At a time when a cup of milk tea can easily cost more than $3.00, the beauty aisles at value retail giant Miniso offer face masks, eyebrow pencils, and micellar water for as little as 9.9 yuan (approximately $1.40). By combining factory-direct sourcing with a vast global store footprint, Miniso has expanded into 112 countries and regions through a formula of maximum value and high stock-keeping unit (SKU) variety. Underlying this rapid growth is the efficiency built by China’s cosmetics manufacturing network over the past decade.

In nearly every Miniso location, prime retail real estate near the entrance is reserved for color cosmetics, catering primarily to female shoppers aged 18 to 28. The retailer’s cosmetics lineup spans four main categories—color cosmetics, skincare, fragrance, and beauty tools—with mainstream pricing locked between 9.9 yuan and 39.9 yuan ($1.40 to $5.50).

By the first quarter of 2026, Miniso operated 8,565 stores globally, including 4,593 in mainland China and 3,617 overseas. Group revenue for the quarter reached 5.69 billion yuan ($786 million), up 28.5% year-over-year, while gross margin stood at 43.3% and operating profit surged 114.3% to 1.52 billion yuan ($210 million). Revenue from mainland China grew 29.6% year-over-year, marking its fifth consecutive quarter of accelerated growth.

While many brick-and-mortar beauty retailers face headwinds—evidenced by prestige closures such as when Lancôme closed its flagship store in Beijing—Miniso’s beauty division relies on a structured network of more than 100 contract manufacturers. This ecosystem spans international Original Design Manufacturers (ODMs) like Cosmax, major domestic players like Nox Bellcow and Guangdong Aisen, and specialized category manufacturers like Ningbo Aishi and Guangzhou Xuele.

NMPA-Registered Distinctive Cosmetic Production Enterprises — China

(Partial list — incomplete statistics)

Source: National Medical Products Administration (NMPA) — Cosmetic Production License Registry. Compiled by chinacosmetics.com.

Note: This is a partial list. The full registry includes hundreds of additional enterprises.

★ English name has been verified against the company's official business registration in public corporate databases (Tianyancha, Qixin, Aiqicha, or the company's own corporate filings). Entries without a star were transliterated from Chinese to Pinyin following standard Chinese corporate translation conventions; these serve as working references rather than legally registered English names.

中国化妆品 NMPA Cosmetic Production License List · Translated and compiled by chinacosmetics.com

A Three-Tier Supplier Architecture

Miniso maintains competitive pricing without sacrificing basic quality by using a tiered vendor structure with defined responsibilities. The supply chain categorizes suppliers into three distinct levels: co-developed functional lines, high-volume mass-market staples, and category-specific manufacturers.

Tier 1: Functional Skincare and Joint R&D

To challenge the perception that affordable skincare lacks active benefits, Miniso partners with top-tier contract manufacturers through co-development arrangements.

Cosmax (China) Cosmetics Co., Ltd., a subsidiary of the global Korean beauty manufacturing giant, produces more than 40 skincare SKUs for Miniso. These include its popular Centella repair series, B5 soothing cream, Niacinamide brightening serum, basic cleansers, tone-up creams, and budget eyeliners. In 2025, the two companies established a joint research and development laboratory focusing on sensitive skin repair and customized formulations, collaborating with academic research institutions to strengthen Miniso's technical capabilities.

Nox Bellcow Cosmetics Co., Ltd., a leading domestic sheet mask manufacturer, supplies Miniso’s sheet mask and core body care lines. Recognized with a long-term partner award at Miniso’s 2026 Global Supplier Quality Conference, Nox Bellcow produces hydrating sheet masks, clarifying clay masks, sleeping masks, and moisturizing body lotions. Miniso provides consumer insights and launch schedules, while Nox Bellcow leverages its flexible production lines and sheet material technology to execute formulations and mass manufacturing.

Together, Cosmax focuses on advanced active skincare while Nox Bellcow handles high-volume masks and body care, establishing the brand's baseline functional offerings.

Tier 2: High-Volume Mass Market Staples

While functional lines build brand credibility, a group of long-standing domestic original equipment manufacturers (OEMs) produces the high-volume staple products that keep prices low.

Guangdong Aisen Daily Chemical Co., Ltd. has partnered with Miniso for nearly two decades. Its broad production covers botanical toners and emulsions, brightening skincare, hand creams, lip balms, primers, blushes, and liquid lipsticks. Under this partnership model, Miniso handles product filings, packaging design, and core requirement specifications, while Aisen manufactures at scale using established, universal formulas to keep production costs down.

Guangzhou Jiameng Cosmetics Co., Ltd. fills a complementary role by manufacturing entry-level cleansing and skin-soaking products, including aloe mask gels, oil-control cleansers, micellar waters, and basic sheet masks, using standardized formulations engineered for price-sensitive traffic.

Tier 3: Niche Category Specialists

To round out specialized categories like fragrance, sun care, and brow products, Miniso works with focused niche suppliers.

Ningbo Aishi Cosmetics Co., Ltd. is a leading cosmetic pencil manufacturer and Miniso’s primary supplier for eyebrow pencils. Aishi, which also manufactures for international brands such as L'Oréal and Dior, collaborates with brand clients a year in advance to develop custom molds and align with seasonal color trends.

Zhongshan Chemicos Cosmetics Co., Ltd. acts as an ODM partner within Miniso's research ecosystem. Beyond hydrating sprays and intellectual property collaboration cleansing mousses, Chemicos developed and produced Miniso's complete Niacinamide hydration skincare line. With an annual R&D investment exceeding 20 million yuan ($2.76 million) and an 80-person technical team, the facility specializes in gentle, botanical-based functional skincare formulations.

For fragrance, Miniso partners with Guangzhou Xuele Cosmetics Co., Ltd., a manufacturer with over 30 years of compounding experience. Xuele produces popular items like Miniso's sandalwood body mist and fine fragrances, offering both market-trend dupes and custom fragrance development.

For targeted skin solutions, Miniso works with Guangzhou Shifei Cosmetics Co., Ltd., a manufacturer focused on specialized products like volcanic pore strips, acne treatment gels, and at-home hair removal creams. Seasonal sunscreen products are manufactured by Guangzhou Baizi Biotechnology Co., Ltd. using standardized hybrid physical-chemical UV filter formulas produced in Good Manufacturing Practice (GMP) compliant facilities.

How the SPA Model Reshapes Manufacturer Relationships

Miniso’s low retail price points rely on a Specialty Store Retailer of Private Label Apparel (SPA) framework. By managing product design, raw material procurement, manufacturing coordination, and store retail, Miniso maintains tight end-to-end operational control. This vertical integration allows the retailer to move products from initial trend identification to store shelves in as little as 21 days.

Miniso operates under a supplier agreement model defined by custom inventory buyouts, volume-based unit price negotiations, and fast payment turnaround times. The brand co-develops products with suppliers and purchases rights outright for store exclusivity. High store counts allow Miniso to place bulk orders that lower supplier fixed overhead costs, while rapid payment settlement reduces financial friction for manufacturing partners.

Using point-of-sale data, Miniso works alongside manufacturers to design specialized products. This transforms suppliers from passive contract processors into active development partners.

Strategic Takeaways for Cosmetics Manufacturers

Miniso's supply chain strategy reflects broader evolution among Chinese beauty contract manufacturers:

1. Specialization takes priority over scale. Miniso's supplier roster balances large-capacity producers like Nox Bellcow with specialized vendors like Ningbo Aishi and Guangzhou Xuele. Long-term contract stability depends on establishing clear technical or cost advantages within specific product niches.
2. R&D integration is becoming essential. Traditional OEM contract manufacturing focused purely on assembly. Miniso increasingly expects suppliers to operate as ODMs or joint R&D partners capable of co-defining SKUs and formulating products using real-time consumer sales data.
3. Regulatory compliance enables international expansion. With overseas locations surpassing 3,600 stores, manufacturers that understand regional regulatory frameworks and product registration rules are capturing a larger share of export orders.