Core Viewpoint - The company Zhongxuegao Food (Shanghai) Co., Ltd. is undergoing bankruptcy review due to its inability to repay debts and insufficient assets to cover liabilities, leading to multiple legal issues and a significant decline in operations [1][3][8]. Group 1: Bankruptcy and Legal Issues - Zhongxuegao Food has been officially filed for bankruptcy review by Shanghai Zhenliao Trading Co., Ltd., with the case being handled by the Shanghai Third Intermediate People's Court [1][2]. - The company has a total of 10 execution cases with a total amount of approximately 23.03 million yuan [5]. - The company has been unable to repay due debts, prompting the court to suspend execution and transfer the case for bankruptcy filing [3][5]. Group 2: Financial Performance and Business Decline - Zhongxuegao achieved remarkable growth initially, with revenue surpassing 1 billion yuan in its first year and over 10 billion yuan in 2021 [6][8]. - However, the company faced a turning point in 2022 due to public controversies and subsequent issues such as unpaid salaries and employee turnover [8][9]. - Currently, the company has only two insured employees, and six out of its 14 wholly-owned subsidiaries have been deregistered [8]. Group 3: Operational Adjustments and Future Prospects - To mitigate financial distress, Zhongxuegao has been downsizing, including office space reduction and significant staff layoffs, with reports of 729 employees owed salaries [8][9]. - The product lineup has shrunk significantly, with only three flavors currently available for sale, compared to over 20 during peak times [9][11]. - The company has attempted to diversify through sub-brands, but these efforts have largely failed, with new brands disappearing from both online and offline channels [11].

Core Viewpoint - Zhong Xue Gao Food (Shanghai) Co., Ltd. is undergoing bankruptcy review due to inability to repay debts, with multiple subsidiaries also facing similar financial issues [1][2][3] Group 1: Bankruptcy and Financial Issues - Zhong Xue Gao Food (Shanghai) Co., Ltd. has been unable to clear its due debts, leading to a bankruptcy review initiated by a creditor [1] - The company has multiple records of being executed, consumption restrictions, and is classified as a dishonest debtor [2] - Another subsidiary, Zhong Mao Company, has entered bankruptcy review with unpaid amounts exceeding 25.72 million RMB, representing a 99.98% non-fulfillment rate [1][2] Group 2: Company Background and Performance - Established in March 2018 with a registered capital of approximately 1.203 billion RMB, Zhong Xue Gao gained popularity with its high-priced ice cream products, often exceeding 10 RMB each [2] - The company achieved over 100 million RMB in revenue in its first year and surpassed 1 billion RMB in sales by 2021 [2] - However, in 2022, the company faced public criticism over its product quality, leading to declining operations and issues such as unpaid salaries and employee turnover [2] Group 3: Asset Liquidation and Current Offerings - In 2024, the founder of Zhong Xue Gao publicly acknowledged financial difficulties and began selling assets, including equipment valued at approximately 7.95 million RMB, which failed to sell in the first auction [3] - Currently, the company's official store offers limited ice cream flavors, with a 10-pack of a specific flavor priced at 144.8 RMB, translating to 14.48 RMB per unit [3]