Thanks Carlos - appreciate your insights as it's also hard for...

Thanks Carlos - appreciate your insights as it's also hard for me to find time to listen to the whole thing.

Interesting and positive to hear that they do not see a major risk around stock transitions / write-offs. One factor to consider is the 618 event, which would potentially be well timed to offload excess old China label product as they transition to the new product. All dependent on SAMR outcome and timing of course.

Regarding that last comment about different life stages, the new protein and collagen product they launched in the USA seems to me a bridge to the brand for older people, given the focus on joint health etc. Bear in mind I wouldn't consider myself old and could probably benefit from it....