巨头撤场，“湖南胖东来”绝地求生

Core Viewpoint - The article discusses the current state of Xing Sheng You Xuan after its retreat to its home base in Hunan, highlighting its struggles and strategic shifts in the community group buying market amidst competition from major internet companies [2][3][4]. Group 1: Company Overview - Xing Sheng You Xuan, a pioneer in community group buying, has faced significant challenges, including competition from major players and a strategic retreat to Hunan, Hubei, and Jiangxi provinces [2][4]. - The company has experienced high-level personnel turnover, with many internet executives who joined in recent years leaving the company [3][5]. - As of the end of 2023, Xing Sheng You Xuan's operational footprint has shrunk from 18 provinces to just three, indicating a significant contraction in its market presence [4][21]. Group 2: Financial Performance - In 2024, Xing Sheng You Xuan achieved a gross margin of nearly 17% and a net margin of 3%, although its GMV (Gross Merchandise Volume) continued to decline [9]. - The company's GMV for 2024 is estimated to be between 15 billion to 16 billion yuan, a significant drop from its peak GMV of approximately 40 billion yuan in 2021 [10][11]. - The company had previously raised over 5 billion USD in funding from various top-tier investment firms between 2018 and 2021 [8][22]. Group 3: Strategic Shifts - Following a strategic pivot in 2024, Xing Sheng You Xuan shifted its focus from growth to profitability, indicating financial strain and a need to stabilize operations [6][9]. - The company has initiated a new expansion strategy in July 2024, aiming to capture market share left by Meituan You Xuan's exit from certain areas, even at the cost of reducing its profit margins [12][13]. - The "Million Xing Store" project, aimed at establishing local stores for community engagement, has faced challenges in execution, leading to slow progress [31][33]. Group 4: Market Position and Competition - With Meituan You Xuan's market share at 32%, Xing Sheng You Xuan holds approximately 17% of the market, while Duoduo Maicai leads with 44% [18]. - The company primarily competes in Hunan, with limited success in Hubei and Jiangxi, where its transaction volume is significantly lower [19][20]. - User loyalty remains low in the community group buying sector, with price being the primary driver for consumer choice [28][30].