最新总门店数超过1.5万家，库迪缓了一口气？

Core Viewpoint - Kudi is engaged in a scale battle, with a current total of over 15,000 stores, including 3,000 pending openings, and aims to achieve a target of 50,000 stores by 2025 [2][3][5] Store Expansion and Profitability - Kudi's standard store net profit exceeded 10,000 yuan, with nearly 90% of stores achieving this profitability, indicating the effectiveness of recent delivery subsidies [3] - The average operating cash flow per store reached 27,000 to 28,000 yuan in May, a 40% year-on-year increase, reflecting improved financial health [4] Marketing and Collaboration - Frequent collaborations with popular IPs have boosted store sales, with a new collaboration every month since the beginning of the year [4] - Kudi's sponsorship of the Argentina national football team will continue until the 2026 World Cup, enhancing brand visibility [4] Challenges and Management Issues - Despite growth, Kudi faces management challenges, including inconsistent product quality and operational issues at some stores [7][10] - The company plans to implement stricter management with the introduction of 1,100 regional managers to oversee the 15,000 stores, aiming for a more standardized operation [8][9] Future Outlook - Kudi's growth is currently supported by delivery subsidies, but as these subsidies decrease, the sustainability of sales volume and operational efficiency will be tested [10] - The competitive landscape in the coffee industry suggests that Kudi may face a shakeout as market conditions evolve, emphasizing the need for effective management and operational strategies [10]