Core Viewpoint - The article discusses the recent controversy surrounding the sanitary napkin brand "Cotton Password" created by influencer Xinba, which has been accused of containing harmful substances, leading to a broader trust crisis in the sanitary products market [3][6]. Industry Overview - The sanitary products market in China is projected to reach a scale of 703.4 billion yuan in 2023, with e-commerce sales of sanitary napkins expected to exceed 18 billion yuan in 2024. The market is anticipated to maintain a compound annual growth rate of 5%-8%, potentially exceeding 105 billion yuan by 2025 [19]. - The sanitary napkin industry is characterized by high profit margins, with brands like Baiya and Hengan International reporting gross margins of 55.8% and 63.7%, respectively [24][21]. Recent Events - Xinba's brand "Cotton Password" faced scrutiny after a report revealed that 7 out of 10 samples tested contained high levels of thiourea, a compound classified as a potential carcinogen by the International Agency for Research on Cancer [7][8]. - Following the controversy, the Shantou market supervision authority stated that products sold before July 2023 complied with old national standards, but could not be produced under new regulations that ban thiourea [10][9]. Consumer Sentiment - There is significant consumer backlash regarding the safety of sanitary products, with reports of health issues linked to the use of "Cotton Password" sanitary napkins, including thyroid cancer and other skin-related conditions [13][18]. - A survey indicated that over 30 individuals reported thyroid cancer after using "Cotton Password," with many families sharing the product among underage daughters [13][15]. Market Dynamics - The rise of influencer-driven brands in the sanitary napkin market has led to increased competition, with many traditional brands losing market share to new entrants [25]. - The article highlights that despite high profit margins, many brands focus more on marketing gimmicks rather than product safety and research, which has led to several scandals in the industry [22][26].