Proya plans to acquire control of Florasis, potentially gaining a second cosmetics brand with annual revenue exceeding 1 billion yuan.

Proya is pushing Florasis into a more central position. On May 21, Proya announced plans to use its own funds of 351 million yuan to acquire 12.55% of the equity of Shenzhen Florasis E-Commerce Co., Ltd. ("Florasis"), held by individual Yang Zifeng. After the transaction, Proya's shareholding in the makeup brand Florasis will increase from 38.45% to 51%, achieving consolidation. This comes less than a year since Proya first invested in Florasis. In August 2025, Proya had subscribed for 38.45% of Florasis's equity at 176 million yuan. Judging from the transaction rhythm, Florasis's performance has clearly reinforced Proya's rationale to continue increasing its investment. In 2025, Florasis's revenue and net profit were 1.726 billion yuan and 280 million yuan, respectively. In the first quarter of this year, they reached 675 million yuan and 155 million yuan. This means that Florasis is expected to become Proya's second makeup brand with revenue exceeding 1 billion yuan, after Caitang. In terms of valuation, the price for Proya's acquisition of Florasis is not aggressive. Based on the 351 million yuan price for 12.55% of the equity, the overall valuation is about 2.8 billion yuan. Based on Florasis's 2025 net profit of 280 million yuan, the PE for this transaction is around 10 times. However, this does not mean the transaction is entirely free of pressure. The appraisal value-added rate of Florasis in this deal reaches 595.76%, which will still generate some goodwill. Proya's move to acquire majority control of Florasis is tied to changes in its own growth structure. In 2025, Proya's revenue was 10.597 billion yuan, down 1.68% year-on-year; net profit attributable to shareholders was 1.498 billion yuan, down 3.5% year-on-year. The "Proya" main brand remains the foundation, but saw a staged decline in revenue. With the main brand's growth shifting gears, finding new growth points is a question Proya needs to answer. The value of Florasis is thus magnified in this context. In terms of product positioning, as a makeup brand focused on “girlishness,” since its founding in 2016, Florasis has launched over 25 original themed makeup series, with prices maintained under 100 yuan, mainly targeting the 15-25 year old “pan-two dimensional” and young communities passionate about romantic aesthetics. This is distinct from Caitang. Caitang focuses on “Chinese aesthetics” and professional makeup effects, with unit prices mainly between 150 and 300 yuan, aiming at the relatively mature urban female user. In contrast, Florasis targets a younger, more niche group that relies more on visual appeal and social media-driven consumption. Florasis helps Proya complete the youth-focused segment of its makeup portfolio. However, industry logic suggests that the life cycle of a makeup brand is more dependent on aesthetic trends, content popularity, and product iteration efficiency than skincare brands. Florasis's strength lies in its distinctive style, but it also means it must continuously innovate in aesthetics and maintain freshness for users. A lack of thematic innovation or shifts in young users’ interests could cause fluctuations in brand growth. After acquiring a majority stake in Florasis, Proya's real test is how to integrate its capabilities in R&D, supply chain, quality management, and digital operations—without diluting Florasis's brand personality. Going forward, whether Florasis can grow from a “dark horse in overseas markets” into a stable second growth curve within the Proya system will be the most noteworthy aspect of this acquisition. Risk Disclaimer and Limitation of Liability The market carries risks, and investments require caution. This article does not constitute personal investment advice and has not taken into account individual users' specific investment objectives, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article suit their specific circumstances. Investing based on this information is at your own risk.