Core Viewpoint - The ice cream brand Zhong Xue Gao is facing significant operational challenges, including a bankruptcy application for its subsidiary, which highlights its financial difficulties and declining market presence [1][2]. Company Overview - Zhong Xue Gao was established in 2018 and quickly gained popularity with its high-end ice cream products, achieving over 1 billion yuan in revenue in its first year and surpassing 10 billion yuan in sales by 2021 [2]. - The brand's pricing strategy included products priced above 10 yuan, with some limited editions reaching as high as 88 yuan per unit [2]. Financial and Operational Challenges - The company has encountered a series of crises since 2022, including public relations issues, salary arrears, and employee turnover, leading to a significant reduction in its operational scale [2][3]. - The number of distributors has decreased from over 580 at its peak to just over 100, indicating a severe contraction in its distribution network [2]. - The current product offerings on its official online store have shrunk to only three flavors, down from over 20 SKUs previously available [3]. Market Position and Competition - Experts suggest that Zhong Xue Gao's struggles stem from its inability to maintain its premium brand image amid increasing competition and a shift towards more rational consumer spending [4][6]. - The brand's high pricing strategy is becoming unsustainable as the market for high-priced ice cream is shrinking, with only 15.16% of the market share for products priced above 6 yuan [6][7]. Strategic Missteps - The company's rapid expansion into lower-tier markets has not been well-received, as these markets are not prepared for high-end products, leading to a mismatch between pricing and consumer expectations [6][7]. - Zhong Xue Gao's operational model, which relies on independent production lines and high cold chain costs, has hindered its ability to compete effectively with established brands that have optimized their supply chains [5][6]. Recommendations for Future Strategy - Industry experts recommend that Zhong Xue Gao leverage its existing supply chain advantages to explore new markets, such as the tea beverage sector, and consider brand licensing opportunities to ensure future viability [7].

Core Viewpoint - The company has successfully turned around its performance after three consecutive years of losses, reporting a net profit of over 200 million yuan for 2024, a year-on-year increase of over four times [1][2]. Revenue Structure - The company achieved a revenue of 5.7453 billion yuan in 2024, representing an 18% year-on-year growth, while the net profit reached 204.4 million yuan, a 415.08% increase from a loss of 64.86 million yuan in the previous year [2]. - The rice business, which has been the company's core revenue driver, accounted for nearly 80% of total revenue from 2020 to 2022, but its growth has slowed significantly in recent years [2][3]. Rice Business Performance - In 2024, the rice business generated revenue of 4.0145 billion yuan, with a year-on-year growth rate dropping to 4.81% from 5.76% in 2023. The revenue contribution from the rice business decreased from 78.7% in 2023 to 69.87% in 2024 [3]. - Despite the slowdown, the gross profit from the rice business increased by 42.73% to 629.3 million yuan due to adjustments in product mix and enhanced online sales channels [3]. Corn Business Development - The company has been actively developing its corn product line as a "second growth curve," with revenue from this segment soaring to 815.1 million yuan in 2024, a staggering 523.17% increase year-on-year [4]. - However, the rapid growth of the corn business has led to a significant rise in food safety complaints, with 513 complaints reported on a consumer platform, indicating potential quality control issues [4][5]. Investment in Tea Baidao - The company made a cross-industry investment in Tea Baidao, purchasing 22.32 million shares for nearly 365 million yuan, but this investment has resulted in substantial losses [6][7]. - The share price of Tea Baidao dropped significantly from the initial purchase price of 17.5 HKD to 9.8 HKD, leading to an estimated loss of approximately 160 million HKD for the company [7].