With the differentiation of beauty brand agency operations intensifying, who is leading the pack and who is falling behind?

Against the backdrop of brands divesting from third-party operation agents and rising traffic costs, the domestic e-commerce TP (Third-Party Operation) industry as a whole has faced a tough situation in the past few years. Many enterprises have seen slowing revenue growth and squeezed profits, pushing the industry into a reshuffling and adjustment cycle.

But at the same time, TP operators are also continuously exploring diversified transformation paths for self-rescue: for example, Joyou exerts efforts on self-owned brands, Lili Zhuang expands the exclusive general distribution business for overseas brands, Ka Chun independently develops consumer operation systems, etc. To see the actual results of these transformations, we can find data-level verification by taking the 2026 first-half performance as an observation window.

Soaring 132% VS Plunging 42%, Significant Performance Divergence

Jumeili sorted out the 2026 H1 financial report data of seven leading TP service providers, namely Baozun E-commerce, Joyou, One Net One Creation, Lili Zhuang, Aoki Technology, Ka Chun Co., Ltd. and U-Enjoy. The data shows that the performance divergence trend in H1 2026 has become increasingly prominent.

Five TP Operators Achieve Dual Growth in Revenue and Net Profit

In H1 2026, five enterprises including Baozun E-commerce, Joyou, Lili Zhuang, U-Enjoy and Aoki Technology realized dual growth in revenue and net profit.

Among them, Joyou delivered the most eye-catching performance. From H1 2024 to H1 2026, its revenue and attributable net profit to shareholders maintained growth for three consecutive years, and the growth rate expanded year by year. In terms of revenue, the year-on-year growth rates were 33.08%, 67.55% and 73.29% respectively, with the scale jumping from 787 million yuan to 2.286 billion yuan, nearly tripling in three years; in terms of attributable net profit to shareholders, the year-on-year growth rates were 72.51%, 85.60% and 131.72% respectively, and the amount also increased from 39 million yuan to 167 million yuan.

Among the five enterprises with dual growth, different from Joyou's consecutive dual growth, Lili Zhuang and Baozun E-commerce achieved a turnaround from losses to profits.

Taking Lili Zhuang as an example, its operating revenue in H1 2026 was 894 million yuan, up 7.61% year on year; the attributable net profit to shareholders was 22.5229 million yuan, while it recorded a loss of 32.7597 million yuan in the same period last year, successfully reversing the loss situation.

Looking at Baozun E-commerce, its revenue shows a year-on-year growth trend, increasing from 4.371 billion yuan to 5.124 billion yuan from H1 2024 to H1 2026; in terms of profitability, after two consecutive years of losses, it stopped the downward trend in H1 2026, and its attributable net profit to shareholders turned positive, reaching 10 million yuan.

U-Enjoy and Aoki Technology also achieved dual growth in revenue and attributable net profit to shareholders in H1 2026.

In terms of revenue, after two consecutive years of decline, U-Enjoy rebounded in H1 2026, rising 11.17% year on year to 645 million yuan; Aoki Technology's revenue in H1 2026 was 729 million yuan, up 9.10% year on year, maintaining growth for three consecutive years, but the growth rate slowed down compared with 19.68% and 22.75% in H1 2024 and H1 2025.

In terms of attributable net profit to shareholders, both U-Enjoy and Aoki Technology saw a sharp decline in H1 2025, with a decline of 54.13% and 22.96% respectively, but returned to growth in H1 2026: U-Enjoy rose 100.92% year on year to 23 million yuan, and Aoki Technology increased 67.90% year on year to 87 million yuan.

One Net One Creation and Ka Chun Co., Ltd. Still Face Challenges

While most TP operators saw their performance recover, One Net One Creation and Ka Chun Co., Ltd. are still under relatively high pressure.

In H1 2026, Ka Chun Co., Ltd. achieved a revenue of 180 million yuan, up 10.97% year on year, reversing the previous two consecutive years of downward trend; but its attributable net profit to shareholders fell 42.26% year on year to 2 million yuan, falling into the dilemma of "revenue growth without profit growth". It is worth noting that its attributable net profit to shareholders has declined for two consecutive years, and the decline has expanded from 16.17% in the same period last year to 42.26%.

One Net One Creation is the only one among the seven TP operators that recorded a dual decline in revenue and net profit.

In H1 2026, One Net One Creation's revenue fell 19.24% year on year to 430 million yuan, which has shrunk significantly compared with 622 million yuan in H1 2024; in terms of attributable net profit to shareholders, it fell 23.18% year on year in H1 2024, returned to the growth track in H1 2025 with a year-on-year increase of 5.83%, and then fell 6.24% year on year again to 66 million yuan in H1 2026.

The Transformation of Beauty TP Operators Is Still a Long Way to Go

The performance divergence in the beauty e-commerce operation agency industry has further intensified: on one side, Joyou achieved ultra-high growth of 73.29% in revenue and 131.72% in attributable net profit to shareholders; on the other side, Ka Chun Co., Ltd. faces the dilemma of "revenue growth without profit growth", and One Net One Creation sees dual decline in revenue and net profit. Under this background, the latest financial reports of each enterprise have revealed some directions to break the situation.

1. Increase R&D Investment

If we say that the increased layout and investment in scientific research by beauty enterprises is to build their own technological moat with raw materials and products, then for most TP operators, their scientific research investment focuses more on applying AI tools to achieve synergy and improve operation efficiency.

From the perspective of R&D investment, among the seven TP operators, three enterprises including Aoki Technology, One Net One Creation and Ka Chun Co., Ltd. all achieved year-on-year growth, with the growth rate of 18.6%, 6.79% and 23.51% respectively. Among them, Aoki Technology's R&D expenditure reached 24.5792 million yuan, ranking first among the seven.

The remaining three enterprises saw a decline in R&D investment. In the first half of this year, Joyou's R&D investment was 15.4692 million yuan, ranking second among the seven TP operators, down 5.91% year on year; U-Enjoy Holdings has the smallest R&D scale, only 1.494 million yuan, down 27.72% year on year; Lili Zhuang has the largest decline, plummeting 61.98% from 11.8496 million yuan in the same period last year to 4.5048 million yuan, which the financial report disclosed is caused by the reduction of employee salary expenses for relevant personnel.

In terms of the actual transformation and application of R&D investment, some enterprises have shown clear development paths.

For example, Ka Chun Co., Ltd. stated in its financial report that in order to better understand consumer demands and feedback, it independently developed the KAYNETICS omni-channel consumer operation system to realize real-time consumer insight, so as to help brands achieve more accurate and efficient reach and conversion.

As for Joyou, the financial report revealed that it keeps up with the cutting-edge generative AI technology, continuously researches mainstream large models, and enriches its self-developed AI tool matrix; it has successively launched multiple small AI application tools such as Seedance2 Prompt, voice cloning, PPT generation, and Xiaohongshu copywriting imitation, effectively improving the efficiency of intelligent optimization and content production.

In addition, Joyou's self-owned brand Fibelle continues to increase its industry-university-research layout to consolidate R&D competitive barriers. In January this year, the Fibelle Scientific Anti-Aging Research Institute was officially established to integrate authoritative industry resources; in March, it joined hands with Peking University Health Science Center to build the "PKU Health Science-Fibelle Joint Laboratory for Scientific Anti-Aging", providing academic support for the brand's R&D system.

2. Deploy Emerging Channels

In addition to R&D investment, the adjustment of channel structure is also a key part of the strategic upgrading of TP operators. At present, in addition to traditional positions such as Tmall and Taobao, TP operators are fully expanding on emerging traffic platforms such as Douyin, Xiaohongshu and Kuaishou.

However, according to the financial report data, the Tmall platform still occupies an important position in the revenue of each TP operator.

In H1 2026, Ka Chun Co., Ltd.'s online brand sales service revenue on Tmall reached 79 million yuan, accounting for 44% of the total revenue, and this proportion increased by 27.78% compared with the same period last year.

△ Source: Ka Chun Co., Ltd. 2026 H1 Financial Report

In H1 2026, One Net One Creation's online brand marketing service revenue on Tmall Mall platform was 106 million yuan, a decrease of 23.8558 million yuan compared with the same period last year, but its proportion in total revenue increased slightly by 0.26% to 24.62%.

△ Source: One Net One Creation 2026 H1 Financial Report

Different from the above two enterprises whose revenue proportion on Tmall platform is still rising, Aoki Technology and Joyou have seen a decline in their Tmall revenue proportion, while the proportion on the Douyin platform has gradually increased.

Take Aoki Technology as an example, in H1 2026, it realized revenue of 164 million yuan through the e-commerce operation agency model on Tmall platform, accounting for 22.50%, down 14.2% year on year. In contrast, Aoki Technology's e-commerce operation agency business, brand incubation and management business revenue on the Douyin platform all achieved growth.

In H1 2026, Aoki Technology realized revenue of 92 million yuan through the e-commerce operation agency model on Douyin, accounting for 12.59%, up 46.0% year on year; its brand incubation and management business revenue on Douyin reached 110 million yuan, accounting for 15.06%, up 15.7% year on year.

△ Source: Aoki Technology 2026 H1 Financial Report

Joyou has a wide range of cooperative channel platforms, covering Tmall, Taobao, JD.com, Douyin, Xiaohongshu, Pinduoduo, Vipshop, Kuaishou, etc. During the reporting period, Douyin has become Joyou's largest sales channel, with a sales amount of 1.173 billion yuan, accounting for more than half of the total revenue, rising from 37.24% in the same period last year to 51.32%.

The proportion of traditional channels has dropped significantly. During the reporting period, Joyou's sales amount on Tmall Mall was 370 million yuan, with the proportion dropping from 21.27% in the same period last year to 16.19%; the sales amount on Tmall Global was 216 million yuan, with the proportion dropping from 13.22% to 9.43%. The total sales of the two was 586 million yuan, and the total proportion dropped to 25.63%, with both sales scale and proportion far lower than the Douyin platform.

△ Source: Joyou 2026 H1 Financial Report

In addition, U-Enjoy's share in emerging channels has also gradually increased. U-Enjoy disclosed in its financial report that during the reporting period, the revenue from Douyin accounted for 12.9% of the group's total revenue, up 4.3 percentage points from 8.6% in the same period last year, which effectively promoted the continuous optimization of the overall online channel revenue structure.

3. Self-owned Brand Driven

Under the industry background of rising brand self-operation and fading traffic dividends, the growth space of beauty TP operation agency business has narrowed, and the business stability has been challenged. To break the growth dilemma, many TP enterprises in the industry are seeking transformation, and there is an urgent need to find the second growth curve.

Deploying self-owned