In the first half of this year, the competition pattern for domestic beauty products changed again.

Pelorea continued to rank first, with revenue reaching 5.375 billion yuan; Shanghai Jahwa rose to second place with 3.791 billion yuan.

Mao Geping entered another place, ranking fourth; judging from the current growth momentum, Mao Geping is expected to pass the 6 billion yuan threshold within the year-by then, among the domestic beauty companies listed, the team will have revenue exceeding 6 billion yuan. Expand to four companies.

There are also many highlights at the brand level. The three potential brands, One Page, OR and Primary Color Bota, are all expected to exceed 1 billion yuan within the year. From the perspective of the overall layout of the company, the brand matrix of the beauty company is becoming increasingly perfect, and the synergy effect of multiple brands is gradually emerging.

Top 10 rankings have changed

In the first half of the past three years, the list of the top ten listed domestic beauty companies has continued to be shuffled (see the above figure for details on the list).

Pelorea has ranked first for three consecutive years, and its semi-annual revenue has stabilized at more than 5.3 billion yuan in the past two years.

Shanghai Jahwa jumped to second place, with semi-annual revenue increasing from 3.321 billion yuan in 2024 to 3.791 billion yuan in 2026.

Mao Geping became the fastest-rising company, with revenue climbing from 1.972 billion yuan to 3.267 billion yuan during the same period, ranking from eighth to fourth.

Huaxi Biotech has declined for two consecutive years, ranking from fourth to eighth, with revenue shrinking from 2.811 billion yuan to 1.756 billion yuan.

Lin Qingxuan has become the top ten new companies, with revenue reaching 1.5 billion yuan in the first half of the year, a year-on-year increase of 42.60%, leading the growth rate among the 12 companies. This year, Lin Qingxuan's revenue is expected to exceed 3 billion.

Judging from the overall semi-annual performance of the 12 listed beauty companies with domestic products, the trend of differentiation is obvious.

In terms of revenue, three companies, Shangmei Co., Ltd., Juzi Biotech, and Huaxi Biotech, experienced declines. Among them, Huaxi Biotech experienced the largest decline, reaching 22.32%, while Mao Geping, Lin Qingxuan, Freida, and Fuerjia achieved double-digit growth.

In terms of net profit, five companies experienced double-digit declines, reflecting that most head beauty companies are currently generally entering an adjustment period of "increasing income and difficulty in increasing profits".

Three potential brands

It is expected to exceed 1 billion within the year

The differentiation at the brand level is equally significant.

Among the top camp, Pelaiya, Hanshu and Kefu all experienced varying degrees of decline.

At the same time, Yilian, One Page, OR and Primary Color Bota rose against the trend, with Primary Color Bota rising the most prominent, reaching 222.23%. According to the current growth trend, the three brands One Page, OR and Primary Color Bota are expected to cross the threshold of 1 billion yuan within the year.

At the enterprise level, the construction of brand matrices is becoming increasingly mature.

Take Pelaiya Company as an example. It already owns two main brands: Pelaiya and Caitang. With the breakthrough of OR and Primary Color Bota this year, it is expected to become the first domestic beauty company to own four billion-level brands. In addition, investment in Huazhi also continues to contribute considerable profits.

With its one-page outstanding performance, Shangmei is about to usher in its second billion-level brand.

Betany's multiple brands go hand in hand: Kirui Za's annual revenue is expected to exceed 500 million yuan, Aikeman may exceed 200 million yuan, and Chupu (the mainland of China) is also expected to exceed 100 million yuan revenue mark this year.

Under Freida, the Yilian brand continues to grow, with revenue expected to exceed 1.2 billion yuan this year; Kemi achieved revenue of 169 million yuan, a year-on-year increase of 621.57%.

Some brands achieved triple-digit growth in self-broadcasting

In the first half of this year, beauty companies continued to use online as a breakthrough to tap for growth. Data shows that in the first half of 2026, the GMV of the beauty category of mainstream e-commerce platforms exceeded 270 billion yuan, a year-on-year increase of 5.5%.

Taking Shanghai Jahwa as an example, its domestic business online channel revenue increased by more than 40% year-on-year, and its online channels for beauty and personal care both increased by more than 50% year-on-year. Among them, the online revenue of Liushen, Herborist, and Yuze increased by more than 60%, 80% and 30% respectively year-on-year, and the growth rates on platforms such as Douyin and Quick Hand all approached or exceeded triple digits.

Mao Geping's online revenue reached 1.727 billion yuan, a year-on-year increase of 33.2%, mainly due to its increased sales and marketing investment in e-commerce platforms. Among them, online direct sales revenue increased to 1.346 billion yuan, and online dealer revenue increased to 382 million yuan.

Marumart Tmall flagship store's TOP 5 core product sales accounted for 75%, and product concentration remained stable; member recruitment increased by 21.5% year-on-year, the proportion of member transactions increased by 11 percentage points, and brand stickiness continued to increase.

Freida's Yilian brand has deeply cultivated its own broadcast channels, with a year-on-year increase of 104%. It has also been recognized by mainstream official media such as CCTV and Xinhuanet. It has cooperated more than 60 times and held more than ten ten-million-level GMV special sessions.

Offline channels are also full of highlights.

Mao Geping's offline revenue increased by 19.9% to 1.468 billion yuan, of which offline direct sales increased to 1.360 billion yuan. Thanks to increased marketing efforts to drive brand exposure and increase in store passenger flow, the average sales of a single counter achieved year-on-year growth.

Marumart has promoted the creation and replication of benchmark demonstration stores in an orderly manner. In the first half of the year, the pilot program of doubling the efficiency of department stores and counters has achieved initial results. In terms of beauty channels, it continues to explore the single-brand store model of "Marumart Technology Skin Care Center" to deepen the advantages of offline categories.

Freida actively expands multiple scenarios such as instant retail, chain pharmacies, and medical beauty institutions, and promotes the construction of model markets. The offline channels of Dr. Yilian and Ai 'er increased by 30% and 29% respectively year-on-year.

Juzi Biotech's offline direct sales revenue was 123 million yuan, a year-on-year increase of 4.2%, accounting for 4.2% of total revenue; in the core business district, a total of 32 Kefu brand experience stores have been launched, and a total of 10 Kelijin brand experience stores have been launched.

A number of beauty companies have started to go out to sea

Since the beginning of this year, many beauty companies have accelerated their overseas or overseas deployment.

Peléal reached a comprehensive cooperation with Ulta Beauty, the largest professional beauty retailer in the United States this month, and plans to sell core products of the ruby and Yuanli series in its 400 core U.S. stores and online platforms in November this year.

Betany's Winona officially entered the Middle East market in January this year, becoming the first China functional skin care brand to complete registration in Qatar.

In the first half of this year, Mao Geping's overseas product sales revenue increased by 457.4% year-on-year to 6.4 million yuan, mainly due to the newly established Mao Geping (Hong Kong) Co., Ltd. in 2025 and the first overseas direct sales counter opened in Hong Kong Harbour City in October of the same year.

On the 29th of this month, Mao Geping moved to another city and settled in Times Square in Causeway Bay, the top consumer landmark on Hong Kong Island. At this point, Mao Geping has been deeply embedded in Hong Kong's core high-end retail ecosystem with his unique experience space, and the "one city, two stores" pattern has been officially formed. The brand said that it is using Hong Kong as its fulcrum to steadily promote Oriental aesthetics to a broader international stage.

Scientific research investment of 10 companies has increased

In the first half of this year, 10 of the 12 listed beauty companies achieved growth in R & D investment. Among them, 7 companies such as Shangmei, Lin Qingxuan, Shuiyang, Marumi Biotech, and Mao Ge Pingping recorded double-digit growth rates, and Lin Qingxuan The increase exceeded 88%.

Among them, many companies have made substantial breakthroughs in raw material innovation:

In the field of recombinant collagen, Giant Biotech ushered in a milestone in the first half of the year: the world's first recombinant collagen and sodium hyaluronate compound solution implant product to improve the smoothness of the cheeks and the world's first cross-linked recombinant to improve neck wrinkles. Type III full-length sequence collagen filler has been approved by the State Food and Drug Administration of China.

Marumi Biotech has built a diversified fermentation and extraction technology platform in the bio-polysaccharide and natural plant raw materials sector. A number of specialty plant extracts have completed efficacy verification, and new raw materials for white cabbage extract have been successfully filed, forming a natural active material with continuous iteration capabilities. Material raw material matrix.

Huaxi Biotech, which has the highest investment in R & D, relies on eight R & D platforms to deeply explore the effects of bioactive substances with different molecular weights such as hyaluronic acid, GABA, icodoin, ergothioneine and their derivatives on human skin, in order to streamline the formula, Guided by high active ingredient content, strong efficacy pertinence and good penetration promotion effect, it has developed a series of skin care brands covering different needs such as skin barrier repair, anti-aging, and oily skin.

Shangmei Co., Ltd., whose R & D investment is growing rapidly, further upgrades its R & D strategic system and establishes a scientific research direction of "using skin system science and introducing AI to drive health and beauty" in the next five years: using skin system science as the underlying method, building a "one core" The overall R & D structure of three disciplines and four engines focuses on the three frontier directions of photobiology, neurobiology and aging biology, and continues to promote the integrated development of basic research, raw material innovation, applied technology and medical transformation.

The number of 6 billion-level beauty companies will increase to 4

Judging from the revenue performance of listed beauty companies, Peléya will remain firmly in the 10 billion camp this year, Shanghai Jahwa is expected to hit a volume of 7 billion yuan, and Mao Geping is expected to enter the 6 billion threshold. By then, the number of listed beauty companies with a level of more than 6 billion will be expanded to 4, and the scale and level of the head echelon will be further clarified.

In terms of market value, as of today's (August 31) close, Pelaiya temporarily ranked first with 23.89 billion yuan; Juzi Bio and Mao Geping temporarily ranked second and third with 27.35 billion Hong Kong dollars (approximately 23.45 billion yuan) and 24.16 billion Hong Kong dollars (approximately 20.72 billion yuan) respectively.

What can be seen is that in recent years, the competitive landscape of listed beauty companies has continued to be deeply reshaped, the threshold for scale has continued to rise, and the qualifying competition for the top camp has entered a new stage.

This change in the pattern is not a simple digital leap, but a microcosm of domestic beauty products moving from "traffic-driven" to "systematic competition." The emergence of tens of billions, seven billion, and six billion companies in stages marks that the industry is moving from a scattered "battle among the masses" to a concentrated "head solidification"-the market share is accelerating towards R & D barriers, brand accumulation and omni-channel capabilities. Players tilt.

Against the background of rational consumption and increasingly strict supervision, only companies that transform R & D investment into differentiated product power and build a multi-brand matrix to cover different price bands and scenarios can they sit firmly in the next round of reshuffle. Top spot. The expansion of the 6 billion-level camp is not only a phased achievement, but also a starting point for higher-intensity competition.

This article explores Aromatherapy, fragrance, perfume, essential oil, non-fire aroma, aroma candle, rattan aroma, home aroma, natural aroma, diffuser, sharing the latest industry insights and offering practical references for enthusiasts.

Source: 品观网 (https://www.pinguan.com/)

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