美妆赛道上半年成绩单出炉，谁掉队、谁赶超？

Core Viewpoint - The beauty industry in China is experiencing a significant performance divergence among leading companies, with a notable increase in quality, as evidenced by the half-year reports of domestic beauty brands [2]. Group 1: Leading Companies Performance - Leading beauty companies such as Proya, Mao Geping, and Shangmei continue to outperform, while Huaxi Biological and Fulejia are lagging behind [2][4]. - Proya reported a revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.8%. However, its main brand experienced a slight revenue decline of 0.08% [5][6]. - Mao Geping, known as the "first stock of high-end domestic beauty," achieved a revenue of 2.588 billion yuan, with a net profit of 670 million yuan, both showing over 30% growth. The gross margin reached 84.2% [6]. - Shangmei's revenue was 4.108 billion yuan, growing 17.3%, with a net profit of 556 million yuan, up 34.7%. The "newpage" brand saw a revenue increase of 146.5% [6][7]. - Juzhi Biological reported a revenue of 3.113 billion yuan, a 22.5% increase, and a net profit of 1.182 billion yuan, up 20.2%, although growth rates have slowed compared to the previous year [7]. Group 2: Underperforming Companies - Huaxi Biological, referred to as the "first stock of hyaluronic acid," reported a revenue decline of 19.57% to 2.261 billion yuan and a net profit drop of 35.38% to 221 million yuan, marking its worst interim report since listing [9]. - The decline in Huaxi's revenue is attributed to a significant drop in its functional skincare business, which saw a 31.62% year-on-year decrease in 2024 [9]. - Fulejia's revenue was 863 million yuan, down 8.15%, with a net profit of 230 million yuan, a decrease of 32.54%. The company faced a substantial increase in sales expenses, which rose by 39.56% [11][12]. Group 3: Second-Tier Companies - Second-tier beauty companies such as Shanghai Jahwa, Marubi, and Shuiyang are showing improved performance [13][14]. - Shanghai Jahwa achieved a revenue of 3.478 billion yuan, a 4.75% increase, and a net profit of 266 million yuan, up 11.66%, attributed to online channel growth [15]. - Marubi reported a revenue of 1.769 billion yuan, a 30.83% increase, but its net profit only grew by 5.21%, indicating a potential profitability challenge [15][16]. - Shuiyang's revenue reached 2.5 billion yuan, a 9.02% increase, with a net profit of 123 million yuan, up 16.54%. The company is transitioning to a global high-end beauty brand management model [16].