18% respectively; the corresponding attributable net profits to shareholders were 42 million yuan, 71 million yuan and 91 million yuan, with year-on-year growth rates of 20.37%, 67.06% and 28.60% respectively.

In the first half of 2026, Vichy Biotech expects its operating revenue to be about 146 million yuan, a year-on-year increase of 10.39%; its expected attributable net profit to shareholders is about 47 million yuan, a year-on-year increase of 16.92%.

Looking at the revenue structure specifically, cosmetics raw materials are the core revenue pillar of Vichy Biotech, and the revenue proportion of the raw material sector has shown a steady upward trend in the past three years, while the ODM finished product business serves as an important supplement.

In 2025, Vichy Biotech's cosmetics raw material business revenue was 166 million yuan, a year-on-year increase of 31.70%, accounting for 60.37% of the main business revenue; the ODM finished product business revenue was 94 million yuan, accounting for 34.23% of the main business revenue; other businesses (custom raw material development and testing services) generated 10 million yuan in revenue, accounting for 3.65%.

Source: Vichy Biotech prospectus

While the revenue scale continues to expand, from 2023 to 2025, Vichy Biotech's gross profit margin of main business remained stable above 65%; by specific business, the cosmetics raw material business has significant profit advantages with a gross profit margin of 79.09%, while the ODM finished product gross profit margin is 48.00%.

Source: Vichy Biotech prospectus

At present, Vichy Biotech's customers cover four categories: cosmetics brands, OEM factories, traders and distributors. Brands are the largest customer group of Vichy Biotech's cosmetics raw material business.

According to the prospectus, from 2023 to 2025, the proportion of Vichy Biotech's revenue from brands increased from 33.83% to 45.45%; the proportion of revenue from OEM factories dropped from 39.95% to 32.05%, with a revenue of 53 million yuan in 2025; the total revenue from traders and distributors remained at a relatively stable level in the past three years, reaching 37 million yuan in 2025, accounting for 22.50%.

Source: Vichy Biotech prospectus

At the level of cooperative brands, Vichy Biotech's cooperative customers now cover global leading beauty brands and top OEM factories. At present, Vichy Biotech has been included in the official raw material procurement lists of P&G, Unilever and Shiseido, and has passed the supplier qualification audits of large international OEM enterprises such as Cosmax, Intercos and Kolmar Korea [2].

Many popular products on the market use Vichy Biotech's self-developed peptides as core functional raw materials. For example, Marubi's Red Pen Eye Cream and Butterfly Eye Mask use Erasin0003, Oligopeptide-215 and Conotoxin, while P&G's OLAY Anti-Wrinkle Black Tube Cream adds Caffeoyl Hexapeptide-9.

Continuously increasing R&D investment, ranking first with 23 new cosmetic raw material filings

Vichy Biotech's core competitiveness may rely on long-term R&D investment.

According to the prospectus, from 2023 to 2025, Vichy Biotech's R&D investment was 23 million yuan, 31 million yuan and 29 million yuan respectively, accounting for 13.67%, 11.93% and 10.59% of operating revenue respectively, which was higher than the industry average for three consecutive years. Taking 2025 as an example, Vichy Biotech's R&D expense ratio was 10.59%, while that of Jinbo Bio was 6.64%, Bawei Co., Ltd. was 4.07%, and the industry average was 6.03%.

The R&D investment is also reflected in team configuration and achievement output. As of May 2026, Vichy Biotech has an R&D team of 87 people, with 87.36% of them holding bachelor's degrees or above, including 5 doctors and 19 masters. The multidisciplinary cross R&D team supports raw material innovation.

It is worth noting that as of the listing day on July 27, Vichy Biotech has owned 23 new cosmetic raw materials approved and filed by the National Medical Products Administration, including 9 innovative new raw materials. Both core data rank first in the domestic industry. Its self-developed product Erasin0003 is the first innovative peptide in China with independent intellectual property rights and completed NMPA filing, and it is also one of the two new raw materials that first passed the three-year safety monitoring and were included in the "List of Used Cosmetic Raw Materials".

The above-mentioned capabilities in raw material R&D and commercial implementation may also be the key to attracting industrial capital layout this time.

In this strategic placement list, Proya, through Proya Hainan Investment Co., Ltd., and Xi'an Giant Bio-Technology Co., Ltd. (hereinafter referred to as "Giant Biotech") both participated, with each getting 90,252 allocated shares. For Giant Biotech, this is its first strategic investment in an upstream raw material supplier; while Proya's entry as a strategic investor this time is also regarded by the market as one of its layouts to extend upstream in the beauty industry chain [3]. In addition, well-known investment institutions such as CICC Capital, Songhe Capital and Jisun Capital also appeared on the strategic investor list.

It is no accident that the two leading domestic brands simultaneously deploy upstream raw material enterprises. Some financial figures believe that the two beauty giants' increased investment is not only a direct recognition of Vichy Biotech's innovation capability, but also sends a clear signal: the competition logic of China's beauty industry is shifting from marketing-driven to technology-driven, and full-industry-chain collaboration has become a new trend [4].

Finally, let's congratulate Vichy Biotech on its successful listing on the Beijing Stock Exchange, and another listed enterprise has been added to the upstream raw material track of domestic beauty brands!

Information Sources:

[1][4] Shanghai Securities News・China Securities Network "Vichy Biotech, the 'First Peptide Raw Material Stock', is About to List on the Beijing Stock Exchange"

[2] Section V "Business and Technology" of Vichy Biotech's Prospectus.

[3] The Beijing Stock Exchange prospectus (registration version) signed by Shenzhen Vichy Biotech Co., Ltd. on May 11, 2026

This article is from the WeChat public account "Jumeili" (ID: jumeili-cn), author: Shui Jin, published with authorization from 36Kr.