“万店巨头”赚钱的秘密，藏在这三个字里

Core Insights - The Chinese consumer market has seen a surge in capitalized consumption brands, with companies like Mixue Ice City and others going public, highlighting a trend towards B2B supply chain models rather than traditional retail [1][2][3] Group 1: Business Model Transformation - Leading consumer brands are shifting their focus from direct consumer sales to B2B supply, with significant revenue coming from supplying franchisees [3][5] - For instance, Mixue Ice City reported that over 90% of its revenue comes from selling ingredients and equipment to franchisees, with only a small fraction from franchise fees [3][5] - Other brands like "Mingming Hen Mang" and "Gu Ming" also show similar revenue structures, with over 99% and 95% of their income derived from franchisee sales, respectively [5][12] Group 2: Supply Chain and Infrastructure - Successful brands have built robust supply chains, investing heavily in logistics, production, and digital systems to maintain competitive advantages [7][8] - Mixue Ice City has developed a comprehensive supply chain, including self-sourced ingredients and a logistics network that covers over 90% of county-level administrative regions in China [7][8] - The establishment of modern warehousing and distribution centers has enabled brands like "Mingming Hen Mang" to achieve efficient nationwide delivery [10][12] Group 3: Market Dynamics and Challenges - As the number of franchise stores increases, individual store profitability is under pressure, leading to longer payback periods for franchisees [13][16] - The saturation of stores in certain areas has resulted in increased competition among franchisees, causing dissatisfaction and financial strain [14][16] - The focus is shifting from merely expanding store numbers to enhancing supply chain efficiency and maintaining profitability for franchisees [17][18]