Core Viewpoint - The article highlights the contrasting performance of Proya, a leading domestic beauty brand, which achieved over 10 billion yuan in revenue for the first time while its stock price has significantly declined by over 20% since May and over 40% from its peak in 2023 [1][3][4]. Group 1: Company Performance - Proya's sales during the Double Eleven pre-sale event were strong, with the brand ranking first in the beauty category and achieving over 100 million yuan in sales shortly after the event began [1]. - In the first half of 2025, Proya reported revenue of 5.362 billion yuan, a year-on-year increase of 7.21%, and a net profit of 799 million yuan, up 13.80% [4][5]. - However, the revenue growth rate of Proya in the first half of 2025 is the lowest since its listing in 2017, significantly down from 37.9% in the same period last year [5][8]. Group 2: Brand and Market Dynamics - The main brand Proya, which contributes nearly 80% of the company's revenue, saw a slight decline in revenue of 0.08% to 3.979 billion yuan, marking its first negative growth in five years [9][10]. - Proya's multi-brand strategy, including acquisitions of domestic and international brands, has not significantly improved overall performance, with new brands contributing only 18.4% to total revenue [12][13]. Group 3: Competitive Landscape - The beauty market is becoming increasingly competitive, with other brands like Mao Geping and Marubi showing revenue growth rates above 30%, while Proya's growth has slowed [8][22]. - The overall beauty and skincare market saw a sales increase of 10.1% in the first half of 2025, indicating a shift in market dynamics towards mid-tier brands [22][24]. Group 4: Financial Metrics and Investment - Proya's sales expenses reached 5.161 billion yuan in 2024, accounting for 47.88% of its revenue, while R&D expenses were only 210 million yuan, highlighting a significant imbalance [16]. - The company is facing challenges in maintaining its market position due to high reliance on marketing and low R&D investment, which is critical in a market increasingly focused on product efficacy and ingredients [34][36]. Group 5: Future Outlook - Proya's management has proposed a "Double Ten Strategy" aiming to enter the top ten global cosmetics companies within the next decade, but the company faces significant valuation challenges compared to international giants [19][20]. - The article suggests that Proya must accelerate innovation and reform to realize its potential as a leading brand in the beauty industry [46].

Core Viewpoint - The ongoing controversy surrounding the collagen content claims by Juzhi Biotechnology highlights a deeper crisis of trust within the skincare industry, exacerbated by a lack of transparency and regulatory standards [1][2][3]. Group 1: Industry Trust Issues - The dispute over ingredient authenticity has revealed significant gaps in consumer trust and industry standards, with companies often engaging in "black box" practices that obscure the true efficacy of their products [3][4]. - The skincare sector is facing a crisis where consumers are increasingly skeptical of scientific claims, demanding transparency and accountability from brands [3][10]. Group 2: Regulatory and Market Dynamics - Recent events, including a fine imposed on CSS for false advertising, illustrate the consequences of misleading marketing practices, with penalties disproportionately affecting downstream partners rather than brands [6][9]. - The market for soluble collagen and other active ingredients is experiencing explosive growth, with a reported 106.93% increase in soluble collagen registrations, indicating a shift in consumer preferences towards these components [6][9]. Group 3: Ingredient Efficacy and Marketing Practices - The industry is grappling with two main issues: the imbalance in quantifying ingredient efficacy and the use of "shadow ingredients" to mislead consumers about product value [7][8]. - Companies are often reducing the actual amounts of active ingredients to cut costs, leading to a significant disparity between product claims and actual performance, which undermines consumer trust [7][8]. Group 4: Future Opportunities and Challenges - The lack of standardized testing methods and regulatory frameworks is creating a fragmented market where companies can exploit loopholes, leading to a potential collapse of consumer confidence [10][11]. - The need for an open and transparent verification platform is critical for establishing trust and setting future industry standards, as current practices are failing to meet consumer expectations [10][11].