Core Points - The founder of Han Shu, Lü Yixiong, publicly opposed overtime work, leading to employee skepticism about whether actual workloads would decrease [2][4] - The parent company, Shangmei Co., has set a target of 10 billion yuan by 2025, requiring Han Shu to maintain a growth rate of 50%, but its Douyin repurchase rate has dropped from 24% to 18% [1][3] - Shangmei Co. faces a "growth curse" with a marketing expense of 3.9 billion yuan, raising concerns about the sustainability of its reliance on the "racehorse mechanism" and marketing strategies as traffic dividends fade [1][20] Group 1: Internal Challenges - Lü Yixiong's anti-overtime stance has sparked controversy, with employees reporting that workloads remain high despite the ban on overtime [4][6] - Employees describe a "racehorse mechanism" that pressures teams to produce similar content, leading to a high-stress environment [4][8] - The cancellation of meal allowances and transportation reimbursements has further exacerbated employee dissatisfaction, as they now bear additional costs without a reduction in workload [6][7] Group 2: Marketing and Financial Performance - Han Shu's marketing strategy has historically been aggressive, with significant investments leading to high visibility but also high costs [20][21] - In 2024, Shangmei Co. reported revenue of 6.793 billion yuan, a year-on-year increase of 62.1%, but profit growth is slowing [16][21] - The marketing expenses for Shangmei Co. reached 3.9 billion yuan, accounting for 60% of total revenue, while R&D investment remains low at 2.6% [21][23] Group 3: Future Outlook - The company aims for a revenue target of 10 billion yuan by 2025, but achieving this will require Han Shu to sustain a 50% growth rate amidst rising marketing costs and channel imbalances [23][24] - The competitive landscape in the beauty market is intensifying, and the effectiveness of Lü Yixiong's anti-involution initiative remains to be seen [24]
韩束老板怒怼加班，员工：赛马机制逼疯打工人