FLYCO(SH:603868) Jin Tou Wang·2025-08-18 09:57Core Viewpoint - The conflict between LeiFen and FeiKe highlights the intense competition in the personal care market, particularly in the electric shaver segment, as LeiFen faces challenges from lower-priced alternatives and internal disputes [1][2][3]. Group 1: Company Conflict - A review video by blogger "Luo Bin Robin" claims that FeiKe's shaver priced at 399 yuan outperforms LeiFen's 699 yuan model, leading to a public dispute [1]. - LeiFen's founder Ye Hongxin accused Luo Bin of bias due to his connection with LeiFen's former employee, Pan Jian, escalating the controversy [1][2]. - Pan Jian responded by clarifying that the 5 million yuan he received was part of a promised equity agreement, not merely severance pay, and denied any wrongdoing regarding a 50,000 yuan project [1][2][3]. Group 2: Market Dynamics - LeiFen is currently facing market challenges, with data showing that the share of online sales for shavers priced below 300 yuan has increased by nearly 11 percentage points year-on-year, with a volume growth rate of 76.8% [2]. - The electric shaver launched by LeiFen is seen as a critical product for the company's turnaround, following its previous success with high-end hair dryers [2][3]. Group 3: Legal and Ethical Implications - LeiFen has indicated that Pan Jian's actions may violate a non-disparagement agreement signed upon his departure, raising questions about potential legal repercussions [4]. - The credibility of the review industry is under scrutiny, as the lack of disclosure regarding Pan Jian's ties to LeiFen in the review video may undermine consumer trust [4][5].