Proya Cosmetics Co., Ltd. (603605.SH) has submitted its listing application to the Hong Kong Stock Exchange's main board, with China International Capital Corporation (CICC) and UBS AG serving as joint sponsors.
As a leading domestic multi-brand beauty conglomerate in China, Proya aims to build a world-class cosmetics platform, delivering high-tech and premium products to global consumers. The company has established a diversified brand portfolio covering skincare, makeup, and personal care segments.
According to Frost & Sullivan data, Proya ranked fifth among China's top five cosmetics groups by 2024 retail sales, standing as the only domestic player in this tier. It has maintained its position as China's largest homegrown beauty group by revenue for four consecutive years from 2021 to 2024.
The company boasts four individual product lines exceeding RMB 1 billion in annual retail sales as of 2024. Its flagship brand Proya is the only Chinese label with two essence products each generating over RMB 1 billion. The portfolio includes skincare brands Proya, Yuefuti, and Kereafo; makeup brands Catkin and Yuese Bota; and personal care brands Off&Relax and Jingshi.
Four of Proya's brands - Proya, Catkin, Off&Relax, and Yuefuti - each surpassed RMB 500 million in 2024 retail sales, marking the highest count among domestic peers. The company remains the only domestic group with star brands across three major categories.
Proya primarily operates through online channels while leveraging offline distribution to enhance brand reach. It was among the first beauty groups to strategically develop e-commerce platforms, establishing significant online dominance.
The company currently operates a skincare production base in Huzhou, Zhejiang Province, with 66 production lines as of October 24, 2025. A new smart factory under construction at the same location will have an annual designed capacity of 400 million units.
The filing notes intense competition in China's rapidly evolving cosmetics market, warning that ineffective marketing execution or failure to adapt strategies may impact customer acquisition and profitability.
Financial highlights show revenues of RMB 6.385 billion (2022), RMB 8.905 billion (2023), RMB 10.778 billion (2024), and RMB 5.362 billion (first half 2025). Corresponding net profits reached RMB 831 million, RMB 1.231 billion, RMB 1.585 billion, and RMB 826 million respectively.
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