On 9 month 17 day, Proya (Hainan) Investment Co., Ltd. completed two investments on the same day.
One is an industrial investment: it acquired 19% equity of Shanghai Kedai Biotechnology Co., Ltd. (hereinafter referred to as Kedai Bio) for a subscribed capital contribution of 313.21 ten thousand yuan, becoming the second largest shareholder of this parent company of "BISHENGZHIYAN", second only to founder Shi Nuo.
The other is an ecological positioning: it invested 1 hundred million yuan to enter a venture capital fund managed by Zhenxingu Capital with a target size of 31 hundred million yuan, becoming its LP.
On the same day, the same company, two investments, two capital logics. One amount is extremely small but directly enters the governance layer of the target company, while the other amount is relatively large but completely handed over to external institutions for decision-making.
If we extend the timeline, this is already Proya's third important capital move in the past year. From controlling the makeup brand Flower Knows to now taking a stake in BISHENGZHIYAN and entering Zhenxingu Fund, Proya's capital toolbox is expanding.
Why BISHENGZHIYAN? What exactly is this deal buying?
On 9 month 17 day, Shanghai Kedai Biotechnology Co., Ltd. completed a business registration change. Proya (Hainan) Investment Co., Ltd. acquired 19% equity for a subscribed capital contribution of 313.21 ten thousand yuan, becoming the second largest shareholder of Kedai Bio.
Three old shareholders exited a total of 19% equity, fully taken over by Proya. Tianjin Yiyan Enterprise Management Consulting Partnership exited 9%, Shanghai Yiyang Enterprise Management Consulting Partnership exited 5.7692%, and Shanghai Wangxu Management Consulting Co., Ltd. exited 4.2308%. The funds went to the exiting shareholders, not to Kedai Bio's corporate account. This is a typical old share transfer.
▍Image source: National Enterprise Credit Information Publicity System
After the change, founder Shi Nuo holds 47.06%, still maintaining absolute control. Proya ranks second with 19%, surpassing the employee stock ownership platform "Kedai Blade" (14.39%), and also surpassing Xinyi Capital's combined holding of approximately 15.85% through Jiaxing Xinyi Yuanqi (11.89%) and Suqian Xinyi Qiyuan (3.96%). Beijing Harmay Lexiang Technology Co., Ltd. holds 1.70%.
On the same day, the board of directors was adjusted simultaneously. He Yu, a partner of Black Ant Capital, exited, and Yao Ling was added as a director. He Yu is a partner of Black Ant Capital, which had invested in BISHENGZHIYAN in 2021 year. His exit means the early financial capital has completed a phased exit. As for Yao Ling's specific identity background, as of press time, no clear disclosure has been made in public information.
Pulling the timeline forward, Kedai Bio's capitalization path is very clear. In 2019 year 4 month, it completed an angel round of financing with the investor being Qisheng Investment; in 2020 year 12 month, it completed a Pre-A round with the investor being Xinyi Capital; in 2021 year 2 month, it completed an equity financing with the investor being Black Ant Capital. The first three rounds were all capital increases, with funds entering the company for brand operations; while Proya's this time is an old share transfer, completely different in nature. In other words, what Proya bought is not the company's development ammunition, but the voice at the shareholder level.
19% equity makes Proya the second largest shareholder, gaining a voice at the shareholder level while preserving the space for the brand's independent operation.
BISHENGZHIYAN was founded in 2017 year, a functional skincare brand co-founded by Kedai Bio and the Canadian biological laboratory Peterson's Lab, positioned as "a functional skincare brand specialized in dermatological laboratory research." The brand takes "molecular rational skincare" as its core concept, emphasizing the application of biological research results to skincare products, and publicly discloses core ingredient concentrations, providing "advanced skincare solutions."
Founder Shi Nuo graduated from Shanghai Jiao Tong University with a bachelor's degree, then went to Ohio State University in the United States to pursue a master's degree in electrical and computer engineering. He once joined Qualcomm to participate in RF chip research and development, returned to China in 2014 year to engage in early-stage venture capital, and founded Kedai Bio at the end of 2016 year.
In terms of product path, BISHENGZHIYAN started from the early "visualization of ingredient concentrations" and gradually moved towards "evidence-based efficacy + medical-research co-creation." The brand has laid out R&D centers in Shanghai and Nanjing, with a professional laboratory of over one thousand square meters, and has established a joint laboratory with Peking Union Medical College Hospital, accumulating more than 60 patents and 5 core self-developed technologies. Representative products include salicylic acid frozen mask, thick skin series, five-ring essence, etc., focusing on lip care, sensitive skin care and other categories.
The Shanghai R&D center put into use in 2022 year has an area of over 1000 square meters and an investment of over 2500 ten thousand yuan. It has established a complete R&D structure internally, including a basic research raw materials department, an analysis and testing department, a formula application and development department, and an efficacy evaluation department.
BISHENGZHIYAN's revenue is scaling up. From 2022 year to 2024 year, the brand's cumulative sales on mainstream e-commerce platforms were 2.9 hundred million yuan, 2.78 hundred million yuan, and 2.81 hundred million yuan respectively, basically in a plateau period over the three years. By 2025 year, sales achieved a doubling leap, reaching approximately 6.13 hundred million yuan. In the first 8 months of 2026 year, it has completed 5.84 hundred million yuan. At this pace, the full year is expected to hit a higher level.
From the overall layout of Kedai Bio, it is evolving from a single-brand company to a more standardized beauty group prototype. In addition to the core brand BISHENGZHIYAN, it also launched the body care brand Eios in 2023 year, but Eios has only landed 4 long-term stores in the past three years. From 2024 year to 2026 year 8 month, its cumulative sales on mainstream e-commerce platforms were 46.8 ten thousand yuan, 78.3 ten thousand yuan, and 104.2 ten thousand yuan respectively, a very small volume. BISHENGZHIYAN remains the absolute core asset.
At the same time, Kedai Bio's business scope includes the licensed project "Class III medical device operation", reserving policy space for future medical device product lines; in the past year, it has set up branches in Kunshan, Hangzhou and other places, and moved its headquarters to Taopu, Putuo, Shanghai, expanding its organizational structure from single-point operation to multi-location collaboration.
It is not difficult to see that what Proya has taken over is a functional skincare target that has already run through a complete closed loop from R&D to channels, from products to reputation, and is accelerating its scale-up. And the 19% equity gives Proya a voice at the shareholder level while preserving the space for the brand's independent operation.
BISHENGZHIYAN's 19% is not the first time Proya has acted with a minority stake without control. Putting it back into the capital moves of the past two years, a set of capital toolboxes that is taking shape emerges.
This toolbox is divided into three layers: controlling integration, minority stake positioning, and LP shares. Each layer corresponds to different strategic purposes and different risk-return structures.
● Layer one: Controlling integration, buying profits
Flower Knows is Proya's only controlling acquisition to date.
In 2025 year 9 month, Proya acquired a 38.45% equity stake in Flower Knows for 4.28 hundred million yuan; 8 months later, it acquired another 12.55% equity stake held by founder Yang Zifeng for 3.51 hundred million yuan, bringing its cumulative holding to 51%, with total expenditure of approximately 7.79 hundred million yuan, and Flower Knows was formally consolidated into the financial statements. Flower Knows generated revenue of 17.26 hundred million yuan and net profit of 2.8 hundred million yuan in 2025, implying a valuation of 28.27 hundred million yuan for 100% equity, representing an appreciation rate of 595.76%. After gaining control, Proya’s General Manager Hou Yameng personally assumed the role of Chairman of Flower Knows, while the founding team gradually withdrew from the core of operational decision-making.
The nature of this transaction is clear: buying profits, buying scale, and buying a brand that can directly bolster the consolidated financial statements. The size and profitability of Flower Knows are sufficient to have a substantial impact on Proya’s financial performance after consolidation. Moreover, the competitiveness of color cosmetics brands relies heavily on supply chain efficiency and channel operations, making controlling integration the most efficient approach.
● Second layer: Minority stakes for positioning, buying entry points
The representative of this layer is Biophy-Gen, but it is not the only one.
At the end of 2025, Proya participated in the B+ round financing of Huaguan Biology, joining forces with institutions such as Shunxi Fund, SoftBank China Capital, Changjiang Capital, and Zhendong Pharmaceutical. Huaguan Biology is an upstream manufacturer in the pharmaceutical and health sector based on synthetic biology and green chemistry, focusing on innovative drugs and cosmetic ingredients, possessing a library of tens of thousands of catalytic enzymes, and having R&D capabilities for whitening and anti-aging ingredients.
The logic behind this investment is to move upstream: synthetic biology is changing the production methods of beauty ingredients; whoever masters the innovation capability of upstream ingredients will have a deeper moat on the product side.
Biophy-Gen’s 19% points in another direction: the medical trust system. Biophy-Gen’s MED line specifically targets rosacea, atopic dermatitis, and seborrheic dermatitis, operates through pharmacy channels, uses zero promotion, and survives on word-of-mouth from doctors and users. The model represented by the MED line—validation by Grade A tertiary hospitals, pharmacy channels, and doctor endorsements—centers on the long-term accumulation of trust between doctors and users.
A 19% equity stake serves as a window for Proya to observe how this system operates, as well as a ticket to enter the medical-grade trust system.
Huaguan Biology and Biophy-Gen differ in direction and scale, but Proya employs the same strategy with both: taking a small minority stake without intervening in operations, first securing a position. The core of this strategy is not “buying,” but “reserving”—reserving a window, reserving a priority right, and reserving an option to increase investment in the future.
● Third layer: LP shares, buying industry vision
In 9 month this year, Proya subscribed to LP shares in Ningbo Zhixing Yueheng Venture Investment Partnership for 1 hundred million yuan. The fund has a target committed capital of 31 hundred million yuan, with Zhengxingu Capital serving as the GP. Its investment directions cover technology manufacturing, biopharmaceuticals, consumption, and other fields, with Proya’s contribution accounting for approximately 3.23% of the fund’s target scale.
Notably, Proya’s role in the fund has changed. In 2019, it participated in establishing the Jiaxing Woyong Fund, holding a 45% share and having a seat on the investment decision committee. After exiting that fund in 2025 year 6 month, it re-entered this time as an LP, shifting its role from an “LP with decision-making power” to a “purely financial LP,” with investment decision authority fully delegated to Zhengxingu.
Proya’s explanation for this is that it hopes to leverage the investment management experience and post-investment value enhancement capabilities of professional investment institutions to seek opportunities for external growth and innovative exploration. When investment reach extends into biopharmaceuticals and hard technology, Proya’s own judgment capability is limited; delegating screening to professional GPs while sharing returns and the deal pool is a more pragmatic path.
From controlling Flower Knows, to taking minority stakes in Biophy-Gen and Huaguan Biology, and now entering the Zhengxingu Fund as an LP, Proya now has more than one tool at its disposal.
Biophy-Gen’s 19% is a move within this capital toolbox, and also a footnote to Proya’s evolution from a single-brand company to a multi-brand group.