H1 2026 China Cosmetics Report: Top 10 Ranks Shift, Brand Revenue Hurdle Nears 1B

Earnings Divergence and Ranking Shuffle

With Yatsen Holding's H1 2026 report released on Sep 2, the earnings picture for Chinese cosmetic listed firms is complete. Aggregated data shows the top 10 domestic brands' total revenue hit 28.312 billion yuan, nearly flat year-over-year. Seven firms posted revenue growth, with Lin Qianxuan leading at 42.6%, followed by Maogeping and Phydgeon. Shanghai Jahwa overtook Upshur to take second place, while newly listed Lin Qianxuan entered the top ten for the first time.

Profit Gaps and Losses

Proya dominated in net profit at 1.168 billion yuan, the only firm above the 1 billion mark. Gaoji Biological and Maogeping took second and third places. Yatsen Holding remained the sole loss-making firm at 151 million yuan. Shuiyang Co fell out of the ranking as it now only reports its own brand revenue of 1.148 billion yuan.

Brand Landscape and Second Curves

The top 10 brands face a high revenue barrier. As the tenth-ranked brand, Caitang generated 551 million yuan in H1, implying an annual threshold above 1 billion yuan. Proya's main brand led with 3.692 billion yuan. Multi-brand strategies at Proya and Upshur are yielding results, with two brands each appearing in the top 10. Companies are actively building second growth curves through acquisitions or incubating niche sub-brands.

Implications for B2B

Ranking shifts signal that firms relying on single blockbusters face higher risk. Sourcing teams should monitor multi-brand groups for opportunities in high-growth second-curve brands. Compliance-wise, changes in reporting standards for IPO candidates like Chando require re-evaluation of partnership risks. Profitable leaders offer stable supply chain terms, while loss-making firms like Yatsen pose payment risks.