MYL’s Cosmetic Business Delivered Rapid Growth in 2022

Mayinglong Pharmaceutical Group Co., Ltd (MYL), the Chinese pharmaceutical manufacturer, delivered rapid growth in its cosmetic business.

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Recently, Mayinglong Pharmaceutical Group Co., Ltd (MYL) announced its 2022 financial performance. Last year, the company's revenue achieved 3.532 billion yuan ($469.71 mil), a year-on-year increase of 4.35%, the net profit attributable to shareholders was 470 million yuan ($ 68.24 million), a year-on-year increase of 3.10%.

According to the financial report, MYL 's pharmaceutical industry segment has gradually formed a product structure with anorectal as the core and ophthalmology and skin as the pillars, covering medicines and general health products. Among them, its big health category structure is based on "Mechanical Food, Health, Cosmetic and Disinfection", which fully covers four categories: functional cosmetics, functional care products, functional food, and consumer products. Functional cosmetics include eye care, eye daily necessities, facial and body cleansing and care products.

Regarding the increase in performance, MYL said that this is mainly due to the market foundation of the company's pharmaceutical manufacturing business, which has contributed to a relatively stable source of revenue and profit.

In 2022, MYL pharmaceutical industry segment delivered 2.073 billion yuan (($300.99 mil) in revenue, with an increase of 11.6% over the same period last year. Revenue of the great health segment increase by 23.75% year-on-year.

MYL said the rapidly growth is firstly due to its vigorous development of the eye health industry, focusing on eye cosmetics, health care, and treatment, and vigorously expanding its eye care business. During the year, the sales of ophthalmology categories increased rapidly with a growth rate of 24%. Secondly, its deep potential, with Dragon Ball Ointment as the core layout to develop skin health care business.

In the future, the company will implement the development requirements of "industry needs speed", accelerate the development of emerging businesses such as eye and skin care, accelerate scale-up, and form lateral support. It will effectively implement the operating mechanism of "main body integration, integrated management, and optimization in operation", vigorously promote the development of the health business, optimize and improve industrial planning, promote category upgrades, and systematically improve the marketing system construction.