The recent caffeine controversy indeed came unexpectedly. The stock price dropped sharply at the time, but a closer look at the logic shows that a 15% decline cannot be fully explained by this event alone. Caffeine content in tea is common knowledge; individuals' tolerance varies greatly. Some people drink tea and can't sleep or experience palpitations, which is normal. This does not directly imply that the company is increasing caffeine in its products. The real issues are much deeper than this negative incident.

Looking at a set of data makes it clear— the market's average monthly GMV per store has fallen to 378,500 yuan, a year-on-year decrease of 28.3%. Active members number 35.2 million, and this figure is still declining month-over-month, with an 8.8% drop. These are the most indicative metrics of business health, and all are deteriorating. Growth momentum is clearly insufficient, and this is not a problem that appeared overnight.

The challenges of the industry are also evident. There are too many competitors in this market, and the competition has reached a saturation point. Maintaining a leading position? It's not that easy. Additionally, although the company is expanding overseas, the proportion is too small to offset the domestic market decline.

Another detail worth noting is the large dividends paid to the founders. The market has opinions on this, believing it reflects a lack of confidence in the company's future. But from another perspective, if store sales can't be boosted, distributing cash to shareholders might not be a bad thing for shareholder returns.

Therefore, the caffeine incident is more of a trigger point, accelerating the process of bottom-finding, but it is not the fundamental reason for the decline. The real issues lie in the fundamentals under pressure, worsening competition, and slow overseas expansion—these are the deeper reasons behind the stock price pressure.