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上市计划再推3年,甜啦啦怎么了?
Sou Hu Cai Jing· 2025-08-22 05:44
Core Viewpoint - The company Sweet Lala has postponed its planned IPO to 2028 due to operational challenges and a need to improve its supply chain, brand recognition, and overall performance [1][4][18]. Expansion and Store Performance - Sweet Lala's store count has declined for three consecutive periods, with a drop from 6,748 stores at the end of 2023 to 6,233 by the end of 2024, and further down to 6,178 by June 2025 [5]. - The company aimed to open over 10,000 stores by 2024, but the actual expansion has significantly slowed, with new store openings dropping from 2,935 in 2023 to 1,908 in 2024, and only 623 in the first half of 2025 [5]. - International expansion has also fallen short, with only 200 overseas stores established by mid-2025, compared to an initial target of 500 for 2024 [5]. Financial Performance and Market Position - Sweet Lala's revenue for 2023 exceeded 2 billion, with a target of 3.5 billion for 2024; however, it lags behind competitors, as leading brands reported revenues over 3 billion in 2023 and many surpassed 4.5 billion in 2024 [5]. - The management has set ambitious revenue goals of over 10 billion in 2025, 50 billion in three years, and 100 billion in five years, which appear overly aggressive given the current performance [6]. Supply Chain Challenges - The company faces significant supply chain issues, with material costs approximately 30% higher than competitors like Mixue Ice City, which has established a more efficient supply chain [7][8]. - Sweet Lala's reliance on external procurement limits its cost control and bargaining power, leading to higher material prices compared to competitors [8][11]. Franchisee Pressure - Franchisees are experiencing financial strain due to high material costs and a lack of competitive pricing, with reported profit margins significantly lower than those claimed by the brand [12][14]. - The company's pricing strategy does not provide a competitive edge, as many products are priced similarly or lower than those of Mixue Ice City, further squeezing franchisee profits [12][13]. Brand Recognition and Marketing - Sweet Lala's brand recognition is significantly lower than competitors, with fewer social media followers and less consumer awareness, leading to higher customer acquisition costs for franchisees [15][16]. - The company is attempting to enhance its brand presence through collaborations and marketing campaigns, but the effectiveness of these efforts remains uncertain [15]. Internal Management Issues - The company is facing internal instability, with frequent changes in mid-level management and a shift towards a more rigid management style that has led to decreased operational efficiency [16][17]. Conclusion - The postponement of the IPO is seen as a necessary adjustment period for the company to address its growth bottlenecks and structural challenges, particularly in supply chain efficiency and franchisee profitability [18].