Shanghai Chicmax Cosmetic (2145) H1 2026 earnings summary

Executive summary

• H1 2026 revenue fell 8.6% YoY to RMB3,756.5m and profit for the period fell 77.4% to RMB125.7m, amid lower KANS sales and higher expenses.

• Gross profit decreased 7.1% to RMB2,881.5m, while gross margin improved to 76.7% from 75.5%; newpage and ARMIYO growth partly offset declines at KANS and Baby Elephant.

Financial highlights

• Profit before tax was RMB156.2m versus RMB665.1m; net income was RMB125.7m versus RMB555.6m, and parent-attributable profit was RMB108.2m versus RMB524.2m.

• Basic and diluted EPS was RMB0.27 versus RMB1.32.

• Selling and distribution expenses rose 6.2% to RMB2,481.4m, or 66.1% of revenue versus 56.9%; R&D costs rose 36.4% to RMB140.6m.

• Other expenses increased to RMB66.9m from RMB18.8m, mainly reflecting fair-value losses on financial assets; other income and gains fell to RMB149.5m from RMB179.5m as investment gains declined.

Outlook and guidance

• The six-six strategy develops six competitive capabilities across six business sectors, supporting sustainable growth and longer-term international brand ambitions.

• Priorities include R&D in anti-ageing and skin-barrier technologies, AI-enabled management, broader online and offline channels, and intelligent production.

• Five-year R&D direction applies AI to skin system science, focusing on photobiology, neurobiology and ageing biology, with investment across targets, molecules, raw materials, technologies and products.

• Long-term ambition is to build global brand awareness and become a world-class cosmetics group through stronger R&D, talent, organization and market presence.