The 'Small Pond' Dilemma of Buffalo Milk: The Techno-Economics Behind Baifei Dairy's Four IPO Attempts

If you were an AI company focusing solely on vertical industries, with your model leading in benchmarks for niche scenarios and enjoying good customer reputation, but the market size was only a few hundred million, what would you do? You could expand horizontally into adjacent industries, go deep vertically to offer full-stack solutions, or take a gamble—tell a "small fish in a big pond" story to the capital markets. The Baifei Dairy story is like this scenario's dairy industry version.