Proya yesterday released its 2023 annual financial report. In its 21st year since establishment, the Chinese private cosmetics company boosted its annual revenue to 8.9 billion RMB ($1.34 billion). As of yesterday, Proya’s stock price was 103.46 RMB/share ($15.52/share), with a market value of 41 billion RMB ($6.15 billion), leading its domestic peers, knocking established cosmetics company Shanghai Jahwa off its throne after a 23-year reign. This signals a long-awaited “changing of the guard” in the Chinese beauty market. It’s no longer dominated by European and American companies.