创始人离场、门店锐减：茉酸奶的“狂飙”与失速

Core Viewpoint - The recent changes in Shanghai Boyi Catering Management Co., Ltd. reflect a significant power shift within the company, with founder Zhao Bohua stepping down and Gu Hao becoming the actual controller with a 57.14% stake, while dairy giant Junlebao re-enters as a shareholder with 42.86% [1][13]. Group 1: Company Background and Growth - The establishment of Mo Yogurt began in 2014, with Zhao Bohua opening the first store in Shanghai. The brand gained traction with products like avocado yogurt smoothies [2][14]. - In 2023, Mo Yogurt experienced a pivotal year, adding 1,368 new stores, bringing the total to 1,682 [2][14]. - The brand adopted an aggressive franchise model starting in 2021, implementing a strategy of "large stores in small cities and small stores in large cities" to rapidly expand market share [3][16]. Group 2: Franchise Model and Challenges - The initial investment for a standard 30-square-meter franchise store starts at 270,000 yuan, including various fees, but the payback period has extended from 8-10 months to 14-18 months [3][16]. - A media investigation in 2024 revealed serious food safety issues in several Mo Yogurt stores, leading to an apology from the brand for not adhering to operational standards [3][16]. - The brand's pricing strategy has faced criticism, particularly for high-priced products, which has affected its market perception [3][16]. Group 3: Store Network and Financial Performance - As of December 2025, Mo Yogurt's store count dropped to 1,166, a net decrease of 516 from its peak of 1,682 [7][20]. - In 2024, the brand opened only 110 new stores while closing 760, indicating a failure in its growth model [8][21]. - To stabilize its franchise system, Mo Yogurt significantly reduced the franchise fee from nearly 800,000 yuan to about 300,000 yuan and introduced flexible payment options [8][21]. Group 4: Future Prospects and Strategic Moves - The departure of Zhao Bohua marks the end of the brand's "product-driven" era, raising questions about the new management's ability to navigate challenges [9][22]. - Gu Hao has attempted to explore new sub-brands, but many have faced setbacks, including the closure of several stores [10][22]. - Mo Yogurt is looking to expand internationally, testing markets in Canada and Singapore while collaborating with Junlebao on supply chain and product development [10][22].