可复美疑似造假罗生门：成分营销成双刃剑，资本游戏谁是输家

Core Viewpoint - The controversy surrounding the product "Kefumei" from Juzhi Biotechnology has escalated into a significant public debate over the authenticity of its key ingredient, recombinant collagen, leading to a broader discussion about ingredient marketing in the domestic beauty industry [1][3][4]. Group 1: Incident Overview - The dispute began on May 24 when beauty blogger "Dr. Big Mouth" Hao Yu accused Juzhi Biotechnology of falsely advertising the collagen content in its "Kefumei" product, claiming the actual amount was only 0.0177%, while it should be above 0.1% to comply with regulations [3][4]. - Juzhi Biotechnology responded with its own testing results, asserting compliance, but the blogger continued to question the validity of these results, leading to a back-and-forth that has lasted 12 days [3][4]. - The incident has resulted in a significant market impact, with Juzhi Biotechnology's market value dropping by over 20%, amounting to nearly 20 billion HKD [4]. Group 2: Industry Context - The beauty industry in China has increasingly relied on ingredient marketing, with companies like Huaxi Biotechnology leveraging popular ingredients like hyaluronic acid to drive sales [5][6]. - Juzhi Biotechnology's revenue for 2024 is projected to reach 5.54 billion RMB, a 57.2% increase year-on-year, with the "Kefumei" brand contributing over 80% of this revenue [4][6]. - The reliance on e-commerce channels is evident, with direct-to-consumer (DTC) sales accounting for 71.6% of Juzhi's total revenue, up from 65.2% the previous year [6]. Group 3: Market Dynamics - The ongoing debate highlights a "arms race" in ingredient marketing within the domestic beauty sector, where companies must continuously innovate and promote new ingredients to attract consumer interest and investment [1][5]. - The lack of industry standards for new ingredients like recombinant collagen complicates the situation, as companies can interpret and market these ingredients in ways that may not align with consumer expectations [10][11]. - The competitive landscape is further complicated by the contrasting fortunes of companies like Juzhi Biotechnology, which has seen its valuation rise, versus Huaxi Biotechnology, which has experienced declining revenues and profits [8][9].