Core Viewpoint - The company "Good Idea" is facing significant challenges in the fast-moving consumer goods (FMCG) sector, particularly in the e-commerce channel, which has led to declining revenues and profits, indicating a strategic misalignment in its operations [1][9]. Group 1: Financial Performance - In the first half of 2025, the company's revenue was 689 million yuan, a year-on-year decrease of 15.64%, with a net loss of 19.84 million yuan [1]. - E-commerce channel revenue dropped to 198 million yuan, accounting for 28.73% of total revenue, down 23.27% from the previous year [4][5]. - Cumulative losses from 2020 to 2024 reached approximately 313 million yuan, with continuous losses in net profit over five years totaling around 500 million yuan [11][12]. Group 2: E-commerce Challenges - The company has seen a significant reduction in online promotion expenses, with a 32.57% decrease in sales promotion costs, impacting product visibility and brand awareness on e-commerce platforms [7][8]. - The company struggles with intense competition in both shelf e-commerce and interest-based e-commerce, leading to low conversion rates and insufficient sales growth [6][9]. Group 3: Strategic Shift to Offline Channels - In response to declining e-commerce performance, the company has shifted focus to offline supermarket channels, with over 70% of revenue coming from this segment in the first half of 2025 [9][10]. - Collaborations with high-quality supermarkets have provided some revenue stability, but the associated costs and limited market reach pose significant challenges [10][11]. Group 4: Product and Operational Issues - Despite a slight improvement in gross margin due to a shift towards higher-margin products, the overall profitability remains insufficient to cover operational costs [12][13]. - The company needs to reassess its e-commerce strategy and optimize its offline channel operations to enhance product competitiveness and address market challenges effectively [13].