Breo(SH:688793) Sou Hu Cai Jing·2025-12-31 11:26Group 1 - The company has faced significant financial decline, reporting a net profit loss of 65.628 million yuan in the first three quarters of 2025, a staggering year-on-year drop of 600.98% [2] - All three core fundraising projects have been delayed, with nearly 20 million yuan remaining unspent at the conclusion of the R&D center, and the marketing network construction falling short of expectations [2] - The number of offline direct stores has decreased from a peak of 186 to 125, with annual revenue per store halved compared to the 2019 high [2] Group 2 - The company's market value has plummeted, with its stock price dropping from a high of 185.58 yuan per share at the time of listing to 21.88 yuan by December 30, resulting in a cumulative decline of over 88% and a market capitalization of only 1.88 billion yuan, less than 20% of its peak [2] - The company is facing multiple crises, including a lawsuit for patent infringement from Japan's Daido Electric, which is seeking 10 million yuan in damages, alongside regulatory investigations and significant financial losses [2] - The company's high gross margin of over 60% is overshadowed by high expenses, with a sales expense ratio exceeding 60%, raising concerns about its sustainability [4]