红利消退，增长失速，消费者不再轻易为流量和故事买单，而是更看重产品核心成分和真实功效。在美妆领域，该变化正在重塑品牌的营销玩法和行业格 局。 2025年，围绕"重组胶原蛋白"，华熙生物与巨子生物长达月余的拉锯，无疑是行业分化时期最为惨烈的商战。除了出示报告和质疑方法，双方一度互相暗 讽，甚至拉踩核心成分，前后经历一个多月，最终以"检测方法有待完善"收场。 2025年，美妆行业的营销与商战，首当其冲的是争夺"成分王"的定义权。华熙生物与巨子生物长达月余的拉锯，是其中最典型的战役之一。 很多人被一份份检测报告吸引走视线，却忽视了战役的导火索，实际上是华熙生物控诉巨子生物在多份研报中踩透明质酸、捧重组胶原蛋白。控诉与回 击，实质上是在争夺对下一代核心成分的话语主导权。 令人玩味的是，华熙生物最终检测了自家产品的重组胶原蛋白成分，并提出了关于检测方法的建议。一招"隔山打牛"，清晰地宣告了争夺的实质：并非较 真成分，而是关于定义标准的权威之战。 双方围绕一份份检测报告的攻防，本质上并非求证某个产品的真伪，而是将技术话语权之争，摆到科研擂台之上。这也揭示了一个残酷的现实：美妆的战 场早已不在流量，也不止于产品，而是直接烧 ...

Core Viewpoint - The article discusses the IPO application of CHANDO, a well-established Chinese cosmetics brand, highlighting its valuation of over 7.1 billion RMB and backing from major investors like L'Oréal and China Capital. The move reflects the competitive landscape and survival challenges within the domestic beauty market [1][4][5]. Company Overview - CHANDO has been in operation for 25 years and has positioned itself as the third-largest domestic cosmetics group in China, with annual revenues exceeding 4.5 billion RMB as of 2024 [4][6]. - The company has a diverse brand portfolio, including CHANDO, Biorrier, MAYSU, SPRING SUNMER, and Bin, covering various product categories such as skincare, makeup, and personal care [6][8]. Financial Performance - Revenue figures for CHANDO from 2022 to 2025 are projected as follows: 42.92 billion RMB in 2022, 44.42 billion RMB in 2023, and 46.01 billion RMB in 2024, with a half-year revenue of 24.48 billion RMB in 2025. The gross profit margins have shown a steady increase, reaching 70.1% in the first half of 2025 [6][7]. - The flagship brand, CHANDO, has consistently contributed over 94% of total revenue from 2022 to 2025, indicating its dominant market presence [7][15]. Market Position and Challenges - The beauty industry in China is highly fragmented, with the top five domestic cosmetics groups holding only about 10.1% market share as of 2024. CHANDO's revenue growth rate of 3.6% in 2024 is significantly lower than competitors like Mao Geping and Lin Qingxuan, which have seen growth rates of 34.6% and 32.3%, respectively [14][15]. - CHANDO faces challenges in expanding its overseas market presence, with low brand recognition and high logistics costs. The backing from L'Oréal may provide opportunities for growth in international markets [14][15]. Brand Structure and Customer Base - CHANDO has a stable customer base with 37.7 million registered members and a repurchase rate of 32.4% [8]. - The brand's reliance on its flagship product line raises concerns about its brand diversification, as other sub-brands contribute minimally to overall revenue [15]. Industry Trends - The domestic beauty market is evolving, with Chinese brands capturing approximately 55.2% market share by 2024. This shift presents opportunities for brands like CHANDO to leverage their product quality to attract consumers [17]. - The competition is intensifying, with brands engaging in a "research arms race" to enhance their patent portfolios and R&D investments, which are crucial for capital-driven growth [17].