The top spot has changed hands, and the new "profit king" and "market capitalization king" have emerged.

The TOP 10 listed domestic Chinese beauty enterprises have been announced, with new rising players squeezing into the ranking.

The ranking race in the beauty industry seems to have no end. In the competition of the international beauty market, the top 10 global beauty groups welcomed new entrants in the first half of this year. Dermatology giant Galderma ranked 9th on the list, while the century-old French perfume giant Coty dropped out of the top 10[1]. The change of rankings among international listed beauty enterprises proves that no player can stay carefree in the fast-changing market competition.

In the competition among domestic listed cosmetics enterprises, the ranking battle has also seen new changes. After Yatsen Holding (NYSE: YSG) released its financial report on the evening of September 2, the financial reports of all domestic listed beauty enterprises have been fully disclosed. Jumeili has sorted out the financial reports of Chinese-founded cosmetics "brand enterprises" listed on main boards at home and abroad, and ranked them by the revenue of cosmetics-related sectors. At present, the latest TOP 10 revenue list of domestic listed beauty enterprises has been released. Combined with the performance of the top 10 players in other dimensions, the main highlights are summarized as follows:

In the TOP 5 ranking, Mao Geping and Giant Biogene swapped positions: Mao Geping now ranks third, while Proya, Chicmax and Shanghai Jahwa keep their rankings unchanged, taking the 1st, 2nd and 4th place respectively;

The top 1 net profit position is taken by Proya from Giant Biogene, its attributable net profit in the first half of the year reached 1.168 billion yuan (the investment income from the consolidated Huazhizhi was 445 million yuan, which drove a substantial increase in net profit during the reporting period);

The online revenue proportion of Proya and Chicmax exceeded 90%, while Mao Geping took the top 1 share of offline revenue at 46.0%;

The R&D investment of Chicmax and Betteny exceeded 100 million yuan, Lin Qingxuan's R&D expenditure surged 88.8% year on year.

In terms of market value, as of the close of trading on September 2, the TOP 5 domestic listed beauty enterprises are Proya, Giant Biogene, Mao Geping, Bloomage Biotechnology and Betteny. Compared with the same period last year, the threshold for the top 1 market value of domestic listed beauty enterprises has shrunk sharply from 52.858 billion yuan to 24.867 billion yuan. It is also noteworthy that compared with the same period last year, the top 1 market value position has changed hands, and Proya jumped to the first place from the previous third.

The TOP 10 list of domestic Chinese beauty brands is released, Lin Qingxuan ranks 9th

In recent years, new entrants have kept emerging in the TOP 10 revenue camp of domestic listed beauty enterprises: Mao Geping, which was listed on the Hong Kong Stock Exchange in December 2024, ranked 5th in the TOP 10 revenue list of domestic listed beauty enterprises in the first half of 2025; Now, Lin Qingxuan, which was listed on the Hong Kong Stock Exchange in December 2025, ranks 9th in the latest TOP 10 revenue list of domestic listed beauty enterprises.

It is worth noting that before Lin Qingxuan went public in the first half of 2025, its revenue had reached 1.052 billion yuan, only 42 million yuan less than Furida, which ranked 9th at that time. In the first half of 2026, its revenue has exceeded Furida by 214 million yuan, which makes Lin Qingxuan enter the TOP 10 semi-annual revenue list of domestic listed beauty enterprises for the first time half a year after its listing.

According to revenue performance, the TOP 10 domestic listed beauty enterprises in the first half of 2026 can be divided into three tiers:

The first tier: revenue above 3 billion yuan: Proya, Chicmax, Mao Geping and Shanghai Jahwa, among which Proya ranks first with a revenue of 5.375 billion yuan with a clear gap from other players;

The second tier: revenue between 2 billion yuan and 3 billion yuan: Giant Biogene, Betteny and Yatsen are on the list, among which Giant Biogene recorded a revenue of 2.91 billion yuan (excluding health food and other income), approaching the 3 billion yuan threshold of the first tier;

The third tier: revenue between 1.2 billion yuan and 2 billion yuan: Marubi Biotechnology, Lin Qingxuan and Furida are on the list, among which Furida's cosmetics sector revenue is 1.286 billion yuan, the threshold for the top 10 ranking.

It is worth noting that Fuerjia's revenue (including medical device revenue) increased by 33.95% year on year to 1.156 billion yuan, ranking 11th in the revenue list of domestic listed beauty enterprises according to the current ranking. Judging from the proportion of cosmetics sector in its total revenue, the figure reached 72.54% in the first half of this year. If it can maintain a sustained growth trend, the TOP 10 revenue list of domestic listed beauty enterprises may see new changes.

Analysis on the year-on-year revenue change of the cosmetics sector of the TOP 10 domestic listed beauty enterprises shows that Lin Qingxuan has the highest growth rate at 42.6%, while Proya, the top 1 enterprise by revenue, recorded a slight year-on-year increase of 0.24%. In addition, the growth rates of Mao Geping, Shanghai Jahwa and Furida are all in double digits, up 26.2%, 12.06% and 17.57% year on year respectively. It can be seen that most enterprises maintained a growth trend, while some others faced pressure in the cosmetics sector and saw a revenue decline.

Top 1 position changed hands, domestic beauty industry welcomes new "profit king"

If revenue scale is a major confidence support for domestic beauty enterprises in market competition, profit is the safety cushion for enterprises. Maintaining profit while achieving revenue growth is the key for domestic beauty brands to continuously go through industry cycles.

Among the TOP 10 domestic listed beauty enterprises by revenue in the first half of this year, Proya became the top 1 enterprise in net profit with a net profit of 1.168 billion yuan and a year-on-year growth rate of 46.26%. Giant Biogene, which topped the list in the same period last year, now has a net profit of 940 million yuan, ranking second.

In addition to the top three enterprises whose net profit exceeded 800 million yuan, the net profit of Shanghai Jahwa, Betteny, Lin Qingxuan, Marubi Biotechnology, Chicmax and Furida is all less than 500 million yuan.

In terms of net profit changes, the net profit of Giant Biogene, Marubi Biotechnology, Chicmax and Furida all declined year on year. This means that many domestic listed beauty enterprises are in a growth speed shifting period, in the stage of adjustment and energy accumulation.

The net profit of Proya, Mao Geping, Shanghai Jahwa, Betteny and Lin Qingxuan all increased year on year, up 46.26%, 20.3%, 43.35%, 18.30% and 40.7% respectively.

Furida pointed out in its financial report that one of the main reasons for the year-on-year decrease in net profit compared with the same period last year is that in the cosmetics business, marketing expenses increased due to the impact of new product market cultivation and promotion layout; Marubi Biotechnology's profit decreased due to the reduction of overall revenue, which was attributed to the year-on-year decline of online live streaming business income.

Main brands face pressure, do sub-brands of domestic beauty brands see explosive growth?

Analysis from the brand revenue dimension shows that in the TOP 10 revenue list of domestic listed beauty enterprises in H1 2026 counted by Jumeili, most enterprises have built their own sub-brand matrix outside the main brand through acquisition or incubation. Many sub-brands of these enterprises have achieved accelerated development in recent years, gradually becoming the second growth curve for leading domestic beauty enterprises.

For example, Proya Group, the top 1 domestic listed beauty enterprise by revenue, its main brand Proya generated a revenue of 3.692 billion yuan, setting the ceiling for single domestic beauty brand; On the other hand, the proportion of Proya in total main business revenue has dropped from 80.73% in 2023 to 68.79% during the reporting period, which indirectly reflects that it is implementing the multi-brand strategy.

The implementation results of the multi-brand strategy have been shown. For Proya, CaiTang is a successful growth curve built through acquisition; Meanwhile, the personal care brand Off&Relax (OR) increased by 70.81% year on year, with a revenue of 477 million yuan, approaching 500 million yuan in semi-annual revenue, gradually growing into a new growth curve for Proya. The new cutting-edge makeup brand Poetisa and scalp micro-ecological efficacy personal care brand Jingshi surged by 222.23% and 103.53% respectively, among which Poetisa recorded a revenue of 313 million yuan in the first half of this year. The growth of a new batch of potential brands may further expand the imagination space for Proya's growth in the future.

Combined with the performance of single brands in H1 this year and the same period of previous years, among the brand matrix of enterprises on the TOP revenue list of domestic listed beauty enterprises, there are at least 5 brands with revenue over 1 billion yuan: Proya, Kans, Winona, Comfy and Marubi. But it is worth noting that the 1-billion-yuan revenue threshold for domestic beauty brands is both a milestone and a major difficulty. Even for leading brands, it is full of challenges to maintain growth momentum and achieve further breakthroughs.

On the one hand, with intensified competition, the development of main brands is also facing performance growth challenges, with growth slowing down, and even many enterprises have seen a decline in the performance of their main brands. In the first half of this year, Winona under Betteny and Marubi under Marubi Biotechnology grew by 2.54% and 1.97% respectively, both recording low single-digit growth.

But on the other hand, it is noteworthy that, like Proya, many enterprises have achieved good growth momentum in their second growth curves and new sub-brands. For example, the infant efficacy skincare brand newpage under Chicmax recorded a year-on-year revenue surge of 59.9%, and the sensitive skin repair brand Anminyou saw its revenue surge 89.3% year on year.

In addition, the revenue of Winona Baby and Aoykang under Betteny Group both increased by more than 45% year on year in H1 2026, and the revenue of Za during the reporting period increased by more than 22% year on year. The revenue of Yilian under Furida increased by 16.30%, and the semi-annual revenue of the brand Kemi exceeded 100 million yuan to 169 million yuan, surging 621.57% compared with the same period last year.

Of course, although many enterprises' sub-brands have achieved a sharp or even explosive year-on-year growth, their current scale is still small. For these enterprises, it is not difficult to achieve a short-term surge for sub-brands, but the difficulty lies in whether they can go through the industry cycle and grow into stable pillar brands. The development of these brands will also determine the competition trend of enterprises in the next stage.

Online traffic hits the ceiling, most offline channels see growth

Analysis from the channel revenue dimension shows that online is still the basic market for domestic beauty enterprises. Among them, Proya and Chicmax have online revenue proportion over 90%, reaching 94.79% and 94.1% respectively; Giant Biogene, Betteny, Marubi Biotechnology and Lin Qingxuan all occupy 70% or even 80% of their revenue share from online channels.

Among them, Proya's online direct sales in H1 2026 increased by 3.5% year on year to 4.042 billion yuan. Combined with the financial report, except for Proya brand and the consolidated Huazhizhi which adopt coordinated online and offline omni-channel sales, all other brands take online as the main sales position.

It is worth noting that due to intensified competition, several domestic beauty enterprises with higher online revenue proportion generally saw negative growth in online income.

Of course, many enterprises also revealed that they achieved good growth online, which is mainly related to Douyin, self-broadcast channels and other channels. Among them, Betteny's full brands on Douyin platform and Pinduoduo platform stores recorded operating revenue with a year-on-year growth rate of more than 55.00% compared with the same period last year, and the total proportion in the company's online channel sales revenue during the reporting period rose to about 39.72%; Lin Qingxuan generated 595 million yuan of revenue on Douyin platform, contributing 64.3% of its online direct sales revenue.

In addition, in recent years, due to the decline of live streamer traffic, many enterprises have increased investment in self-broadcast channels. Among them, Yilian's self-broadcast channel under Furida increased by 104% year on year, Dr. Aier formed a royal jelly acid operation team to develop high-end product