贩卖焦虑or暴露焦虑？4年连跌的火星人，都快熄火了 | BUG

Core Viewpoint - Mars Integrated Stove has faced criticism for its marketing strategy that allegedly promotes anxiety by referencing significant life events, leading to a shift in its brand narrative from "technical symbols" to "emotional resonance" [2][3] Financial Performance - Mars Integrated Stove has experienced a continuous decline in revenue and net profit for four consecutive years since 2021, with revenue dropping from 23.19 billion yuan and profit of 3.76 billion yuan in 2021 to 5.77 billion yuan and a loss of 2.18 billion yuan in the first three quarters of 2025 [3][10][11] - The company's revenue figures for the years 2022 to 2025 are 22.77 billion yuan, 21.39 billion yuan, 13.76 billion yuan, and 5.77 billion yuan, reflecting year-on-year declines of 1.81%, 6.03%, 35.68%, and 43.03% respectively [10] - Correspondingly, the net profit figures are 3.145 billion yuan, 2.472 billion yuan, 1.115 million yuan, and a loss of 2.183 billion yuan, with year-on-year declines of 16.29%, 21.39%, 95.49%, and 1546.12% respectively [11] Marketing and Brand Strategy - Following backlash over its "breath easy package" marketing campaign, Mars Integrated Stove has proactively revised its advertising content to remove potentially discomforting phrases [6][8] - The company’s marketing expenses surged to 46.8% in the first three quarters of 2025, up from 27.47% in the previous year, yet this increase did not translate into improved financial performance [13] Management Changes - In response to ongoing poor performance, Mars Integrated Stove has undergone significant personnel changes, including the resignation of its deputy general manager and the appointment of a new marketing general manager from the Wanhe Group [15][16] - The company’s actual controller and several executives have also experienced salary reductions, with total executive compensation dropping from 13.23 million yuan in 2023 to 10.28 million yuan in 2024, a decrease of approximately 22% [15] Industry Context - The integrated stove industry is closely tied to the real estate market, and the decline in new housing deliveries has adversely affected business growth [12] - Despite challenges faced by the industry, Mars Integrated Stove's performance has deteriorated more significantly than its peers, indicating internal management issues alongside external market pressures [12][17]