Core Viewpoint - A consumer in Anhui reported finding non-product items, specifically paper towels and snacks, inside unopened boxes of "Light Time" brand sanitary cotton sticks, raising concerns about product integrity [1][3]. Group 1: Incident Details - The consumer discovered that out of three unopened boxes of "Light Time" sanitary cotton sticks, only one contained the actual product, while the other two contained paper towels and two packs of "Wei Long" snacks [1]. - The consumer purchased 30 sanitary cotton sticks from the official flagship store for 39.9 yuan [3]. Group 2: Company Response - The parent company, Youli Mei (Hubei) Technology Co., Ltd., has established a special investigation team in response to the incident and is cooperating with police investigations [6]. - The company claims that the production line is a closed, high-speed automated system with continuous monitoring, making it unlikely for foreign objects to enter the production process undetected [6]. - The brand's representative stated that the items found in the product are unlikely to have originated from the production line and that they are awaiting police investigation results before making further comments [6]. Group 3: Company Background - Youli Mei (Hubei) Technology Co., Ltd. was established in October 2021 with a registered capital of 50 million yuan and has invested in a high-speed automated production line capable of producing 600 million sanitary cotton sticks annually [6]. - The "Light Time" brand is positioned as a high-end product aimed at understanding the needs of Asian women, promoting a lifestyle of ease and breakthrough [9].

Core Viewpoint - Wei Long, known as the "King of Spicy Strips," is preparing for an IPO in Hong Kong, with plans to raise less than $150 million, a significant decrease from the initial target of $1 billion [2][3]. Group 1: IPO Timeline and Fundraising - Wei Long has delayed its IPO multiple times, initially aiming to raise $1 billion in 2021, but the target has now dropped by 85% to $150 million [3][4]. - The company first submitted its IPO application in May 2021 but did not receive approval until November 2021, after which it postponed the listing due to unfavorable market conditions [4][5]. - The latest update on November 23, 2023, indicates a further reduction in fundraising goals, with a projected market valuation of around $1.4 billion, down from previous estimates [5][6]. Group 2: Financial Performance and Valuation - Wei Long's revenue growth has slowed, with a compound annual growth rate (CAGR) of 19.1% from 2019 to 2021, while net profit growth has stagnated [6][7]. - The company's valuation has plummeted from 600 billion RMB to approximately 100 billion RMB, raising questions about whether it was previously overvalued [6][7]. - Comparatively, other companies in the snack food sector, such as Tao Li Bread and Three Squirrels, have lower price-to-earnings ratios, suggesting that Wei Long's current valuation may still be high [10][11]. Group 3: Market Challenges and Product Strategy - Wei Long's revenue declined by 1.8% in the first half of 2022, attributed to pandemic impacts and a drop in sales of its main products [11][12]. - The company has raised prices to counteract rising raw material costs, which has improved profit margins but negatively affected sales volume [11][12]. - Wei Long faces the challenge of shedding its "junk food" image, as consumer preferences shift towards healthier options, necessitating product innovation and reformulation [14][15][16].