the semi-annual reports have been released one after another. here are the top 10 domestic beauty companies listed on the stock market
2024-08-29
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liu yanxin, reporter of chao news client
proya, beitanni, shanghai jahwa, bloomage biopharmaceuticals, juzi biopharmaceuticals, shuiyang pharmaceutical, shangmei pharmaceutical, fureada, marubi pharmaceutical... as the semi-annual reports have been released one after another recently, a new landscape of the domestic beauty industry has emerged before us.
company revenue top1
the top beauty company in terms of revenue in the first half of the year was proya, with 5.001 billion yuan, which was also a new high for domestic beauty companies in terms of revenue in the first half of the year. the second place was shangmei co., ltd., with 3.502 billion yuan. shanghai jahwa's revenue in the first half of the year was 3.321 billion yuan, ranking third.
in the first half of last year, shanghai jahwa still ranked first in revenue with 3.629 billion yuan; proya ranked second with 3.627 billion yuan; and bloomage bio ranked third with 3.076 billion yuan.
in terms of revenue, three beauty companies achieved high growth in the first half of the year, namely shangmei co., ltd. with a growth of 120.7%, juzi biopharmaceuticals with a growth of 58.2%, and proya with a growth of 37.90%.
looking ahead to the whole year, as long as the growth rate of 37.9% in the first half of the year is maintained, it will not be difficult for proya to exceed the 10 billion yuan mark in revenue in 2024. the company's revenue in 2023 is 8.905 billion yuan. revenue exceeding 10 billion yuan will also be a new height for domestic beauty companies. shangmei shares are expected to reach 6 billion yuan, and will still rank second. other companies whose revenue is expected to exceed 5 billion this year include beitanni, shanghai jahwa, huaxi biotechnology, and juzi biotechnology. the growth rate of shuiyang shares in the first half of the year was only 0.14%. judging from the current weak performance, it is difficult to break through 5 billion.
company net profit top1
the company with the highest net profit in the first half of the year was juzi biopharma, with 980 million yuan, followed by proya with 702 million yuan.
in terms of net profit growth rate, shangmei shares grew by 308.7%, juzi biopharma grew by 47.2%, proya grew by 37.90%, and marubi shares grew by 35.09%.
juzi bio's net profit margin is as high as 38.58%. if juzi bio's revenue exceeds 5 billion yuan in 2024, its net profit is likely to reach 2 billion yuan, rewriting the record of annual net profit of domestic beauty companies. in the first half of the year, the net profit margins of many companies have improved. for example, the net profit margin of proya increased to 14.47%, the net profit margin of marume increased to 13.09%, and the net profit margin of shangmei increased to 11.78%. beitanni's net profit margin was 17.85%, and huaxi bio's was 12.17%, both of which declined compared with the same period last year.
top 1 company r&d expenses
judging from huaxi biology's semi-annual report, the company is determined to take the path of technology-driven development and become a technology giant. therefore, many of the company's scientific research indicators are at the forefront of the industry. the company invested 201 million yuan in research and development in the first half of the year, an increase of 7.4%, accounting for 7.13% of operating income. this indicator of huaxi biology is the highest among a-share beauty companies. the expense rate of 7.13% is also the highest among domestic beauty companies. huaxi biology has 867 r&d personnel, an increase of 54 over the same period last year, accounting for 19.63% of the total number of employees. in other words, one in every five people in the company is a r&d personnel. this indicator of huaxi biology is the highest in the entire industry and among a-share beauty companies.
in the first half of the year, proya spent 95 million yuan on research and development, accounting for 1.89% of its operating income. in its semi-annual report, proya said that the company continued to improve its research and development layout in all key links from raw materials to finished products, including basic research, formula development, efficacy evaluation, etc. it continued to focus on skin mechanism research, active ingredient design and efficacy verification, as well as the research and development of new skin care, makeup, and cleansing products.
shangmei co., ltd.'s expenses in the first half of 2024 were rmb 78.3 million, a year-on-year increase of 43.9%, accounting for 2.2% and 3.4% of our revenue, respectively.
beitani's expenses in the first half of the year were 114 million yuan. beitani said that the company has nearly 500 comprehensive r&d personnel, covering multiple disciplines such as basic research, product and raw material evaluation and screening, consumer research, process technology research, packaging development, formula research and development, and integrated innovation.
number of company patents top1
as of june 30, 2024, bloomage biotechnology has applied for 960 patents (including 759 invention patents), of which 520 have been authorized. in the first half of the year, 52 new patents were applied for and 68 patents were obtained. bloomage biotechnology said that the newly obtained invention patents built the company's core scientific and technological strength around the basic research and applied basic research of two major categories of bioactive substances, functional sugars and amino acids, and continued to lead the independent innovation of the biotechnology industry.
as of june 30, 2024, proya has 238 patents, of which 22 were newly applied for and 7 were newly obtained in the first half of the year.
the semi-annual report shows that juzi bio currently has more than 100 projects under research; at the same time, it has 133 authorized and pending patents, of which 40 were newly added during the reporting period.
shangmei shares said that in the first half of the year, 24 new patent applications were filed, including 8 invention patent applications, and 11 new patents were authorized, including 5 invention patents. for example, the raw material "cyclohexapeptide-9" newly registered in the first half of the year has obtained three invention patent authorizations.
beitanni's expenses in the first half of the year were 114 million yuan, and by the end of 2023, it had obtained a total of 183 patents, including 49 invention patents.
company marketing top1
among listed beauty companies, shangmei co., ltd. has the highest sales expense ratio, which was 2.017 billion yuan in the first half of this year, with an expense ratio of 57.6%. it was 53.6% in the first half of last year. among them, marketing and promotion expenses increased by more than 1 billion yuan compared with the first half of last year, to 1.695 billion yuan. the company stated in its semi-annual report that this was mainly due to increasing brand exposure, seizing new channel opportunities, and increasing investment in brand promotion channel construction.
the second largest company in terms of sales expense ratio is marubi co., ltd. the semi-annual report shows that marubi co., ltd.'s sales expenses in the first half of the year were 717 million yuan, up 39.7% year-on-year. this growth rate is faster than the growth rate of operating income. the company said that this is mainly due to the company's firm promotion of brand building and scientific communication investment while online competition is fierce and traffic costs are rising. in the first half of the year, the company's sales expense ratio increased by 4.6 percentage points to 53.1%.
high sales expense ratios of consumer goods companies will cause concerns among investors, because this shows that the company's endogenous growth potential is insufficient, which will reduce the quality of its performance growth.
in the consumer goods sector, shangmei's sales expense ratio is not the ceiling. blue moon, which is listed on the hong kong stock market, had an operating income of hk$3.131 billion in the first half of the year, compared with hk$2.222 billion in the same period last year, an increase of 40.91%. sales expenses were hk$2.201 billion, compared with hk$1.059 billion in the same period last year. this means that the sales expense ratio in the first half of the year was as high as 70.3%, compared with 47.66% in the same period last year. the operating income increased by hk$909 million, all of which was due to the increase in sales expenses of hk$1.142 billion.
i don’t know whether shangmei co., ltd. will follow blue moon’s example and significantly increase its sales expense ratio in order to make the hansu brand’s revenue reach 10 billion yuan in the future, or whether it will break blue moon’s record.
company gross profit margin top1
the beauty company with the highest gross profit margin is juzi biotechnology, which was 82% in the first half of the year, a decline from 83.6% last year. this is normal. with the increase in revenue, it is impossible to maintain such a high gross profit margin forever. as the company's revenue continues to grow, the gross profit margin will further decline. although juzi biotechnology's gross profit margin level cannot be compared with moutai, it is already on the same level as other liquor brands, which is enough to show its strong profitability. among the listed beauty companies, there are four companies with a gross profit margin of over 70%, namely shangmei co., ltd., huaxi biology, beitanni, and marubi co., ltd.
second growth curve top1
among the listed domestic cosmetics companies, the one that has done the best in cultivating the second growth curve is proya. its caitang's revenue in 2023 exceeded 1 billion yuan, and in the first half of the year it increased by 40.57%, reaching 582 million yuan, and its share further increased to 11.66%. if the growth level in the first half of the year is maintained, caitang's revenue in 2024 is expected to reach 1.5 billion yuan. caitang is also the brand with the highest revenue in the second growth curve of many listed cosmetics companies. other brands under proya also performed well in the first half of the year, such as the or brand of asian cleaning experts, with revenue of 138 million yuan in the first half, an increase of 41.91%, and yuefuti's revenue of 161 million yuan, an increase of 22.35%. in addition, including the newly launched cleaning brands jingshi and youzilai in the first half of the year, the company did not list the brands separately in the semi-annual report, but the revenue of these brands in the first half of the year also reached 156 million yuan, an increase of 56.29%.
the revenue of one leaf and red elephant under shangmei holdings also exceeded 1 billion yuan in the past two years, but as shangmei gave the company's best resources to hansu, the revenue of these two brands has declined year by year, and the volume in the first half of the year has dropped to more than 100 million yuan. according to the semi-annual report, the target of shangmei's second growth curve cultivation has been changed to newpgae, and one leaf and red elephant have become two younger brothers sitting on the bench.
the second growth curve of marubi co., ltd., the love fire brand, also performed well. the revenue of the love fire brand in the first half of this year was 417 million yuan, a year-on-year increase of 35.83%, and the proportion increased to 30.84%. the love fire brand is expected to hit the 1 billion yuan mark this year.
top1 in raw material innovation
in terms of raw material innovation, beitanni, a subsidiary of huaxizi biology that focuses on scientific research, is at the forefront of the industry.
the semi-annual report shows that in terms of new raw material development, huaxi bio has launched a total of 6 new bioactive raw material products in the first half of the year, namely bloomsurfacttm subtilis lipopeptide sodium, bioyouthtm-nana n-acetylneuraminic acid, bloomcollatmcol ⅲ-y05 recombinant type iii collagen, new acetylated sodium hyaluronate hymagictm-acha young, advanced joint repair sodium hyaluronate ultraha○rj and cellular-level revitalization technology mitopqqtm pyrroloquinoline quinone disodium salt. among them, bloomsurfacttm sodium subtilisin can be used in mild, green and sustainable skin care products and skin care products with the concept of pure beauty; bioyouthtm nana n-acetylneuraminic acid can be used in skin care products with skin protection, anti-oxidation, anti-wrinkle, moisturizing and other functions; bloomcollatm col ⅲ-y05 recombinant type iii collagen can promote dermal regeneration, anti-wrinkle and firming, and improve dull skin; the new acetylated sodium hyaluronate hymagictm-acha young is used in skin care products to exert the effects of long-lasting moisturizing, fading fine lines, elasticity and firming, and anti-aging.
in the first half of the year, huaxizi bio also completed the registration of two new cosmetic raw materials, namely fucosyllactose (which can be used as a moisturizer, skin protectant, and antioxidant) and β-nicotinamide mononucleotide (which can be used as a moisturizer, skin protectant, antioxidant, and anti-wrinkle agent).
beitani is dedicated to research on yunnan's characteristic plants. the company has independent research and development technologies for the preparation of effective ingredients from yunnan's characteristic plant extracts and research in the field of sensitive skin care, and has a number of core technologies and patents.
in 2023, three new raw materials developed by beitani, namely "water dragon extract", "bee-born candida/glucose/plant-core wood oil fermentation product", and "bee-born candida/glucose/coconut oil/plant-core wood oil fermentation product", were registered and approved by the national medical products administration, and the number of approved raw materials ranked among the top in the same industry nationwide. in 2024, beitani accelerated its pace in raw material innovation research, registering 8 new raw materials in half a year, including "breast lotus erigeron extract", "lychee grass extract", "taiwanese yew seed oil", "taiwanese yew twig extract", and "meconopsis racemosus extract".
brand revenue top1
looking at the single brands, proya had the highest revenue in the first half of the year, which was 3.981 billion yuan, up 37.67%. next was hansu, which was 2.927 billion yuan, up 184.7%. beitanni's winona had 2.389 billion yuan.
in 2023, the revenue of the proya brand is 7.177 billion yuan. calculated based on the revenue growth rate in the first half of the year, the proya brand is expected to reach 9 billion this year, which is also a new height for the annual revenue of domestic brands. the revenue of the hansu brand in the first half of the year was 2.927 billion yuan, and it is expected to exceed 6 billion yuan this year. the revenue of kefumei in the first half of the year was 2.071 billion yuan, a year-on-year increase of 68.6%, and it is expected to reach 5 billion yuan this year. winona has exceeded 5 billion yuan in 2023, reaching 5.119 billion yuan. judging from the growth rate of 5.69% in the first half of this year, it is difficult for winona's revenue to exceed 6 billion yuan in 2024.
in addition, chao news reporters found that yunnan baiyao is a big white horse in the pharmaceutical industry, but in fact it also has a cosmetics business that is often overlooked. yunnan baiyao has two main daily chemical brands, one is the toothpaste brand yunnan baiyao toothpaste, and the other is the shampoo brand yangyuanqing. the company's two brands achieved revenue of 6.422 billion yuan in 2023. although the growth is only in the single digits, 6.5%, the size of 6 billion yuan is still difficult for many beauty companies to achieve. the scale of yunnan baiyao toothpaste is roughly at the level of 6 billion yuan. according to nielsen retail research data, yunnan baiyao toothpaste will have a domestic market share of 24.60% in 2023, continuing to maintain the first place in the domestic market share. the anti-hair loss care product yangyuanqing's sales revenue exceeded 300 million yuan in 2023, and continued to grow to 195 million yuan in the first half of this year, an increase of 41%.
the company continues to grow top1
proya inc. is the no.1 listed beauty company with sustained growth.
proya's growth rate in the first half of the year was 37.9%. when the reporter counted its financial report data over the years, he found that proya's current round of growth has lasted for 17 quarters. if we look at it from an annual perspective, its sustained and rapid growth began when the company went public.
proya was listed on the shanghai stock exchange in 2017. in 2017, the company's revenue was 1.783 billion yuan and its net profit was 200 million yuan. in 2018, the company's revenue increased by 32.43% and its net profit increased by 43.03%. in 2019, its revenue increased by 32.28% and its net profit increased by 36.73%. in 2020, its revenue increased by 20.13% and its net profit increased by 21.22%. in 2021, its revenue increased by 23.47% and its net profit increased by 21.03%. in 2022, its revenue increased by 37.82% and its net profit increased by 41.88%. in 2023, its revenue increased by 39.45% and its net profit increased by 46.06%. this is the seventh year of growth. this long list of financial data is actually the footprints left by this leading domestic beauty brand in its growth.
benefiting from the high prosperity of the recombinant collagen track, juzi bio's brand kefumei has become a dark horse in the beauty industry in the past two years. in terms of sustained growth, juzi bio has already shown its strength. the company landed on the hong kong stock exchange in 2022. the available financial data shows that since 2021, the company has started a round of rapid growth: revenue increased by 30.4% and net profit increased by 24.5% in 2021; revenue increased by 52.3% and net profit increased by 21% in 2022; revenue increased by 49.05% and net profit increased by 44.59% in 2023. in the first half of this year, juzi bio's running speed has slowed down: revenue increased by 58.2% and net profit increased by 47.4%. in 2020, the company's operating income was 1.19 billion yuan, and by the end of this year, it is expected to exceed 5 billion yuan.
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