从广告翻车到“主阵地失守”：桃李面包遇“长痛”

Core Viewpoint - The recent controversy surrounding the advertisement for "Peach Li Egg Mooncake" highlights the ongoing struggles of the company, which has faced declining profits and revenue growth since 2021, with a notable negative growth forecast for 2024 [1] Group 1: Business Performance - The company's core business remains sluggish, with seasonal products like mooncakes and rice dumplings contributing minimally to overall revenue, accounting for less than 3% in 2024 [2] - Revenue from mooncake products decreased significantly in 2024, with a 14.91% drop in sales volume leading to a 14.95% decline in revenue to 126 million yuan, despite a 22.1% reduction in operating costs [1][2] - The mainstay products, bread and pastries, saw a 12.17% decline in sales volume and a 9.58% drop in revenue to 5.906 billion yuan in 2024, indicating a challenging market environment [2][3] Group 2: Market Dynamics - The company faces challenges from changing consumer preferences towards healthier options, with younger consumers shifting to low-sugar and whole grain products, impacting traditional sweet bread sales [2] - The reliance on traditional supermarket channels has resulted in a 12.64% decline in revenue from these channels in 2024, compounded by competition from emerging sales channels like community group buying [2][3] Group 3: R&D and Marketing Strategy - Despite an increase in R&D spending, the company maintains a marketing-heavy approach, with R&D expenses rising by 6.71% to 33.6977 million yuan in 2023, while sales expenses decreased by 30.81% in the first half of the current year [3][4] - The company has been expanding its product matrix to enhance competitiveness, but this has not translated into improved performance, as revenue fell by 13.55% to 2.611 billion yuan in the first half of the year [4] Group 4: Production and Capacity - The company is expanding its production capacity with 24 operational bases and a capacity of 225,900 tons, but actual production was only 142,400 tons, indicating underutilization [4] - The strategy to build production bases closer to consumption markets aims to address the limitations of short-shelf-life products, but success depends on aligning production with local market preferences [4]