李佳琦带货的新疆网红奶，要破产了

Core Viewpoint - The article discusses the dramatic fall of Maqiuer, a once-prominent dairy company in China, which faced bankruptcy due to a small debt of 595.49 million yuan, exposing deeper financial issues and mismanagement within the company [4][13][24]. Company Overview - Maqiuer was celebrated for its high-quality milk products, earning titles like "the Moutai of milk" and "the light of Xinjiang" [4]. - The company reached a market value of 50 billion yuan at its peak, but has now been pushed towards bankruptcy due to a minor debt issue [4][5]. Financial Decline - The company’s cash reserves plummeted from 370 million yuan to just 19 million yuan, a decrease of over 40% [5][14]. - Maqiuer's debt-to-asset ratio soared to 83%, significantly exceeding the industry average and indicating severe financial distress [14][23]. Historical Context - Founded by Li Yuhu, Maqiuer began as a small food workshop in 1988 and grew into a major player in the dairy industry, capitalizing on Xinjiang's advantageous geographical conditions for dairy farming [7][9]. - The company achieved rapid growth, with revenues reaching 2.8 billion yuan in 2002 and 3.8 billion yuan in 2003, marking the beginning of its dominance in the Xinjiang dairy market [9]. Marketing and Brand Strategy - Maqiuer's marketing strategies included innovative advertising campaigns, such as hiring singer Dao Lang for promotional songs, which significantly boosted brand recognition [8][9]. - The company leveraged social media and e-commerce, becoming a "internet celebrity" brand, especially during 2021 when it invested heavily in live-streaming sales [16]. Crisis Events - The "propylene glycol incident" in 2022 severely damaged consumer trust, leading to product recalls and fines totaling 73.15 million yuan, which wiped out two years of profits [17][22]. - Following this scandal, Maqiuer's revenue halved from nearly 1 billion yuan to over 600 million yuan, with cumulative losses exceeding 700 million yuan by 2025 [17][24]. Management and Operational Issues - The transition from the founder's management to the next generation led to a shift in focus from quality to aggressive marketing, resulting in a lack of investment in research and development [20][21]. - The company's operational decisions, such as prioritizing rapid turnover and low costs, contributed to compliance failures and subsequent financial penalties [22]. Conclusion - Maqiuer's story serves as a cautionary tale about the risks of neglecting core business principles in favor of rapid expansion and marketing, highlighting the importance of maintaining a solid foundation in any business [25].