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%

Core Viewpoint - Seven Wolves has been experiencing stagnation in revenue, with expectations that it may not reach 3 billion yuan in 2025, marking a decline in performance over the years [2][6][8]. 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% [7]. - The company's revenue for 2024 was 3.14 billion yuan, a decline of 8.84% compared to the previous year [8]. - The company has not achieved its performance targets set in its stock option incentive plan for two consecutive years [9][10]. Store Operations - As of the first half of 2025, Seven Wolves had a total of 1,722 stores, with a net decrease of 86 stores over the year [11]. - The number of direct (including joint venture) stores increased by 45, while franchise stores decreased by 131 [11]. Sales Channels - Online sales revenue reached 489 million yuan, down 5.27% year-on-year, while franchise sales revenue fell by 28.77% to 270 million yuan [3][4][11]. - The return rates on major e-commerce platforms like Tmall and Douyin were around 50% [5][13]. Cost Structure - Sales expenses for the first half of 2025 were 546 million yuan, accounting for nearly 40% of total revenue, while R&D expenses dropped by 41.98% to 19.11 million yuan [15]