Core Viewpoint - The article discusses the challenges faced by Yan Zhi Wu, a leading brand in the bird's nest industry, as it attempts to pivot towards the male consumer market while grappling with declining sales and the controversy surrounding its high-priced products [3][4]. Company Performance - Yan Zhi Wu reported a revenue of 2.05 billion yuan for 2024, reflecting a slight increase of 4.37% year-on-year, but its net profit fell by 24.18% to 156 million yuan, marking the first negative growth in five years [3]. - The company's stock price has halved since its peak in 2024, with a market capitalization of less than 3 billion HKD as of March 21 [3]. Marketing Strategy - The company has invested heavily in sales and marketing, with expenses reaching 671 million yuan, accounting for 32.7% of total revenue, while research and development spending was only 28.54 million yuan, less than 5% of marketing costs [4]. - The launch of the "President Bowl Bird's Nest," marketed towards high-net-worth males, is seen as an attempt to break through growth bottlenecks, as the previous core consumer base of women aged 30-50 has become saturated [4]. Market Dynamics - The male health supplement market in China is projected to approach 100 billion yuan in 2024, presenting a new growth opportunity for Yan Zhi Wu [4]. - However, the relevance of bird's nest products to male consumers remains questionable, as initial sales of the new product were disappointing, with only 30 boxes sold in the first three days [4]. Brand Perception - Yan Zhi Wu's brand has been historically associated with high-end female consumers, making the transition to a male-oriented market challenging [4]. - The company relies heavily on its pure bird's nest product line, which accounts for over 90% of its revenue, and faces difficulties in diversifying its product offerings [4]. Industry Trends - The shift from a "wealthy women's economy" to a "male elite narrative" reflects broader anxieties within the traditional health supplement industry [5]. - As consumers become more rational, the industry faces the urgent challenge of using scientific backing to dispel the "intelligence tax" label and innovate products for diverse consumption scenarios [5].
“镰刀”挥向“男总裁”？邀王石代言的燕之屋能否破局“智商税”争议