Core Viewpoint - The company, Bojue Travel Photography, once a leading brand in the travel photography industry, is now facing severe operational challenges, including rumors of bankruptcy and business shutdowns, despite the overall market for travel photography in China continuing to grow significantly [3][10][17]. Company Overview - Bojue Travel Photography was founded in 2011 by Xu Chunsheng, transitioning from traditional wedding photography to travel photography with the establishment of the first travel photography base in 2012 [4]. - At its peak, the company was valued at 2.5 billion yuan and operated 112 travel photography bases globally, becoming a benchmark in the industry [3][4]. Business Challenges - The company announced that its travel photography business has been consistently unprofitable, leading to the decision to reduce operations and close unprofitable stores [3][10]. - Reports indicate that Bojue Travel Photography has been unable to fulfill customer orders, with many employees reportedly owed salaries totaling 15 million yuan [16]. Market Dynamics - The travel photography market in China is projected to reach a scale of nearly 40 billion yuan, with over 25 million consumers expected in 2024 [3][17]. - The market is becoming increasingly competitive, with over 6,341 travel photography-related companies currently operating, and a significant increase in new registrations [10][13]. Industry Trends - The rise of small and medium-sized travel photography businesses adopting a light-asset model contrasts with Bojue's heavy investment in physical locations, which has become a disadvantage in a crowded market [13]. - Consumer preferences are shifting towards personalized and unique photography experiences, leading to a decline in demand for traditional wedding photography services [15][20]. Future Outlook - Despite the challenges faced by Bojue Travel Photography, there are still opportunities for growth in niche markets, high-end customization, and catering to the aging population, which is showing increased interest in travel photography [20][22]. - The travel photography industry is expected to continue evolving, with a focus on individual photographers and unique experiences becoming more prominent [20][22].

Core Viewpoint - The article discusses the financial struggles and operational challenges faced by the travel photography company, AluJue Travel Photography, highlighting its inability to meet customer demands and pay employee salaries, which reflects broader issues within the travel photography industry [4][10][52]. Group 1: Company Situation - AluJue Travel Photography announced a temporary halt to its wedding photography services due to a significant drop in orders, revenue decline, and high costs, leading to continuous losses over several years [4][6]. - The company is currently in a state of suspension, with all business operations halted, as confirmed by local market regulatory authorities [7]. - Employees have reported unpaid salaries for several months, with some claiming they have not received any payment since joining the company [8][10]. Group 2: Consumer Impact - Many customers have expressed frustration on social media about unfulfilled wedding photography services, difficulties in obtaining refunds, and unresponsive customer service [12][18]. - Reports indicate that customers are being blocked from contacting customer service after attempting to resolve their issues [14][15]. - A growing number of users have formed groups to collectively seek refunds and report their losses, indicating widespread dissatisfaction and potential legal action [20]. Group 3: Industry Context - The travel photography market in China has seen rapid growth, with over 25 million consumers and a market size nearing 400 billion yuan in 2024 [29]. - However, the industry is facing intense competition, with a significant increase in the number of travel photography businesses, leading to oversaturation [31][33]. - The article notes that many new entrants lack professional experience, contributing to a decline in service quality and increased price competition [34][36]. Group 4: Structural Issues - The collapse of AluJue Travel Photography is indicative of a larger structural failure within the travel photography industry, as many companies struggle to survive amid rising operational costs and declining customer interest [52][65]. - The article suggests that the industry's rapid expansion has led to a "death spiral" for many businesses, particularly those that relied heavily on advertising and capital for growth [47][50]. - The impending market correction is expected to disproportionately affect smaller, less established companies that lack brand recognition and operational efficiency [62][64].