被执行超5700万，宠物电商不好做了？

Core Insights - Chongqing Yichong Technology Co., Ltd. has been executed for an amount of 57.34 million yuan, indicating significant operational difficulties within the company and the broader pet e-commerce sector in China [1][4][6]. Company Overview - Yichong Technology, established in 2008, previously operated platforms such as E-Pet Mall and "It Pin," collaborating with over 1,300 pet brands and 30,000 pet stores [4]. - The company has undergone multiple financing rounds, with the latest being a D-round in July 2022, raising several hundred million yuan to enhance its self-developed brands and supply chain [4]. Financial Challenges - The company's stock worth 22.6 million yuan has been frozen, and the execution amount reflects ongoing financial distress [1][6]. - The execution may be linked to unmet terms in investor agreements, potentially involving compensation payments [6]. Industry Context - The pet e-commerce sector is facing profitability challenges, as evidenced by another player, BQ Pet (BQ.US), which has reported continuous losses since its IPO in 2020, with a projected revenue decline of 33.9% to 469 million yuan for the fiscal year 2024 [7][8]. - The market share of vertical pet e-commerce platforms like E-Pet and BQ Pet is relatively small, at 10.3% and 8.9% respectively, compared to larger comprehensive e-commerce platforms [8]. Competitive Landscape - Vertical pet e-commerce companies are struggling under pressure from both offline pet stores and online comprehensive e-commerce channels, indicating a challenging market environment [9].