Core Viewpoint - The recent bankruptcy of Shanghai's Jing'an Bakery symbolizes a broader decline of traditional baking brands in the industry, raising questions about their ability to adapt to changing consumer preferences and market dynamics [1][9]. Company Summary - Jing'an Bakery, founded in 1985, was the first Sino-French joint venture bakery in Shanghai, known for its French bread and pastries [2][4]. - At its peak, Jing'an Bakery operated 83 stores and had plans for expansion, but it faced a significant decline, closing over 30 stores in a short period [5][9]. - The brand's bankruptcy announcement on October 16, 2023, marked the end of its 38-year legacy, with only a few stores remaining operational by late October [8][9]. Industry Summary - The baking industry in Shanghai is highly competitive, with 4,711 bakeries as of June 2024, leading to a collective retreat of several well-known brands since 2025 [9]. - Major brands like 85°C and Christine have also faced significant closures, with 85°C expected to shut down over 40 stores and Christine entering bankruptcy proceedings [9][10]. - The decline of these brands is attributed to outdated product offerings, failure to innovate, and operational challenges, including poor management of franchise models and rising costs [12][14]. - The market is shifting towards healthier baking options and community-based models, with a growing demand for high-protein and low-sugar products among younger consumers [17][18].