Core Viewpoint - The conflict between Zhao Lusi and her agency, Galaxy Cool Entertainment, has escalated, with Zhao accusing the agency of financial misconduct and neglecting her mental health during her treatment for severe anxiety and depression [1][4][5]. Group 1: Zhao Lusi's Allegations - Zhao Lusi claims that Galaxy Cool Entertainment deducted 2.05 million yuan from her studio account for canceled endorsements, despite the agency's prior commitment to cover these losses [1][6]. - She has expressed frustration over the agency's failure to resolve issues related to her work and the lack of support from her team during her health struggles [1][6]. - Zhao has indicated that she will escalate the matter to the police if a resolution is not reached [1]. Group 2: Galaxy Cool Entertainment's Response - Galaxy Cool Entertainment responded by stating they were shocked by Zhao's allegations and denied any wrongdoing, emphasizing their concern for her health and well-being [4][5]. - The agency highlighted that they have been under significant pressure and have made efforts to minimize negative impacts while respecting Zhao's reasonable requests [4][5]. - They urged Zhao to refrain from making vague public statements that could mislead the public [4]. Group 3: Legal and Operational Implications - Legal experts suggest that if Galaxy Cool Entertainment claims the deduction was for endorsement losses, they must prove a direct causal relationship between Zhao's actions and the financial losses incurred [6]. - The operational dynamics between Zhao and the agency are under scrutiny, particularly regarding the management of her studio and the distribution of staff responsibilities [7]. - The ongoing conflict reflects deeper issues within the entertainment industry regarding artist management and agency relationships, especially as artists gain more leverage in negotiations [14][16]. Group 4: Historical Context and Industry Dynamics - The relationship between Zhao Lusi and Galaxy Cool Entertainment has been strained for some time, with Zhao previously disclosing her struggles with depression linked to past incidents with the agency [9][10]. - Galaxy Cool Entertainment has historically relied on Zhao as a key asset, particularly in their transition to focusing on talent management amid changing market conditions [10][11]. - The agency's connection to larger entities like Alibaba has been noted, but the depth of this relationship is questioned, especially after recent changes in ownership and partnerships [11][12].

Core Viewpoint - The development history of the snack industry is fundamentally a series of channel transformation processes, with significant growth opportunities arising from the expansion of old channels and the exploration of new ones [1][2][3] Channel Transformation - The snack industry, characterized by weak brand attributes, is highly influenced by channel changes, necessitating adjustments from companies to capture growth opportunities [2] - Each channel transformation imposes higher demands on snack companies, requiring them to adapt to new market conditions to sustain growth [2] - Traditional distribution channels favored strong brand power, while modern supermarkets required effective shelf management and terminal marketing [2] - The rise of e-commerce and live-streaming sales has introduced new players focused on marketing and supply chain efficiency [2] - The emergence of bulk snack stores has redefined the value distribution chain in offline channels, benefiting companies that prioritize product quality and supply chain strength [2] Industry Growth and Company Performance - The current channel transformation has raised industry entry barriers, with listed companies benefiting from this shift due to their strong product, brand, and channel capabilities [3][4] - From 2022 to 2024, listed snack companies are expected to achieve an average revenue CAGR of 15% to 20%, significantly outpacing the stagnant growth of the industry [4] Future Channel Opportunities - New channels such as WeChat stores, traditional supermarket reforms, and instant retail are emerging, presenting potential growth opportunities for listed snack companies [5] - Although these new channels currently have smaller market sizes, they hold significant growth potential and will require companies to further enhance their product offerings [5] Market Outlook for 2025 - The channel dividends are expected to continue driving growth in the snack sector, with bulk snack stores and membership supermarkets contributing significantly to business growth [7] - The market will also see trends in overseas expansion and the popularity of Chinese snacks, with Southeast Asia being a key area for growth [7]