China A-Share Cosmetics Sector Review: Proya Leads in Scale, Shanghai Jahwa Posts Fastest Net Profit Growth in First Three Quarters

Deep News11-18

An analysis of eight A-share cosmetics companies by Wabei Research Institute shows their combined revenue reached 28.44 billion yuan in the first three quarters of 2025, with aggregate net profit attributable to shareholders totaling 2.802 billion yuan.

In terms of scale, Proya Cosmetics Co.,Ltd. (603605.SH) dominated with 7.098 billion yuan in revenue and 1.026 billion yuan in net profit—the only firm exceeding 1 billion yuan in net earnings. Other companies reported revenues below 5 billion yuan and profits under 500 million yuan.

Growth-wise, Marubi Biotechnology (603983.SH) led revenue expansion at 25.51% year-over-year, while Shanghai Jahwa United Co.,Ltd. (600315.SH) recorded the fastest net profit growth at 149.12%.

Operational efficiency metrics reveal Bloomage Biotech (688363.SH) maintained the lowest sales expense ratio at 35.32% among peers, while boasting the highest R&D investment ratio of 11.42%.

Key financial highlights: 1. Scale leadership: Proya's 7.098 billion yuan revenue nearly doubled second-ranked Shanghai Jahwa's 4.961 billion yuan. Three firms—Betaine (300957.SZ), Hyan Group (300740.SZ), and Bloomage—posted revenues between 3-3.5 billion yuan.

2. Profitability: Proya's 1.026 billion yuan net profit outpaced Shanghai Jahwa's 450 million yuan and Forride (600223.SH)'s 325 million yuan.

3. Expense structure: Bloomage's 361 million yuan R&D spending led the sector, while Proya's R&D ratio (2%) ranked lowest among the eight companies.

4. Financial health: Proya demonstrated strongest liquidity with 4.402 billion yuan in net cash reserves by quarter-end, followed by Betaine's 3.28 billion yuan.

(Data sources: Wind, company financial reports)

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