As of August 31, 2025, A-share listed companies in the skincare and daily chemical industry have completed their half-year report disclosures for 2025. We selected 14 representative listed companies for performance comparison and analysis. In the first half of 2025, the performance of skincare and daily chemical listed companies showed significant divergence. Among the 14 listed companies, 6 achieved double growth in both revenue and profit, 6 experienced double declines, 1 company saw revenue growth without profit improvement, and Jiaheng Home & Personal Care recorded losses.
The 6 companies with double declines were Lafang Home & Personal Care, Lushang Freda Pharmaceutical Co.,Ltd., Harbin Fuerjia Technology Co.,Ltd., Yunnan Botanee Bio-Technology Group Co.,Ltd., Bloomage Biotechnology Corporation Limited, and Cosmax Inc.
Lafang Home & Personal Care achieved revenue of 410 million yuan, down 4.27% year-over-year, with net profit attributable to shareholders of 6 million yuan, down 82.89% compared to the same period last year. Lushang Freda Pharmaceutical Co.,Ltd. recorded revenue of 1.79 billion yuan, declining 7.05% year-over-year, with net profit attributable to shareholders of 108 million yuan, down 15.16% from the previous year. Harbin Fuerjia Technology Co.,Ltd. generated revenue of 863 million yuan, decreasing 8.15% year-over-year, with net profit attributable to shareholders of 230 million yuan, falling 32.54% compared to the same period last year. Yunnan Botanee Bio-Technology Group Co.,Ltd. achieved revenue of 2.372 billion yuan, down 15.43% year-over-year, with net profit attributable to shareholders of 247 million yuan, declining 49.01% from the previous year. Bloomage Biotechnology Corporation Limited recorded revenue of 2.261 billion yuan, down 19.57% year-over-year, with net profit attributable to shareholders of 221 million yuan, falling 35.38% compared to the same period last year. Cosmax Inc. generated revenue of 721 million yuan, plummeting 48.67% year-over-year, with net profit attributable to shareholders of 65 million yuan, down 84.51% from the previous year.
The one company with revenue growth but profit decline was Creative Biogene, which achieved revenue of 214 million yuan, up 16.98% year-over-year, while net profit attributable to shareholders was 13 million yuan, down 55.99% compared to the same period.
The one loss-making company was Jiaheng Home & Personal Care, which recorded revenue of 514 million yuan, up 21.72% year-over-year, but suffered a net loss attributable to shareholders of 32 million yuan, with losses expanding compared to the previous year.
For Jiaheng Home & Personal Care, the significant expansion of losses is closely related to its Huzhou facility. The company's half-year report mentioned that the main factors affecting operating performance during the reporting period included: (1) The company continued to strengthen business expansion, with new business additions leading to revenue growth; (2) Changes in product structure and increased fixed expenses such as depreciation and amortization at Huzhou Jiaheng during the reporting period led to a year-over-year decline in gross margin; (3) To meet the business development needs of subsidiary Huzhou Jiaheng, increases in employee compensation and fixed asset depreciation during the reporting period resulted in higher administrative expenses compared to the same period last year; (4) The expansion of bank loan scale and increased interest expense capitalization in the current period led to higher financial costs. Two of these factors are related to the Huzhou facility.
Regarding Lafang Home & Personal Care, the company experienced double declines in the first half of 2025, with net profit plummeting by over 80%. The company attributed this primarily to multiple pressures brought by changes in domestic and international operating environments during the first half of the year, with intensified industry "involution" phenomena. Despite increased market investment, short-term profit pressure was evident. During the reporting period, we observed that despite declining revenue, both selling expenses and financial costs increased substantially, with selling expenses growing 21.1% year-over-year and financial costs rising 49.75% year-over-year.
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