Chinese beauty companies posted mixed H1 2025 results, underscoring a shift from channel expansion to R&D and innovation. Shanghai Jahwa’s revenue rose 3.48 billion RMB ($478 million), up 4.7%, with net profit of 270 million RMB ($37 million), up 11.7%. Marubi reported revenue of 1.769 billion RMB ($243 million), up 30.8%, while Shanghai Chicmax forecast sales of 4.09 billion-4.11 billion RMB ($561 million-$564 million), up about 17%, and profit of 540 million RMB–560 million RMB ($74 million–$77 million), up more than 30%. In contrast, Botanee, parent of Winona, saw Q1 revenue drop to 949 million RMB ($130 million), down 13.5%, with profit plunging 84% to 28.3 million RMB ($3.9 million).