Summary of Key Points from the Conference Call Company and Industry Overview - The conference call focuses on Juzhibio and its brand Kefumei, which operates in the recombinant collagen protein market, currently valued at approximately 400 billion RMB [4][2]. Core Insights and Arguments - Sales Impact from Public Relations Incident: A recent incident involving a video by a chemist questioning the collagen content in Kefumei's products led to a significant drop in sales. The target growth rate for the 618 sales period was 60%, but actual growth was only 20%-30%. Sales on Douyin dropped by 50% following the incident [2][22]. - Long-term Market Potential: Despite short-term setbacks, the long-term outlook for the recombinant collagen market remains positive, driven by market segmentation and the introduction of new collagen products (types IV and XVII) [1][4]. - Product Performance: The Kefumei collagen stick is a core product, with a pre-pandemic growth expectation of 50%. It has a high repurchase rate of 70%-80%, with new customer acquisition at nearly 50% [1][6]. The Focus Cream, launched eight months ago, generated 200 million RMB in revenue but has a low repurchase rate of 20% due to its long improvement cycle [7][8]. - Brand Loyalty and Customer Retention: The brand enjoys a high level of recognition and loyalty among existing customers, with a repurchase rate of 40% during key sales events, indicating strong customer satisfaction [12][11]. Additional Important Insights - Channel Strategy: Juzhibio is enhancing its online and offline channel operations, with plans to open 20 new direct stores to improve customer engagement and service capabilities [16][14]. - Market Competition: The recombinant collagen market is becoming increasingly competitive, with several brands entering the space. However, the lack of regulatory barriers in the cosmetics sector allows for market expansion rather than intensified competition [24][25]. - Impact of Pricing and Promotions: The pricing strategy for the collagen stick has seen a 25% increase in consumer feedback during the 618 period, indicating a shift in consumer perception and potential challenges in maintaining sales momentum [6][25]. - Future Growth Opportunities: The company is exploring new growth points through product bundling and marketing strategies, particularly for the Focus Cream, which is positioned as a secondary growth driver [23][19]. Conclusion - Juzhibio's long-term growth potential in the recombinant collagen market remains strong despite recent challenges. The company is actively working to enhance its product offerings, customer engagement strategies, and market positioning to navigate the competitive landscape and capitalize on future opportunities.
弘则研究 重申巨子生物成长逻辑胶原蛋白心智医美背书突出