七匹狼业绩下滑、门店收缩与战略转型阵痛

Core Insights - The company, Seven Wolves, is facing unprecedented challenges, with a significant decline in revenue and profit in the first half of 2025 compared to the previous year [2][5] - The company's strategy of shifting from franchise to direct sales reflects a struggle for channel control, leading to a loss of market share and increased operational costs [2][3] Financial Performance - In the first half of 2025, Seven Wolves reported a 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% [2] - The company's non-recurring net profit plummeted by 61.35% to 29.1 million yuan, indicating a deepening financial crisis [2] - Online sales accounted for 35.6% of total revenue, amounting to 489 million yuan, but showed a decline of 5.27% year-on-year [3] Channel Strategy - The company is experiencing a dual challenge in its channel strategy, with direct stores increasing to 847 while franchise stores decreased from 1,006 to 875, a net loss of 131 stores [2][3] - Franchise sales revenue fell by 28.77% to 270 million yuan, significantly impacting overall performance [3] Cost Structure - Sales expenses reached 546 million yuan in the first half of 2025, a 16.68% increase, accounting for nearly 40% of total revenue, which is significantly higher than competitors [3] - In contrast, research and development (R&D) expenses were only 19.1 million yuan, a drastic decrease of 41.98%, raising concerns about the company's innovation capabilities [4][5] Strategic Challenges - The company's stock option incentive plan has failed to achieve its targets, with tax-pre profit declining from 189 million yuan in 2021 to 112 million yuan in 2023 [6] - The international luxury brand Karl Lagerfeld is also struggling, with a net asset deficit of 87.53 million yuan and total liabilities of 707 million yuan, complicating Seven Wolves' diversification strategy [7] Market Positioning - Seven Wolves has initiated a "brand strategy upgrade" to refocus on its core category of jackets, but the effectiveness of this strategy remains unproven [8] - The company faces increasing competition from brands like HLA and Youngor, as market concentration rises and consumer preferences shift towards online and personalized shopping experiences [8]