Proya’s H1 results: Online shines, offline struggles

What happened China's beauty group Proya released its financial report for H1 2025 on August 26, showing steady revenue and net profit growth. The company recorded operating revenue of 5.36 billion RMB ($744.72 million), up 7.21% year-on-year, while net profit attributable to shareholders reached 799 million RMB ($110.97 million), a 13.80% increase from the same period last year. Notably, online sales reached 5.11 billion RMB ($709.58 million), up 9.17% YoY, accounting for 95.39% of total revenue — close to what could be considered a ceiling for digital penetration. By contrast, offline sales fell sharply to 247 million RMB ($34.31 million), down 21.49% YoY, representing only 4.61% of total revenue. This stark contrast highlights the structural risks of the company's highly concentrated online-heavy sales model. Multi-brand portfolio delivers growth beyond flagship Turning to brand performance, the flagship Proya brand generated 3.98 billion RMB ($552.64 million) in revenue, roughly flat compared with last year. Meanwhile, the group's multi-brand strategy, initiated years ago, delivered results. Emerging brands such as Caitang, OR (Off&Relax), and Ursopota have grown rapidly, together contributing over 20% of revenue. This reflects Proya's long-term commitment to portfolio diversification and its strength in digital-driven distribution. Jing Take With its flagship brand already reaching maturity in higher-tier cities, the group is using Caitang, OR, Ursopota, and other brands to target different consumer segments. This differentiated approach enables Proya to mitigate risks and access new growth drivers within an increasingly competitive beauty market. Its deep penetration of online channels has sharpened the group's responsiveness to emerging consumption trends. However, this reliance on online sales also signals potential structural bottlenecks ahead, while the continued decline of offline channels poses a pressing challenge. Hong Kong IPO: International expansion strategy Against this backdrop, Proya is accelerating its strategic and capital market initiatives. According to its latest announcement, the company plans to issue overseas-listed shares (H-shares) and seek a listing on the Hong Kong Stock Exchange's Main Board. Having already engaged intermediaries for the process, the move is expected to strengthen the group's overseas financing capacity while advancing its internationalization and global business expansion. Proya is transitioning from a single blockbuster-driven model to a multi-brand portfolio strategy. Yet, its ability to sustain high growth will depend on whether it can reinforce offline brand experiences and consumer engagement while consolidating its online advantage. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

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Proya’s H1 results: Online shines, offline struggles