Overview
CHICMAX is a research-driven, multi-brand leader in the cosmetics industry. Founded in
2002, the company owns three core brands—KANS, ONE LEAF, and Baby Elephant—and has
successfully established new growth drivers such as newpage and ARMIYO. It operates
across four major segments: skincare, hair care, maternal and infant products, and
cosmetics, with two self-built R&D centers and two supply chains worldwide.
Performance review
In H1 2025, the company’s revenue reached RMB 4.108 billion (RMB, same below),
representing a year-on-year increase of 17.3%. Net profit attributable to owners of the
parent company was RMB 556 million, up 34.7% year-on-year. The growth in the company’s
revenue and profit was primarily driven by sustained revenue increase from the
comprehensive multi-category, omni-channel strategy of the science-driven anti-aging
skincare brand KANS, alongside a significant year-on-year revenue growth from the Chinese
infant and child efficacy skincare brand newpage. Basic earnings per share were RMB 1.32,
an increase of 30.7% year-on-year. An interim dividend of RMB 0.5 per share was declared,
with cumulative dividend distributions exceeding RMB 1.2 billion since listing, reflecting the
company’s sustained high dividend payout ratio.
Implementing a multi-brand strategy, Baby Elephant has entered the children’s cosmetics
market
The flagship brand KANS maintained steady growth.
Launched in 2003, KANS is positioned as a “science-driven anti-aging” skincare brand,
dedicated to meeting the evolving anti-aging needs of Asian women across all age groups,
with a broad target customer base. In H1 2025, its revenue reached RMB 3.344 billion,
representing a year-on-year increase of 14.3%. This growth was primarily driven by the
overall upgrade of the KANS brand and expanded product categories, as well as sustained
revenue growth across all channels. KANS accounted for 81.4% of the company’s total
revenue.
The brand achieved widespread success across multiple platforms, with monthly GMV
consistently ranking No. 1 among beauty brands on Douyin. It also secured the top spot on
Douyin E-commerce’s H1 2025 skincare brand overall rankings. The bestselling product,
KANS Red Waist Series, remained highly popular, with cumulative sales exceeding 15 million
sets across all channels. The KANS X-Peptide Ultra-Frequency Series generated cumulative
sales of over RMB 200 million across all channels.
The KANS brand is actively expanding into multiple categories, including men’s series,
haircare series, and makeup series, to meet diverse consumer needs.
ONE LEAF’s Contribution to revenue continued to decline
Launched in 2014, ONE LEAF targets younger users. It employs advanced technology
blended with natural ingredients to create effective and natural skincare products. In H1
2025, ONE LEAF was repositioned as a “science-backed skincare brand specializing in
botanical extracts” and launched the Brightening Radiance Series and Black Tea Purifying
Cleansing Cream.
Its revenue for H1 2025 was RMB 89 million, a year-on-year decrease of 29%, accounting for
2.2% of total revenue. We believe that ONELEAF’s brand revitalization is expected to attract
more young consumers, which should help restore its revenue.
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本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.