Toly Bread(SH:603866) 新浪财经·2025-12-05 10:55Core Viewpoint - The recent launch of the "Scouring Pad Cake" by Tao Li Bread has sparked significant attention on social media, raising concerns about its resemblance to actual cleaning products and potential safety risks for children. The company is facing ongoing challenges with declining performance and a heavy reliance on marketing over research and development [2][3][8]. Marketing and Product Launch - The "Scouring Pad Cake" closely resembles a kitchen cleaning pad, with packaging explicitly stating "Scouring Pad Cake." It is a sponge cake product sold in boxes of six bags, each weighing 50 grams, priced at 29.9 yuan. The product is currently available for pre-sale online [5]. - The pre-sale strategy allows the company to gauge market acceptance before large-scale production, reducing inventory risks and ensuring supply chain efficiency [5]. - Consumer reactions to the product are mixed, with some praising its creativity while others express concerns about its appearance and potential confusion for children. Some consumers reported dissatisfaction with the taste and texture [8][10]. Financial Performance - Financial data indicates that in the first half of 2025, Tao Li Bread's advertising expenses surged over 40% to 42.96 million yuan, while R&D investment decreased by 30.81% to only 10.66 million yuan, accounting for just 0.4% of revenue [11][12]. - The company has experienced a continuous decline in revenue and net profit, with total revenue for the first three quarters of 2025 at approximately 4.049 billion yuan, down 12.88% year-on-year, and net profit at about 298 million yuan, down 31.49% [13]. - The decline in performance is attributed to increased competition from traditional baking giants and the rise of new consumption models that challenge the company's existing business strategy [13]. Shareholder Activity - The controlling shareholders of Tao Li Bread have been frequently reducing their stakes in the company, raising concerns in the capital market. As of the end of September 2025, the family collectively held 56.36% of the shares, down from 68.09% at the end of 2018 [14]. - The stock price has significantly dropped, closing at 5.45 yuan per share, a decline of approximately 78% from its peak of 24.71 yuan in 2020, resulting in a market capitalization of 8.72 billion yuan [13]. Recommendations - There is a call for the company to shift focus from abstract marketing strategies to core business practices, emphasizing the need for substantial investment in R&D to develop products that genuinely meet consumer demands [15].