| Category | Masks |
| Founded | 2006 |
| Headquarters | Changsha, Hunan |
| Listing | Not separately listed; parent Shuiyang Group is listed on ChiNext (300740.SZ, 2018) |
| Latest revenue | Group FY2025 revenue RMB 4.98bn, net profit RMB 148m |
| Hero SKUs | Mineral Mud Mask |
Brand History
UNIFON was founded in Changsha, Hunan in 2006, named after a mineral mud from Tantou in western Hunan. It was among China's first e-commerce-native brands to turn 'mud mask' into a franchise: scaling in the Taobao system around 2010 with the memorable Mineral Mud Mask to lead the mask category, and listing on ChiNext in 2018 with its parent (then Yujiahui).
The mask category's ceiling forced a pivot. As sheet-mask price wars peaked after 2020, UNIFON shifted to a 'mud plus serum' treatment logic, launching higher-ticket lines such as Eastern black ginseng, while the parent — now Shuiyang Group — moved to premiumisation and globalisation with EDB and RéVive. In 2025 Shuiyang's revenue grew 17.47% to RMB 4.98bn, own brands grew 26.97% to RMB 2.10bn, and UNIFON's black-ginseng line passed RMB 100m GMV within a year, named in the annual report as a hero franchise.
Hero Products
Three-Year Financials
| Year | Revenue (RMB bn) | YoY | Net profit (RMB bn) |
|---|---|---|---|
| 2023 | 44.93 | -4.8% | 2.93 |
| 2024 | 42.37 | -5.7% | 1.10 |
| 2025 | 49.77 | +17.5% | 1.48 |
Brand-level：Shuiyang's own-brand revenue reached RMB 2.10bn in 2025, up 26.97%, at 42.11% of company revenue with a 78.20% gross margin; UNIFON sits in the portfolio alongside EDB and RéVive. The group says UNIFON's black-ginseng line passed RMB 100m GMV within a year of launch.
Source：Shuiyang Group FY2025 annual report (Apr 2026); analyst notes
Company Coverage
- 2026-04Shuiyang grows 17.5%
Own-brand revenue rose 26.97% to RMB 2.10bn as premiumisation paid off.
Source：Annual report - 2025-06Black ginseng tops RMB 100m
UNIFON's premium line passed RMB 100m GMV within a year of launch.
Source：Analyst notes - 2025-03Mask category recovers
Mask revenue grew 11.3% to RMB 818m.
Source：Company filings
Editor's note: UNIFON is a reference point for China's mask industry — a strong 'mud mask' hook, worn down by sheet-mask price wars, then clawed back through premium narratives like Eastern black ginseng. It proves domestic brands can sustain RMB 200+ products, provided the parent is willing to feed one brand group resources and let it mature slowly.