Beauty TP Business Polarizes: Divergent Performance Drives Strategic Shifts

Performance Divergence: Growth Amidst Decline

In H1 2026, the domestic e-commerce TP industry entered a reshuffling phase with stark performance gaps. Financial data from seven top TP players reveals a polarized trend. Ruoyuchen demonstrated strong momentum with revenue up 73.29% to 2.286 billion yuan and net profit up 131.72%. Liren Lijue and Baozun Electronics achieved profit turnaround. Conversely, YiWangYiChuang saw double-digit declines in both revenue and profit. Kaichun Shares faced a "revenue up, profit down" dilemma, with net profit dropping 42.26% despite revenue growth.

R&D and Channels: Core Strategic Levers

To counter rising traffic costs, TP firms are prioritizing AI R&D and channel iteration. R&D investment grew for Qingmu, YiWangYiChuang, and Kaichun, focused on consumer operation systems and AI tools. Channel shifts show Douyin emerging as a key engine. Ruoyuchen's Douyin sales reached 1.173 billion yuan, becoming its top channel with a 51.32% share. Qingmu saw significant growth in Douyin operations. Tmall remains critical for Kaichun and YiWangYiChuang, but emerging channels are gaining ground.

Own Brands: The Second Growth Curve

With limited growth in agency operations, TP firms are accelerating own-brand initiatives to mitigate risk. Ruoyuchen's sub-brand Feicui established a scientific anti-aging research institute and co-built a lab with Peking University, strengthening its R&D barrier through industry-academia collaboration. This shift allows TPs to transition from traffic operators to full-lifecycle brand service providers, creating new profit centers.

Implications for B2B

Beauty brands and procurement teams must navigate TP capability disparities. High-growth TPs like Ruoyuchen offer robust R&D and omnichannel capabilities, suitable for full-case cooperation. Firms with declining metrics like YiWangYiChuang may face resource constraints. In supply chain partnerships, prioritize TPs with proven AI implementation and own-brand experience to reduce traffic dependency and enhance long-term brand asset value.