美妆代运营集体滑坡，仅1家逆势双增

Core Viewpoint - The beauty e-commerce industry is facing challenges as traditional platforms reach their growth limits, while new platforms like short videos and live streaming are becoming significant traffic sources. The performance of beauty third-party operators (TPs) varies widely, with only a few companies managing to thrive amidst the downturn [1][12]. Market Capitalization - Ruoyuchen leads the market with a market capitalization of 13.178 billion RMB, significantly surpassing the second-ranked Yiwang Yichuang by nearly 6 billion RMB [1]. - Yiwang Yichuang and Qingmu Technology are in the second tier with market capitalizations exceeding 5 billion RMB [1]. - Liren Lizhuang and Kaichun Co. have market capitalizations between 2 billion and 5 billion RMB, placing them in the third tier [1]. - Baozun E-commerce and Youquhui are in the fourth tier with market capitalizations below 2 billion RMB [1]. Financial Performance - Only Ruoyuchen among the seven beauty TPs achieved double-digit growth in both revenue and net profit, with revenue increasing by 67.55% to 1.319 billion RMB and net profit rising by 85.60% to 72.3 million RMB [8][12]. - Other companies, including Liren Lizhuang and Baozun E-commerce, reported significant declines in net profit, with Liren Lizhuang experiencing a four-digit percentage drop [8][12]. - Youquhui reported a 14.2% increase in beauty product sales, reaching 5.8 million RMB, but still faced overall revenue and profit declines [9]. Channel Strategy - Beauty TPs are increasingly focusing on emerging platforms like Douyin, Xiaohongshu, and Kuaishou, as traditional platforms like Taobao and Tmall show diminishing growth contributions [18][23]. - Ruoyuchen's sales from Douyin reached 490 million RMB, making it the largest sales channel, surpassing Tmall and Tmall International combined [27][28]. - Qingmu Technology reported a 144.58% increase in revenue from Douyin, indicating a successful channel transition [27]. Brand Development - Ruoyuchen and Liren Lizhuang are the only two TPs actively expanding their own brand portfolios, with Ruoyuchen's self-owned brand revenue growing by 242.42% to 603 million RMB [36][38]. - Liren Lizhuang's self-owned brand sales increased by over 80%, focusing on two main brands for future growth [38]. - Other TPs are exploring brand incubation and management to drive growth, with Qingmu Technology's brand management revenue increasing by 86.46% [40].