Core Viewpoint - The article discusses the significant decline in sales of the collagen product "可复美胶原棒2.0" from 巨子生物 (Juzi Biological) due to quality concerns raised by external parties, leading to a 60% to 70% drop in orders for individual distributors like 李吉 [1][5][11]. Group 1: Sales Performance and Market Impact - Sales of 可复美胶原棒2.0 have plummeted, with 李吉 reporting that he could sell 200 boxes a day before the controversy, but now only a few boxes per week [1][5][11]. - The product's sales during the critical "6·18" shopping festival saw a decline, marking the first drop in rankings for 可复美 in three years [7][19]. - The overall GMV for 可复美 during "6·18" was significantly lower than in previous years, with sales post-May 24 contributing only 29.2% of the total [18][19]. Group 2: Company Background and Financials - 巨子生物's revenue from 可复美 in 2024 is projected to be 45.4 billion yuan, accounting for 82% of the company's total revenue [3]. - The company has maintained a strong growth trajectory, with a compound annual growth rate of 52.8% in revenue from 2022 to 2024 [23]. - Despite the recent challenges, the management has stated that they will maintain their performance targets for 2025 [8][22]. Group 3: Market Reactions and Future Outlook - The controversy has led to a reduction in the number of influencers promoting 可复美, with a 32% decrease in the number of key opinion leaders during "6·18" compared to previous years [16]. - 李吉 and other distributors are currently in a wait-and-see mode, monitoring the situation and considering diversifying their product offerings [29]. - 巨子生物's stock has experienced volatility, with significant share buybacks by its major shareholder following the price drop [29][30].

Core Viewpoint - The article discusses the significant decline in sales of the skincare product "可复美胶原棒2.0" (Kefumei Collagen Stick 2.0) due to quality concerns raised by external parties, leading to a broader impact on the parent company, 巨子生物控股有限公司 (Juzi Biotech) [2][3][4]. Sales Performance - Sales of the Kefumei Collagen Stick 2.0 have dropped by 60% to 70% compared to April 2023, severely affecting individual distributors like 李吉 (Li Ji) [3][5]. - The product's price has fallen from 178 yuan to 150 yuan per box, resulting in losses for distributors who had previously stocked up at higher prices [5][11]. - The company's performance during the "6·18" sales event saw a decline in rankings and sales, marking the first time in three years that it did not disclose sales data for this period [4][9][10]. Market Impact - The controversy began with a report from a beauty influencer questioning the collagen content in the product, which led to a significant drop in consumer trust and sales [5][6]. - The number of influencers promoting the product decreased by 32% during the "6·18" period compared to the previous year, indicating a shift in marketing dynamics [7][9]. Company Response - 巨子生物 acknowledged the limitations of its quality standards and testing methods in a public statement, indicating a need for improvement [6][10]. - Despite the challenges, the company maintains its revenue targets for 2025 and expresses confidence in recovering from the losses incurred during the sales event [4][10]. Financial Overview - 巨子生物 reported a compound annual growth rate of 52.8% in revenue from 2022 to 2024, with a net profit growth rate of 43.5% [10][12]. - The company’s stock price has seen fluctuations, dropping nearly 40% since May 24, but showed a slight recovery following announcements of share buybacks by its major shareholder [13][14].