Company Overview - Taoli Bread Co., Ltd. is located in Shenyang, Liaoning Province, and was established on January 23, 1997. It was listed on December 22, 2015. The company primarily engages in the production and sale of baked goods, with bread and pastries accounting for 99.00% of its main business revenue [1]. Financial Performance - For the first half of 2025, Taoli Bread reported operating revenue of 2.611 billion yuan, a year-on-year decrease of 13.55%. The net profit attributable to shareholders was 204 million yuan, down 29.70% year-on-year [2]. - Since its A-share listing, Taoli Bread has distributed a total of 4.36 billion yuan in dividends, with 1.221 billion yuan distributed over the past three years [3]. Stock Performance - As of September 9, Taoli Bread's stock price increased by 2.10% to 5.84 yuan per share, with a total market capitalization of 9.342 billion yuan. The stock has decreased by 9.74% year-to-date but has seen a 2.64% increase over the last five trading days [1]. - The number of shareholders as of June 30 was 62,800, a decrease of 2.62% from the previous period, while the average circulating shares per person increased by 2.70% to 25,454 shares [2]. Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 14.473 million shares, an increase of 7.3899 million shares from the previous period. The Southern CSI 1000 ETF entered the top ten as a new shareholder with 7.3986 million shares [3].

Core Viewpoint - The controversy surrounding the advertising campaign by Taoli Bread highlights the disconnect between the company's marketing approach and consumer sentiment, leading to public backlash and a potential impact on brand image [3][4][5]. Company Overview - Taoli Bread primarily focuses on bread products, with "short shelf-life bread" as its flagship offering. The company launched its mooncake product line in 2020, generating 126 million yuan in revenue from mooncakes last year, which accounted for only 2.07% of total revenue [3][5]. - The innovative "Egg Mooncake" product was introduced this year, emphasizing a refreshing taste as its main selling point [3]. Financial Performance - Taoli Bread has experienced a decline in both revenue and net profit for four consecutive years. The revenue figures from 2021 to 2024 are as follows: 6.335 billion yuan, 6.686 billion yuan, 6.759 billion yuan, and 6.087 billion yuan, with growth rates of 6.24%, 5.54%, 1.08%, and -9.93% respectively [5]. - The net profit figures for the same period are 763 million yuan, 640 million yuan, 574 million yuan, and 522 million yuan, showing declines of 13.54%, 16.14%, 10.29%, and 9.05% respectively [5]. - In the first half of this year, revenue was 2.611 billion yuan, a year-on-year decrease of 13.55%, while net profit was 204 million yuan, down 29.7% [5]. Research and Development - The company's investment in research and development has significantly decreased, with R&D spending of 22.9684 million yuan last year, down 31.84%, and 10.6605 million yuan in the first half of this year, down 30.81% [5]. - In contrast, advertising and promotional expenses reached 42.96 million yuan, an increase of approximately 40% [5]. Market Trends - In the competitive baking market, health-oriented products such as low-sugar, low-fat, and high-fiber items are becoming mainstream. However, Taoli Bread's recent product launches indicate a slower market response, suggesting a need for better balance in product innovation and market trends [6].

Core Viewpoint - The recent elevator advertisement by Tao Li Bread (603866) has sparked controversy due to its perceived inappropriate messaging, leading to consumer backlash and a decline in stock price [1][5]. Group 1: Advertisement Controversy - The advertisement for the "Five Nut" flavor of the "Egg Moon Cake" product included a phrase that was criticized as "dad-style marketing" and "PUA-style promotion" [1]. - Following the backlash, the advertisement was taken down within a day of its launch, and the company's stock price fell by 2.28% to 5.56 yuan, resulting in a market capitalization of 89.89 billion yuan [1]. - On September 5, the stock price slightly recovered to 5.68 yuan, with a total market capitalization of 90.86 billion yuan [1]. Group 2: Company Response - Tao Li Bread's management acknowledged the failure of the advertisement, attributing it to a lack of understanding of audience sentiment and stating that it was part of an internal creative initiative involving employees of various ages [5]. - The company issued an apology via its official Douyin account, taking responsibility for the misstep and indicating a shift towards younger leadership in future marketing efforts [5]. Group 3: Company Background - Tao Li Bread Co., Ltd. was established in January 1997, with a registered capital of approximately 1.6 billion yuan, and its business scope includes food production and sales [6]. - The company has invested in 42 enterprises, with 32 currently operational, including various regional subsidiaries [6]. - The company has faced previous scrutiny regarding product additives and quality control, including a recall due to excessive bacterial counts in products from its Tai'an factory [5].

Core Viewpoint - The controversy surrounding the advertising campaign of Taoli Bread highlights the disconnect between the company's marketing approach and consumer sentiment, leading to public backlash and potential brand damage [2][5]. Company Performance - Taoli Bread's revenue and net profit growth have been declining for four consecutive years, with revenues of 63.35 billion, 66.86 billion, 67.59 billion, and 60.87 billion from 2021 to 2024, showing a year-on-year growth of 6.24%, 5.54%, 1.08%, and a decline of 9.93% respectively [7]. - The company's net profit for the same years was 7.63 billion, 6.4 billion, 5.74 billion, and 5.22 billion, reflecting year-on-year declines of 13.54%, 16.14%, 10.29%, and 9.05% [7]. - In the first half of 2025, Taoli Bread reported revenue of 26.11 billion, a year-on-year decrease of 13.55%, and a net profit of 2.04 billion, down 29.7% [7]. Product Innovation and Marketing - Taoli Bread launched its mooncake product line in 2020, with the mooncake business generating 126 million in revenue for 2024, accounting for only 2.07% of total revenue [5]. - The company has seen a significant decrease in R&D investment, with 2024 expenditures at 22.97 million, down 31.84%, and 2025's first half at 10.66 million, down 30.81% [8]. - In contrast, advertising and promotional expenses increased to 42.96 million, a rise of approximately 40% [8]. - The recent advertising campaign was criticized for its "preachy" tone, which may further harm the brand's image and lead to a loss of market share [5][8].

5PMA = 10PMA = 20PMA = 30PMA = 5.80 5.73 5.66 5.58 e of the 5.5 ttp://www.blogs 07-14 07-24 这看似想走情怀路线的广告文案，却因将对五仁月饼的喜好与是否遭受过"生活的毒打"相挂钩，被部分消费者认为存在"教育消费者"的嫌疑，从而引发部分 消费者的不满并迅速登上微博热搜。同日，据桃李面包官方客服人员介绍，该广告已陆续下架。随后，桃李面包正式向公众道歉，表示"批评我们都接受， 反思也在进行中，态度端正，挨打立正，文案是由领导拍板确定的"，在致歉声明中，桃李面包还提到"五仁蛋月烧真的挺好吃的，别迁怒它"。 中秋节将至，月饼大战初启，桃李面包却因9月初投放的一则月饼广告文案引发争议。据社交媒体相关信息，桃李面包投放的电梯广告的文案为"有人说五仁 不好吃，我们认为：那是因为你还年轻，还没饱尝过生活的毒打。桃李蛋月烧，等一个有故事的人下单！" 然而，此举未让争议消弭，部分消费者表示理解，认为桃李的产品没问题，但也有一部分消费者认为道歉流于形式、甩锅领导是"避重就轻"。 公开信息显示，桃李面包以面包为主业，"短保面包"是其代表产品，20 ...

Core Viewpoint - The controversy surrounding the advertising campaign by Tao Li Bread highlights the challenges the company faces in maintaining its brand image amidst declining sales and profits, as well as the need for more consumer-sensitive marketing strategies [3][5][6]. Company Overview - Tao Li Bread primarily focuses on bread products, with "short shelf-life bread" as its flagship product. The company launched its mooncake product line in 2020, with revenue from mooncakes projected at 126 million yuan in 2024, accounting for only 2.07% of total revenue [4]. - The innovative "egg mooncake" product was introduced before the Mid-Autumn Festival, emphasizing a refreshing taste [4]. Financial Performance - Tao Li Bread has experienced a decline in both revenue and net profit for four consecutive years. Revenue figures from 2021 to 2024 were 6.335 billion yuan, 6.686 billion yuan, 6.759 billion yuan, and 6.087 billion yuan, with growth rates of 6.24%, 5.54%, 1.08%, and -9.93% respectively. Net profit figures were 763 million yuan, 640 million yuan, 574 million yuan, and 522 million yuan, with declines of 13.54%, 16.14%, 10.29%, and 9.05% respectively [6]. - In the first half of 2025, revenue further decreased to 2.611 billion yuan, down 13.55%, and net profit fell to 204 million yuan, down 29.7%. Revenue from bread and pastries was 2.585 billion yuan, a decline of 13.4% [6]. Marketing and Advertising - The controversial advertisement that linked consumer preferences for five-nut mooncakes to life experiences was criticized for being patronizing, leading to a backlash and potential damage to the brand's image [3][5]. - Following the controversy, Tao Li Bread's official customer service confirmed the advertisement was being taken down, and the company issued a public apology, acknowledging the criticism and emphasizing the quality of their products [3][5]. Research and Development - Tao Li Bread's investment in research and development has significantly decreased, with R&D spending of 22.968 million yuan in 2024, down 31.84%, and 10.661 million yuan in the first half of 2025, down 30.81%. In contrast, advertising and promotional expenses reached 42.96 million yuan, an increase of approximately 40% [6]. Market Trends - In the competitive baking market, health-oriented products such as low-sugar, low-fat, and high-fiber options are becoming mainstream. However, Tao Li Bread's recent product launches indicate a slower market response, suggesting a need for better alignment between product innovation and consumer trends [7].

Core Viewpoint - The controversy surrounding the advertisement for "Peach Li Egg Mooncake" highlights the ongoing challenge for companies to create engaging marketing while respecting consumer sentiments [2][3][6] Group 1: Advertising Controversy - The advertisement featured a provocative slogan that aimed to resonate with young consumers but ultimately offended many, leading to public backlash and the ad's removal [1][2] - The incident reflects a broader issue in advertising where brands must balance creativity with respect for consumer dignity, as seen in other recent advertising failures [2][3] Group 2: Company Performance and Strategy - Peach Li's financial report for the first half of 2025 shows a 13.55% year-on-year decline in revenue and a double-digit drop in net profit, while R&D investment decreased by 30.81% to only 0.4% of total revenue [5] - Despite the decline in product innovation and core competitiveness, advertising and promotional expenses increased by over 40%, reaching 42.96 million yuan, indicating a strategy imbalance driven by growth anxiety [5][6] Group 3: Creative Management and Responsibility - The incident underscores the need for improved creative management processes within companies, emphasizing the importance of consumer insights and ethical advertising practices [3][6] - Successful brands are characterized by their ability to maintain creative vitality while respecting consumer dignity, which is essential for building lasting consumer loyalty [6]

Group 1 - The controversy surrounding the advertisement for "Peach Li Egg Mooncake" highlights the disconnect between the company's marketing approach and consumer sentiment, leading to public backlash [1][3] - Peach Li's recent financial report indicates a decline in both revenue and profit, with a revenue of 2.611 billion yuan, down 13.55% year-on-year, and a net profit of 204 million yuan, down 29.7% [3] - The company's marketing expenses have significantly increased, with advertising costs reaching 42.96 million yuan in the first half of 2025, a rise of over 40% compared to the same period in 2024 [4] Group 2 - There are concerns regarding the quality of Peach Li's products, as indicated by a recent food safety inspection that found non-compliance in one of its products, highlighting a potential disconnect between increased marketing spending and product quality [6] - The incident serves as a reminder for food brands that maintaining product quality is essential for long-term success, regardless of marketing efforts [6] - The company must balance its marketing strategies with a commitment to food safety and quality to regain consumer trust and favor [6]

Core Viewpoint - The controversy surrounding the advertisement for "Peach and Li Egg Mooncake" has highlighted the marketing missteps of the company, leading to a public apology and the removal of the ad [2][6][7]. Financial Performance - In the first half of 2025, the company's revenue was approximately 2.6 billion yuan, a year-on-year decrease of 13.55%, while the net profit attributable to shareholders was around 200 million yuan, down nearly 30% [3][8]. - The company has faced declining profitability, with net profits decreasing for four consecutive years from 2021 to 2024 [2][8]. - Despite the financial pressures, the company has maintained a high cash dividend payout, distributing a total of 4.36 billion yuan in cash dividends since its IPO, with an average payout ratio of 70.24% [3][10]. Marketing and Brand Image - The controversial advertisement claimed that those who dislike five-nut mooncakes are simply "young and have not yet experienced the hardships of life," which sparked backlash from consumers [2][6][7]. - Following the backlash, the company issued an apology and stated that the advertisement was part of an internal creative process involving employees of various ages [7]. - The incident has been viewed by some analysts as a successful crisis management effort, as it increased awareness of the "Peach and Li Egg Mooncake" among consumers [7]. Product and Innovation Challenges - The company's product structure is considered narrow, primarily focusing on short-shelf-life bread, with seasonal products like mooncakes contributing to revenue fluctuations [8][9]. - There has been a noted decline in research and development investment, with R&D expenses dropping to 10.66 million yuan in the first half of 2025 from higher amounts in previous years [9].

Core Viewpoint - The marketing campaign for the "Peach and Li Egg Mooncake" by the company has faced backlash due to a controversial advertisement, leading to an official apology and the removal of the ad [2][3][5]. Financial Performance - In the first half of 2025, the company's revenue was approximately 2.611 billion yuan, a year-on-year decrease of 13.55%, while the net profit attributable to shareholders was around 204 million yuan, down nearly 30% [9]. - The company's sales expenses for the first half of 2025 were 222 million yuan, with advertising expenses of approximately 43 million yuan, reflecting a 40% year-on-year increase [5][9]. - From 2021 to 2024, the company experienced a continuous decline in net profit, with figures of 763 million yuan, 640 million yuan, 574 million yuan, and 522 million yuan respectively, indicating a downward trend [8][11]. Dividend Policy - Despite the declining profitability, the company has maintained a high cash dividend payout, distributing a total of 4.36 billion yuan since its IPO, with an average dividend payout ratio of 70.24% [12]. - The cash dividends from 2021 to 2024 were 571 million yuan, 533 million yuan, 288 million yuan, and 400 million yuan, representing 74.85%, 83.31%, 50.16%, and 76.60% of the respective net profits [11][12]. Company Structure and Market Position - The company, established in 1995, focuses on high-quality baked goods, primarily bread, and has developed into a large-scale enterprise with a central factory and wholesale model [7]. - The company has seen a decline in product innovation, with a noted decrease in R&D expenses from 1687.94 million yuan in mid-2023 to 1066.05 million yuan in the first half of 2025 [10]. Crisis Management - The recent advertising controversy has been viewed by some analysts as a successful crisis management effort, as it increased awareness of the "Peach and Li Egg Mooncake" among consumers [6].