徕芬业绩滑坡：昔日“戴森平替”为何风光不再？

Core Insights - The company Leifeng, once celebrated for its rapid sales growth from 150 million to 3 billion yuan, is now facing significant challenges, with GMV dropping nearly 40% to over 300 million yuan during the 2025 618 shopping festival compared to 500 million yuan in 2024 [1][11]. Marketing-Driven Rise - Leifeng's rise was catalyzed by a viral video featuring founder Ye Hongxin, which garnered over 100 million views and opened the floodgates for brand exposure [2][13]. - The company established a comprehensive content marketing strategy, utilizing various platforms like Douyin and Bilibili to promote its products, emphasizing features like the "110,000 RPM high-speed motor" and a competitive price of 599 yuan [3][13]. - In 2022, Leifeng's sales on Douyin reached 154 million yuan, surpassing the combined sales of Dyson and Mijia [3][14]. Over-Reliance on Marketing - By 2023, marketing expenses accounted for 42% of total revenue, while R&D investment was only 3.5%, indicating a concerning imbalance that could hinder future growth [3][14]. - As the initial flow of traffic diminished, the effectiveness of Leifeng's marketing began to decline, leading to a poorly executed 500 million yuan campaign during the 2024 618 event due to changes in Douyin's traffic distribution [4][14]. Quality and Product Issues - Complaints about product quality have surged, with over 1,400 complaints reported on the Black Cat complaint platform by November 2025, highlighting issues such as motor failures and safety hazards [5][15]. - Despite claiming to invest 100 million yuan in R&D over four years, only 31 out of 267 patents are invention patents, indicating a lack of innovation [5][15]. Brand Image and Legal Challenges - Leifeng's design has been criticized for closely resembling products from brands like Panasonic and Braun, leading to legal troubles, including the confiscation of samples at the 2024 IFA exhibition due to alleged patent infringement [6][16]. - The company is likely to lose a patent infringement lawsuit against Dyson, which could result in the removal of its best-selling L03 series from the U.S. market [6][16]. Market Competition and Pricing Pressure - The market for hair dryers has seen a 10.5% decline in retail sales in the first half of 2025, with increased competition from brands like Xiaomi and Panasonic offering similar products at lower prices [7][17]. - Leifeng's response to competitive pressure included launching a lower-priced SE Lite model at 199 yuan, but this strategy has led to increased cost pressures and quality control issues [7][17]. Product Line Expansion Challenges - New product lines, such as electric toothbrushes and shavers, have not achieved expected success, with the electric toothbrush line reporting a net loss of 80 million yuan in 2024 [8][17]. - The shaver product faced controversy over design similarities with Panasonic's model, and initial production was limited to only 2,000 units [8][17]. Internal Management Issues - Internal management challenges have emerged, with reports indicating that founder Ye Hongxin prefers product management over organizational leadership, leading to a lack of effective management structures [8][18]. - The absence of a strong second-in-command has been noted as a significant issue in navigating complex market challenges [8][18]. Erosion of Competitive Advantage - The emergence of low-cost competitors in Huaqiangbei, offering similar designs and motors at around 100 yuan, is eroding Leifeng's technological edge [9][19].