On June 22, 2026, Shanghai ORAIN Cosmetics Co., Ltd. (hereinafter referred to as “ORAIN Cosmetics”) completed its commercial registration changes, marking the official completion of the merger of ORAIN Cosmetics into the Co-fun Group. 

As one of the Co-fun Group’s wholly-owned subsidiaries, ORAIN will continue to conduct business operations under its original name and become the fourth cosmetics production base in the Shanghai region for the Group’s Cosmetics ODM business unit, Marshmallow.

Mutual Empowerment: Opening a New Chapter in Full-Category R&D and Manufacturing

With nearly 19 years of industry experience, ORAIN Cosmetics has established a strong reputation in the cosmetics market. It possesses deep technical expertise and product development capabilities in niche segments such as cosmetic pens, oil-paste color cosmetics, wet powders, and baked powders, having delivered numerous market-leading "hero" products. The integration of ORAIN further strengthen the Marshmallow BU’s category coverage in the beauty ODM sector and drive comprehensive improvements in R&D capabilities, product development, and large-scale production.

“We are delighted to welcome ORAIN to the Koufeng family,” said Mr. Pu Ke, Chairman and CEO of Co-fun Group. “ORAIN’s professional legacy in color cosmetics is a significant strategic addition to our existing business. We are committed to supporting ORAIN’s development by leveraging our group’s resources and management expertise to enhance testing capabilities, upgrade production technologies, and optimize compliance systems, ensuring we deliver even more robust and exceptional products to our global clients.”

Synergizing Scale and Efficiency: Driving Sustainable Growth 

This merger marks a pivotal milestone in the expansion of the “Marshmallow” manufacturing system. Through in-depth integration of resources, the Group’s operational efficiency and the stability of its supply ecosystem have been comprehensively strengthened to create a more competitive, comprehensive ODM manufacturing platform for the industry.

Looking ahead, Co-fun Group will continue to optimize its industrial layout and the allocation of synergistic resources through refined management and strategic investments. The Group will remain steadfastly “customer-centric,” collaborating efficiently under unified manufacturing standards to strengthen its manufacturing foundation continuously. This will enable us to provide more efficient and stable product solutions for the global beauty industry, jointly realizing our development vision of “Beauty for All.”