Industry Overview - Collagen masks are mainstream skincare products focused on anti-aging and repair, utilizing collagen as the core ingredient along with auxiliary components to achieve hydration and skin barrier repair [1][2] - The Chinese mask industry is expected to reach a market size of 72.986 billion yuan in 2024, entering a period of adjustment and transformation, facing growth slowdown and intensified competition [1][6] - The collagen market is experiencing explosive growth, with a compound annual growth rate (CAGR) of 41.9% from 2020 to 2023, and retail scale expected to exceed 269.5 billion yuan by 2030 [1][7] Market Dynamics - The market structure in China shows that sheet masks remain dominant, while cream masks are rapidly growing, focusing on hydration and repair needs [1][7] - The competitive landscape features local leaders dominating, niche players breaking through, and international brands penetrating the market, with a clear price gradient and significant differentiation between high, medium, and low-end markets [1][8] Industry Chain - The upstream of the collagen mask industry primarily uses animal-derived collagen, while recombinant collagen is rapidly developing due to its high purity and compatibility with mask formulations [6][10] - The manufacturing process involves various technologies to convert raw materials into different forms and functions of mask products, with sales channels dominated by online e-commerce and deepening offline professional channels [6][10] Current Development - The Chinese mask industry is transitioning into a phase of deep integration after rapid growth, with three emerging drivers leading market changes: consumption upgrades, male skincare market expansion, and personalized demand fostering innovative scenarios [6][7] - The market size is projected to steadily grow to 76.79 billion yuan by 2025 and potentially exceed 146.42 billion yuan by 2030, indicating robust long-term growth prospects [6][7] Key Players - Major companies in the collagen mask industry include Juzi Biotechnology, Huaxi Biotechnology, and Marubi Biotechnology, leveraging differentiated technologies and channel advantages to lead the market [2][10] - The industry is characterized by a multi-faceted competitive ecosystem, with local leaders, niche players, and international brands all contributing to the market dynamics [10] Future Trends - The industry is expected to advance towards high-end technology, refined products, and standardized ecosystems, with a focus on cross-disciplinary technology integration and precise formulations [10][12] - Regulatory tightening is anticipated to accelerate the elimination of smaller brands, increasing market concentration, while leading companies will strengthen their market positions through R&D innovation and global expansion [10][14]

Core Insights - The rise of "chat broadcasting" in live e-commerce has drawn significant public attention, especially with the upcoming 618 shopping festival. This new model has shown astonishingly high commission rates, particularly for popular products like collagen masks, raising questions about their actual content and value [1][4]. Group 1: Chat Broadcasting Model - The "chat broadcasting" model emerged from algorithm adjustments on a platform last year, which prioritized user engagement and time spent on the platform, leading to higher conversion rates for sellers [4]. - A prominent chat broadcaster, known for her compelling personal story, reportedly achieved a GMV (Gross Merchandise Volume) exceeding 2 billion yuan last year [4]. - The average viewing time for chat broadcasts is 3-5 times longer than traditional selling formats, allowing for sustained natural traffic recommendations from the platform, thus reducing customer acquisition costs [4][5]. Group 2: Commission Structures - The commission structure in the beauty and skincare sector is particularly high, with base commissions around 60%, and total fees often reaching 80% of sales [5]. - Different product categories exhibit significant commission disparities, with beauty products facing the highest rates, while clothing and electronics have much lower commissions [5]. - A complete commission distribution typically includes platform service fees, MCN agency shares, and various intermediary costs, with top-tier broadcasters commanding higher personal shares due to their negotiation power [5]. Group 3: Market Dynamics - Despite high commission rates driving traditional beauty brands to reduce their live-streaming investments, many white-label products are thriving in this environment, often achieving a gross margin of around 15% even after paying high commissions [6]. - White-label products typically minimize costs by avoiding brand development and focusing resources on traffic acquisition and partnerships with broadcasters, which is viewed as a short-sighted business model [6][7]. - As the live e-commerce landscape matures, brands are beginning to shift towards building their own broadcasting systems to reduce reliance on top broadcasters, aiming for healthier profit margins and direct user engagement [7]. Group 4: Product Integrity Concerns - A specific collagen mask promoted by a leading chat broadcaster was found to contain no detectable collagen, raising consumer concerns about product integrity [8][11]. - Testing reports confirmed the absence of collagen in the product, leading to questions about the marketing claims made by the broadcaster and the brand [8][11].