本文约 3 0 0 0 字，推荐阅读时长 1 0 分钟，欢迎关注新财富公众号。 5月24日，拥有280万粉丝的美妆KOL"大嘴博士"（郝宇）援引第三方检测报告，直指巨子生物旗下明星产品"可复美胶原棒"涉嫌成分造假：重组胶原蛋 白实测含量仅0.0177%，远低于《化妆品标签管理办法》规定的0.1%标注下限。指控迅速引爆舆情，巨子生物股价应声暴跌，市值蒸发掉了一个"贝泰 妮"。 10日内，巨子生物两次发布官方声明，在巨子提供的检测报告中，部分网友指出存在"模糊测量"、"逃避检测"，不仅未能平息舆论，反而加剧了消费者 对其成分可信度的质疑。几日后，巨子生物再次发布声明，称"公司现有的质量标准、检测方法和标签标识在某些方面已逐渐显现出其局限性，难以完 全适配行业发展与技术进步的高标准和高要求，需要不断的优化迭代。"一年两次面对成分争议，让这个曾以"科技"和"专业"著称的公司，站在了用户 信任的边缘。 从美国的雅诗兰黛、日本的资生堂到中国的完美日记，化妆品巨头们在二级市场的股价轨迹，都曾划过令基金经理心跳加速的抛物线。今年5月，巨子 生物市值一举突破800亿元，约等于珀莱雅、华熙生物、完美日记和贝泰妮四家市值之和。让打 ...

Core Insights - The article highlights the launch of the "High-Quality Consumption Observation" series by Southern Metropolis Daily, focusing on nine popular consumption sectors including beauty economy, sports and outdoor, food and health, smart consumer electronics, pet economy, experience economy, interest consumption, cross-border e-commerce, and consumption technology [1] - The report indicates a significant growth trend in the beauty and personal care market, particularly in the skincare segment, with a year-on-year retail sales increase of 4.4% in May and 4.1% from January to May [1] - The article emphasizes the shift towards efficacy-driven skincare products, with consumers increasingly demanding solutions for specific skin issues, leading to a notable rise in sales for products like sunscreen and hair care [1][12] Industry Trends - The beauty industry is witnessing a rise in "ingredient-focused" marketing, with brands emphasizing core ingredients to meet consumer demands for efficacy [11][25] - The competition in the high-end cosmetics market is intensifying, with international brands re-entering the Chinese market and dominating sales rankings during major promotional events like the 618 shopping festival [30][31] - Online sales channels have surpassed 50% of the market share in the cosmetics industry, with brands increasingly relying on e-commerce platforms for revenue growth [22][24] Brand Performance - Notable brands such as Proya and Han Shu have reported significant revenue growth, with Proya achieving over 10.7 billion yuan in 2024, while Han Shu's sales on Douyin reached 6.7 billion yuan [35][36] - The article mentions that brands like Huaxi Biological and Juzhibio have seen substantial revenue increases, with Juzhibio's revenue growing by 57.2% to 5.54 billion yuan in 2024 [7][33] - The performance of brands is increasingly tied to their ability to innovate and effectively market their products, particularly in the context of ingredient transparency and efficacy claims [11][25] Consumer Behavior - Consumers are becoming more rational in their purchasing decisions, focusing on product efficacy, ingredient transparency, and value for money, which is pushing brands to invest more in research and development [25][26] - The demand for specific skincare solutions, such as anti-aging and repair products, is driving growth in niche markets within the beauty sector [12][25] - The rise of content-driven e-commerce, including live streaming and social media sales, is reshaping how beauty brands engage with consumers and drive sales [24][30]

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].