On the evening of August 24th, \"‌ China \'s first beauty stock\" Perfect diary released its semi-annual report for 2026, achieving a revenue of 5.375 billion yuan, an increase of 0.24% year-on-year. Net profit attributable to shareholders was 1.168 billion yuan, up 46.26% year-on-year.

Screenshot from Peraera\'s financial report

In the first half of the year, its main brand \"Perfect Diary\" achieved a revenue of 3.692 billion yuan and remained the company\'s \"cash cow\". The professional makeup artist beauty brand \"Caitang\" achieved a revenue of 551 million yuan and is expected to remain in the 1 billion yuan camp throughout the year. The revenue of the personal care brand \"Off&Relax\" was 477 million yuan, a significant increase of 70.81% year-on-year. In addition, the emerging makeup brand \"Yuanse Bota\" and the functional hair care brand \"Jingshi\" achieved revenues of 313 million yuan and 82 million yuan respectively, surging by 222.23% and 103.53% year-on-year.

Previously, when Hou Yameng expounded on the multi-brand strategy, he mentioned: \"Our multi-brand and multi-category strategy has gone through the stage of \'from 0 to 1\' and entered the stage of \'from having to being strong\'.\"

Off&Relax\'s revenue is close to 500 million

The original color Bota increased by 222.23%

Founded in 2003, Peraera was listed on the main board of the Shanghai Stock Exchange in November 2017, becoming \"China\'s first beauty stock\" and A benchmark enterprise for rapid growth in the A-share market.

Data shows that from the first half of 2017 to the first half of 2025, its revenue increased from 834 million yuan to 5.362 billion yuan, more than fivefold in nine years. During the same period, the company\'s net profit attributable to shareholders increased from 89 million yuan to 799 million yuan, nearly eight times.

Screenshot from Eastmoney.com

In the first half of this year, Perfect Diary\'s revenue increased slightly by 0.24% year-on-year to 5.375 billion yuan. The net profit attributable to the parent company increased by 46.26% year-on-year to 1.168 billion yuan.

In its semi-annual report, Peraera explained the growth of its net profit attributable to shareholders as follows: Through multiple transactions, the non-common control enterprise combination of Huazhixiao was achieved step by step. In June, 51.00% of Huazhixiao\'s equity was acquired and included in the combination scope. The equity held before the purchase date was remeasured at fair value on the purchase date, generating an investment income of 445,360,152.15 yuan, thereby significantly increasing the net profit attributable to the parent company\'s owners.

At present, the company mainly owns brands such as \"Peraera\", \"Caitang\", \"Off&Relax\", \"Yuefuti\", \"Keruifu\", \"Yuanse Pota\", \"Jingshi\", \"Youzilai\", \"Hanya\", and \"Huaxiaozhi\". It covers multiple fields such as refined skincare for the general public, makeup, hair care, and high-efficacy skincare. Among them:

The field of skin care

The main brand \"Peraera\", which focuses on technological skincare, has a main price range of 200 to 500 yuan. It conducts full-channel sales both online and offline, and has created core series such as Ruby and Double Antibody. In the first half of the year, it achieved a revenue of 3.692 billion yuan, which remains the basic source of the company\'s income.

\"Yuefuti\", which focuses on the research and development of skin benefits for young people, targets the Z-generation aged 18 to 24, with a main price range of 50 to 200 yuan. It contributed 175 million yuan in revenue in the first half of the year, demonstrating a stable performance.

The field of cosmetics

\"Caitang\", a professional Chinese aesthetic makeup brand with the concept of \"Chinese Makeup, original beauty\", has a main price range of 150 to 300 yuan. The revenue in the first half of the year was 551 million yuan, and it remained in the 1-billion-yuan brand camp for the whole year.

The emerging makeup brand \"Original Color Bota\", centered on \"self\", targets the Z-generation young people, with a main price range of 39 to 200 yuan. In the first half of the year, it achieved a revenue of 313 million yuan, a year-on-year increase of 222.23%.

The makeup brand \"Hua Zhixiao\", which focuses on the hearts of young girls, mainly targets the young user group aged 15 to 25, with a main price range of 69 to 159 yuan. Its revenue was not disclosed in this semi-annual report.

Laundry and care field

\"Off&Relax\", a hair care brand positioned as an expert in scalp holistic healing in Asia, has a main price range of 150 to 350 yuan. The revenue in the first half of the year increased by 70.81% year-on-year, reaching 477 million yuan. It is expected to exceed the 1 billion yuan mark for the whole year and become a new 1-billion-yuan brand.

The hair care brand \"Jing Shi\", which specializes in the efficacy of scalp microecology, has a main price range of 79 to 99 yuan. In the first half of the year, its revenue soared by 103.53% year-on-year to 82 million yuan, which also indicates that Perfect Diary will give birth to a new brand with a revenue of over 100 million yuan this year.

From the perspective of individual brands, Perfect Diary has established a two-tier growth structure of \"stable main brand + increased sales volume of sub-brands\". Among them, the main brand \"Peraera\" remains the company\'s revenue pillar, while sub-brands such as \"CAI Tang\", \"Off&Relax\", \"Yue Fu Ti\", \"Yuan Se Bo Ta\", and \"Jing Shi\" are making significant progress and becoming important sources of income for the company.

By category, the products of Perfect Diary are mainly divided into skin care, beauty and makeup, and hair care. In the first half of the year, its skincare products achieved a revenue of 3.91 billion yuan, accounting for over 70%. Revenue from beauty and cosmetics was 897 million yuan, representing a year-on-year growth of 7.15%. The revenue of the personal care category reached 560 million yuan, a significant increase of 74.95% year-on-year. The skincare market remained stable, with high growth in the makeup and hair care categories, verifying the effectiveness of its multi-brand strategy in category expansion.

Online revenue accounts for over 90%

Tmall and Douyin operate differently

In terms of channel layout, Perfect Diary presents a development strategy of \"online as the main focus and offline as parallel\".

In the first half of the year, Perfect Diary\'s online channel achieved a revenue of 5.088 billion yuan, accounting for 94.79%. It mainly operates through direct sales and distribution models, covering core platforms such as Tmall and Douyin. Each brand forms a differentiated operation rhythm on the two platforms respectively.

Take the main brand \"Perfect Diary\" as an example:

On the Tmall platform, taking core best-selling products as anchor points, leverage marketing IP collaborations to increase visibility. The launch of the high-end Energy Yunbai series during the 618 event has opened up new upward space for the brand. Intensively cultivate customer base operation, expand increment through precise field acquisition, and drive repeat purchases of old customers with tool-based means.

On the Douyin platform and the self-broadcasting end, a matrix of segmented live-streaming rooms is built. Through scene short video seeding and content live-streaming for conversion, product differentiation is created to increase the proportion of self-broadcasting. On the live-streaming platform, we will continue to optimize the structure of influencers, with a focus on mid-level vertical influencers and ordinary KOCs.

During the 618 period, the transaction amount of Perfect Diary\'s Tmall flagship store ranked first on Tmall Beauty and first among domestic beauty products on Douyin. In the first half of the year, the transaction volume of Perfect Diary\'s Tmall flagship store ranked first among domestic beauty products on Tmall and second on Douyin Beauty.

Among all the brands, \"Original Color Bota\" has seen the most rapid growth. In the first half of the year, its Wave Eyebrow Dye ranked first in the eyebrow dye category on Tmall and second in the Douyin eyebrow dye category. The smooth touch string eyeliner gel pen ranked first in the eyeliner gel pen category on Tmall and Douyin. The facial concealer pad ranked second in the concealer pad category on Tmall.

In addition, data shows that during the 618 period, the transaction amount of \"Original Color Porta\" across all channels increased by over 170% year-on-year. The transaction amount on the Tmall platform rose by 150% year-on-year, and on the Douyin platform, it increased by 169% year-on-year.

The offline channel achieved a revenue of 279 million yuan, accounting for 5.21%, mainly under the \"Perfect Diary\" brand, and was mainly operated through the dealer model. The channels include cosmetics specialty stores, department stores and beauty product collection stores, etc. Among them:

The beauty collection store, \"Peraera\", adheres to the dual-wheel drive of major products and new products, and conducts dual-line coordinated and refined operation of new retail offline stores and instant retail. Create customized inventory trays to meet the immediate online consumption demands and the advantages of offline store scenarios.

In the department store channel, \"Peraera\" optimizes the layout of department stores around cities and counter grades, and promotes the expansion and upgrading of structured counters. Implement high-quality business districts and key commercial layouts in high-tier cities, and promote the opening of new counters and image renovations. Enhance the differentiated potential of brand services and continuously iterate the exclusive care service system.

In the daily chemical channel, \"Peraera\" continues to focus on exploring new offline growth points. It matches differentiated products and sales strategies for different terminal formats, accelerating its transformation from a single sales model to an integrated service, experience, and operation model.

Beyond its multi-brand structure, the multi-category and multi-channel growth framework has helped Perfect Diary build up its systematic combat capabilities.

The growth path of the top domestic beauty brand

As the competition in the beauty industry shifts from \"scale expansion\" to \"structural optimization\", Perfect Diary has also proactively slowed down and shifted gears, accelerating its development towards platformization.

At the 2025 performance briefing, Hou Yameng, the general manager of Perfect Diary, proposed: \"The competition in the global beauty industry is returning from the single competition of traffic and marketing to a systematic competition of brand power, product power, technological power and organizational power.\"

It further stated that for Peraera, many of the things it does today are shifting from sprinting to secure a position to laying the foundation and building the framework based on a long-term strategy. Make up for the shortcomings that were not well done during the past all-out run, and also shoulder the supply of provisions for future expeditions.

It is reported that in 2026, Peraera\'s core strategy will focus on long-term capacity building:

Adhere to promoting product upgrading through technological innovation, and enhance product competitiveness by continuously strengthening the R&D system and deepening cooperation among industry, academia, research institutions and medical institutions.

At present, Peraera has established a three-core drive system of \"independent research and development + industry-university-research-medical cooperation + international collaboration\", and has set up three major R&D centers in Longwu, Hangzhou, Shanghai and Europe.

In the first half of the year, Perfect Diary\'s research and development expenses were 99 million yuan, an increase of 4.4037 million yuan compared with the same period of the previous year, accounting for 1.85% of its operating income (compared with 1.77% in the same period of the previous year).

2. Continuously promote the coordinated development of multiple brands, meet the diverse needs of consumers through a brand matrix, and achieve structural growth;

At present, Perfect Diary\'s brand matrix covers three major categories: skincare, makeup, and hair care. The price range extends from within 100 yuan to the 1,000-yuan range. It has initially established a brand ecosystem that can meet the needs of different groups of people, different scenarios, and different price ranges.

In the first half of the year, Peraera\'s brand matrix made new moves. The company has completed the acquisition of a controlling stake in the teenage girl makeup brand Huazhizhi for a total of 779 million yuan, with Hou Yameng leading the post-investment integration of the acquired brand.

3. Continuously promote the construction of international and AI digital intelligence capabilities to support future development with more stable organizational capabilities.

In terms of going global, recently, the main brand \"Perfect Diary\" has reached a comprehensive partnership with Ulta Beauty, the largest professional Beauty retailer in the United States. It is planned to launch the core products of the Ruby and Source series in Ulta Beauty\'s 400 core stores in the United States and its online platform Ulta.com in November this year.

In its financial report, Peraera stated that the company takes the \"Double Ten Strategy\" as its top-level design and firmly implements the development path of \"Two Drives and Four Modernizations\" - that is, empowering industries with technological innovation, supporting operation and management with talent aggregation, systematically promoting industrial platformization, collaborative ecologicalization, business globalization and operational digitalization and intelligence, and outlining a clear blueprint for long-term growth.

This article focuses on aromatherapy and fragrances, combining the latest industry trends to provide practical references for readers who are interested in fragrances.

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

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