China has a category of factory you may never have heard of, yet you use something it makes every single day.

In the contract-manufacturing workshops of Guangzhou's Huadu district, a single filling line can produce 100,000 units of serum in a day. Those units flow to different brand owners, receive different labels, enter different livestream rooms, and land on the same faces. That face might belong to a Shanghai white-collar worker using Proya's Double-Anti serum, a sensitive-skin user applying Winona sunscreen, or a bank manager trying Mao Geping foundation for the first time.

These factories are the quietest end of China's cosmetics supply chain — and the most solid foundation beneath the rise of domestic brands.

In 2025, China's all-channel cosmetics transaction volume breached the 1.1 trillion yuan mark, reaching RMB 1,004.2 billion, up 2.83% year on year. The domestic brand market share climbed to 57.37% — five years ago that figure was 35%. Behind the 22-percentage-point shift: Proya's annual revenue breaching 10 billion yuan for the first time, Bloomage Biotech's bioengineered hyaluronic acid making global peers look twice, and Mao Geping achieving an 84.4% gross margin in premium color cosmetics.

L'Oréal, Estée Lauder, Shiseido — they remain powerful. But on Chinese soil, for the first time they must take challengers from Chinese domestic brands seriously.

This report attempts to lay out the full landscape of that competition.

China's cosmetics story is destined to occupy an important chapter in global consumer-goods competitive history. It proves that in an open, competitive market, local enterprises are capable of surpassing yesterday's market leaders across multiple dimensions: efficacy, quality, and brand identity.

Key Findings: Five Core Conclusions

This report, compiled over several weeks of systematic research, synthesizes verified data from domestic and international corporate annual reports, regulatory documents, technology developments, and consumer trends. Five core conclusions merit special attention.

First: domestic market share exceeded 50% for the first time and continues to accelerate. In 2025, domestic brand share reached 57.37%, up more than 22 percentage points from 35% in 2020. This reversal is not the result of a single factor — it is the product of three structural forces acting in concert: scientific breakthroughs in active ingredients (recombinant collagen, hyaluronic acid, peptides), a channel revolution (livestream commerce displacing department-store counters), and generational consumer-preference shifts (Gen Z identifying more strongly with Chinese brands).

Second: functional skincare has redefined the competitive standard. "Ingredient-driven" purchase logic has penetrated deep into China's cosmetics market and is now the single strongest factor in consumer decision-making. Consumers search for recombinant collagen percentage content, peptide type, and retinol stability before buying. This "ingredient-savvy" culture mainstreaming has, for the first time, made R&D investment the most critical source of brand competitive advantage.

Third: livestream e-commerce is moving into an "efficiency optimization" phase. Content e-commerce represented by Douyin (TikTok's Chinese version) has already taken more than 40% channel share in cosmetics — surpassing traditional platforms (Taobao, JD.com) and offline channels. But as traffic costs rise and KOL efficiency yields diminishing returns, brands' own-account streaming, refined operations, and user asset management are moving from differentiators to baseline capabilities.

Fourth: foreign-brand retreat in China is structural, not cyclical. L'Oréal's second-half 2025 China recovery shows foreign brands retain rebound capacity when they adapt strategy; but Estée Lauder, P&G Beauty, and Shiseido's overall share trajectories confirm that the pressure on foreign brands in China is systemic, not a simple economic-cycle fluctuation.

Fifth: China's cosmetics supply chain has built global-class competitive infrastructure. From Guangzhou Huadu's contract-manufacturing cluster (the nation's #1 in new-product launches) to Jinan, Shandong's hyaluronic acid fermentation complex (the world's largest), to the industrial-scale commercialization of recombinant collagen protein (where China leads globally), the country has assembled a complete technology-manufacturing-brand-channel ecosystem. This ecosystem is domestic brands' systemic competitive advantage and a moat that foreign brands cannot quickly replicate.

Chapter 1　Industry Map: Definitions, Categories and Full Supply-Chain Panorama

I. Industry Scope and Sub-segment Breakdown

China's cosmetics and daily chemical industry is defined in the official regulatory framework by the Cosmetics Supervision and Administration Regulation: any product applied to the skin, hair, nails, lips or other body surfaces by spreading, spraying, or similar methods for the purposes of cleansing, protecting, beautifying, or decorating qualifies as a cosmetic. This definition spans an extremely broad range of products; practical market analysis typically divides them into six major sub-segments.

Skincare is the largest segment, encompassing serums, lotions, creams, sunscreens, face masks, toners, eye creams, and primers. In 2025 it accounted for approximately 63.3% of total cosmetics GMV, with a market size exceeding RMB 440 billion — the most contested arena in the industry and the primary battleground where domestic brands overtook foreign competitors. The segment's shift over the past decade from "brand-driven" to "ingredient-driven" purchase logic created structural opportunities for domestic brands with genuine technical depth in their ingredient base.

Color cosmetics includes lipsticks, foundation liquids and sticks, concealers, brow pencils, eyeshadows, liners, blushers, and highlighters. The market was approximately RMB 100 billion in 2025. Male makeup's explosive growth (men's color cosmetics +120% YoY in the first half of 2025) is one of the most significant new-volume stories in this sub-segment.

Personal care covers shampoos, conditioners, body washes, hand soaps, laundry liquids, and detergents — the sub-segment where domestic brands first crossed 50% share, with Blue Moon, Liby, and Nice as leading domestic names. The market is approximately RMB 200 billion+.

Fragrance & aromatherapy is one of the fastest-growing sub-segments of the past five years. Chinese brand Scent Library saw search-volume growth of +175%; the "emotional beauty" consumption psychology is spreading rapidly among Gen Z.

Oral care — including toothpaste, electric and manual toothbrushes, mouthwash, water flossers, and whitening strips — benefits from rising consumer oral-health awareness. Yunnan Baiyao Toothpaste and Sensodyne have built stable positions on functional differentiation; Bejia (603059) competes in mid-range electric toothbrushes against Philips and Oral-B.

Baby and child personal care is an independently emerging category: young parents' ingredient-sensitivity awareness for baby products now exceeds even their scrutiny of their own products. Brand concentration remains low, leaving sizable unmet demand.

II. Channel System: Online Dominance, Livestreaming Reshaping Purchase Decisions

In 2025, China's online cosmetics channel reached RMB 721.8 billion (65.36% share, +4.45 ppt YoY). Offline channels reached RMB 382.5 billion. Douyin beauty e-commerce holds more than 40% of total online cosmetics sales — making it, by itself, the single largest individual channel in China's cosmetics market.

Brand own-account livestreaming is becoming the most important traffic self-ownership tool for leading domestic brands. The advantage: full control over product presentation, user data can flow back to the brand, and long-run commission costs are lower than KOL fees.

Chapter 2　Global Landscape: L'Oréal Leads, Estée Lauder Under Pressure

I. Global Market Pecking Order

In 2025, L'Oréal posted €44.05 billion in annual sales (+4.0% LFL), maintaining its unchallenged position as the world's largest cosmetics group, with an operating margin of 20.2%. Its multi-brand, multi-price-tier matrix (Helena Rubinstein to L'Oréal Paris) provides resilience across economic cycles.

Estée Lauder's FY2025 organic net sales fell 8%, to $14.3 billion (from $15.6 billion the prior year). Continued weakness in travel retail — particularly Asia-Pacific duty-free — was the primary drag. Estée Lauder's slower adaptation to livestream e-commerce relative to L'Oréal compounded the pressure.

Unilever FY2024 underlying sales grew 4.2%, with Beauty & Wellbeing up 6.5%, but China recorded a low-single-digit decline. Shiseido (approx. $6.9 billion globally) continues to face headwinds from depressed Asia travel retail. P&G Beauty's SK-II and Olay face the challenge that "brand-story premium" is weakening as ingredient-savvy consumers evaluate alternatives.

II. The Structural Retreat of Foreign Brands in China

In 2025, almost all leading foreign cosmetics brands recorded some degree of share compression in China, while domestic brands are systematically filling those vacated positions. Two causes explain this:

Consumer side: the trend of "ingredient trust over brand trust" continues to deepen; consumer rationalization has reduced willingness to pay foreign-brand premiums for labels alone.

Competition side: domestic brands' breakthroughs in functional skincare (recombinant collagen, hyaluronic acid) have fundamentally eroded the foreign-brand claim of "more advanced ingredients, stronger efficacy."

Chapter 3　Macro Environment: Policy, Regulatory Evolution and Trade Dynamics

The Cosmetics Supervision and Administration Regulation, effective January 2021, represents the most comprehensive overhaul of China's cosmetics regulatory framework in nearly 30 years. The dual-track system — registration for special-purpose cosmetics (sunscreen, hair dye, perm, whitening, spot-fading), filing for general cosmetics — combined with new-ingredient registration requirements significantly raised compliance barriers.

On May 1, 2025, full safety-assessment documentation requirements took full effect: registrants and filing parties must now submit complete safety assessments per the 2021 Technical Guidelines for Cosmetic Safety Assessment. This accelerated exit of marginal players (26,900 brands were eliminated from the market in 2025 alone) while strengthening barriers for well-resourced compliant brands.

Regulatory support for animal-testing alternatives — formalized in the February 2025 Provisions Supporting Cosmetics Ingredient Innovation — opens a path for China-registered products to enter EU markets more cleanly in future.

Chapter 4　China Market Scale: The Trillion-Yuan Format, Domestic Dominance and Structural Differentiation

In 2025, China's all-channel cosmetics market officially crossed the 1.1 trillion yuan threshold at RMB 1,004.2 billion (+2.83% YoY), cementing China's position as the world's second-largest cosmetics market after the United States.

Domestic brand share at 57.37% in 2025 is the single most critical indicator of competitive-landscape change. The trajectory: ~35% (2020) → ~45% (2022) → ~55.74% (2024) → 57.37% (2025). This five-year 22-point shift — from minority status to market majority — constitutes the fastest major-market domestic-brand reversal in modern cosmetics history.

Premium fragmentation is accelerating: the top 500 brands saw 60%+ in positive growth; brands ranked below 500 saw only ~26% in positive growth. In 2025, 26,900 brands were eliminated — a record — as compliance, marketing, and R&D costs simultaneously rose, squeezing out brands without genuine differentiation.

Chapter 5　Supply-Chain Anatomy: Ingredients, Contract Manufacturing, Packaging and Channel Ecosystem

I. Upstream Ingredients: Active Compounds Define Competitive Moats

Hyaluronic acid (HA): Bloomage Biotech is the world's largest HA raw-material supplier. The application ecosystem spans injection medical devices (water-light therapy, orthopedic injections), skincare brands (润百颜/Quadro), oral supplements (edible HA series). HA's strategic positioning faces challenge as recombinant collagen captures consumer mindshare.

Recombinant collagen: Market size projected to grow from RMB 18.5 billion (2022) to RMB 108.3 billion (2027), CAGR ~42%. Giant Biogene's 20+ years of proprietary recombinant technology, from gene-sequence design through industrial fermentation to finished formulation, constitutes a deep supply-chain moat.

Peptides and retinol: Peptide actives (Argireline, copper peptide GHK-Cu, Matrixyl) are fast-penetrating the anti-aging functional skincare category. Retinol — with the strongest clinical evidence base among anti-aging ingredients — is expanding rapidly in premium anti-aging products thanks to improved stabilization technologies (liposome encapsulation, retinol microencapsulation).

II. Midstream OEM/ODM: Consolidation Accelerating

China's cosmetics OEM market exceeded RMB 80 billion in 2025, CAGR ~15%, but approximately 953 small manufacturers closed in the first half of 2025. The first-tier duopoly — Nox Bellcow and Cosmecca China — is widening its gap over a fragmenting mid-tier. Guangzhou (Huadu, Panyu) remains the largest OEM cluster nationally; the Yangtze River Delta (Shanghai Fengxian, Zhejiang Huzhou, Jiangsu Nantong) represents a premium-oriented second hub.

Chapter 6　Key Enterprises: Domestic Champions and Global Leaders in Face-to-Face Battle

I. Proya: First Domestic Brand to Cross 10 Billion — and Its First Decline

Proya (603605): FY2025 revenue RMB 10.597 billion (-1.68%), attributable net profit RMB 1.498 billion (-3.5%), gross margin 73.26% (+1.87 ppt), operating cash flow RMB 2.193 billion (+98.12%). The "first decline" follows nine consecutive years of growth; management characterizes it as a voluntary rationalization of inefficient marketing spend, not a fundamental deterioration. Multi-brand portfolio: Proya (RMB 7.689B), Caicotton/彩棠 (RMB 1.255B), Off&Relax (RMB 0.744B), Yuephoto (RMB 0.371B).

II. Bloomage Biotech: From Hyaluronic Acid Supplier to Bio-Active Platform

Bloomage Biotech (688363): FY2025 revenue RMB 4.199 billion (-21.82%), attributable net profit RMB 292 million (+67.59%). "Revenue down, profit up" reflects deliberate pruning of low-efficiency consumer brand channels. Ingredient (B2B) revenue held relatively stable (-2.15%), international markets grew +3.03%.

III. Giant Biogene: Recombinant Collagen Leader, Navigating Controversy

Giant Biogene (HK 2367): FY2024 revenue RMB 5.54 billion (+57.2%), net profit RMB 2.06 billion (+42.4%); H1 2025 revenue RMB 3.113 billion (+22.5%), net profit RMB 1.182 billion (+20.2%). Net margin exceeded 37%. In May 2025, a social media challenge to Kefumei's disclosed collagen content triggered industry-wide scrutiny and accelerated calls for standardized testing methodology — a necessary growing pain for the segment's long-term health.

IV. Betefanny: Sensitive-Skin #1 Navigating Growth Headwinds

Betefanny (300957): H1 2025 revenue RMB 2.372 billion (-15.43%), net profit RMB 247 million (-49.01%). Core brand Winona's growth deceleration reflects competition intensifying from Proya, Bloomage, and Giant Biogene all launching barrier-repair product lines. Winona's decade-long hospital dermatology channel network remains a hard-to-replicate moat.

V. Mao Geping: China's Proof of Premium Color-Cosmetics Possibility

Mao Geping (1318.HK, listed Dec 2024): FY2024 revenue RMB 3.885 billion (+34.61%), net profit RMB 664 million (+32.8%), gross margin 84.4% — the highest among listed domestic cosmetics companies. Share price more than doubled in the six months post-listing. The business model: makeup-artist training schools (150,000+ certified graduates) create both brand loyalists and professional product advocates — an organic distribution network foreign brands cannot quickly replicate.

Chapter 7　Industry Belts: China's Cosmetics Factory Map from Guangzhou Huadu to Shandong Jinan

Tianxia Gongchang Industrial Research Institute's systematic survey of China's cosmetics industry belts consistently finds one counter-intuitive pattern: China's cosmetics competitive advantage has never resided solely at the brand layer — it lives equally in those dense factory networks, the physical foundation beneath the rise of domestic brands.

I. Guangdong Guangzhou: "China Beauty Capital," OEM Powerhouse

Guangzhou's Huadu district was the first in China to earn the "China Beauty Capital" designation. Guangdong factories rank first nationally in new-product volume, reflecting their unique ability in rapid-iteration, small-batch flexible production — precisely the manufacturing capability brands need to test and iterate products at the speed of livestream commerce.

The Pearl River Delta's complete support ecosystem — packaging materials (glass bottles, plastic tubes, vacuum pump heads), fragrance, testing agencies, ingredient traders — enables near-one-stop sourcing within a few hours' drive, radically lowering the operating costs for new and mid-size brands.

II. Shanghai East Beauty Valley: Premium OEM and R&D Hub

Fengxian District's "East Beauty Valley" hosts both foreign (L'Oréal China, Coty) and domestic (Shanghai Jahwa, Cosmecca Shanghai) production capacity, with the highest concentration of cosmetics R&D expertise in China. L'Oréal China's R&D center has trained generations of local cosmetics scientists who now staff leading domestic brands — a talent lineage that represents a form of human-capital spillover.

III. Zhejiang Huzhou: Personal Care OEM Base

Huzhou's "Beauty Town" hosts Jiajiaheng and other large OEM enterprises specializing in hair care and personal wash. The complementary geography — Proya brand operations in Hangzhou + Jiajiaheng manufacturing in Huzhou — forms a regional Yangtze River Delta brand-manufacturing synergy cluster.

IV. Shandong Jinan: Global Hyaluronic Acid Capital

Bloomage Biotech's headquarters and core fermentation production are in Jinan — the largest hyaluronic acid production base globally, and the geographic origin of China's bioactive cosmetics ingredient leadership. Furedal (600223), with its brand Yilian, is also Jinan-based, completing a local HA ingredient + finished-product cluster.

Chapter 8　Segment Deep Dives: Ten New Racing Lanes

Functional skincare at +258% YoY growth for recombinant collagen is the fastest-growing sub-segment within skincare. The "ingredient-first" consumer decision logic has fundamentally reconfigured how brands must compete: scientific documentation, verifiable ingredient sourcing, and measurable efficacy are now minimum entry requirements.

Men's beauty: The men's skincare market exceeded RMB 20 billion in H1 2025; men's color cosmetics grew +120% YoY. By 2026, men's skincare is forecast to reach RMB 20.7 billion (CAGR ~15.88%, 2021–2026). Awareness education via Douyin and Xiaohongshu, combined with workplace image-management normalization, is driving the fastest new-user-segment expansion in the industry.

Silver-age beauty: 55+ consumers' anti-aging demand is surging (daily searches for "hairstyles that don't show age" exceeded 50,000). This demographic's savings levels exceed younger cohorts, yet dedicated product ranges are almost nonexistent — a structural white space for brands with genuine professional credibility.

Fragrance & aromatherapy: China's per-capita fragrance spend remains far below Western levels; the emotional-wellness consumption driver (stress relief, mood regulation) positions this as one of the most durable long-runway growth stories in all of beauty.

Scalp health: "Scalp-specific" functional wash-care (scalp toners, scalp scrubs, saw palmetto-extract shampoos) is emerging as the personal care sub-segment with the clearest innovation premium, driven by the same ingredient-transparency logic as facial skincare.

Chapter 9　Technology: From Formulation Know-How to Biotech-Driven Innovation

Recombinant collagen commercialization has given China a rare position of global technical leadership in a beauty ingredient category. Giant Biogene and Jinbo Biotech's technology stacks (gene sequence design, scaled fermentation, downstream formulation) represent barriers that took 20+ years to build.

Synthetic biology is the next frontier: cost-efficient microbial fermentation production of actives including astaxanthin, squalene, and CoQ10 is accelerating, reducing import dependency and enabling Chinese ingredient suppliers to expand their global footprint.

AI-powered formulation and quality control — demand forecasting for peak promotional periods, machine-vision QC inspection, in-situ real-time monitoring — are standard at leading tier-one manufacturers and spreading across the mid-tier.

Livestream algorithm mastery has become a technical infrastructure capability for domestic brands: understanding how Douyin's recommendation engine responds to watch-time signals, GPM (gross profit per thousand impressions), and interaction rates is now a core operational competency that local brands hold structurally over international competitors.

Chapter 10　Risk Factors: Regulatory Compliance, Cost Inflation and Commoditization

Efficacy-claim compliance risk intensified materially after the May 2025 Giant Biogene collagen-content controversy. Full-version safety-assessment documentation, matching marketing claims to registered ingredient concentrations, and managing third-party livestream hosts' product representations are now critical compliance disciplines.

Livestream platform cost inflation: top-tier KOL commission rates remain 20–30% of GMV; brand-owned studio operating costs continue rising. Blue Moon's extreme case — promotional spend increasing by ~RMB 1.3 billion against only ~RMB 1.2 billion revenue increase — is the industry's most vivid warning about ROI discipline.

Export barriers: EU Cosmetics Regulation (EC 1223/2009) and the U.S. Modernization of Cosmetics Regulation Act (MoCRA, 2023) both require new registration and documentation from Chinese brands entering those markets — significant knowledge and capital entry costs for first-time exporters.

Commoditization risk: the "ingredient arms race" culture — every brand claiming "leading recombinant collagen concentration" or "clinical-grade formula" — is producing a market with declining consumer differentiation capability. Brands that build durable brand narratives beyond ingredient specs will pull away from the pack in the next competitive cycle.

Chapter 11　2026–2030 Outlook: Forecasts, 60%+ Domestic Share, and the Next Chapter of Exports

Market scale: Based on a 2025 all-channel baseline of RMB 1,004.2 billion, the market is forecast to reach RMB 1.3–1.5 trillion by 2030, with CAGR of approximately 4–6% over the five years. Growth will be structurally driven by ARPU expansion (average revenue per user) rather than new-user volume — a hallmark of market maturation.

Domestic share: By 2028, domestic brand share is projected to cross 60%, potentially reaching 60–65% by 2030 — similar to the domestic market dominance profile of Japan and Korea, both of which also experienced domestic-brand reversals driven by ingredient innovation cycles.

Export wave: 2026–2030 should see China's first systematic, policy-supported cosmetics export wave — moving from "individual brands exporting naturally" to "organized, scaled overseas expansion." Southeast Asia (Vietnam, Indonesia, Malaysia) is the primary target market; the Middle East (Saudi Arabia, UAE) is the fast-rising second tier.

Male + silver-age market expansion: Men's skincare is projected to sustain 15%+ CAGR through 2026. Silver-age beauty is approaching a system-wide expansion inflection point as the 40s and 50s birth cohorts' consumer spending power continues to increase.

CR20 concentration: The top-20 domestic brand market share is forecast to climb from approximately 35% currently to 45–50% by 2030, as the three-fold compliance-marketing-R&D cost increase filters out undifferentiated brands and concentrates share among those with genuine competitive moats.

Chapter 12　Conclusion: The Era of China's Domestic Champions Has Arrived

From 35% to 57.37%: China's domestic cosmetics brands have completed the fastest major-market share reversal in modern cosmetics history. That reversal is not the product of sentiment — it is the inevitable result of a decade of systematic capability accumulation across the full value chain, from biotech breakthroughs in ingredients to manufacturing scale to brand storytelling excellence.

Proya defined a new ceiling for domestic skincare with its "science of skincare" brand narrative and a multi-brand portfolio crossing 10 billion yuan. Bloomage Biotech is evolving from a single-ingredient supplier into a broad bio-active platform — building the raw-material foundation for the next growth cycle of functional skincare. Giant Biogene translated two decades of recombinant protein research into consumer products with 37%+ net margins, while its 2025 controversy is a necessary catalyst for the industry-standard maturation the whole segment needs. Betefanny built a dermatology-channel moat that competitors cannot quickly replicate; Mao Geping rewrote the narrative that "domestic brands can only compete on price" by delivering 84.4% gross margins in premium color cosmetics.

Industrial Research Institute's long-running tracking of China's cosmetics factory networks consistently finds one core truth: the competitive strength of a national cosmetics industry ultimately rests not on a handful of star brands, but on the thousands of ingredient factories, contract manufacturers, packaging suppliers, and testing agencies behind them. China's over 480,000 verified operational cosmetics and personal care factories — spread across Guangdong, Shanghai, Zhejiang, and Shandong — silently underpin every new product launch, every peak-season production surge, every formulation iteration.

The direction is set. The landscape is crystallizing. The era of China's domestic cosmetics champions has arrived. And the larger story — of Chinese beauty going global — is only just beginning.

Data Sources and Key References

This report was compiled by Tianxia Gongchang Industrial Research Institute based on public materials, corporate annual reports, regulatory filings, and authoritative media reporting. Key data and factual sources include:

  • factory data platforms Industrial Platform operational factory data and industrial-belt data (www.tianxiagongchang.com, database of 4.8 million verified active factories)
  • Xinhua News Agency, "2025 China Cosmetics Industry Key Data Release" (January 2026)
  • Qianzhan Economists, "Domestic Brands Break Foreign Monopoly: China 2025 Cosmetics Market Exceeds 1.1 Trillion Yuan" (March 2026)
  • Proya Cosmetics Co., Ltd. Annual Report 2025 (April 2026)
  • Bloomage Biotech Technology Co., Ltd. Annual Report 2025 (April 2026)
  • Giant Biogene Holdings Co., Ltd. Annual Report 2024 and H1 2025 Interim Report
  • Mao Geping Image Design Co., Ltd. Annual Report 2024 (2025)
  • Shanghai Jahwa United Co., Ltd. Annual Report 2025 (March 2026)
  • Blue Moon Group Holdings Ltd. Annual Report 2024 and H1 2025 Interim Report
  • Yatsen Global FY2024 Annual Financial Results
  • L'Oréal Group 2025 Annual Results (loreal-finance.com)
  • Estée Lauder Companies Fiscal 2025 Annual Results
  • CBNData, "2025 Douyin E-commerce Skincare Trend White Paper"
  • China Flavor and Fragrance Cosmetic Industry Association (CAFFCI) Q1 2025 Industry Data
  • National Medical Products Administration (NMPA) 2025 Regulatory Announcements
  • 21 Economic Network, Yicai Global, Interface News, Securities Market Weekly, Nanfang Finance, and other authoritative media sources
  • Qianzhan Industry Research Institute, "2025 China Cosmetics Industry Report"
  • Qince Consumer Research, "2025 China Cosmetics Industry Report — Domestic-Brand Dominance, Functional Skincare Enters a Compound Growth Era"

This report's citation of corporate financial data is based on official annual or semi-annual reports published by the companies themselves. For market-scale industry-wide data, significant differences between different sources may exist due to different statistical methodologies (GMV basis, retail-sales basis, manufacturer shipment basis); the report has noted specific methodologies where possible. If any issues arise in using the data, please provide feedback through the Research Institute's official channels.