May 2026
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Largest Specialty Stores Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China Tourism Group Duty, MINISO, Shu Yu Civilian Pharmacy, Zjamp Group and Yatsen Group.
 | Established in 1984, China Tourism Group Duty Free is China’s largest and the world’s second-largest travel retailer in 2024 with revenue of CNY 56.5 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business and its 2024 revenue mix comprised 69% duty-free sales and 31% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the state-owned Asset Supervision and Administration Commission of the State Council. | $9 | -2% | $18B | $14B | 1.8x | 14.0x | ||
| MINISO Group Holding Ltd is a value retailer offering a variety of trendy lifestyle products featuring IP design. The principal activity of the Company is investment holding. The company's product categories include home decor, small electronics, textiles, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, and stationery and gifts. Its segment includes the MINISO brand, which is engaged in the Design, buying, and sale of lifestyle products, and the TOP TOY brand, which is engaged in the Design, buying, and sale of pop toys. The company generates maximum revenue from the MINISO brand segment. Geographically, it derives a majority of its revenue from China. | $3 | -27% | $4B | $5B | 1.8x | 7.1x | ||
| Shu Yu Civilian Pharmacy Corp Ltd is primarily involved in the operation and sales of Chinese and Western patent medicines, health foods, Chinese herbal medicines, health equipment and other products. | $2 | +16% | $879M | $1B | 0.8x | 11.0x | ||
| Zjamp Group Co Ltd is mainly engaged in the business which covers comprehensive agricultural services, automotive trading services, and pharmaceutical production and sales. It is a leader in the commercial circulation industry under the new development pattern of dual circulation and an enterprise in the urban and rural commercial service industry of the national supply and marketing cooperative system. | $1 | -2% | $662M | $177M | 0.0x | 0.7x | ||
| Yatsen Holding Ltd is engaged in the retail business of beauty products, skincare items, and other cosmetic products. The group's principal operations are currently organized into three segments on a product category basis, namely Color Cosmetics Brands, Skincare Brands, and others. The company's majority of revenue is generated from sales of Color Cosmetics Brands. | $3 | -64% | $326M | $220M | 0.3x | (37.5x) | ||
| Autozi Internet Technology (Global) Ltd provides high-quality, affordable, and professional one-stop automotive products and services through online and offline channels in China. Leveraging its online supply chain cloud platform, SaaS platforms, and the network of MBS stores, it has established an ecosystem of lifecycle automotive services by connecting automotive manufacturers, auto parts manufacturers, and insurance companies with MBS stores and various automotive owners. Its business segments include new car sales, auto parts and auto accessories sales, and automotive insurance-related services. The majority of revenue is from the auto parts & auto accessories sales. | $1 | -90% | $3M | $22M | 0.2x | (1.5x) | ||
| Median | $3 | -14% | $771M | $689M | 0.6x | 3.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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