| Category | Botanical Skincare |
| Founded | 2014 |
| Headquarters | Shanghai |
| Listing | Not separately listed; part of Chicmax (02145.HK) |
| Latest revenue | One Leaf revenue is not separately disclosed |
| Hero SKUs | Fresh Hydrating Mask / Flower Mask |
Brand History
Launched by Chicmax in 2014, One Leaf positioned itself in botanical skincare around 'freshness' — fresh hydration, fresh masks, fresh serums — using green visuals and a live-plant story to build mass recognition. Its peak came in 2015-2018, when the high-frequency mask category plus variety-show spend made it a leading domestic mask brand and, with Kans, one of Chicmax's two pillars.
After 2019, price wars in masks and pressure from international and emerging brands slowed growth. Chicmax shifted resources to Kans' Douyin breakout while One Leaf upgraded toward 'botanical plus efficacy', launching flower masks and enzyme lines and leaning on the group's self-broadcast matrix. It has recovered with the group's channel expansion, though its revenue is not disclosed separately.
Hero Products
Three-Year Financials
| Year | Revenue (RMB bn) | YoY | Net profit (RMB bn) |
|---|---|---|---|
| 2023 | 41.91 | — | — |
| 2024 | 67.93 | +62.1% | — |
| 2025 | 91.78 | +35.12% | 超 11 |
Brand-level：Chicmax does not report One Leaf separately; public disclosure only names it alongside Kans and newpage in the brand matrix.
Source：Chicmax annual reports 2023-2025
Company Coverage
- 2025-12Growth resumes on group self-broadcast
One Leaf restarted on Douyin with botanical explainers and bundles.
Source：Trade media - 2025-06Mask upgrade
Biodegradable sheet material and higher-concentration essences.
Source：Brand - 2024-10Repositioned as botanical efficacy skincare
A move away from mass masks to escape price competition.
Source：Trade media
Observation: Sheet masks were the first domestic category to enter a price war, with per-sheet prices compressed so far that premium positioning is nearly impossible. One Leaf's shift to 'botanical efficacy skincare' is an attempt to move from mask traffic logic to skincare repurchase logic, but that path is already occupied by stronger players such as Winona and Simpcare, and requires a sharper ingredient signature.