Chicmax Reports 74% YoY Surge in Net Profit for Fiscal Year 2024

On March 20, Chicmax unveiled its fiscal 2024 earnings report, building on its impressive performance from the first half of the year.

The company posted a 62.1% year-on-year increase in revenue, reaching RMB 6.793 billion. R&D spending rose to RMB 180 million, accounting for 2.6% of total revenue, compared to 3% in the previous year. Gross profit climbed 69.2% to RMB 5.109 billion, with gross margins improving by 3.1 percentage points to 75.2%. Net profit surged 74% to RMB 803 million.

On the marketing front, Chicmax reaffirmed its commitment to maintaining its leadership position by expanding its product marketing network and strengthening brand recognition. The company plans to leverage its resources for more aggressive and effective marketing strategies, deepening its presence across e-commerce and offline channels. Beyond cementing KAN’S leadership on Douyin, it aims to drive growth across Tmall/Taobao, JD.com, Kuaishou, and other platforms.

Currently, KAN’S, newpage, Baby Elephant, and One leaf serve as the company’s primary revenue contributors.

Among them, KAN’S continued its strong momentum, with annual revenue surging 80.9% year-on-year to RMB 5.591 billion, representing 82.3% of total company revenue. The brand’s success was fueled by innovative marketing strategies, including short dramas and collaborations with Chinese cultural heritage initiatives, propelling it to the No.1 spot in online beauty product growth and securing the top position in Douyin’s annual beauty rankings.

Across major online platforms, Douyin GMV grew 80%, Tmall flagship store GMV rose 50%, JD.com’s self-operated flagship store GMV surged 160%, Vipshop GMV increased 30%, and Pinduoduo GMV doubled.

Meanwhile, baby skincare brand newpage saw its revenue more than double, jumping 146.3% year-on-year to RMB 376 million.

Other brands under Chicmax also made strategic shifts. Baby Elephant bounced back from a previous decline, recording slight growth, while One leaf unveiled a brand refresh to attract younger consumers.

Looking ahead, Chicmax is preparing to expand its portfolio with three new brands:

- TAZU, a high-end anti-aging skincare line developed in collaboration with scientist Kosaku Yamada.

- Breadman, a mother-and-baby care brand featuring a licensed intellectual property.

- NAN beauty, a makeup brand co-founded with celebrity makeup artist Chun Nan.

If successfully incubated, these additions could significantly enhance Chicmax's brand ecosystem, fueling further growth in the years ahead.

Chicmax's Brand Matrix