自嗨锅关联公司被申请破产，估值曾高达75亿元

Core Viewpoint - The article discusses the financial troubles of the self-heating hot pot brand "Zihai Guo," which is facing bankruptcy proceedings and has significant debt issues, highlighting the decline in its popularity and sales performance over recent years [1][2][6]. Group 1: Company Background - Zihai Guo is associated with Hangzhou Jinlingyang Enterprise Management Consulting Co., which has recently filed for bankruptcy review [2]. - The founder, Cai Hongliang, previously founded Baicaowei and sold it for 960 million yuan, marking a significant event in China's snack e-commerce sector [6]. - Zihai Guo launched in 2018, offering products like self-heating hot pots and rice, and initially gained popularity through celebrity endorsements and live-streaming sales [6][8]. Group 2: Financial Performance - From 2020 to 2022, Hangzhou Jinlingyang reported revenues of 958 million yuan, 992 million yuan, and 820 million yuan, with net profits of -151 million yuan, -313 million yuan, and 27.5 million yuan respectively [11]. - In 2022, despite achieving profitability, revenue decreased by 17.34% year-on-year, largely due to a reduction in sales expenses by approximately 258 million yuan [11]. - The company has multiple legal issues, including 6 execution cases with a total amount exceeding 140 million yuan and a history of 16 execution cases totaling over 320 million yuan [11]. Group 3: Investment and Market Position - Zihai Guo was once a darling of investors, raising over 550 million yuan across five funding rounds from notable firms like CICC and Matrix Partners, with a peak valuation of 7.5 billion yuan [8]. - In March 2023, there was an attempt by Lianhua Health to acquire at least 20% of Hangzhou Jinlingyang, but the deal fell through in August due to a lack of consensus [10].