South Korea's three largest cosmetics ODM manufacturers posted record second-quarter revenue and operating profit, highlighting how the country's contract manufacturing model has become a core driver of K-Beauty's global expansion. Cosmax reported consolidated revenue of ₩794.9 billion and operating profit of ₩73.7 billion, up 27.5% and 21.2% from a year earlier, respectively. Kolmar Korea posted revenue of ₩861.3 billion, up 17.8%, while operating profit surged 50.2% to ₩110.3 billion, marking the first time it exceeded ₩100 billion in quarterly operating profit. Cosmecca Korea reported revenue of ₩226.1 billion and operating profit of ₩32.1 billion, both up about 39% year over year and above market expectations. Growth was driven by overseas expansion by South Korean indie brands and rising orders from major global clients, with sunscreen demand and skincare-focused exports to the United States and Europe boosting domestic order volumes. Cosmax's U.S. unit showed a turnaround, with revenue rising 79.4% to ₩53.8 billion and recording its first operating profit since its 2013 establishment, while Kolmar Korea's U.S. subsidiary remained loss-making despite a narrower deficit. Investors responded by sending Kolmar Korea shares up 22.80%, Cosmax up 18.81%, and Cosmecca Korea up 12.80% after the results. The quarter also underscored a broader shift in South Korea's ODM (original design manufacturing) sector toward integrated strengths in research, production and supply chains, even as the industry still faces pricing pressure, rising costs, stronger Chinese competition and tighter U.S. and European regulation.