CHICMAX, Bloomage, and Jinbo Report Latest Financial Performance

With April earnings season approaching, China’s major beauty groups have started revealing their 2024 financial snapshots.

While CHICMAX sustained impressive growth, and Jinbo, an emerging leader in functional collagen, saw its profits double, Bloomage—caught up in internal restructuring—still faces a challenging road ahead.

For CHICMAX, sales jumped between 59.9% and 64.7% year-over-year, reaching an estimated ¥6.7 billion to ¥6.9 billion, while net profit rose between 62.4% and 75.4% to ¥750 million–¥810 million. The group credited its flagship skincare brand Kans and its rapidly growing baby & child skincare line, newpage, for this success.

Jinbo also posted strong results, with revenue climbing 85.4% to ¥1.447 billion, and net profit surging by 144.65% to ¥733 million.

Bloomage, however, continued to struggle. The company, once celebrated for its functional skincare business, saw that very segment become a major drag on its performance.

For fiscal 2024, Bloomage’s total revenue dropped 11.6% to ¥5.371 billion, while net profit nosedived 72.27% to ¥164 million. Though the company did not disclose brand-specific results, the competition in China’s functional skincare market has intensified. Rising players like Juzi’s Comfy and Vpro, Jinbo’s ProtYouth, and a wave of similar products from various beauty groups have eaten into the market share once dominated by Quadha and BIOHYALUX.

After a rough year that saw multiple PR crises, Bloomage has begun its restructuring efforts. A key move? Bringing in Nobel Prize winner Randy Schekman as the chief scientific advisor for Quadha. The company’s earnings statement suggests that its functional skincare business may finally bottom out in 2025. Given Bloomage’s industry expertise, this is a realistic outlook—but in an industry that waits for no one, the real test will be what new products or brands it launches to stage a comeback. For now, it’s a waiting game.