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Smartkarma AI Primers

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Research Reinvented

Equity Bottom-Up

<ul>
  <li>Proya is a leading domestic Chinese beauty company that has demonstrated remarkable growth, becoming the first local brand to exceed RMB 10 billion in annual revenue by capitalizing on the "Guochao"trend and a shift towards ingredient-focused skincare.</li>
  <li>The company's multi-brand strategy, featuring the flagship Proya brand alongside rapidly growing names like TIMAGE and Off&amp;Relax, allows it to target diverse consumer segments across skincare, makeup, and haircare.</li>
  <li>Despite its domestic success, Proya faces significant challenges, including a recent slowdown in revenue growth, intensified competition from both local and international players, and the need to transition its marketing strategy as its current model shows signs of audience exhaustion.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Proya is a leading domestic Chinese beauty company that has demonstrated remarkable growth, becoming the first local brand to exceed RMB 10 billion in annual revenue by capitalizing on the "Guochao"trend and a shift towards ingredient-focused skincare.
  The company's multi-brand strategy, featuring the flagship Proya brand alongside rapidly growing names like TIMAGE and Off&amp;Relax, allows it to target diverse consumer segments across skincare, makeup, and haircare.
  Despite its domestic success, Proya faces significant challenges, including a recent slowdown in revenue growth, intensified competition from both local and international players, and the need to transition its marketing strategy as its current model shows signs of audience exhaustion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Proya Cosmetics (PROYA HK) - Aug 2026

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.</li>
<li>The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.</li>
<li>Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as <a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping</a>, <a href="https://www.smartkarma.com/entities/shanghai-chicmax-cosmetic-co-ltd" target="_blank" data-smartkarma-citation="entities:35503:1" rel="noopener">Chicmax.</a>
</li>
</ul>


Since listing, PROYA's revenue has maintained double-digit growth rate. But in 2025, PROYA lost its momentum. While core brand PROYA was struggling, the multi-brand matrix failed to turn the tide.
The competition for traffic among major brands is becoming increasingly fierce, and the cost of acquiring customers is rising, which has led to the high and growing expenses of PROYA.
Considering PROYA’s current situation of slowing growth, a certain valuation discount may occur. The reasonable P/E ratio range could be 20-25x, lower than peers such as Mao Geping, Chicmax.



Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Chando Global Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a> (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Chando Global Limited  (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Chando Global Pre-IPO - The Negatives-  Inconsistent Growth and Margins

Chando Global Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chando-global-limited" target="_blank" data-smartkarma-citation="entities:45909:1" rel="noopener">Chando Global Limited </a>(CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.</li>
<li>Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO.
Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost &amp; Sullivan (F&amp;S).
In this note, we talk about the positive aspects of the deal.


Chando Global Pre-IPO - The Positives - Well Known Brand

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd-41b64ec7-42e1-4d89-9424-b63b5ba53ea4" target="_blank" data-smartkarma-citation="entities:1521:1" rel="noopener">Mao Geping Cosmetics (1318 HK)</a> raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
In this note, we will talk about the lockup dynamics and possible placement.


Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

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Proya Cosmetics (PROYA HK)

Primer: Proya Cosmetics (PROYA HK) - Aug 2026

Proya is a leading domestic Chinese beauty company that has demonstrated remarkable growth, becoming the first local brand to exceed RMB 10...

αSK Primers

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Aequitas: Chando Global Pre-IPO - The Negatives- Inconsistent Growth and Margins

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positve...

Sumeet Singh

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Proya Cosmetics (PROYA HK) - Aug 2026

Proya is a leading domestic Chinese beauty company that has demonstrated remarkable growth, becoming the first local brand to exceed RMB 10...

αSK Primers

Pre-IPO Proya Cosmetics (A/H Listing)- The Downward Trend in Performance May Be Difficult to Reverse

​PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...

Xinyao (Criss) Wang

Aequitas: Chando Global Pre-IPO - The Negatives- Inconsistent Growth and Margins

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positve...

Sumeet Singh

Chando Global Pre-IPO - The Positives - Well Known Brand

Chando Global Limited (CG) is looking to raise at least US$500m in its upcoming Hong Kong IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Mao Geping IPO Lockup - US$4.7bn Lockup Release for Founders and Pre-IPO Investors

Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.

Sumeet Singh

PROYA's growth slowed in 2025 due to revenue slowdown of core brand, intense competition, rising customer acquisition cost, thus leading to...