The ranking of the top ten listed Chinese beauty companies from 2022 to H1 2025 from KPMG China provides valuable insights on the key trends on the Chinese beauty market.
Traditional offline giants like Shanghai Jahwa, once number 1, have been lossing ground to more digitally native players such as Proya and Chicmax.
Consumer behaviour is also shifting toward hard science (the “skintellectual” era) with Giant Biogene, a recombinant collagen pioneer, climbing from eight to fourth spot. Meanwhile, we are seeing the emergence of premium domestic makeup with Mao Geping entering the top ten in 2024 and reaching the fifth spot in 2025.
Conversely, Botanee (sensitive skin) and Bloomage Biotech (hyaluronic acid) fell to the lower half of the top ten, squeezed by price wars and market saturation. Two names dropped out entirely: Freda and Voolga, both hit by stricter government rules on “medical‑grade” skincare claims.
When we look at the top 3, Proya has been the undisputed leader since 2023. The first domestic beauty company to break 10 billion RMB in annual revenue (10.78B RMB in 2024), maintaining steady growth into 2025. Over 90% of its sales happen online. Proya popularised the “vitamin C morning, retinol night” anti‑ageing routine in China and is now testing Southeast Asia as a new growth engine.
Then comes Chicmax, the fastest climber, jumping from seven spot in 2022 to number two in 2025. Revenue hit 9.17 billion RMB in FY2025, up 35.1% year on year. Its flagship brand Kans dominates Douyin (TikTok China) through a viral short‑drama marketing model – soap‑opera content designed to sell. Dual R&D centres in China and Japan back its formulation claims.
Finally Shanghai Jahwa is the heritage giant in transition. It fell from top spot in 2022 to number four in 2024, then rebounded to third in 2025 with 6.31 billion RMB in sales (+11.25% YoY). The turnaround leans on high‑margin “TCM/herbal science” skincare (Dr. Yu, Herborist) and a deep restructuring away from offline retail. Its international footprint includes UK‑based Mayborn Group (Tommee Tippee), giving it a presence in Europe and North America.