又一百年老字号，卖不动了

Core Viewpoint - Wufangzhai, a century-old brand known for its zongzi, is facing significant challenges due to quality issues and fluctuating performance, which have eroded consumer trust and impacted its market position [1][2]. Group 1: Quality Issues - Wufangzhai has encountered repeated quality problems, leading to negative consumer feedback and a loss of trust in the brand [2][11]. - Complaints from consumers include finding visible foreign objects in products, such as large insects and unknown materials [5][8]. - The company has not effectively addressed these issues, often providing only standard apologies without clear explanations or corrective measures [16][15]. Group 2: Financial Performance - Wufangzhai's stock market performance has been volatile since its IPO in August 2022, with a significant decline in market value from approximately 49.79 billion yuan to 34.26 billion yuan [18][20]. - Revenue figures from 2022 to 2024 show fluctuations, with reported revenues of 24.62 billion yuan, 26.35 billion yuan, and 22.51 billion yuan, indicating instability [21]. - The company's reliance on zongzi sales is evident, as this product line contributed over 70% of total revenue, but experienced an 18.64% decline in 2024 [25][26]. Group 3: Strategic Challenges - Wufangzhai's attempts to diversify its product offerings have not been successful, with non-zongzi products showing declines in revenue [24]. - The company has expanded its international presence, opening operations in countries like Singapore, France, and Japan, but overseas revenue remains minimal, accounting for only 0.7% of total revenue in 2024 [30]. - Despite challenges, Wufangzhai is preparing to issue H-shares to enhance its international strategy and brand image, indicating a commitment to recovery [33].