Core Viewpoint - Taiping Bird is facing significant challenges with a projected net profit decline of approximately 55% for the first half of 2025, alongside a substantial drop in revenue and increasing consumer complaints [1][2]. Financial Performance - The company expects a net profit of around 77.7 million yuan for the first half of 2025, a decrease of 93.49 million yuan compared to the same period last year, representing a 55% decline [1]. - The projected net profit after excluding non-recurring gains and losses is approximately 13.7 million yuan, down 51.31 million yuan year-on-year, indicating a 79% decrease [1]. - In 2022, Taiping Bird's revenue and net profit attributable to shareholders decreased by 21.24% and 72.73%, respectively, with a first-ever annual loss in net profit of 27 million yuan [2]. - In 2023, despite a significant profit increase, revenue still fell by 9.41% [2]. - For 2024, the company reported revenue of 6.802 billion yuan, a 12.70% decline, and a net profit of 258 million yuan, down 38.75% [2]. Operational Challenges - The company's retail performance has declined, leading to an estimated 8% drop in revenue due to fixed costs such as rent and employee salaries [2]. - The total number of stores has decreased from 5,214 in 2022 to 3,373 in 2024, a reduction of 1,841 stores over three years [5]. Consumer Sentiment and Complaints - Taiping Bird has faced ongoing negative public sentiment, with 1,515 complaints reported on the Black Cat Complaints platform, including issues related to product quality and misleading advertising [6][8]. - The company has been accused of design plagiarism and false advertising, leading to significant reputational damage [6][7]. - A recent complaint highlighted a consumer's experience with a product that was misrepresented as a new item, raising further concerns about the company's marketing practices [7][8].