鸣鸣很忙上市背后：万店连锁告别草莽

Core Insights - The article emphasizes that after reaching a network of 20,000 stores, the focus shifts from mere expansion to efficiency advantages in the retail sector [3][12][14] Group 1: Company Performance - As of September 30, 2025, the company achieved a GMV of 66.1 billion RMB, a year-on-year increase of 74.5%, and revenue of 46.371 billion RMB, up 75.2% [7] - The adjusted net profit for the same period was 1.81 billion RMB, reflecting a significant increase of 240.8%, with operating cash flow netting 2.19 billion RMB [7][8] - The company’s revenue is projected to grow from 4.286 billion RMB in 2022 to 39.344 billion RMB in 2024, with adjusted net profit rising from 0.081 billion RMB to 0.913 billion RMB [10] Group 2: Store Network and Market Strategy - The company operates 19,517 stores across 28 provinces and all major cities, with approximately 59% located in county towns and rural areas, indicating a strategic focus on high-frequency, cost-sensitive markets [10][12] - The company has signed contracts for over 20,000 stores as of September 2025, positioning itself as the largest chain retailer in the Chinese snack food and beverage sector [12][14] - The membership base exceeds 180 million, with a 77% repurchase rate over the past 12 months, indicating strong customer loyalty [10] Group 3: Efficiency and Supply Chain Management - The company’s operational efficiency is highlighted by a stock turnover period of 11.6 days and logistics costs accounting for approximately 1.7% of revenue [16] - The company collaborates with over 2,500 suppliers and maintains a SKU count of 3,997, with about 34% being custom products, which helps stabilize price differences [16][20] - The company employs a digital infrastructure that integrates procurement, warehousing, transportation, and store operations, enhancing overall efficiency [22] Group 4: Franchise Model and Management - The company has shifted its franchise model by eliminating franchise and management fees, focusing on long-term operational quality rather than short-term revenue [26][28] - The company emphasizes a comprehensive support system for franchisees, including site selection, standardized training, and ongoing operational guidance, aiming to ensure franchisee profitability [28] - The approach to franchising is evolving, with a focus on making the franchise process a controllable system, thereby challenging the traditional negative perceptions associated with franchising in the industry [26][28]