On September 1, Xiyin-W (HK00625) was officially listed on the main board of the Hong Kong Stock Exchange, becoming the largest fashion brand IPO in Hong Kong stocks in 2026.

At the gong-knocking scene, founder Xu Yangtian continued his usual low-key style-wearing a cultural shirt with the "SHEIN" logo printed on it, standing in the corner during the group photo, and quickly left the venue without making a public speech.

Previously, Cosmetics Watch had dismantled Xiyin's beauty brand SHEGLAM ("China's TOP3 Unicorn Enterprise Incubated a Billion-Level Cosmetic Brand"). Although this Xiyin prospectus did not mention much about SHEGLAM, it still included it in the brand matrix.

According to the latest data, SHEGLAM's annual sales are close to 3 billion yuan. An underrated beauty brand is growing out of China's supply chain.

As of the close of the day, Xiyin-W closed at 48.5 yuan/share, a slight decrease of 0.12%, and its latest market value was approximately HK$205 billion.

Annual revenue exceeds 280 billion yuan

Non-clothing categories such as beauty cosmetics account for nearly 40%

Xiyin was founded in 2012. Founder Xu Yangtian started out selling wedding dresses and gowns across borders. Later, he gradually focused on cross-border fast fashion women's clothing and implemented a set of "Large-scale Automated Small Order Quick Return"(LATR) that has been repeatedly studied in the industry.) model.

Trial orders in very small batches and quickly flip orders with feedback from real sales data to find a balance between diversity of product selection, new design speed and inventory management efficiency. According to its prospectus, Xiyin's inventory turnover days remain at a low range of 35 days to 38 days.

Previously, Xiyin sought listing many times and considered markets such as the United States and the United Kingdom. In July 2025, after experiencing the suspension of listings in many places, she finally secretly submitted a listing application to the Hong Kong Stock Exchange.

According to the "2026 Global Unicorn List" released by Hurun Research Institute, Xiyin ranks ninth among the top ten unicorns in the world with a value of 456 billion yuan.

The prospectus shows that from 2023 to 2025, Xiyin's net income was US$32.103 billion (approximately RMB 215.767 billion), US$38.748 billion (approximately RMB 260.429 billion), and US$41.847 billion (approximately RMB 281.258 billion) respectively. The scale continues to expand, but the growth rate is decreasing year by year;

During the same period, Xiyin's net profit was US$2.789 billion (approximately RMB 18.745 billion), US$3.365 billion (approximately RMB 22.617 billion) and US$2.064 billion (approximately RMB 13.872 billion) respectively, with significant fluctuations.

Based on retail sales in 2025, Xiyin is the world's largest online fashion shopping website and one of the top five apparel and footwear companies in the world.

One detail in the prospectus that is easily overlooked is that non-clothing revenue, including beauty, is climbing at a visible rate to the naked eye.

Xiyin's brand matrix includes: SHEIN, which focuses on popular women's fashion, mid-to-high-end brand MOTF, sports brand Glowmode, and cosmetics brand SHEGLAM.

Data shows that non-clothing revenue will increase from US$10.023 billion (approximately RMB 67.366 billion) in 2023 to US$15.140 billion (approximately RMB 101.757 billion) in 2025, accounting for net income from 31.2% to 36.2%; By the first quarter of 2026, this proportion will further reach 38.6%.

Xiyin bluntly stated in the prospectus that the increase in non-apparel contributions stems from the company's continued enrichment of its product portfolio to enhance competitiveness and reach a wider customer base.

Own makeup SHEGLAM

Has entered the 3 billion camp

In Xiyin's brand matrix, SHEGLAM is the existence that is "both familiar and unfamiliar". It was established in 2019, and its founder Sylvia Fu was Xu Yangtian's assistant; it was originally a self-operated beauty product line under the "BEAUTY" section of Xiyin's official website. It was only truly independent after the first batch of products were launched in April 2020.

It is such an "internally incubated" brand that has been included in the "2025 Top 100 Global Beauty Companies" list by WWD, along with leading companies such as Pelaiya and Shanghai Beauty. WWD estimates that SHEGLAM's sales in 2025 will be close to 3 billion yuan, and almost all of them will be contributed by overseas markets.

Its growth is based on two clear pivots:

Single product detonates

SHEGLAM produces more than 100 million cosmetics every year. The earliest liquid blush has always been a best-seller, with cumulative sales reaching millions of cosmetics. Starting from a liquid blush, the brand has built a product matrix of 1500+ SKUs, covering all categories such as lip makeup, eye makeup, base makeup and beauty tools.

competitive price. our

The price of SHEGLAM's products mostly falls in the range of US$1 to US$13, of which US$1 to US$10 accounts for about 80% of the total. In a cycle of high overseas inflation and pragmatic consumption, this pricing accurately hit price-sensitive users and avoided head-on confrontation with mainstream cosmetics in Europe and the United States in the positive-price market.

What supports this set of methods is China's complete beauty industry ecology. "Cosmetics Watch" inquiry found that as of September 1, SHEGLAM had registered 1549 products with the State Food and Drug Administration, and more than 20 China beauty cosmetics foundries are connected behind it.

These foundries present a clear "hierarchical structure":

There are global OEM giants such as Cosrest (China) and Intrex Cosmetics (Suzhou), which endorse quality and compliance;

There are also local ODM leaders such as Shanghai Mianhuatang, Jiaoshi Daily Chemicals (Hangzhou), Gaosha Technology (Suzhou), and Shanghai Zhenchen, providing flexible production capacity and fast proofing;

There are also "invisible champions" in Qingfen Cosmetics (Huizhou), Guangdong Biqian, Guangdong Lilaiya, Guangdong Yifu and other sub-tracks, covering vertical categories such as toiletries and tools.

The core supply chain clusters are concentrated in the Yangtze River Delta and Pearl River Delta-where low costs can be guaranteed and delivery from formulation to mass production can be completed in a short period of time.

At the channel level, SHEGLAM follows a two-line path of "online independence and offline penetration": it launched its independent official website in December 2020, officially separated from Xiyin and launched on Amazon in 2022; offline has entered German DM, British Boots, Australia Kmart and Target, as well as retail terminals in Japan, Mexico, Colombia, Peru, Chile and other markets.

Can Xiyin create a 10 billion-level beauty brand?

In recent years, cross-border platforms have collectively opened the door to overseas markets and ran out of the "Four Little Dragons" composed of Seyin, Temu, TikTok Shop, and AliExpress. The paths of the four families are different:

Temu relies on Pinduoduo resources to rapidly expand around the world, tearing open the market with extremely low prices;

TikTok Shop relies on content traffic and talent ecosystem to accelerate penetration, turning "watching videos" into "ordering";

AliExpress is relying on Ali's cross-border logistics infrastructure to move forward steadily;

Xiyin has long focused on clothing and relied on flexible supply chains to build differentiated barriers.

All four companies are doing overseas, but only Xiyin seriously operates beauty products as an independent brand rather than a category label on the platform.

In the prospectus, Xiyin made it clear that in addition to fashion, similar structural trends are also evident in other major categories, including beauty and personal care.

The market space is attractive enough. According to Zhuoshi Consulting, the global beauty and personal care retail industry has reached US$613.5 billion (approximately RMB 4.12 trillion) in 2025 and is expected to increase to US$824 billion in 2030 at a compound annual growth rate of 6.1%.(approximately RMB 5.54 trillion).

Among them, online beauty and personal care retail sales will be US$170.5 billion (approximately RMB 1.15 trillion) in 2025 and is expected to reach US$263.7 billion (approximately RMB 1.77 trillion) by 2030, with a compound annual growth rate of up to 9.1%.

Today, SHEGLAM's 3 billion-level size is an existence that cannot be ignored when placed in the coordinate system of China's beauty beauty going out to sea. In the future, it is worth waiting and seeing whether Xiyin can replicate the miracle of clothing on the beauty track and forge SHEGLAM into a 10 billion-level brand.

Note: The exchange rate between US dollar and RMB in the article is 1 US dollar ≈6.7211 RMB

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