Core Viewpoint - The traditional brand "Goubuli" is facing significant challenges, including a decline in reputation and operational issues, leading to its inclusion in the list of businesses with abnormal operations due to failure to publish annual reports on time [1][2]. Group 1: Current Business Status - Goubuli has reportedly reduced its store count to only 10, primarily concentrated in Tianjin, indicating a significant contraction from its previous scale [16]. - The brand's reputation has polarized, with many customers criticizing the taste and service quality, while a minority still appreciates its traditional flavor [3][4][5][10]. - The pricing strategy has also come under scrutiny, with a basket of 8 buns priced between 46 to 48 yuan, leading to questions about the value proposition compared to local alternatives [11]. Group 2: Financial Performance - Despite the negative public perception, Goubuli's last reported financials before delisting showed a revenue of 155 million yuan and a net profit of approximately 24.25 million yuan in 2019, with a stable gross margin of 37.99% [12][14]. - However, the revenue contribution from physical stores has drastically decreased, with only about 20% of revenue coming from store operations in 2019, while frozen food sales accounted for 41.34% [15][16]. Group 3: Strategic Missteps - The decline of Goubuli is attributed to a series of failed strategic shifts and an overemphasis on capital pursuits, starting from its failed IPO attempts in 2012 and 2014 [18][19]. - The company has ventured into unrelated sectors, such as coffee and beauty products, which have not resonated with its core customer base, leading to a dilution of brand identity [21][22]. - The shift towards high-end positioning has alienated traditional customers, as the price increases have not been matched by quality improvements, transforming Goubuli from a "popular food" to a "high-priced bun" brand [21][22].