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Chinese cosmetics group best known for its Winona sensitive-skin skincare brand.
Chinese cosmetics group best known for its Winona sensitive-skin skincare brand.
Earns most of its income from Winona, sold largely online through Chinese e-commerce platforms and also through pharmacies, so one brand carries the group while its other skincare lines and baby care stay secondary. Marketing to win shoppers on those platforms is a major cost.
In one line: A Chinese dermo-cosmetics company, like a domestic La Roche-Posay owner.
Moat: narrow (brand). Winona's leading position in China's sensitive-skin/dermo-cosmetics niche differentiates it from mass-market beauty brands.
Headquarters: Shanghai, China · Founded: 2003 · Employees: 3,508
Size Shanghai Chicmax Cosmetics (2145.HK) is a Hong Kong Consumer Staples company (Household/Personal Care) with a market value of $1.22B, the 544th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$24.08 on 6 Nov 2026.
Performance Over six months the shares fell 52.0%, against +1.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 23.2% over the last twelve months (peer median +8.8%); the operating margin is 7.5% (peer median 10.1%).
Valuation It trades at 15.0× forward earnings against a peer median of 19.4× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.0 points above its cost of capital (6.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$9.83B | HK$9.95B | HK$7.36B | HK$4.63B | HK$3.11B |
| Revenue growth | — | +35% | +59% | +49% | — |
| Gross profit | HK$7.57B | HK$7.61B | HK$5.54B | HK$3.34B | HK$1.98B |
| EBITDA | HK$1.02B | HK$1.37B | HK$866M | HK$587M | HK$181M |
| Net income | HK$757M | HK$1.20B | HK$847M | HK$510M | HK$171M |
| Free cash flow | HK$594M | HK$746M | HK$333M | HK$697M | -HK$31.1M |
| Capital expenditure | HK$661M | HK$558M | HK$263M | HK$97.8M | HK$69.9M |
| Total debt | n/a | HK$704M | HK$119M | HK$182M | HK$818M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shanghai Chicmax Cosmetics 2145.HK | $1.22B | -52% | +23% | 8% | 15.0× | -5.9% |
| Giant Biogene 2367.HK | $2.76B | -34% | -10% | 32% | 9.7× | -8.0% |
| Proya Cosmetics 603605.SS | $2.97B | -19% | +2% | 13% | 11.1× | -4.8% |
| L'Oreal OR.PA | $268B | +25% | +3% | 21% | 32.8× | 18.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2145.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | -0.7% | 3rd highest of 21 |
| 6-month return | -52.0% | +1.4% | lowest of 21 |
| Distance from 52-week high | -73.2% | -29.5% | lowest of 21 |
| Revenue growth (TTM) | +23.2% | +8.8% | 7th highest of 21 |
| Operating margin | 7.5% | 10.1% | 7th lowest of 21 |
| Forward P/E | 15.0× | 19.4× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -5.9% | 4.4% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +21.2% | +8.4% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | -27.1 pp | -6.5 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +14.0 pp | +6.5 pp | 6th highest of 21 |
| EV / EBITDA | 9.4× | 11.0× | 3rd cheapest of 12 |
| Net debt / EBITDA | -0.2× | -0.8× | 5th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Chicmax Cosmetics 2145.HK | Hong Kong | $1.22B | -52% | +23% | 8% | 15.0× | -5.9% | +21.2% |
| Edgewell Personal Care EPC | United States | $1.29B | +32% | -7% | 6% | 12.4× | 4.1% | +2.7% |
| d'Alba Global 483650.KS | South Korea | $1.32B | -37% | +55% | 21% | 13.6× | -2.2% | +53.0% |
| Shanghai Forest Cabin Cosmetics 2657.HK | Hong Kong | $1.06B | 0% | +74% | 18% | 12.1× | 11.5% | +49.0% |
| Guangdong Marubi Biotechnology 603983.SS | China | $1.45B | -4% | -6% | 2% | 37.0× | n/a | n/a |
| Chongqing Baiya Sanitary Products 003006.SZ | China | $1.49B | +25% | 0% | 3% | 41.2× | 30.6% | +22.8% |
| SYoung 300740.SZ | China | $1.00B | -37% | +14% | 3% | 39.6× | 18.1% | +6.1% |
| Intercos ICOS.MI | Italy | $1.50B | +16% | -5% | 9% | 19.5× | 4.5% | +11.5% |
| Noevir 4928.T | Japan | $977M | +3% | +1% | 16% | 19.4× | -4.8% | +4.5% |
| AMOREPACIFIC 002790.KS | South Korea | $1.55B | -3% | +9% | 9% | 8.4× | -17.9% | -1.3% |
| Tongling Jieya Biologic Technology 301108.SZ | China | $961M | +47% | +54% | 7% | 54.0× | n/a | n/a |
| Harbin Fuerjia Technology 301371.SZ | China | $1.58B | -30% | +28% | 20% | 22.5× | 8.7% | +3.6% |
| Dencare (Chongqing) Oral Care 001328.SZ | China | $944M | +15% | +10% | 11% | 28.9× | 4.3% | +10.8% |
| Runben Biotechnology 603193.SS | China | $940M | -33% | +13% | 21% | 18.9× | 1.7% | +28.4% |
| Energizer ENR | United States | $1.63B | +26% | +2% | 16% | 7.2× | -5.2% | +1.5% |
| Pigeon 7956.T | Japan | $1.66B | +30% | +7% | 13% | 26.3× | -1.3% | +1.9% |
| Shanghai Jahwa United 600315.SS | China | $1.74B | -13% | +9% | 2% | 18.1× | 17.1% | -2.1% |
| Emami EMAMILTD.NS | India | $1.80B | -15% | +3% | 20% | 21.4× | 21.7% | +5.6% |
| Galaxy Surfactants GALAXYSURF.NS | India | $819M | +13% | +30% | 9% | 18.6× | 18.0% | +13.7% |
| Yunnan Botanee Bio-Technology 300957.SZ | China | $1.84B | -28% | +7% | 9% | 21.2× | 4.5% | +15.3% |
| Cosmecca Korea 241710.KS | South Korea | $798M | +25% | +44% | 13% | 14.4× | -5.9% | +13.6% |