七匹狼加盟店营收降28.77%净减131家 三电商平台退货率约50%启动品牌升级

Core Viewpoint - Seven Wolves has been stagnating at the 3 billion yuan revenue level for 8 years, with projections indicating it may not even reach 3 billion yuan in 2025 [2][10]. Financial Performance - In the first half of 2025, Seven Wolves reported revenue of 1.375 billion yuan, a year-on-year decrease of 5.93%, and a net profit of 160 million yuan, down 13.93% [6]. - The company's revenue in 2024 was 3.14 billion yuan, a decline of 8.84% compared to the previous year, while net profit was 285 million yuan, an increase of 5.35% [7]. - The company's performance has been declining since 2024, with the first half of 2025 showing a significant drop in net profit and revenue [7][12]. Store Operations - As of the first half of 2025, Seven Wolves had a total of 1,722 stores, with 847 being direct (including joint ventures) and 875 being franchise stores, reflecting a net decrease of 86 stores over the year [15][16]. - The average store efficiency for the first half of 2025 was approximately 706,000 yuan, remaining stable year-on-year [16]. Sales Channels - Online sales revenue for Seven Wolves in the first half of 2025 was 489 million yuan, down 5.27%, while franchise sales revenue was 270 million yuan, down 28.77% [17]. - The return rates on major e-commerce platforms were notably high, with around 50% on Tmall, Douyin, and Vipshop [4][18]. Cost Structure - Sales expenses for the first half of 2025 reached 546 million yuan, a year-on-year increase of 16.68%, accounting for nearly 40% of the company's revenue [20]. - In contrast, R&D expenses significantly decreased by 41.98% to 19.11 million yuan, attributed to a shift in focus towards optimizing R&D efficiency and resource allocation [21]. Brand Strategy - Seven Wolves is undergoing a brand strategy upgrade, focusing on its "jacket expert" positioning and aiming to enhance its competitive advantage in the men's clothing market through new products, images, business models, and marketing strategies [23].