三个月仅增2家店，这个咖啡头部品牌“躺平”了？

Core Viewpoint - Tim Hortons China has been operating for six years without achieving profitability, with a significant decline in revenue and ongoing losses despite a growing number of stores [1][8]. Group 1: Financial Performance - In Q1 2025, Tim Hortons reported revenue of 300 million RMB, a year-on-year decrease of 9.5%, and a net loss of 58.9 million RMB, which is nearly a 50% reduction in loss compared to the same period last year [1]. - The revenue from self-operated stores in Q1 2025 was 255 million RMB, down 14% from 296 million RMB in Q1 2024 [1]. - The number of new stores opened in Q1 2025 was only 2, while 7 underperforming self-operated stores were closed, resulting in a total of 1,024 stores across 84 cities as of March 31, 2025 [1]. Group 2: Sales and Orders - The total number of orders decreased from 10.3 million in Q1 2024 to 8.8 million in Q1 2025, a decline of 14% [2]. - The average order value also fell by 1.9% year-on-year [2]. - Same-store sales have been declining for five consecutive quarters, with a slight improvement in Q1 2025 showing a decrease of 6.5% compared to previous quarters [3]. Group 3: Cost Management - In Q1 2025, food and packaging costs for self-operated stores were 77.5 million RMB, down 24.6% from 102.7 million RMB in Q1 2024 [5]. - Rental and property management fees decreased by 12.9%, and payroll and employee benefits as a percentage of revenue fell from 20.5% to 19.4% [5]. - Marketing expenses also saw an 11.8% reduction year-on-year due to the growing brand influence [6]. Group 4: Business Strategy - Tim Hortons is actively expanding its franchise business, with the number of franchise stores increasing from 302 to 455 year-on-year, averaging one new franchise store opening every two days [7]. - The company is implementing a "coffee + warm food" strategy to differentiate itself in the market, aiming to enhance consumer experience and expand its product offerings [8][10]. - However, this strategy involves higher operational costs and complexity, which may limit the speed of expansion despite creating a differentiated market position [10].