阿尔法工场研究院·2025-05-15 12:11Core Viewpoint - The recent incident involving a "bloody zongzi" has cast a shadow over the zongzi market, potentially impacting the sales of both Laiyifen and Wufangzhai during the upcoming Dragon Boat Festival [1][4]. Company Responses - Laiyifen has actively engaged with consumers, promising to cover any medical expenses arising from the incident and has taken measures to withdraw the affected batch of products from the market [6]. - Wufangzhai has stated that they follow strict internal protocols to prevent contamination, including the use of specialized bandages for employees [6]. Market Impact - The incident could adversely affect the sales of both companies during the peak zongzi season, particularly for Wufangzhai, which relies heavily on zongzi for revenue [9]. - Wufangzhai's zongzi sales accounted for over 70% of its revenue in recent years, with the second quarter being crucial, contributing to over 60% of annual income [9]. Financial Performance - Wufangzhai's zongzi revenue for 2024 was reported at 1.579 billion yuan, a decrease of 361 million yuan compared to the previous year, marking the lowest level since 2019 [9]. - The overall revenue for Wufangzhai in the previous year was 2.251 billion yuan, reflecting a year-on-year decline of 14.57%, the worst performance since public disclosures began in 2018 [9]. Company Strategies - Laiyifen has been struggling with performance, reporting a 15.25% decline in revenue to 3.370 billion yuan last year, with a net loss of 75.27 million yuan [10]. - The company has attempted to diversify its offerings by entering new markets such as sauces, sparkling water, and coffee, but these efforts have not yielded significant results [10]. - Laiyifen is now pursuing a "Laiyifen 2.0" strategy, aiming to create a community lifestyle platform that integrates various consumer goods beyond snacks [10][11]. Store Expansion - Laiyifen's ambitious "Wanjia Denghuo" strategy aimed for over 10,000 stores by 2023, but as of 2024, the number of stores has decreased to 3,085, down by 600 from the beginning of the year [11].