wen | donews caoshuangtao

编辑 | 杨博丞

shougouailingshi；tuixinggaoduanxingjiabizhanlve；chongcibaiyimubiao；jinnianqiansanjidu，yingshoutongbizengzhang56.46%zhi71.69yiyuan，guimujingliruntongbizengzhang101.15%zhi3.41yiyuan；10yuezhijingujiachixuzougao。2024niansanzhisongshuzaixiangshichangjiaochuyifengaozengzhangdedajuan。

图源：三只松鼠财报

图源：雪球

dangaozengzhangdelingyimianqueshisanzhisongshujingxiaoshangjiangchunjielihedangzuo“polanjia”maiji“daoye”、jiamengshangmendianzonghemaolilvnengdadao50%xuanzebidian、hezuodaigongchangyuedingdanjinebuzu20wan、gaojiachadiande“lingshihenmang”menjiazhongtouzizhededanyou，duidianshangyilaidesanzhisongshuchengweixianxiakuozhangdezuai。

01. 礼盒卖给“倒爷”

2024niannonglichunjiejieshuhoubujiu，yousanzhisongshujingxiaoshangzhaodaowomenyaoqiudijiachulilihe。gaikehubiaoshi，yinnianqianlihedunhuoguoduodandongxiaoyiban，kucunjiyayanzhong。danwomenshouhuodeqiantishixujianglihechaidiaodandushoumailimiandechanpin，kehuhenshuangkuaididaying，kehujuedejiusuan“dangpolanmai”zongbilanzaicangkuzhongyaoqiang。160gdebadanmuzhongduanshichangshoujia17.9yuan，women120gdebadanmumai9.9yuan，nikeyixiangxiadangshiwomenshouhuojiayouduodi。“daoye”liulei（huaming）duidonewsshuodao。

liuleijixuduiwomenshuodao，xianzaiwomenzhekoucangneisanzhisongshudekucunshangpinbaokuo：jinnian9yuexinxianriqideshuxiangniurouxianhuo3000dai，mingnian1yuefendaoqidexiehuangguazirenxianhuo15000dai，mingniansansiyuefendaoqidejianguoru240g*80guanxianhuo100jian，mingniansiwuyuefendaoqidegexinghuashubaolihe，xianhuo3000ti。

shuxiangniurouruogerengoumaijibaohuoshijibao，zhekoucangchukujiawei7.5yuan/bao，bidianshangpingtaide9.9yuan/baobianyi2.4yuan。dakehuzhengchecaigoujiagegengdi，qiehenduokehugenbenbupachangjiachacuanhuohechuanhuo，bijingkehuhuotongguodijia+siyuliuliang+xiaochengxudianshangshoumai，huozhijiebaiditanshoumai。

zheijinshiwomenyigezhekoucangneisanzhisongshudekucunhegonghuojia，suirantongxingsanzhisongshudekucunshendubutong，danzheixiekucunhuiyigezhongfangshiliuxiangshichang，zheihuoduohuoshaohuiyingxiangdaosanzhisongshudejiapan，dailaicuanhuohechuanhuowenti。dangranzheishichangjiaxukaolvdewenti，women“daoye”jiuzhuandianchajiayangjiahukou。

“niruoshirenshixuyaozhekoushangpindekehu，daoshibangwoyinjianxia，zheilianggeyuewoxujiangzhekoucangdekucunquanbuchuqing，zheiyangfangbianshou2025nianchunjiehougechangjiadechunjielihe。womenhezuokehutoulu，jinnianguoqingjiaqijieshuhou，wangwang、haoliyou、wolongdengduojiachangshangfenfenzhaokainianzhongjingxiaoshangdahui，mudeshirangjingxiaoshangduodun2025nianchunjiedelihechanpin。henduojingxiaoshangdui2025nianchunjielihexiaoshouxiangdangjinshen，danyoudanxinbeichangjianadiaodailiquan，gujichunjiejieshuyouyaorangwomen“daoye”dijiashouhuole。”liuleibiaoshi。

liuleidehuazaimoushipinjingxiaoshangqianyang（huaming）zheilitongyangkeyidedaoyinzheng，qianhangbiaoshi，tongxingdui2025nianchunjielihedongxiaobingbuleguan。yifangmian，xiaofeizhegouwuyufalixing，yufaguanzhuxingjiabi，jinnianhenduozhongqiuyuebinglihezhixiaotebieyanzhong。zheiyiweizhechunjieqijianchangjianiganmaigaojialihe，xiaofeizhejiuganbumai，xianzaihennanrangnianqingxiaofeizheweilihedegaoyijiamaidan。

lingyifangmian，henduonianqingrenchunjieqijianhuowaichuyouwanhuogenbenbuzouqinqihuozhizouzhongyaoqinqi。gengzhongyaodeshi，chunjieshichangduilihedexuqiubingmeiyouwaijiexiangxiangzhongdegao。ciqianwangluopingtaibushiyouyigeduanzima？woqujiujiujiabainiannadelihe，doudouzhuanzhuanzuihouhaishihuidaowomenjia。huanyanzhi，bushaojiatingjiuzhimaijijianlihe，laihuidaozhezouqinqi。

chudui2025nianchunjiexiaoshoudedanyouwai，jingxiaoshangtongyangduichangjiadebuzuoweigandaohanxin。moujianguoleilingshijingxiaoshangyuanhu（huaming）gaosuwomen，“lingshihenmang”menzaiquanguogedifengkuangkaidian，rangtamenbujinnanyihe“lingshihenmang”mendedijiajingzheng，qiexianzaishichangshangjiagedaoguayanzhong、yuanyoudefenxiaotixizaodaopohuai。

ruyoudelingshizhekoudianlaobanganqierpishengyi，jiangchanpindijiamaijixiaomaibulaoban。xiaomaibulaobanhuojiashangbaifangdeshicongjingxiaoshangdeshangpin，yingduijingxiaoshangyewuyuandejianchahediaohuo，sixiashoumaicongliangfanlingshidianjinlaidehuo，yishixianxiaodianlirunzuidahua。

mianduizheixiewenti，changjiazaijingxiaoshangdahuizhishuohui“xiangbanfa”jiejue。qiechangjiabuyuanyichengdanfengxian，fanerjiangyaliquanbushuaijijingxiaoshang，buduantigaochunjielihedexiaoshourenwu，yaoqiuwomenduojinhuo、duosanhuo、duodakuan。bijingchunjielihedongxiaobujia，dijiamaiji“daoye”，kuisundeshiwomenjingxiaoshangdeqian。womenjingxiaoshangdeqianyoubushidafenggualaide。jiaoliuzhijian，yuanhutouluchuzhuduowunai。​

02.加盟门店50%综合毛利率，坚定选择闭店

“dongbeidongjihanlengqiemanzhangxiaoshoujijiezhang，dangshimendianzonghemaolilvnengzuodao50%，danwohaishixuanzejiangjiamengdejijiasanzhisongshumendianguanting。”dongbeimoudiqudesanzhisongshujiamengshangyangwei（huaming）duiwomenshuodao。

yangweihewomenfenxiangleqijiamengsanzhisongshudejingli，woshizaiyiqingbaofaneinianjiamengdesanzhisongshu，dangshijiamengsanzhisongshuzhengtilaishuotouzibuda，chengbenbaokuofangzuchengben，zhuangxiuchengben，pinpaifangshouqudehuojiachengben、shouyinxitong、qianqipuhuodengqitachengben，mendianyunyingdeshuidianchengbenheyuangonggongzideng。

sanzhisongshupinpaizhimingdugaoweixianxiamendiandaoliu、dingweigaoduan、kedanjiaxiangduijiaogao，mendianzonghemaolilvnengzuodao50%。zheixieyoushidiejiaxia，dangnianchunjieqianhoudeyigeyuexiaoshouezhijiegandaojishiwan，kaiyeyinianduojiuhuibenle。houlaiwobujinzijifuzhijijiadian，shenbiandeqinqipengyouyegenzhejiamengsanzhisongshu。danjinrudaodiernian、disannian，mendianshengyiyufazaogao，zheisuiyouyiqingyingxiang，danbeihouqueshiduofangyuanyindaozhi：

yishimendianhuigoulvtebiezaogao，henduoxiaofeizhechucijindiangoumaisanzhisongshumoukuanlingshi，juedekouganbucuohou，tongchanghuizaidianshangpingtaijinxingtongkuanbijia，xiangtongchanpin、xiangtongguige，sheidebianyimaisheide。dansanzhisongshubingbuxiangchudianqiyeneiyangxianshangzoudipeidijiaxianxiazougaopeigaojia，rangxiaofeizhehennanzaixianxiamendiansoudaotongkuanshangpin，yingduixiaofeizhedebijiaduimendianyejideyingxiang。

qiejiusuandianshangpingtaihejiamengshangmendiannengxianshangxianxiashangpintongjia，douyaogongzuodexiaofeizhehuijuedejingdong、shunfengnengzuodaocirida，youhebilangfeishijianpaoxianxiamendiangoumaini？xianshanghexianxiachanpinquefachayihua，xiangdangyuwomenjiamengshangmendianbianchengpinpaifangde“xuanchuanzhendi”。meiyoudongxiaodailaidekeguanlirun，womenjiamengshangpingshenmegan？

ershihanchugaoduandesanzhisongshuquezai“landajie”，zhijieyingxiangtuangoudadan。woyiqianshizuoshipinjingxiaoshangshengyide，zaidangdirenmaiziyuanfengfu。sanzhisongshugangjinruwomenshichanghou，quanneibushaolaobanguonianqijiandapiliangcaigouhuikuitamenkehu。

danyiqingduizheixielaobanqiyeyejidechongjidiejiadajieshangsuichukejiandesanzhisongshu。ranghenduolaobanjuedesanzhisongshugaoduanshuxingbuzu，chengbuzhutamendemianzi，houlaitamenhaishisongchaye。bijingchayejiagebutouming，jinengmanzutamen“huaxiaoqianbandashi”dexuqiu，yerangtamenhekehuzhijiandeqingyinanyitongguojutijinelaihengliang。

sanshisanzhisongshudanwangjiqufenguoyumingxian，dangshiwangjidanyueshijiwanyingyeehenzhengchang，wuliugeyuangongdoumangbuguolai，danxiajidanyueyingyeekenenghaimeiyouliangsanwan，lianggeyuangongdouyoudaliangshijianwanshouji。huanyanzhi，jingxiaoshangxujiangwangjizhuanlaideqianbutiedanji，ruowangjidongxiaobujia，yiweizhequannianbaigan。

shangshuyuanyindecunzai，2023nianchunjiejieshuhouwojiubazijijiamengdejijiadiantongshiguanting。hewoyudaoxiangsiwentidejiamengshangbuzaishaoshu，zheiyeshiwaijiekandaosanzhisongshuxianxiamendianshuliangxiahua、meitiyanzhongsanzhisongshuxianxiaqudaoshouzudezhongyaoyuanyin。

ruyangweisuoyan，jusanzhisongshu2024nianbannianbaoxianshi，baogaoqineidianshangshouruzhanzongyingshoude81%，douyin、tianmao、jingdongdengdianshangpingtaijunbaochizengsu。dantongqi209jiamendianduiying1.75yiyuandeshouru，danjiamendianpingjunshouruyuehe83.7wanyuan。

ruokaolvdaobufenmendianweidongzhe140pingfangyishangdedadian，xuanzhijizhongzaiquyushichangrenliuliangjiaodadeshangquanzhong。dandian80duowandepingjunshouruyounengfouduichongjiamengshangdegezhongtouru，baozhengjiamengshangdelirunni？

图源：三只松鼠财报

图源：三只松鼠财报

yangweijixuduiwomenshuodao，jinnianpeitongwojiazhizicanjiasanzhisongshudexianxiazhaoshanghui。anzhaosanzhisongshuxiangguanfuzerenshuofa，weijiangdixuanzhinandu，sanzhisongshutuichubaokuoqijiandian、biaozhundian、kuaishandiandengliuzhongbutongdianxing。gongsipingjunmaolilvyuewei28%，gaoyuxingyepingjunshuiping10gebaifendian。jianguo、xiaolulanlan、lihelibaodenggaomaolichanpindemaolilvkeda35%zuoyou，binggan、yinpindengdimaolichanpinzhuyaozuoweiyinliushangpin，qimaolilvzai10%～20%zhijian。 

图源：受访者提供

wojiazhizibenxiangjiameng，danbeiwoquantuile。wofanwenwozhizijigewenti：wodangchu50%demendianzonghemaolilvdiejia“lingshihenmang”menshangweizaiquanguoshichangshangweigongchenglvedi，doukuisunbidian。nijuedezaidangqian“lingshihenmang”menzaiquanguochixugongchenglvedi，gezhonggaojiachadianxia，huibenzhouqihuiyouduozhang？

ciwai，sanzhisongshujiamengzhengcezhongdequyubaohufanweishibanjing2km，baohubanjingxiaoduikeliuliangdechongjizailingshizhekoudian、mixue、guoquandengyetaishenshangyiqingxishangyan。gengzhongyaodeshi，sanzhisongshurengzaidalifazhandianshang，nijuedeciqianwomendianjingyingguochengzhongdefugoulvchawenti，weilainikaidianyoushifouhuitongyangchuxianni？

heyangweizheiyangdetouzizheyufalixing，“lingshihenmang”daimendailaideqiangjingzheng，rang2024nianshangbanniansanzhisongshuguominlingshidianmendianjingxinzengshuliangjinyou60jia，danyuemendianshuliang10jia。xiangjiao“lingshihenmang”men，sanzhisongshukuozhangsuduxiangduihuanman。

03.三只松鼠收购爱零食迎来大考

zhenduisanzhisongshushougouailingshi，ailingshichuangshirentangguangliangzhiyan，qianshouzhiyouyigemubiao——sanfentianxia。huanyanzhi，sanzhisongshuxiangyaojianlishangyouzijiangongchanghedaigong+neibutongguoqianggongyinglianguanli+xiayoutongguoduoyuanhuadianxinghelingshizhekoudian，ji“qiandianhouchang”defangshilaiwendinghekuodaqizailingshixingyedediwei。

sanzhisongshudexiangfahuoxushimeihaode，danmianduidexianshiqueshigugande。“lingshihenmang”mendailaisanzhisongshudeyalibujinshiqianzaidechadianfengxian，gengzhongyaodeshiduizhenggelingshishichangdechongji。

sanchengshipinjingxiaoshangluhang（huaming）duiwomenshuodao，sanchengshipinjixiaofeizhezaizhongduanchangjianderudabaitunaitang、aerbeisi、xizhilangguodong、daliyuanmianbao、youchenrousongbing、gangrongzhengdangaodengdeng。ciqiansanchengshipinjingxiaoshangtongguobaochang、maiduanzhongduansanchengshipinhuojiazhuanqu，duichangjiajianligaoduhuayuquan。tamenbujinnengzuodaonianxiaoshouechaoqianwan，lirunxiangdangfenghou。rumoupinpairousongbingchangjiapifajiawei10yuanmeibao，jidaozhongduanmaichangwei18yuan。

danliangfanlingshizhekoudianchixuchongjixia，youqishiliangguang、jiangxi、hunan、hubeidengliangfanlingshidianjingzhengjujidi，zhiqianhenduonianxiaoshouechaoqianwandesanchengshipinjingxiaoshangdouchengbuzhule，xianzaijidaozhongduanmaichangdejiageduoshianzhaochangjiachuhuojiazou。xianzaideqingkuangpeisongdecheheganhuoderenduo，dailaidetuihuohedariqichanpinyueduo，sanchengshipinjingxiaoshangkuisunyueyanzhong。nengmaiduoshaoshiduoshao，changjiayebiexiangjiwomenxiazhongrenwu，gengbiexiangnaniewomen。

nijuededuanqineizheizhongqingkuangnengdedaogaishanma？luhangbiaoshi，xianzaizhongduanmaichangheliangfanlingshizhekoudianweiraosanchengshipindejingzhengshi“feilixing”dejingzheng，ruliangfanlingshidianbeibaoguicheng，qibeihoumendianxiwangtongguosanchengshipinduozhuanqian、duoyingli，jinerduichongmendiangaotouruchengben。zaiyige“feilixing”shichangdehuanjingxia，nijuedechangjiadejingzhenghezhongduandejingzhengnenggaishanma？jingxiaoshangdenuligengshibaifei。yuqijixuneihaopeiqian，burutuichudenglingshizhekoudianchaoshuituiqu。

lingzailuhangkanlai，weilaiyiliangnianlingshizhekoudianxipaijianghuijiaju。2023nianguaqideliangfanlingshichaohe2020nianxingqide“shequtuangou”benzhibingwuqubie，doushixiuxianshipinchangjiacuanhuohechonghuodezhongzaiqu。duanqineishipinchangjiahuonengbaorongqicunzai，dandongxiaoyanzhongxiahua、chanpinyahuohexiaoshourenwuzhong、cuanhuohechuanhuowentituchu、lingshizhekoudiandaozhichangjiajiapanhunluan、zhangjianan、lingshidianzhuanxingpifashangcongjingxiaoshangshenshang“fenrou”，“jianao”chengwei2024nianshipin、ruzhipin、yinliao、dongpindengxingyejingxiaoshangdenianduguanjiancizhixia。

weilaijingxiaoshanghechangjiademaodunhuojiangchedijihua，xianzailingshizhekoudianjichangjiadailaixiaoliangshijishangshiyouxian。baojingxiaoshanghaishibaoliangfanzhekoudian，henduochangjiabiranxuyaozuochuxuanze。yidanchangjiayouledaan，dengdaizheixieliangfanlingshizhekoudiandeyouhuishishenmeni？

chuluhangtidaodewentiwai，moujiaweisanzhisongshudaigongdeshipinqiyequdaojinglizhangming（huaming）danyoudeshirengshisanzhisongshudepinleiwenti，zhangmingduiwomenshuodao，womenzaijisanzhisongshudaigongyinianduodeshijiannei，meiyuedaigongdingdanjinecongweichaoguo20wan，bufenyuefengengshibuzu10wan，zheihaimeiyouzhongyaobudouyindarenjiwomendaihuodexiaoshoueduo。

dandaigongyiweizhechangjiaxudiaozhengchanpinguige、baozhuang，fuzepeisong，richangkeqingweihudengdeng。gezhongchengbendiejiaxia，zhuandaodelirunyouxian，houlaishuangfanggancuijiutingzhihezuo。yiqiandaigongchangtongguohedapaichangjiahezuodazaobiaogananlitigaoqiyezhimingdu，danxianzaibuzhuanqiandemaimainayoudaigongchangyuanyijiede。huanyanzhi，sanzhisongshuyouyaoruhebaozhengxiaoliang，hezuogengduoyouzhidaigongchangni？

ciwai，shipinxingyezhongzichanzixiaoshengchanxingqiyemaolilvyuezai40%～50%，daigongmaolilvyuezai10%～20%。sanzhisongshuskuzhongduo，henduopinleixuyaodaigong。dancongdaigongchanglirundaosanzhisongshuchangjialirundaomendianlirun，meicenglirundiejiaxia，younengfoubaozhengchanpinzhenzhengjuyou“gaoduanxingjiabi”ni？gengzhongyaodeshi，ruobushiyongdaigongmoshi，he“lingshihenmang”neiyangcaiquzhicaimoshi，xiaofeizhezhennengganzhidaoqihe“lingshihenmang”menmendiandechayima？

结语：

《gongyinglianguanli：zhongguomoshiyushijian》yishuzhongxiedao，zhongguogongyingliandefenxiaotixizhong，liyifenpeishihexinwenti，qudaoshanggengduoguanzhuduanqiliyizuidahua，erfeizhangqipinpaihezuo。《zhongguoshangyedeluoji》yishuzhongtongyangtidao，zhongguoshangyequdaohefenxiaotixizhong，“liyiqudong”shibukehuoquedehexin。

zaidangqianlingshizhekoudianduilingshiqudaotixi、jiagetixi、xiaofeizhexinzhichixuchongjixia，sanzhisongshuyouyaoruherangjingxiaoshang、jiamengshangdeliyizuidahuani？jinerzhenzhengjiejueduidianshangyilaizhong，xianxiaqudaobuzudeduanbanni？