What Shanghai Chicmax Cosmetic does

Shanghai Chicmax Cosmetic (上海上美化妆品股份有限公司, listed as 02145.HK) is a Shanghai-based multi-brand Chinese beauty and personal care company founded in 2002 that operates a portfolio spanning scientific anti-aging skincare (Kans / 韩束), clean beauty skincare (One Leaf / 一叶子), and maternal and infant care (Baby Elephant / 红色小象, newpage一页, asnami), with adjacent lines in hair care (KYOCA), anti-aging (PP2A), and color cosmetics (NAN beauty, Huami). The company generated CNY 2.874B in 2019, CNY 3.382B in 2020, and CNY 3.619B in 2021, with over 97% of revenue derived from self-developed products, and listed on the Hong Kong Stock Exchange in December 2022 at an opening market capitalization of HKD 10B.\n\nChicmax's competitive position rests on a proprietary ingredient technology stack built around three basic-research platforms: the Tiracle / Tiracle Pro dual-bacteria fermentation system (using thermophilic bacteria combined with sake yeast or Bacillus subtilis natto, with 6 global patents), the E-AGSE nano-double-encapsulated grape seed extract targeting PP2A (developed with Princeton University and Signum), and next-generation cyclic peptides. A 200+ person R&D team led by seven global scientists recruited from P&G, Shiseido, and SK-II operates dual R&D centers in Shanghai and Kobe/Japan, supported by an AI-powered unmanned factory at the Chicmax Science and Technology Park capable of 2 million bottles per day. The company holds 200+ patents, including 26 invention patents, and has led multiple group standards including China's first for synthetic peptide cosmetic ingredients.\n\nThe business model is full-channel and direct-to-consumer-leaning: flagship Tmall stores, Douyin (where Kans ranked #1 in beauty category for Jan–Sep 2023), and JD are paired with offline distribution across hypermarkets, 4,000 Watsons stores, 3,000+ specialty baby stores, hospitals, and premium postpartum centers. The company reaches consumers through celebrity endorsements, IP collaborations with Disney and Doraemon, livestream partnerships with Li Jiaqi and Viya, and KOL seeding on Xiaohongshu and Bilibili, with Kans claiming a 100M+ user base and Baby Elephant leading China's maternal-infant care category with CNY 1.8B retail sales in 2021.

Name

Shanghai Chicmax Cosmetic

Legal name

Shanghai Shangmei Cosmetics Co., Ltd. (上海上美化妆品股份有限公司)

Website

https://chicmaxgroup.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Cosmetics and Personal Care

NAICS

Cosmetics, Beauty Supplies, and Perfume Retailers (456120), Soap and Cleaning Compound Manufacturing (32561)

SIC

Perfumes, Cosmetics & Other Toilet Preparations (2844), Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics (2840)

akta.pro primary industry

Dermocosmetics & Medical-Grade Skincare (CRABAAAF)

akta.pro secondary industries

Sensitive Skin & Barrier Repair (CRABAAAG), Kids Skincare (Moisturizers, Sensitive Skin) (CRABAJAI), Baby Skincare (Lotions, Creams, Oils) (CRABAJAB), Eye & Lip Skincare (CRABAAAC)

Keywords

• Cosmetics manufacturing
• Skincare products
• Baby care products
• Anti-aging skincare
• Personal care brands

Headquarters

HQ city

Putuo

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Marketing or Sales, Technology or R&D, Personnel, Supply Chain, Infrastructure

Revenue model

1. Skincare and Personal Care Product Sales: Chicmax generates revenue primarily through the sale of owned-brand cosmetics and personal care products across multiple categories including skincare, masks, baby/maternal care, and hair care. Revenue is generated through e-commerce platforms (Tmall, JD, Douyin), hypermarket/KA channels, specialty stores, and Watsons.
2. Multi-brand Portfolio Sales: Revenue derived from multiple brands: Kans (科学抗衰/scientific anti-aging), One Leaf (纯净美容/clean beauty), Baby Elephant (母婴/maternal-infant care), Newpage一页 (婴童功效护肤/baby sensitive skin), asnami (孕期护肤/prenatal care), KYOCA (洗护/hair care), PP2A (抗衰/anti-aging). Brands span mass market to mid-to-high-end to premium tiers.

Go-to-market motion1 record

Distribution channels7 records

Marketing channels8 records

Core offering

Shanghai Chicmax Cosmetic manufactures and sells a multi-brand portfolio of self-developed cosmetics and personal care products including skincare, masks, baby and maternal care, hair care, anti-aging, and color cosmetics. Core brands include Kans (scientific anti-aging skincare), One Leaf (clean beauty skincare), Baby Elephant (maternal-infant care), newpage一页 (premium baby skincare), asnami (pregnancy skincare), KYOCA (hair care), and PP2A (cellular anti-aging). Over 97% of revenue comes from self-developed products built on three proprietary research platforms: Tiracle dual-bacteria fermentation, E-AGSE/PP2A targeting, and cyclic peptides.

Product overview

Shanghai Chicmax Cosmetic (上美股份) is a multi-brand Chinese cosmetics company operating since 2002 with a portfolio of skincare, baby care, hair care, and makeup brands. The core portfolio includes: Han Shu (skincare/anti-aging), One Leaf (clean beauty skincare), and Baby Elephant (baby/maternal care). Mid-tier brands include newpage一页 (premium baby skincare), asnami (pregnancy skincare), PP2A (anti-aging), and KYOCA (hair care). The company operates dual R&D centers in Shanghai and Japan, with proprietary ingredient technologies including TIRACLE PRO (dual-bacterial fermentation), E-AGSE (active grape seed extract), and circular peptides. Products span大众 to中高端 to高端 market segments.

Differentiator

Problem solved

Functional benefit

Brands

• Kans (韩束): Mainstream skincare brand positioned as scientific anti-aging; flagship brand with over 100 million users; key products include Blue Copper Peptide series, Red Capsule line, and Slim Waist gift box.
• One Leaf (一叶子)
• Baby Elephant (红色小象)
• newpage一页
• PP2A
• asnami (安弥儿)
• KYOCA (极方)
• bio-G
• NAN beauty

Products and services

• Kans (韩束) Skincare Brand Mainstream skincare brand positioned as 'scientific anti-aging', offering products including Blue Copper Peptide series (15-17% wrinkle reduction after 56 days in clinical tests), Red Capsule series (cumulative sales exceeded 17.72 million units), and Slim Waist gift box. Targets female consumers aged 20-50; user base exceeded 100 million consumers.
• One Leaf (一叶子) Clean Beauty Skincare Brand Skincare brand repositioned to Clean Beauty focusing on plant-based ingredients and barrier repair. Key ingredients include olive leaf extract from Gansu Longnan (IOC-certified Grade 1 olive growing zone at 33°N) and B5. Was China's #1 mask brand by market share in 2016. Targets Gen-Z and Millennial consumers aged 18-35.
• Baby Elephant (红色小象) Maternal and Infant Care Brand Baby and maternal care brand positioned as 'suitable for Chinese baby skin', offering products including 90 Comfort Cream (90 安心霜), Antarctic Cream (南极霜 — total sales exceeded 4.25 million bottles), and 4S safety standards. Became China's No.1 maternal and child care brand; retail sales exceeded CNY 1.8B in 2021.
• newpage一页 Premium Baby Skincare Brand Premium baby skincare brand developed through medical-scientific co-creation with pediatrician Dr. Cui Yutao and scientist Dr. Huang Hu. Features proprietary Omega-pro barrier strengthening patent ingredient. Distributed in 4,000 Watsons stores across 22 provinces, 3,000+ specialty baby stores, 5 grade-A hospitals, 23 premium 月子 centers including Shengbala, and Dr. Cui's clinic within first year of launch.
• asnami (安敏优) Pregnancy Skincare Brand Pregnancy skincare brand featuring marine ingredients and proprietary Omiaco EX and Semiaco EX factors. Targets expectant mothers with safe, scientifically formulated skincare solutions.
• KYOCA (极方) Hair Care Brand Hair care brand focused on scalp care and hair loss prevention, featuring 'Little Yellow Bottle' (小黄瓶) with proprietary gland secretion activation essence. Won Ruili Beauty Award.
• PP2A Anti-Aging Brand Anti-aging brand utilizing PP2A cellular anti-aging technology and E-AGSE patented ingredient. First Chinese brand to use age-based product lines for targeted anti-aging solutions across different age groups.
• Kans Dual Tube Lamp Essence (韩束双管灯精华) High-end anti-aging essence product under the Kans brand featuring a 2:1 golden ratio formulation with Tiracle and blue copper peptide ingredients. Developed by Shanghai-Japan dual R&D centers.
• Kans Kung Fu Armor Mask (韩束金刚侠面膜) Kans brand facial mask product featuring 98.1% high-purity gold and honeycomb dual-mask design for premium anti-aging skincare.
• One Leaf Double Repair Serum (一叶子双修小白盒) One Leaf brand serum product featuring 20% olive leaf extract from Gansu Longnan, designed for barrier repair and skin soothing.
• NAN beauty Color Cosmetics Brand Color cosmetics brand launched in collaboration with celebrity makeup artist Chunnan, expanding Chicmax's brand portfolio into the makeup category.
• bio-g Sensitive Skin Skincare Brand

Quantifiable outcome

• Kans ranked #1 in Douyin beauty category brand rankings for Jan-Sep 2023
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

14 partnerships are on record, tiered key and core.

• 世领制药 (ShiLing Pharma)keyStrategic or Co-development Partner · 13 May 2026Kans partnered with ShiLing Pharma to establish 'BIO-FACT靶向递送技术联合实验室' (Targeted Delivery Technology Joint Laboratory), focusing on advanced skincare delivery technologies.
• 中国药科大学 (China Pharmaceutical University)keyStrategic or Co-development Partner · 28 May 2023Kans and China Pharmaceutical University co-established a 'Skin Innovation Technology Joint Laboratory' (皮肤创新科技联合实验室) in December 2025, focusing on dermatological research and innovative skin technology development.
• 上海交通大学 (Shanghai Jiao Tong University)keyStrategic or Co-development Partner · 17 April 2023Chicmax and Shanghai Jiao Tong University jointly established a 'Skin Function Raw Material R&D Center' (护肤功能原料联合研发中心). The partnership focuses on biomolecular design and plant molecular modification research, supporting One Leaf brand's clean beauty development.
• 院士(专家)工作站 (Academician Expert Workstation)keyStrategic or Co-development Partner · 23 January 2023Chicmax was approved to establish an academicians and experts workstation, building a top-tier scientific research talent highland to drive innovation in cosmetics science.
• 华恒生物 (Huaheng Biotech)keyTechnology or Integration · 1 September 2022One Leaf partnered with Huaheng Biotech as a strategic raw material supplier for its clean beauty transformation, particularly for developing natural and sustainable ingredient solutions. Included in One Leaf's green raw material research center initiative.
• SEPPIC (France)keyTechnology or Integration · 1 September 2022One Leaf formed strategic partnership with French cosmetics ingredient company SEPPIC as part of its clean beauty ingredient sourcing strategy, contributing to its green raw material research center.
• Cargill (USA)keyTechnology or Integration · 1 September 2022One Leaf partnered with Cargill for clean beauty ingredient supply, supporting its transition to pure beauty brand positioning with high-quality natural raw materials.
• Jeffry B. Stock (Princeton University Professor)coreStrategic or Co-development Partner · 7 April 2022Professor Jeffry B. Stock co-authored papers with Chicmax on PP2A targeting ingredients. His research on PP2A with Nobel laureate Shi Yigong was previously published in CELL, providing the scientific foundation for Chicmax's PP2A research platform.
• 甘肃陇南武都区橄榄种植园 (Gansu Longnan Olive Planting Base)keyTechnology or Integration · 1 January 2022One Leaf established an R&D center at the Gansu Longnan olive planting base in China. This partnership provides One Leaf with its core clean beauty ingredient — olive leaf extract — sourced from the 'golden growth zone' at 33°N latitude, which is IOC-certified as a Grade 1 suitable area for olives.
• 崔玉涛 (Pediatric Expert)keyGTM or Marketing Partner · 1 January 2021Dr. Cui Yutao, China's leading pediatrician, co-founded Newpage一页 brand and serves as medical advisor. His clinic stocks Newpage一页 products, providing medical credibility and endorsement for the baby sensitive skin brand.
• 山田耕作 (Former SK-II Chief Scientist)coreStrategic or Co-development Partner · 1 January 2019Former SK-II chief scientist Yamada Kosaku joined Chicmax's Japanese R&D center, bringing SK-II fermentation technology expertise to develop Kans' Tiracle ingredient. His involvement elevated Chicmax's fermentation R&D to international standards.
• Robert Bao Ha (Former P&G Chief Scientist)coreStrategic or Co-development Partner · 1 January 2019Former US P&G chief scientist Robert Bao Ha joined Chicmax's research team, contributing to peptide and anti-aging ingredient development.
• 美国普林斯顿大学 (Princeton University)coreStrategic or Co-development Partner · 1 January 2017Chicmax partnered with Princeton University molecular biology professor Jeffry B. Stock to research PP2A (protein phosphatase 2A) as a skin anti-aging target. This collaboration led to the development of the proprietary E-AGSE ingredient (包裹活性葡萄籽提取物). Research findings were published and presented at international academic conferences including SID.
• Signum (美国生物科技公司)coreStrategic or Co-development Partner · 1 January 2017Chicmax collaborated with US biotech firm Signum alongside Princeton University to establish the PP2A technology platform. Signum provided expertise in PP2A biology and molecular applications for cosmetics, co-developing the AGSE/E-AGSE proprietary ingredient.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bloomage Biotechnology: Chinese biotech-driven beauty company built on hyaluronic acid and synthetic biology ingredient platforms (similar to Chicmax's Tiracle fermentation). Competes in functional skincare via brands like Quadha and BM Muscle Activation. Comparable as a Chinese ingredient-IP-to-brand platform, though Bloomage also sells ingredients B2B.
• Marubi: Chinese skincare company specializing in eye-care and anti-aging, listed on Shanghai exchange. Overlaps with Chicmax's Kans and PP2A in the anti-aging peptide/retinol space; similar in scale and channel mix (e-commerce + Watsons).
• Proya Cosmetics: Leading listed Chinese multi-brand cosmetics company with similar mass-to-mid-market positioning (Tmall/JD/Douyin e-commerce focus, similar revenue scale ~CNY 6B+). Competes head-to-head with Kans in anti-aging and with One Leaf in masks/skincare. Most direct comparable for valuation and channel strategy.
• Inoherb (相宜本草): Chinese botanical/herbal skincare brand with comparable mass-market positioning and herbal-ingredient IP thesis (similar to One Leaf's olive-leaf extract platform). Direct competitor in plant-based skincare channel positioning in Watsons and Tmall.
• Pechoin (百雀羚): Iconic Chinese heritage skincare brand with strong mass-market and Watsons presence. Comparable to Chicmax in brand portfolio strategy, broad channel distribution, and recent pivot toward younger consumers and efficacy-based marketing.
• Shanghai Jahwa: Heritage Chinese CPG company (founded 1898) operating multi-brand personal care (Maxam, Herborist, Liushen) with both DTC and broad offline retail. Comparable to Chicmax in multi-brand heritage, broad offline presence, and listed status, though more mass-market legacy positioning vs Chicmax's premium-science positioning.
• Mao Geping Cosmetics: Chinese premium color cosmetics brand listed in Hong Kong (1313.HK). Comparable to Chicmax as a domestic Chinese brand that successfully listed in HK and built premium positioning against international incumbents, though Mao Geping focuses on color cosmetics while Chicmax spans skincare, baby care, and color (NAN beauty).
• Yunnan Botanee Bio-Technology (Winona): Chinese dermocosmetics leader behind Winona, focused on sensitive-skin and barrier-repair skincare — directly overlaps with Chicmax's One Leaf and newpage一页 positioning. Listed on Shenzhen ChiNext with significantly higher R&D-intensity brand equity and rapidly growing market cap. Closest peer on the 'medical-grade / sensitive-skin' axis.

Broad incumbents

• L'Oréal China: Global beauty leader operating L'Oréal Paris, Lancôme, Helena Rubinstein, Kiehl's, etc. in China. Competes with Chicmax across all price tiers — particularly against Kans/PP2A in mass anti-aging and against Kans/One Leaf in the emerging premium skincare segment. Defines the competitive ceiling in the same Chinese market.
• Estée Lauder China: Global prestige beauty group (Estée Lauder, La Mer, Clinique) competing directly with Kans/PP2A in the Chinese premium skincare segment. Sets the benchmark for clinical-efficacy branding that Chicmax is trying to emulate with peptide and fermentation technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/officialkanssingapore
• Instagraminstagram.com/kans.sg

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shanghai Chicmax Cosmetic