西南证券发布大参林研报，“自建+并购+加盟”扩张战略稳步推进，业务韧性凸显

Group 1 - The core viewpoint highlights that Dazhenlin (603233.SH) is expanding its network through franchising, leading to an optimized store structure [1] - The company is dynamically adjusting its product category structure, showcasing resilience in high-margin businesses [1] - Significant results have been achieved in cost reduction and efficiency enhancement, with an ongoing increase in market concentration among leading players [1]