Core Viewpoint - The article discusses the controversy surrounding the collagen product "胶原棒" from 巨子生物, highlighting concerns about the actual content of recombinant collagen being lower than advertised, which could impact consumer trust and company performance [4][6][15]. Company Analysis - 巨子生物's flagship product, "胶原棒," is projected to generate 4.5 billion yuan in revenue for 2024, representing a 62.9% year-on-year growth and accounting for 80% of the company's total revenue [4][15]. - The controversy began when a social media influencer claimed that the actual recombinant collagen content in "胶原棒" was only 0.0177%, significantly below the stated minimum of 0.1% [6][7]. - The company asserts that their products meet the industry standard, with multiple tests showing collagen content above 0.1% [6][7]. Industry Context - The issue of low recombinant collagen content points to broader challenges in the industry, including production limitations and the need for clearer regulatory standards for testing [8][9]. - The market for recombinant collagen has seen significant growth, with companies like 巨子生物 and 锦波生物 achieving substantial valuations due to the high demand for these products [10][11]. - The controversy could lead to a decline in consumer confidence, especially with the upcoming "618" shopping festival, which is crucial for sales [13][15]. Market Dynamics - The sales of "胶原棒" have been strong, with over 5.15 billion units sold since its launch, and the introduction of a new version is expected to further boost sales [15]. - Major players in the cosmetics and medical beauty sectors are increasingly investing in recombinant collagen products, indicating a trend towards expanding this market [15][16]. - The trust crisis surrounding recombinant collagen could have far-reaching implications for the entire industry, affecting not just 巨子生物 but also other companies involved in this segment [17][18].