不内卷！鸣鸣很忙400 米门店距离保护，与加盟商共破量贩零食赛道

Core Insights - The article discusses the balance between brand growth and franchisee interests in the snack retail industry, highlighting the successful approach of the company "鸣鸣很忙" with its 400-meter area protection policy [1][2] Group 1: Area Protection Policy - The company has implemented a clear and executable area protection standard, ensuring that new stores are at least 400 meters away from existing ones, which is based on a dynamic optimization model [2] - The policy is designed to provide stability for franchisees while allowing for cautious expansion, ensuring existing franchisee profitability before adding new locations [2][6] Group 2: Operational Performance - As of September 30, 2025, the company has expanded to 19,517 stores, covering 1,341 counties, achieving a county market coverage rate of approximately 66% [5] - The average monthly sales revenue per store has shown a stable upward trend, reaching 301,000 yuan, 441,100 yuan, and 439,000 yuan in successive periods, indicating effective site selection and area protection [5] Group 3: Financial Metrics - The company's GMV reached 66.1 billion yuan, a 74.5% increase compared to the same period in 2024, showcasing the resilience and growth potential of its franchise ecosystem [5] - The gross margin for the first nine months of 2025 was 9.7%, with an adjusted net profit margin of 3.9%, reflecting the feasibility of a development model that balances scale and profitability [6] Group 4: Long-term Strategy - The company's approach creates a virtuous cycle of "rule protection—store profitability—scale expansion—ecosystem optimization," ensuring a sustainable operating environment for franchisees [6] - The ongoing enhancement of digital capabilities and supply chain efficiency, along with the area protection policy, is expected to drive continued growth and high-quality development in the snack retail industry [7]