社区团购是迄今生鲜电商商业模式创新中声势最为浩大、投入资源最多的尝试之一。 自2016年诞生以来，社区团购行业经历“大起大落”，从2020年疫情期间迅速发展到2021年下半年大批公司倒闭，历时仅不到两年。2022年3月，曾经市值近200亿元、长期市场占有率位居行业第二的S公司倒闭，引发社会各界关注，留给学术界、商业界一个值得研究的案例。本文选取S公司为研究案例，对社区团购的商业模式进行分析，探究其商业模式的固有风险和S公司面对外来冲击的表现，探究S公司失败的核心原因，并尝试回答社区团购商业模式的可持续性问题。首先，本文回顾了商业模式及商业模式风险、O2O和新零售商业模式、以及社区团购领域的文献研究，总结了已有文献的观点和不足，并确定以魏朱商业模式理论为框架进行案例分析。接下来，本文梳理了社区团购行业的基本概况和发展历史，并指出了社区团购行业面临的普遍困难。随后，本文介绍了S公司的发展历史，并基于经营活动视角对其商业模式进行描述，分析了S公司经营活动环节及关键资源能力，并对S公司与利益相关主体的交易模式进行逐一分析。本文接下来重点分析S公司的商业模式风险，首先分析了其现金流缺口带来的固有风险，以及这一现金流出无法转化为公司核心竞争力的缺陷；其次，本文分析了来自利益相关者的风险，指出S公司在激励机制设计、利益风险分配、风险行为控制等方面的不足；最后，本文结合S公司的行业环境和宏观环境分析其商业模式风险，指出外部条件加速了风险的暴露。本文最后对S公司商业模式风险进行总结，并指出了S公司案例对企业经营者和投资机构在商业实践方面的启发意义，以及对O2O及社区团购、商业模式风险领域学术研究的补充和创新。

Community group buying, an innovative approach in fresh food e-commerce, has faced challenges since its establishment in 2016. The industry experienced a downturn in the latter half of 2021, exacerbated by the pandemic outbreak in 2020. The collapse of Company S, a major player valued at nearly RMB 20 billion, in March 2022 has attracted attention as a noteworthy case study. This research focuses on studying Company S to understand the risks of the community group buying business model, its sustainability, and the reasons behind its failure.Firstly, this paper provides a concise overview of the research conducted on business model risks, O2O e-commerce, and community group buying. It highlights the deficiencies in the existing literature and adopts the Wei-Zhu Business Model as the framework for analysis. Subsequently, the history of the community group buying industry is outlined, and the case of Company S is introduced, including its business model, operational processes, and key resources. Next, the paper examines the business model risks faced by Company S, such as cash flow gaps and stakeholder-related risks. It also identifies areas for improvement in incentive mechanism design, interest risk allocation, and risk behavior control. Finally, the study emphasizes the impact of external conditions on the exposure of inherent business risks, taking into account the industry and macro-environment. This paper concludes by summarizing the business model risks of Company S and highlighting its insights for business operators and investment institutions. It also contributes to the academic research in the fields of O2O and community group buying, as well as business model risks.