Core Viewpoint - The company, Giant Star Legend, is facing significant challenges due to its heavy reliance on celebrity endorsements, particularly from stars like Jay Chou and Liu Genghong, which has led to vulnerabilities in its business model and brand value [1][2]. Group 1: Celebrity Dependency - The business model of Giant Star Legend is heavily dependent on the "traffic leverage" of celebrity IPs, which exposes the company to risks associated with personal controversies of these stars [1]. - The incident involving Liu Genghong, which resulted in a significant drop in followers, highlighted the sensitivity of the public towards celebrity privileges and the potential impact on the company's image [1]. - The company's core business is closely tied to a few celebrities, with Jay Chou's IP contributing significantly to new retail product promotion revenue, creating a risk of performance decline if any of these stars face public relations issues [1]. Group 2: Sustainability of Content Monetization - Despite high gross margins from IP business, the growth is still reliant on the unpredictable nature of "top-tier celebrity creation" [2]. - The company plans to replicate successful concepts like "Jay Chou Carnival Concert" and "Liu Genghong Metaverse Fitness" in 2024, but low R&D expenditure raises concerns about its ability to innovate beyond the current model of "celebrity traffic + sales" [2]. - The combination of audience fatigue and stricter regulatory scrutiny may erode the company's competitive edge in the rapidly changing entertainment market [2]. Group 3: Product and Marketing Concerns - The core product, Magic Coffee, has faced allegations of being involved in pyramid schemes and has questionable weight-loss claims, which could undermine its market position [3][4]. - The sales model resembles that of micro-businesses, relying heavily on distributors and agents, which has led to regulatory scrutiny and accusations of operating a pyramid scheme [4]. - The company does not have its own production facilities and relies on third-party suppliers, raising concerns about its operational independence and product integrity [3][4]. Group 4: Efficacy of Core Product - The effectiveness of Magic Coffee for weight loss is disputed, with experts suggesting that any weight loss may be attributed to dietary changes rather than the product itself [5]. - The product lacks proper health certifications and is criticized for making unsubstantiated claims, which could limit its growth potential in a market with increasingly informed consumers [5].