Core Viewpoint - The article investigates the challenges faced by Haipaike, a maternal and infant e-commerce platform preparing for an IPO, particularly focusing on allegations of counterfeit products and questionable supplier management practices [1][2][3]. Group 1: Company Overview - Haipaike, founded in 2015, is a B2B platform targeting the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [2][3]. - The company claims to have a market share of 10.1% in the family care and nutrition product sector, with a projected transaction volume of 8.6 billion yuan in 2024 [2]. Group 2: Counterfeit Product Allegations - Haipaike has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [2][3]. - A test conducted by a journalist revealed that a purchased product, claimed to be genuine, failed authenticity checks, raising concerns about the company's product verification processes [3][5]. Group 3: Supplier Management Issues - The investigation highlighted significant issues in Haipaike's supplier management, including the presence of unauthorized products on the platform and a lack of rigorous supplier vetting [4][6]. - The company’s customer service has struggled to address counterfeit claims effectively, often leading to consumer dissatisfaction and difficulties in obtaining refunds [5][7]. Group 4: Operational Metrics and Claims - Haipaike claims to connect approximately 290,000 retail stores, but the authenticity of this figure is questioned, as the registration process for stores appears to be lax [10][11]. - The company’s revenue model has shifted from commission-based income to self-operated sales, with a notable decline in commission revenue from 354 million yuan in 2022 to 229 million yuan in 2024 [13][14]. Group 5: Financial Performance and Future Outlook - Haipaike's revenue showed signs of decline, with figures of 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024, alongside a cumulative loss of 1.854 billion yuan by the end of 2024 [15][16]. - The company has undergone multiple rounds of financing, with significant shareholder withdrawals, indicating potential instability as it approaches its IPO [15][16].

Core Viewpoint - The company Haipai Ke, a maternal and infant e-commerce platform, is facing significant challenges including allegations of counterfeit products and declining growth, raising questions about its readiness for an upcoming IPO [1][2][15]. Company Overview - Haipai Ke was founded in 2015 and is focused on the lower-tier maternal and infant B2B market, connecting suppliers with local maternal and infant stores while expanding into self-operated and OEM products [2]. - The company reported a projected transaction volume of 8.6 billion yuan in family care and nutrition products for 2024, capturing a market share of 10.1% according to Frost & Sullivan [2]. Product Quality Concerns - The company has been embroiled in counterfeit allegations, with consumers reporting issues such as receiving fake Estee Lauder products [2][6]. - Investigations revealed that products sold on the platform did not meet brand specifications, with one product failing authenticity tests [2][5]. Supplier Management Issues - Haipai Ke's supplier management has been criticized, with reports of unauthorized products being sold on the platform and inadequate supplier vetting processes [4][6]. - The company has been found to allow easy registration for retail stores, raising concerns about the legitimacy of its claimed network of 290,000 retail outlets [9][10]. Financial Performance - The company's revenue has shown signs of decline, with reported figures of 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024 [15]. - Despite a shift towards self-operated business, the company has accumulated losses of 1.854 billion yuan by the end of 2024, although it reported slight profits in 2023 and 2024 after adjustments [15][16]. Investment and Shareholder Dynamics - Haipai Ke has undergone multiple rounds of financing, with significant investments from notable firms, but has also faced shareholder withdrawals and challenges related to performance-based agreements [16]. - The company is under pressure to complete its IPO by the end of 2026, with potential consequences for failing to meet this timeline [16].

Core Insights - The article highlights the challenges faced by Haipai Ke, a maternal and infant e-commerce platform, including allegations of counterfeit products and declining growth, as it prepares for its IPO [1][11]. Company Overview - Haipai Ke, founded in 2015, focuses on the lower-tier market for maternal and infant products, connecting suppliers with retail stores and expanding into beauty and health products [1][9]. - The company claims a market share of 10.1% in the family care and nutrition product sector, with a projected transaction volume of 8.6 billion yuan in 2024 [1]. Counterfeit Allegations - The company has faced ongoing allegations of selling counterfeit products, with consumer complaints documented on third-party platforms [1][6]. - A specific case involved a purchase of Estee Lauder's product, which was later confirmed as counterfeit by a professional testing agency [2][4]. Supplier Management Issues - The investigation revealed significant issues in supplier management, with unauthorized products being listed on the platform [4][6]. - The company’s customer service has offered refunds and compensation for counterfeit claims, but enforcement against suppliers remains weak [4][6]. Retail Network Authenticity - Haipai Ke claims to connect approximately 290,000 retail stores, but the authenticity of this figure is questioned, as the registration process for stores appears to be lax [7][8]. - Reports indicate that individuals can easily register as retail stores without stringent verification, undermining the claimed network size [8]. Financial Performance - The company has experienced revenue fluctuations, with reported revenues of 895 million yuan in 2022, 1.067 billion yuan in 2023, and a decline to 1.032 billion yuan in 2024 [11]. - Despite a shift towards profitability, the company has accumulated losses of 1.854 billion yuan by the end of 2024 [11][12]. Investment and Shareholder Dynamics - Haipai Ke has undergone multiple rounds of financing, with significant investments from various firms, but has also seen several shareholders withdraw their investments [11][12]. - The company is under pressure to complete its IPO by the end of 2026, with potential consequences for failing to do so, including issuing new convertible notes [12].

Core Viewpoint - The company Haipai Ke, a maternal and infant e-commerce platform, is facing significant challenges including allegations of selling counterfeit products and declining growth, raising questions about its readiness for an upcoming IPO [1][12]. Group 1: Company Overview - Haipai Ke was established in 2015 and has received multiple rounds of investment from notable backers including Lei Jun's Shunwei Capital [1]. - The platform primarily serves the lower-tier market, connecting suppliers with maternal and infant stores, and has expanded its offerings to include beauty, health products, and digital appliances [1][9]. - The company claims to connect approximately 29,000 offline retail stores, but the authenticity of this figure is under scrutiny [7]. Group 2: Allegations of Counterfeit Products - Investigations revealed that Haipai Ke has been accused of selling counterfeit products, with specific instances reported by consumers [1][6]. - A test purchase of a product from Haipai Ke resulted in a counterfeit finding, raising concerns about the company's supplier management and product authenticity [2][4]. - The platform's customer service has been unable to provide satisfactory resolutions regarding counterfeit claims, indicating potential weaknesses in its operational protocols [4][6]. Group 3: Financial Performance and Challenges - Haipai Ke's revenue has shown signs of decline, with reported figures of 8.95 billion yuan, 10.67 billion yuan, and 10.32 billion yuan from 2022 to 2024 [12]. - The company has accumulated losses of 18.54 billion yuan, despite a shift in focus from scale to profitability [12][13]. - The company has faced multiple rounds of shareholder withdrawals, complicating its financial stability and IPO prospects [12][13]. Group 4: Research and Development Concerns - The company's investment in research and development for its private label products is significantly lower compared to industry peers, raising concerns about its ability to innovate [10][11]. - The average R&D expenditure per SKU is alarmingly low, questioning the company's capacity for breakthrough innovations [11]. Group 5: Regulatory and Compliance Issues - The platform's supplier vetting process appears to be inadequate, allowing unauthorized products to be listed [4][6]. - There are indications that the registration process for retail stores on the platform is not as stringent as claimed, leading to potential misrepresentation of its operational metrics [8].

Group 1 - The core viewpoint of the articles highlights the strong market performance of Xiaomi's new model YU7, which sold over 200,000 units in just 3 minutes and surpassed 240,000 orders within 18 hours, challenging the narrative of declining automotive consumption in China [1][2] - The sales success of the YU7 is attributed to its appeal to younger consumers, with 57% of pre-order customers being under 30 years old, indicating a shift in consumer demographics towards a younger audience [1] - The articles emphasize the importance of activating young consumers' purchasing power as a key driver for stimulating domestic demand, suggesting that companies should focus on products that resonate with younger consumers' preferences and social values [1][2] Group 2 - The commercial success of Pop Mart's LABUBU toys is analyzed, revealing that it targets young people's interests in collecting and lottery-like experiences, which aligns with the trends seen in Xiaomi's automotive sales [2] - Both Xiaomi and Pop Mart's strategies involve creating emotional value through social sharing and community building among young consumers, which is essential for driving consumption in the current market [2] - The articles suggest that industries need to restructure around the demands of younger consumers to effectively ignite consumption growth, highlighting the role of companies like Xiaomi and Pop Mart in this transformation [2]

Group 1 - Consumer trust and brand reputation are critical resources for consumer-facing companies, and recent public sentiment events have tested their brand management and emergency response strategies [1] - The South Finance and Economics Media has developed a quantitative scoring mechanism to evaluate companies' responses to public sentiment events, focusing on four primary indicators: sentiment management and response, sentiment response, event handling, and brand impact [1] - The scoring system includes 14 secondary indicators, assessing aspects such as prevention mechanisms, response directness, information transparency, and long-term handling effectiveness [1] Group 2 - Recent public sentiment events include issues faced by various consumer brands, such as Atour Hotel's use of hospital pillowcases, White Elephant's "Duoban" trademark controversy, and Pop Mart's LABUBU quality control concerns [2][3][10] - Atour Hotel faced backlash after a guest discovered a pillowcase labeled from a hospital, leading to an apology and a 100% inspection of all linens, but the company's response was limited to the specific hotel involved [4][5] - White Elephant's "Duoban" trademark was criticized for misleading advertising, prompting the company to apologize and announce packaging adjustments, but their response lacked direct engagement with affected consumers [8][9] - Pop Mart's LABUBU product faced quality control issues, with numerous complaints about defects, yet the company did not provide a direct response to the concerns raised by consumers [11][12]