Core Viewpoint - The recent conflict between Leifen CEO Ye Hongxin and former employee Pan Jian, sparked by a product review video, highlights underlying issues in the personal care small appliance market, including declining sales and increased competition. Group 1: Company Conflict - Ye Hongxin publicly criticized Pan Jian and the review video, claiming that the evaluation of electric shavers was biased and that the actual performance was misrepresented [1][3] - Pan Jian, a former core member of Leifen, alleged that he was promised equity in the company but faced dilution after a funding round, leading to disputes over compensation and equity agreements [5][6] - The disagreement also involved a 500,000 yuan "severance fee" and a 50,000 yuan project fee, with both parties presenting conflicting accounts of the agreements made [7][6] Group 2: Market Trends - The personal care small appliance market is experiencing a downturn, with a reported retail sales drop of 0.3% in the first half of the year, totaling 11.97 billion yuan [7] - Projections for 2024 indicate a significant decline in the electric shaver market, with expected retail sales of 8.6 billion yuan, down 8.1% year-on-year, and a volume decrease of 9.5% [8] - Leading companies like Feike Electric are also facing challenges, with a reported revenue decline of 18.03% and a net profit drop of 55.1% in 2024 [8]

（图片来源：网络） 出品｜搜狐财经 作者｜李保铭 近日，因为一则测评视频，徕芬CEO叶洪新下场怒怼测评人及徕芬前员工，引发外界关注。目前，叶洪新已经删除相关 动态。 搜狐财经先后向徕芬、潘坚方面寻求回应，试图进一步还原事件原本面目。 8月16日，叶洪新转发楼斌测评视频，称"此视频我们会一一回应。"并表示要"扒一扒号称独立客观第三方的评测机构是 怎么收费的，收钱办事没问题，但不能没有良心。" 叶洪新还暗指该测评团队"被包养"，并在评论区回复网友，他怼的是"楼斌的哥哥潘坚（徕芬前员工）。" 18日，搜狐财经独家获悉，叶洪新提到的潘坚，此前系徕芬品牌总监。 潘坚告诉搜狐财经，他从2021年底入职徕芬，并于11个月之后离职，直接汇报对象是叶洪新，并称当时"以股东身份加 入"，"但是加入之前，基于个人信任，我没有签署股份协议"。 徕芬方面则告诉搜狐财经，潘坚"不算联合创始人这种级别，但是也是早期的公司核心人员了"。 8月17日，叶洪新详细梳理徕芬前员工潘坚存在的9条问题，包括0元入场、徕芬投资人与潘坚无关，投资人访谈反馈，不 认可潘坚，认为其利己心重，对融资更是障碍。 他还指出，没有否认潘坚对徕芬新媒体业务的贡献，所以 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight improvement in Q1 2025, while maintaining a stable cash dividend policy [1][2][4] Financial Performance - In 2024, the company achieved total revenue of 4.1 billion (YoY -18%) and net profit attributable to shareholders of 500 million (YoY -55%) [1] - For Q1 2025, revenue was 1.2 billion (YoY -1%), with net profit around 180 million (YoY +0.5%) [1] - The cash dividend for 2024 is set at 0.5 per 10 shares (including tax), with a cash dividend rate of 48% [1] Product and Brand Analysis - Revenue from personal care appliances, life appliances, and other products in 2024 was 3.96 billion, 60 million, and 110 million respectively, with declines of 17%, 39%, and 36% [2] - The Broye brand showed resilience with a revenue of 880 million in 2024 (YoY +2%), increasing its share of total revenue by 4.2 percentage points to 21.4% [2] Cost and Profitability Metrics - The gross margin for 2024 and Q1 2025 was 54.6% and 56.2% respectively, with slight year-on-year declines [3] - The sales expense ratio increased significantly in 2024, attributed to higher promotional costs and employee compensation [3] - The net profit margin improved in Q1 2025 to 15.6% (YoY +0.3 percentage points) [3] Cash Flow and Inventory Management - Operating net cash flow for 2024 and Q1 2025 was 300 million and 320 million respectively, down from 1.31 billion and 240 million in the previous year [3] - Inventory turnover days increased to 106 and 96 days for 2024 and Q1 2025, indicating a reasonable inventory level [3] Profit Forecast and Valuation - The company revised down its net profit forecasts for 2025 and 2026 to 680 million and 760 million, reflecting a 13% and 12% reduction respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 23, 20, and 19 for 2025, 2026, and 2027 respectively [4] - The company is positioned as a leader in the personal care small appliance industry, focusing on "R&D innovation" and "brand operation" as core competitive advantages [4]