Core Insights - The company "酪神世家" has entered bankruptcy liquidation as accepted by the Shanghai Third Intermediate People's Court, with the first creditors' meeting held on October 23, 2023 [1] - Established in March 2022 with a registered capital of approximately 16.25 million yuan, the company has a complex ownership structure involving several stakeholders, including major shareholders like 郭本恒 and various investment firms [1] - The company launched its first product, a five-dimensional growth cheese stick, in October 2022, and introduced a new fresh cheese product in November 2023, targeting health-conscious consumers [1] Industry Overview - The cheese retail market in China experienced significant growth from 2020 to 2022, with sales increasing from 3.238 billion yuan in 2020 to 4.337 billion yuan in 2022, although the growth rate slowed to 3.5% in both 2021 and 2022 [2] - Factors such as logistics issues, rising raw material costs, intensified competition, and weak consumer demand have led to fluctuations in performance across major cheese brands since 2022 [2] - The cheese industry is expected to see a narrowing of sales decline in the first half of 2025, with innovation focusing on snack products for all age groups and specialized products for businesses [2] - The competitive landscape of the Chinese cheese industry is characterized by both foreign and domestic brands, with notable foreign brands including Kraft and Président, and domestic brands like Yili and Mengniu [2]

Core Viewpoint - Shanghai Laoshenshijia Health Technology Development Co., Ltd. (referred to as "Laoshenshijia"), founded by dairy veteran Guo Benheng, has filed for bankruptcy liquidation after struggling in the cheese industry for three years, with the first creditors' meeting scheduled for October 23, 2025 [1][2][8]. Company Overview - Laoshenshijia was established in 2022 by Guo Benheng, former general manager of Bright Dairy, and initially attracted attention due to investments from companies like Jingpai and Junlebao [2][5]. - Guo Benheng, born in 1963 and a food science PhD, previously held significant positions at Bright Dairy before founding Laoshenshijia [5][6]. Financial and Operational Challenges - The company faced a slowdown in the cheese market, complicated product health concepts, and high pricing strategies that hindered consumer acceptance, leading to operational difficulties as early as 2024 [1][8]. - Laoshenshijia's business model relied heavily on e-commerce promotions, which resulted in significant losses despite high sales volumes [8][9]. Market Strategy and Performance - Laoshenshijia aimed to redefine cheese in China with innovative products targeting children and women, but the complexity of their health concepts and high prices led to poor market reception [7][9]. - The company was reported to have engaged in unsustainable sales practices, such as selling products at a loss to generate volume, which ultimately did not foster customer loyalty [8][9]. Industry Context - The cheese market in China has been experiencing a downturn since 2021, with many small brands exiting the market due to rising costs and intense competition [14]. - Data from Nielsen indicates that cheese retail sales in China grew from 32.38 billion yuan in 2020 to 43.37 billion yuan in 2022, but the growth rate significantly slowed [14]. - The market has seen a consolidation, with only about ten major brands remaining, making it increasingly difficult for new entrants to gain a foothold [14][15]. Future Outlook - Despite Laoshenshijia's struggles, the cheese market is expected to evolve, with potential growth in B2B segments and new product innovations targeting adult consumers [15][16]. - The demand for original cheese products is anticipated to rise, as domestic production capabilities improve and consumer preferences shift towards healthier options [17][18].