LYFEN(SH:603777) Huan Qiu Wang·2026-01-26 07:46Core Viewpoint - The company is undergoing a significant transformation from a traditional asset-heavy direct sales model to a dual-driven strategy of "direct sales + franchising," aiming to evolve into a "chain management service + supply chain platform" enterprise, with substantial progress already made in this transition [1][3]. Group 1: Channel Structure Transformation - The fundamental restructuring of the channel is central to the company's transformation, shifting from a direct sales focus to a dual-driven strategy of "direct sales + franchising" [3]. - A key milestone in this transformation is expected in 2024, when the number of franchised stores is projected to exceed direct stores for the first time, reaching a share of 51.9% [3]. - As of June 2025, the total number of stores has reached 2,979, with franchised stores accounting for 53% of the total, indicating a clear trend towards channel structure optimization [3]. Group 2: Revenue Growth from Franchising - The rapid expansion of the franchising business has become a crucial support for the company's revenue growth, with the share of franchising wholesale revenue increasing from 4.81% in 2019 to 23.67% in 2024, reflecting a compound annual growth rate (CAGR) of 31.99% over five years [3]. - In the first half of 2025, revenue from the franchising business reached 722 million yuan, representing a year-on-year growth of 78.65% [3]. Group 3: Cost Structure Optimization - The significant optimization of the cost structure is a direct financial manifestation of the asset-light transformation, with sales expenses in 2024 decreasing by approximately 25% compared to 2022, amounting to a reduction of 325 million yuan [4]. - Management and sales expenses saw year-on-year declines of 11.9% and 14.17% respectively in 2024, with sales expenses maintaining a downward trend for three consecutive years [4]. - In the first three quarters of 2025, the sales expense ratio and management expense ratio decreased by 5.5 percentage points and 2.1 percentage points year-on-year, respectively [4]. Group 4: Comprehensive Business Ecosystem Reconstruction - The company's transformation is not merely a channel model adjustment but a comprehensive reconstruction of the overall business ecosystem, with initiatives to empower franchisees through various support measures [5]. - In 2025, the company plans to provide financial support to franchisees for store operational turnover, with further upgrades to support measures planned for January 2026 [5]. - The ongoing optimization of business layout and resource allocation aims to strengthen support for franchisees and the supply chain system, with a focus on reshaping the profit structure [5].