上市三个月股价腰斩，网红自行车大行为何跌落谷底

Core Viewpoint - The rapid decline in the stock price of the company since its IPO reflects a shift in market sentiment from initial enthusiasm to critical evaluation of its business model and operational realities [1][10]. Production Capacity and Model - The company's own factory in Huizhou has maintained high capacity utilization rates, with production figures for 2022, 2023, 2024, and the first four months of 2025 being 105.5%, 93%, 103.9%, and 114.1% respectively, indicating strong demand [2]. - Despite high utilization rates, the absolute production volume from the company's factory did not significantly increase in 2023 and 2024, and there was a notable reliance on external OEM suppliers, with the number of bicycles produced by OEMs rising from 29.5% in 2022 to 65.5% in the first four months of 2025 [3]. Cost Structure and Profitability - The increasing dependence on outsourced production has led to a significant rise in costs, with the proportion of costs from outsourcing escalating from approximately 20% in 2022 to 48.3% in 2024, and 47.1% in the first half of 2025 [5]. - The gross margin for outsourced products is generally lower than that of in-house products, which compresses the company's profit margins and affects its pricing and promotional strategies [5]. Sales Channels and Market Performance - The company's revenue is heavily concentrated in traditional dealer channels, which contributed 66.46% of revenue in the first half of 2025, but these channels have the lowest gross margins compared to online direct sales [7]. - The company has established a broad sales network across 30 provincial-level regions in China, but its international market share has significantly decreased from 22.1% in 2022 to 6.19% in the first half of 2025 [8]. Consumer Experience and Feedback - The reliance on dealers for sales and after-sales service has led to varied consumer experiences, with complaints about product quality and service issues surfacing on various platforms [9]. - The company's inability to effectively manage customer service through its official channels has raised concerns among dealers regarding the quality of after-sales support [9]. Market Sentiment and Future Outlook - The disconnect between the narrative of high growth and the underlying operational challenges has led to disappointment in the market, prompting a reassessment of the company's business model, competitive advantages, and sustainable profitability [10].