最新总门店数超过1.5万家，库迪缓了一口气？

Core Insights - Kudi has over 15,000 stores, with 3,000 pending openings, including standard stores, in-store shops, and convenience stores [1] - In May, nearly 90% of Kudi's standard stores achieved a net profit exceeding 10,000 yuan, indicating the effectiveness of recent delivery subsidies [1] - Kudi's average operating cash flow per store reached 27,000 to 28,000 yuan in May, a 40% year-on-year increase [2] Expansion Strategy - Kudi's growth strategy focuses on expanding its franchisee base to sustain its subsidy model and has set a target of 50,000 stores by 2025 [3] - The company has invested in upstream supply chains to support store expansion, particularly in regions like Anhui [3] - Kudi's previous plan to open 8,000 in-store shops in six months was halted due to operational challenges and brand consistency issues [3][4] Operational Challenges - Kudi faces management issues, including inconsistent product quality and hygiene problems, which have been criticized on social media [4] - The company plans to appoint 1,100 regional managers to improve store oversight, aiming for a more standardized operational model [5] - The current management ratio of 1 regional manager to 14 stores is seen as more reasonable compared to previous instances where one manager oversaw up to 90 stores [5] Market Dynamics - Kudi's growth has been significantly driven by delivery subsidies, primarily supported by JD.com, which may not be sustainable in the long term [5] - The average price of Kudi's products on JD's delivery platform is approaching 9.9 yuan, raising concerns about future sales volume as subsidies decrease [5][6] - The competitive landscape in the coffee industry is expected to intensify, with a potential market shakeout as profitability becomes more challenging [6]