美诚生产商注销、三只羊高管密集变更；专家称“自建APP难破信任危机，翻身困难”

Core Viewpoint - The crisis faced by the company "Three Sheep" reflects the broader transformation challenges within the live-streaming e-commerce industry, exacerbated by the "Meicheng Mooncake" false advertising incident, leading to significant management changes and operational adjustments [2][14]. Company Developments - The production company behind the "Meicheng Mooncake" incident, Foshan Meicheng Food Co., Ltd., was quietly dissolved on May 15, 2025, while its brand operator, Guangzhou Meicheng Food Technology Co., Ltd., remains active [5]. - Multiple subsidiaries of Three Sheep, including Shenyang Three Sheep Network Operation Co., Ltd. and Hefei Three Wolves E-commerce Co., Ltd., have recently announced simplified dissolution, and two wholly-owned subsidiaries have changed their legal representatives and management [5][6]. - The founder, "Crazy Little Yang," is associated with over 40 companies across various sectors, including supply chain, education, agriculture, and tourism [5]. Market Context - The live-streaming e-commerce industry in China is projected to reach a market size of approximately 5.8 trillion yuan in 2024, with expectations to exceed 5.3 trillion yuan in 2025, indicating a competitive multi-platform landscape [2][14]. Product and Platform Challenges - In an attempt to recover, Three Sheep launched the "Little Yang's Selection" app in April 2025, focusing on exclusive discounts and IP content, but it has struggled to gain traction, with the highest-selling product being a 9.9 yuan garbage bag [6][8][12]. - The app's content includes live broadcasts and short videos featuring original content under the "Crazy Little Yang" brand, but it has been criticized for lacking variety and depth, limiting its growth potential [6][11]. Financial and Operational Struggles - The company faces significant financial pressure, having incurred nearly 100 million yuan in penalties due to the "Meicheng incident," which has halted its planned 500 million yuan expansion into Southeast Asia [12]. - The number of signed accounts has drastically decreased from 2,400 to 800, with over 1,600 hosts terminating contracts or operating independently during the company's downtime [12][14]. Future Prospects - Analysts suggest that the company's ability to rebound depends on its capacity to produce quality products and leverage its existing brand and fan base, despite the challenges posed by the competitive landscape [15].