The company’s gross margin has consistently been below the industry average, dropping to 23% in 2024 and then recovering to 24.7% in the first three quarters of 2025—still far below the 28%–32% level of leading players. Raw material costs accounted for as much as 87.5%, and rapid expense growth further squeezed profit margins. Overall, the company’s scale advantage stands out, but its earnings are not sufficiently stable. Growth remains primarily driven by store count, and operating efficiency urgently needs improvement.
Role, 駐華盛頓記者，發自白宮
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House Targaryen apparently isn't just satisfied with conquering our small screens. It's coming for the big screen, too.
Путешествия для россиян стали еще дороже из-за конфликта на Ближнем Востоке20:37
Italian Grand Prix — Sept. 6