The narrative of the modern Chinese skincare market is being rewritten. It is no longer just a story of rapid growth and viral marketing; it is increasingly a story of scientific rigor and genuine efficacy. Leading this charge is HBN, a brand that has defied conventional timelines to become the youngest player in China’s top ten domestic skincare brands by 2024 retail value .
While the industry buzzes with the news of its parent company’s IPO filing, the real story lies beneath the financial headlines. It’s a story about how HBN transformed a complex chemical compound—Retinol—into a cultural phenomenon known as “Morning C Evening A,” and how it is now leveraging deep scientific research to build a moat against competitors .
From Concept to Cult: The Rise of “Morning C Evening A”
HBN’s meteoric rise is inextricably linked to its role as a pioneer of the “Morning C Evening A” (早C晚A) skincare regimen in China. Before 2019, Retinol (Vitamin A) was largely the domain of international brands and hardcore skincare enthusiasts, known for its potent anti-aging effects but also its notorious instability and potential for irritation.
HBN’s breakthrough was not just in identifying this trend, but in solving the underlying scientific challenges. The brand’s flagship products—the “Retinol Tightening Revitalizing Night Cream” and the “α-Arbutin Revitalizing Lotion”—became the standard-bearers for this routine . They achieved this by addressing the core pain points of Retinol:
Stability & Irritation: HBN pioneered the use of a compounded formula combining Retinol with Retinyl Palmitate. This “1+1>2” approach enhanced efficacy while significantly improving gentleness .
Delivery System: To protect the notoriously unstable active ingredients, HBN employed dual nano-microencapsulation technology. This acts as a protective shield, ensuring the Retinol remains stable until it penetrates the skin, thereby maximizing its effectiveness .
The market responded with astonishing speed. The iconic night cream surpassed RMB 100 million in retail sales within just 15 months of its launch. By the end of 2025, the “Morning C Evening A” product pair had amassed cumulative sales of over 30 million units, holding the top spot in their respective categories for three consecutive years (2022-2024) .
The “Slow Research” Philosophy: Building a Moat with Hard Science
What sets HBN apart in a crowded market is its commitment to what founder Yao Zhenan calls “Slow Research” . In an era obsessed with instant results, HBN has invested heavily in long-term scientific infrastructure. This is the bedrock of its trust with consumers.
As of September 2025, HBN has built a dedicated R&D team of 103 professionals, with over 40% holding master’s or doctoral degrees from prestigious institutions . This team has propelled HBN to the forefront of domestic innovation:
Publications: HBN has published over 50 papers as a first-author unit in SCI-indexed journals, including top-tier publications like Nature Communications and Angewandte Chemie. According to CIC Consulting, this output ranks HBN first among all domestic skincare brands .
New Raw Materials: The brand has successfully filed four new cosmetic raw materials with the National Medical Products Administration, ranking third among domestic brands. These include China’s first filed “Retinol-like” synthetic ingredient, Bakuchiol Ferulate, showcasing a move towards proprietary ingredient innovation .
Clinical Validation: HBN is the only mainstream skincare brand in China to conduct human efficacy testing on its entire product line through internationally recognized institutions like SGS. Its commitment to transparency is evident in its “Real-World Efficacy Studies,” which have expanded from 100 to over 14,000 volunteers, ensuring that every claim is backed by verifiable data .
This dedication to “Slow Research” has built an unshakeable foundation of consumer trust, resulting in a fiercely loyal customer base of over 4.6 million repeat buyers and repurchase rates of 35.4% on Tmall and an astounding 44.0% on Douyin—figures that dwarf industry averages .
The Business of Trust: Financial Discipline and Loyalty
HBN’s scientific credibility directly fuels its financial performance. In the first three quarters of 2025, the brand’s revenue grew by 10.2% year-over-year to RMB 1.5 billion, while its adjusted net profit margin nearly doubled from 4.7% in 2023 to 9.6% .
Crucially, HBN’s high repurchase rates act as a powerful counterweight to the high cost of customer acquisition prevalent in the digital space. While the industry burns cash on promotion, HBN’s loyal community provides a more sustainable growth engine. This is reflected in its improving bottom line, with net profit surging 232.5% in 2024 .
A Partnership for Success: The Manufacturing Behind the Science
For international brands and distributors looking to replicate HBN’s success or understand the landscape of Chinese efficacy-focused skincare, the lesson is clear: the future belongs to brands that combine cutting-edge R&D with world-class manufacturing.
HBN’s journey from concept to commercial dominance is a testament to the power of integrating scientific discovery with scalable production. The brand’s ability to take a complex, patented formula from the lab to millions of units sold is the result of a sophisticated and reliable supply chain.
This is where the expertise of specialized manufacturers becomes invaluable. For beauty entrepreneurs and established companies seeking to create the next generation of high-efficacy products, partnering with a seasoned OEM/ODM partner is not just an option—it’s a strategic necessity.
Are you looking to develop your own range of “efficacy-focused” skincare products?
To bring a vision to life, from concept and formulation to filling and packaging, you need a partner with deep industry knowledge and technical expertise. Whether you aim to create a Retinol serum, a hyaluronic acid moisturizer, or a vitamin C brightening line, the right manufacturing partner can make all the difference.
For top-tier research, development, and manufacturing capabilities that can bring your brand vision to life, visit [https://www.topskincaremaker.com/] . They specialize in turning innovative concepts into market-ready realities.
For comprehensive OEM and ODM services, including private label solutions that can adapt to the latest trends like “Morning C Evening A,” explore the expert services at [https://www.globalcosmeticoem.com/] . With over two decades of experience, they are dedicated to helping your brand succeed in the competitive global market .
HBN’s IPO marks a pivotal moment for the Chinese beauty industry. It signals a definitive shift from marketing-led growth to a future dominated by science, efficacy, and consumer trust. For those ready to participate in this new era, the time to build on a foundation of hardcore science is now.https://www.globalcosmeticoem.com