**Source:** Jumeili (聚美丽) · **Date:** 2026-10-15 · **Category:** Supply chain / Distress *原文：债务缠身！又一家老牌美妆代工厂倒下* Case documents updated on October 13 to China's national enterprise bankruptcy reorganisation information network show Guangzhou Lifeng Cosmetics Manufacturing Co., Ltd. — a 29-year-old OEM that has produced beauty products since the 1990s — is the subject of a bankruptcy petition. The petitioner is not a bank or a brand client but Guangzhou Taohong Printing Co., Ltd., Lifeng's packaging supplier — an instructive detail: creditors further down the chain are the ones pulling the plug when receivables stop moving. Jumeili counts enforcement actions, spending restrictions and a business suspension preceding the filing. The case lands in a busy season for OEM distress — a contract manufacturer behind a top-selling lipstick label filed this month, and several more have entered bankruptcy review since September — evidence that overcapacity and price pressure in Chinese beauty manufacturing are now claiming long-established names. Detail --- Guangzhou Lifeng Cosmetics Manufacturing Bankruptcy petition filed Guangzhou Taohong Printing (packaging supplier) Enforcement, spending re

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