Is Chando (Jala Group) profitable in 2025?

Yes. Chando Group reported RMB 350.8 million net profit in 2025, up 84.7% year over year, on group revenue of RMB 5.32 billion (about $772 million), per its April 2026 Hong Kong IPO filing reported by sahmcapital.com.

Is Chando going public and when?

Chando first filed for a Hong Kong IPO on September 29, 2025, that filing lapsed in March 2026, and the company refiled a fresh application in early April 2026. As of the filing date no listing had priced yet, per benzinga.com.

Who owns Chando (Jala Group)?

The Zheng family holds about 87.82% of voting rights pre-IPO as of October 2025. L'Oréal is a minority investor with a 6.67% stake, and Jiahua/Harvest Capital holds 4.20%, per 36kr.com reporting from October 2025.

Is Chando's biggest competitor Chicmax or Proya?

Both are close domestic rivals; Chicmax grew revenue 35.12% in 2025 to RMB 9.18 billion while Chando grew only 15.6% to RMB 5.32 billion, per stockanalysis.com data from July 2026, making Chicmax the faster-growing threat.

How dependent is Chando on its flagship brand?

The CHANDO flagship brand has represented roughly 94-95% of group revenue for multiple consecutive years, according to 36kr.com reporting from October 2025, leaving the group heavily exposed if the core brand loses momentum.

Could AI replace Chando's business?

Unlikely to replace core operations. Chando's physical manufacturing, 25,000+ retail outlets, and regulatory compliance are untouched by AI; the company says it has integrated AI into marketing content, livestream operations, and customer service by 2025, per its own sustainability report (June 2026).

Consumer brands · China

Jala Group (Chando)

Chinese mass-market skincare group behind the Chando brand, ranked #3 domestically.

Protection under test

Assessed 25 July 2026 · Evidence as of 25 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 25 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: Chando's refiled Hong Kong IPO application seeks approval after its first attempt lapsed

The call

Chando stays profitable and well distributed but leans on one brand and heavy marketing spend while a faster-growing rival closes in.

Chando Group sells makeup and skincare products across 25,000 stores in China and is the third-largest domestic brand. It stays ahead through heavy advertising (spending 57 cents of every sales dollar on marketing), but a faster competitor called Chicmax is growing more than twice as fast (35% per year versus Chando's 16%), and almost all of Chando's sales come from one brand name rather than a diverse product lineup. The company could change its prospects if it can grow sales without pouring even more money into ads and if it builds new brands beyond the main CHANDO label, but neither has happened yet.

Why

AI pressure: AI-generated virtual hosts and livestream avatars used by Douyin/Taobao sellers. Rivals cut costs with AI livestream hosts while Chando still pours 57% of revenue into human KOL marketing. Could AI do the core job? Unlikely.

Bigger players: Chicmax Cosmetics. Chicmax, already bigger, grew 35% last year to Chando's 16%, widening the gap between the two closest domestic rivals. Could a giant copy it? Yes, easily.

What protects it. 25,000+ retail outlets across 31 provinces, 25 years of CHANDO brand recognition, and a fresh L'Oréal minority stake.

What would change this call

Chando's Hong Kong IPO either lists in 2026 or lapses again after the April 2026 refiling. Shows whether investors see durable growth or a stalled listing story.
Chando's 2026 revenue growth rate compared to Chicmax's reported growth rate. Reveals if the gap to its faster domestic rival is widening or closing.
Marketing spend as a percent of revenue in Chando's 2026 filings, versus the 57.2% reported for 2025. Indicates whether growth still depends on rising ad spend rather than brand pull.

Key numbers

Revenue 2025: RMB5.32bn (~$772M), up 15.6% YoY (2026-04-02)
Net profit 2025: RMB350.8M, up 84.7% YoY (2026-04-09)
Marketing spend: 57.2% of 2025 revenue (2026-04-09)

Named risks

94-95% of revenue concentrated in single CHANDO brand for multiple years. Severity: high
Marketing spend at 57.2% of revenue in 2025, dependent on continued heavy ad outlay. Severity: high
First HK IPO filing lapsed in March 2026 before refiling in April 2026. Severity: medium
Growth trailing closest peer Chicmax by roughly 20 percentage points in 2025. Severity: medium
Zheng family retains ~87.82% voting control pre-IPO, limiting outside governance influence. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Chicmax Cosmetic	losing to	Chicmax grew revenue 35.12% in 2025 to RMB 9.18bn versus Chando's 15.6% growth, per stockanalysis.com
Proya Cosmetics	contesting	Proya remains larger (RMB 10.60bn 2025 revenue) but declined 1.68% YoY, both now pursuing HK listings
L'Oreal	contesting	L'Oreal is a 6.67% minority investor in Chando since 2025 while also competing as a market incumbent

Questions people ask

Is Chando (Jala Group) profitable in 2025?: Yes. Chando Group reported RMB 350.8 million net profit in 2025, up 84.7% year over year, on group revenue of RMB 5.32 billion (about $772 million), per its April 2026 Hong Kong IPO filing reported by sahmcapital.com.
Is Chando going public and when?: Chando first filed for a Hong Kong IPO on September 29, 2025, that filing lapsed in March 2026, and the company refiled a fresh application in early April 2026. As of the filing date no listing had priced yet, per benzinga.com.
Who owns Chando (Jala Group)?: The Zheng family holds about 87.82% of voting rights pre-IPO as of October 2025. L'Oréal is a minority investor with a 6.67% stake, and Jiahua/Harvest Capital holds 4.20%, per 36kr.com reporting from October 2025.
Is Chando's biggest competitor Chicmax or Proya?: Both are close domestic rivals; Chicmax grew revenue 35.12% in 2025 to RMB 9.18 billion while Chando grew only 15.6% to RMB 5.32 billion, per stockanalysis.com data from July 2026, making Chicmax the faster-growing threat.
How dependent is Chando on its flagship brand?: The CHANDO flagship brand has represented roughly 94-95% of group revenue for multiple consecutive years, according to 36kr.com reporting from October 2025, leaving the group heavily exposed if the core brand loses momentum.
Could AI replace Chando's business?: Unlikely to replace core operations. Chando's physical manufacturing, 25,000+ retail outlets, and regulatory compliance are untouched by AI; the company says it has integrated AI into marketing content, livestream operations, and customer service by 2025, per its own sustainability report (June 2026).

Timeline

2026-06-01CHANDO Group releases 2025 sustainability report disclosing 559 patent filings and AI use in marketing
2026-04-09L'Oréal-backed Chando refiles Hong Kong IPO application after March 2026 lapse
2026-04-02Chando 2025 group revenue reported at RMB 5.32bn, up 15.6% YoY
2025-10-14Chando reaches unicorn valuation of over RMB 7.14bn (~$1bn) after financing round
2025-10-08Jiahua Capital invests RMB 300 million in Chando ahead of planned IPO
2025-09-29Chando first files Hong Kong IPO prospectus with sponsors Huatai International and UBS
2024-01-22Company renames itself from JALA Group to CHANDO Group
2023-09-07Bloomberg reports Chando weighing a Hong Kong IPO of up to $500 million

Revision history

25 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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