Industry Overview - The baking industry in China is undergoing rapid transformation, with a variety of products emerging and consumer preferences shifting continuously. The market size for baked goods reached 561.42 billion yuan in 2023, growing by 9.2% year-on-year, and is expected to reach 859.56 billion yuan by 2029 [1] - The industry remains fragmented, with the top nine listed companies accounting for less than 6% of the market share as of 2022, indicating significant growth potential [1] Company Profile: 如慕令 - 如慕令, founded in late 2024, focuses on reinterpreting mousse cakes within a Chinese cultural context, integrating elements from traditional poetry and architecture into its designs, appealing to local consumer sentiments [5][9] - The brand targets younger consumers who view cakes as emotional products, emphasizing the importance of aesthetic appeal and cultural significance in their offerings [5][8] Product Strategy - 如慕令's cakes are designed with cultural symbols that convey specific meanings, such as "prosperity" and "peace," making them more relatable and meaningful to consumers [8][9] - The company emphasizes health by offering "0-calorie" options using sugar substitutes like erythritol, catering to health-conscious consumers who seek both taste and lower calorie intake [9] Business Model Innovation - The company utilizes a "cold chain" logistics model, allowing for standardized production in a central kitchen and consistent quality across locations, which is a departure from traditional baking methods that rely heavily on skilled labor [10][11] - 如慕令 adopts a "S2B2C" model, partnering with local bakeries to distribute its products, thus creating a network of small stores that can offer standardized cakes without extensive training or investment [11][12] Market Potential and Growth Plans - The cold baking market in China has significant growth potential, with only 10% penetration as of 2020, compared to higher rates in Japan and North America [10] - 如慕令 plans to expand rapidly, aiming to open 100 stores within two years and achieve monthly revenues exceeding 8 million yuan, with a current goal of raising 2.5 million yuan in angel funding [13]