Das erste Make-up der chinesischen Produkte ist mit Schulden belastet, und der Gründer ist von der Höchstkonsumverbot betroffen.
In the sluggish market environment, many established enterprises are facing the pressure of declining performance, and numerous emerging brands are on the verge of closing stores or going bankrupt.
Blankme, once known as the "Number One Domestic Base Makeup Brand," is a new - style brand. Its parent company, Shanghai Yongxi Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Yongxi"), after being "stabbed in the back" by LV Capital in 2024, is now facing multiple debt crises.
Explosion of Problems: The Total Amount to be Enforced Reaches 12.41 Million Yuan
According to Qichacha, since 2025, Shanghai Yongxi has been involved in 17 court session announcements as the defendant. Among them, it has been listed as an enforced person 11 times, and the total amount to be enforced reaches 12.4144 million yuan. In addition, Jumeili's collation shows that, according to incomplete statistics, it is involved in a total of 26 judicial cases, with a total involved amount of 24.6768 million yuan, including multiple disputes over processing contracts.
Image Source: Weibo
1. Fined 89,000 Yuan, It was Sued by the Contract Manufacturer
On September 5th, the official website of the Second People's Court of Zhongshan City, Guangdong Province, released an announcement indicating that the plaintiff, Nosbel Cosmetics Co., Ltd. (hereinafter referred to as "Nosbel"), had filed a lawsuit against the defendant, Shanghai Yongxi, for overdue payment of goods. In response, Jumeili immediately verified the matter with its founder, Yang Boya, but as of press time, no reply had been received.
Image Source: Announcement of the Second People's Court of Zhongshan City, Guangdong Province
The announcement revealed that since the court was unable to serve the litigation documents to the defendant, Shanghai Yongxi, through other methods stipulated in the Civil Procedure Law of the People's Republic of China, it legally adopted the announcement method to serve the copy of the complaint and the notice of the court session.
Nosbel requested the court to order Shanghai Yongxi to pay the overdue payment of goods totaling 80,900 yuan and pay a liquidated damages of 8,087.87 yuan (calculated at 10% of the amount in arrears), with a total of 89,000 yuan for the two items.
It is worth noting that Nosbel was once the contract manufacturer of Shanghai Yongxi. According to relevant filing information, many products under Shanghai Yongxi are marked with Nosbel as the manufacturer. This dispute also stems from the failure to fulfill the payment obligation in the processing contract.
In addition to this case with Nosbel, Shanghai Yongxi is currently deeply involved in multiple legal disputes, with a total amount to be enforced reaching 12.4144 million yuan. 58.33% of the cases in the past five years occurred in 2025.
2. Up to 26 Cases and the Founder is Restricted from High - end Consumption 10 Times
According to Qichacha, since 2025, Shanghai Yongxi has been involved in 17 court session announcements as the defendant, and the court session times are mostly concentrated from August to October.
Among them, service contract disputes account for the majority of the case types, followed by sales contract disputes. The dispute with Nosbel this time belongs to the category of processing contract disputes. Currently, there are still six cases awaiting trial.
In addition to being entangled in numerous cases, since 2025, Shanghai Yongxi has been listed as an enforced person 11 times, and the total amount to be enforced reaches 12.4144 million yuan (the amounts of the same case have been deduplicated).
Among them, it involves relevant courts in many places such as Shanghai, Guangxi, and Suzhou. Most of the enforcement courts are the Putuo District People's Court of Shanghai. The latest enforcement amount by the Jiading District People's Court of Shanghai reaches 10.7175 million yuan, further intensifying its financial pressure.
In addition, since 2025, Shanghai Yongxi has been involved in a total of 26 judicial cases, with a case amount of 24.6768 million yuan.
Among them, in early September, the advertising contract dispute between Shanghai Yongxi and Shanghai Mengxiao Information Technology Co., Ltd. (hereinafter referred to as "Shanghai Mengxiao") (case number: (2025) Hu 0113 Min Chu 13799) had the highest involved amount, reaching 10.815 million yuan. The trial result of the case showed that Shanghai Yongxi needed to pay Shanghai Mengxiao a contract price of 5.3575 million yuan and compensate for a liquidated damages of 62,000 yuan, with a total of 5.4195 million yuan. This large - amount compensation aggravated its financial deterioration.
It is worth noting that currently, there are still 7 cases in the first - instance civil stage, and the enforcement amount of Shanghai Yongxi may further increase in the future.
Meanwhile, under the pressure of a high enforcement amount, Shanghai Yongxi and its legal representative, Yang Boya, have been restricted from high - end consumption a total of 10 times for failing to fulfill the payment obligation determined by the effective legal documents within the period specified in the enforcement notice.
As can be seen from the above, the legal and financial crises currently faced by Shanghai Yongxi are continuously expanding, and there are still cases awaiting trial. Its enforcement amount may further rise, and the situation is not optimistic.
Is it Gradually Declining from the "Number One Base Makeup Brand"?
Currently, Shanghai Yongxi is deeply involved in multiple contract disputes and enforcement cases. Blankme, the once - representative emerging brand under it, has lost its former glory and is even struggling to survive.
Looking back at its development history, Shanghai Yongxi, the parent company of Blankme, was established in 2016, and Blankme was founded in the same year. As a brand focusing on base makeup, Blankme's products focus on the segmented base makeup track, covering quick base makeup, professional base makeup, and delicate base makeup.
Since its establishment, Blankme has been favored by the capital market and consumers. It received angel - round financing for the first time in 2020.
It is worth noting that from 2022 to 2023, it reached its peak. In 2022, Blankme achieved good results in both the 618 and Double 11 promotions. During the 618 promotion, Blankme ranked fourth on the Tmall base makeup list; during the Double 11 promotion of the same year, it topped the list of domestic base makeup brands on Tmall and ranked 14th in the Tmall beauty category. It also made it onto the Forbes China's Top 100 Emerging Brands list in 2022 and completed three rounds of Series A financing in 2023.
However, since 2024, Blankme seems to have started its downward path.
In December 2024, L Catterton, a private equity fund under LVMH (hereinafter referred to as "L Catterton"), issued a statement saying that although the two parties had indeed conducted financing negotiations, in the end, due to "dissatisfaction with the results of the business and financial due diligence of Yongxi Company and the discovery that the company had concealed pending legal procedures," it terminated the investment relationship and canceled all agreements.
At that time, the news attracted a lot of attention in the industry. This event between the emerging brand and the capital shows, from the side, that in the sluggish market, the beauty industry may face new reshuffling and challenges.
In response, @Xiaotong in Summer, the founding partner and chief editor of Jumeili, believes that "many cases where the capital sues the invested enterprise stem from the failure to meet the expectations of the gambling clause. There are also many cases where the capital has negotiated the terms but then backs out or withdraws the investment, or fails to continue to fulfill the contract. These all indicate that the entrepreneurial environment is further deteriorating."
"As emerging brands gradually calm down and are now in a downturn, the difficulty of starting a beauty brand business has further increased, and the financing space is almost closed." @Xiaotong in Summer said.
In addition to being neglected by the capital, Shanghai Yongxi is also facing the blow of frozen equity. In April this year, 10 million yuan of Shanghai Yongxi's equity was frozen. The target enterprise of the frozen equity is Sichuan Xiangxingcheng E - commerce Co., Ltd., a subsidiary of Shanghai Yongxi, and its legal representative is also Yang Boya.
Image Source: Qichacha
Perhaps it is the "internal and external troubles" of the parent company that have made Blankme lose its voice in the highly competitive beauty industry and are even leading it to decline.
It is reported that the Douyin and Tmall flagship stores of Blankme have a total of 850,000 fans, and the product sales volume reaches over 50,000. In contrast, another brand in the same period that also became popular with base makeup has 1.34 million fans on the Tmall platform alone, and the sales volume of its best - selling products has reached over 600,000. As emerging brands, their development in the current beauty market is very different.
Image Source: Tmall and Douyin
From this, we can see that the heyday of emerging brands has passed, and only a few brands have managed to lay a solid foundation after the bonus period and survived the cold winter.
In response, Yan Ming, a partner of Xiuyuan Capital, once gave key suggestions: "When an enterprise develops to a certain scale, it must have the ability to 'generate blood' independently. Specifically, first, enterprises that start online need to timely layout offline to expand diversified growth space; second, they should reasonably grasp the early - stage capital support and maintain a restrained cooperation with top influencers to avoid over - dependence; third, they should abandon the dependence on external endorsements and instead enhance their comprehensive competitiveness and profitability by strengthening product strength and improving management levels."
Then, in the face of multiple crises, how to deal with the current debt dilemma and rebuild the trust of partners has become an operational challenge that Shanghai Yongxi must face directly.
Meanwhile, the current dilemma of Shanghai Yongxi is not an isolated case. It also rings an alarm for emerging brands: survival is the most important thing. Even if it was once the number one in the category, the future road will be very bumpy.
This article is from the WeChat public account "Jumeili" (ID: jumeili - cn), author: tt, published by 36Kr with authorization.