最近，上海网红品牌PinkShake品可鲜奶，突然关闭所有门店，距离开业不到一年半。 我发现，这只是一个缩影，短短几年时间，多个数百家甚至千店级品牌已经消失，或者正在消失。 从排队3小时到"一夜闭店"，相隔仅18个月 淡季未到，但市场已显寒意。 最近，上海奶饮品牌PinkShake品可鲜奶，一夜之间关闭了全国所有门店。 有媒体报道：公司实际管理人已失联，且存在员工薪资拖欠超过两个月、供应商货款及物业费用未结清等情况。 2024年6月1日，上海环球港B2层，品可鲜奶全国首店开业。 奶饮的创新品类、粉嫩的门店设计、"乳糖不耐受专区"的精准定位、"股神孙女同款"的营销话题……吸引了大量消费者关注。 大浪淘沙，在市场不断的优胜劣汰中，一些品牌逐渐消失，甚至有的千店级品牌也无法幸免。 圆真真：曾在成都红极一时，以手作珍珠和抖音流量玩法大获成功，门店高峰期开到300家，后来几次升级失败，遭遇疫情打击，如今门店几乎全部关 闭，创始人改行做餐饮。 Sevenbus：曾经的"厦门奶茶之光"，以豆乳品类出圈，引发行业跟风潮，其以潮牌思维做茶饮的思路也广受关注，如今全国门店缩水九成。 | 全城 ▼ | 排序 ▼ 筛选 ▼ | | ...

Core Viewpoint - Cai Bai Co., Ltd. appears to benefit from the surge in gold consumption in 2024, but its financial report reveals underlying issues that threaten its profitability and sustainability [1] Group 1: Financial Performance - In 2024, Cai Bai Co., Ltd. achieved an operating income of 20.233 billion yuan, a year-on-year increase of 22.24%, and a net profit attributable to shareholders of 719 million yuan, a year-on-year increase of 1.73% [1] Group 2: Business Structure and Profitability - The company's expansion strategy in the gold business is a double-edged sword, as the low profit margins of precious metal investment products dilute overall profitability [2] - The revenue from high-margin diamond-inlaid products continues to decline, leading to a decrease in the proportion of high-margin business, resulting in a "low-efficiency growth" cycle [2] - The profitability of the gold business is highly dependent on external factors, particularly international gold price fluctuations, which the company lacks effective hedging mechanisms against [2] Group 3: Operational Efficiency and Channel Expansion - The operational efficiency of Cai Bai Co., Ltd. has not kept pace with its expansion ambitions, as rising costs from new store openings are eroding profit margins [3] - Despite attempts to optimize store efficiency through smart terminal devices, the extended cultivation period for new stores and regional market consumption disparities are diminishing the marginal benefits of channel expansion [3] - Inventory management risks are significant, as the company has not improved turnover efficiency despite an increase in gold inventory, exposing weaknesses in procurement decisions and sales forecasts [3] Group 4: Industry Insights and Warnings - The case of Cai Bai Co., Ltd. reflects the transformation challenges faced by traditional gold and jewelry enterprises, highlighting that neglecting business structure optimization and core capability development during market expansion can amplify operational vulnerabilities [4] - The short-term prosperity of the gold business cannot mask the weakening of profit foundations, and physical growth through channel expansion must be cautious of "virtual obesity" risks [4] - For investors, the company's reliance on commodity price fluctuations for profit growth raises concerns about its investment value, emphasizing the need for Cai Bai Co., Ltd. to rebuild its differentiated competitive capabilities [4]