Shanghai-based cosmetics group CHICMAX (02145) reported strong full-year results for the 12 months ended 31 December 2025, driven by its multi-brand strategy and accelerated online sales.
Financial highlights • Revenue climbed 35.1% year on year to RMB 9.18 billion, supported by broad-based growth across key brands. • Gross profit expanded 37.3% to RMB 7.01 billion, lifting the gross margin to 76.4% (2024: 75.2%). • Profit for the year advanced 43.7% to RMB 1.15 billion; net margin improved to 12.6% from 11.8%. • The Board proposed a final dividend of RMB 0.75 per share, unchanged from last year, following an interim dividend of RMB 0.50 per share already paid.
Brand performance • KANS, the group’s flagship “scientific anti-aging” label, delivered revenue of RMB 7.36 billion, up 31.6%, and contributed 80.2% of group sales. • Child-focused skincare brand newpage more than doubled sales to RMB 0.88 billion (+134.2%), lifting its revenue share to 9.6%. • Baby Elephant slid 20.8% to RMB 0.30 billion amid brand adjustments. • ARMIYO, targeting sensitive-skin consumers, rose 62.7% to RMB 0.20 billion. • Other emerging labels added RMB 0.44 billion (+34.9%).
Channel mix • Online channels generated 93.9% of revenue (RMB 8.62 billion), with online direct sales leaping 47.6% to RMB 7.84 billion. • Sales to online distributors fell 71.9% as the company prioritised direct-to-consumer traffic. Offline revenue declined 16.1% to RMB 0.50 billion, reflecting shifts in consumer behaviour and channel optimisation.
Cost and investment trends • Selling and distribution expenses rose 35.9% to RMB 5.36 billion, aligned with higher marketing spending (+42.0%) to support brand visibility and new-product launches. • R&D expenditure reached RMB 224.70 million, up 24.9%, representing 2.45% of revenue. The group filed 61 new patent applications in 2025 and published 10 research papers. • Capital expenditure totalled RMB 514.70 million, concentrated on production facilities and land acquisitions. • Cash from operations more than doubled to RMB 1.21 billion; cash and cash equivalents stood at RMB 802.30 million. Interest-bearing bank borrowings increased to RMB 290.10 million, pushing the gearing ratio to 22.0% (2024: 5.0%).
Operational developments • CHICMAX enhanced its AI-enabled smart manufacturing, bringing an unmanned workshop online with a 2 million-bottle daily capacity. • The company strengthened R&D leadership with advances in peptide and artemisia-based ingredients, and participated in drafting five new industry standards. • Management reaffirmed its “six-six” strategic framework, focusing on talent, R&D, AI adoption, marketing depth, intelligent production and platform-driven expansion across six core product sectors.
Outlook CHICMAX targets sustained growth via deeper online penetration, continued investment in innovation and further diversification across skin care, maternity & childcare, personal care, dermocosmetics, makeup and premium skincare segments. The board will seek shareholder approval for the proposed dividend at the AGM scheduled for 8 May 2026.
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