Core Viewpoint - The market for bird's nest products is expected to exceed 100 billion yuan by 2025, but high-priced products are facing declining consumer interest, as evidenced by the poor sales performance of brands like Yan Zhi Wu and Xiao Xian Dun [1][18][20]. Group 1: Market Overview - The bird's nest market reached 623 billion yuan in 2023, an increase of nearly eight times from 70 billion yuan in 2016, with projections indicating it will surpass 1 trillion yuan by 2025 [8][18]. - The introduction of ready-to-eat bird's nest products has made this luxury item more accessible to the general public, contributing to market growth [8][12]. Group 2: Consumer Behavior - There is a noticeable decline in consumer willingness to pay high prices for bird's nest products, with brands like Yan Zhi Wu experiencing stagnant revenue growth and declining profits [18][20]. - The perception of bird's nest as a luxury item is changing, with consumers becoming more skeptical about its health benefits and questioning the value of high-priced products [20][24]. Group 3: Brand Performance - Yan Zhi Wu's revenue for 2024 is projected at 2.05 billion yuan, with a profit drop of 24.53% to 160 million yuan, indicating a challenging market environment [18][21]. - Xiao Xian Dun is also facing difficulties, including allegations of financial misconduct and a significant reduction in employee numbers during promotional periods [19][20]. Group 4: Marketing Strategies - Both Yan Zhi Wu and Xiao Xian Dun have heavily invested in celebrity endorsements and marketing campaigns, but the effectiveness of these strategies is diminishing as consumer preferences shift [21][23]. - Yan Zhi Wu's marketing expenses reached 670 million yuan in 2024, significantly outpacing its revenue growth, highlighting the unsustainable nature of its current marketing approach [21][23]. Group 5: Product Innovation - In response to declining sales of pure bird's nest products, Yan Zhi Wu is focusing on developing more affordable options like bird's nest porridge to attract a broader consumer base [25]. - Xiao Xian Dun emphasizes a daily consumption model, promoting the idea of small, regular purchases to encourage long-term customer engagement [25].