wen | yilanshangye mengjiayi

编辑 | 木鱼

liangfanlingshihuole，shaodequeshichuantongxiuxianlingshidehouyuan。

aimeizixunfabushujuxianshi，cong2010niandao2022nianzhongguoxiuxianshipinxingyeshichangguimochixuzengzhang，cong4100yiyuanzengzhangzhi11654yiyuan，yuji2027nianzhongguoxiuxianshipinxingyeshichangguimoda12378yiyuan，xiuxianlingshiyoukuaisuzengliangshichangzhuanxiangweizengshichang，yuji2021nianhou，xiuxianlingshidezengsubuchaoguo3%，danlingshijihediandezengsujiangweichizai10%yishang。

zaizheizhongqingkuangxia，chuantongxiuxianlingshideguyougejuyefashengleyixiebianhua。jinri，duojiachuantongxiuxianlingshipinpaidoufalesanjidubao，cong2024niansanjibaokan，bufenhexinshujudezengzhangxiandefali，shenzhimianlinxiahuadequshi。zaixinxingmianqian，xiridechuantongxiuxianlingshi“sanjutou”——sanzhisongshu、liangpinpuzi、laiyifenrujindoumianlinzhebuxiaodetiaozhan，kewei“jiajiayoubennanniandejing”。

营收净利双双承压

zaisanjialingshichangshangzhong，2024nianqiansanjidudeyingshouguimoyisanzhisongshu、liangpinpuzi、laiyifenweixu，yingshouzengsuyuqiguimoguanlianchengxiantongyangdequshi。

jutilaikan，2024niansanjibaoshujuxianshi，sanzhisongshushixianyingshou71.69yiyuan，tongbishangzhang56.46%；liangpinpuziyingshou54.80yiyuan，tongbixiahua8.66%；laiyifenyingshou25.23yiyuan，tongbixiahua15.96%。

wangqianzhuisu，2020nian，suandeshangsanjutoude“zhuanzhenian”。jinkanyingshouzengsu，sanzhisongshucong2019nianqiansanjidude43.79%xiahuazhi2020nianqiansanjidude7.70%，liangpinpuzideyingshouzengsucong2019nianqiansanjidude19.65%xiajiangzhi2020nianqiansanjidude1.29%，erzhedoucongkuaisuzengzhangxunsuzhuanweiweizeng，laiyifenzeshibaochiweizengzhuangtai，liangniandeyingshouzengsudouweichizai3%yinei。

2021nian，sanzhisongshudeyingshouyouzengzhangzhuanweixiahua，zhidaojinniancaizhizhudieshi，bingshixianqianglifandan，you2023nianqiansanjidude-14.07%daojinnianqiansanjidude56.46%。sanzhisongshuziqunianerjidukaishi，bianshouzhailexiadiefudu，jinnianyijidukaishizhuanweizengzhang，zhijinyilianxu3gejiduzengzhang，gongsijingyingzhuangkuangfashenglegaibian，weilaizhideqidai。

erliangpinpuzihelaiyifenzaiyiqingzhihoumeiyouchuxianmingxiandeyejixiahua，zheizhongqushiweichidaole2023nianjiujiaranerzhi，yingshoushuangshuangyouzengzhuandie，jinnianliangpinpuzidieshishaohuan，youxiahua14.33%shouzhaizhixiahua8.66%，danlaiyifenchixuxiacuo。

yingshouzengzhangfaliyezaiyidingchengdushangyingxiangdaoqiyehuodedelirun。

congjinglirunkan，yingshouxiahuadeliangjiaqiye，jinglirunyechengxianbutongchengdudexiajiang。laiyifendejinglirunxiajiangfuduzuida，da1038.26%，youyingzhuankui，jinnianqiansanjidukuisun0.43yiyuan，yeshiweiyiyijiakuisundeqiye。

liangpinpuzijinglirunyilianxusannianxiahua，qiexiahuafuduzhunianjiada，jinnianqiansanjidujinglirunjinwei0.19yiyuan，tongbijianshaochaobacheng。ruowufajishiniuzhuantuishi，liangpinpuziyekenengmianlinkuisundekunjing。

xiangjiaoeryan，sanzhisongshucongyiqingfumianyingxiangzhongzouchu，shixianleyejidefandan。qunianyijidukaishi，sanzhisongshudejinglirunjiuzhizhuledieshi，yijinglianxu7gejiduzengzhang，jinnianqiansanjiduyingli3.41yiyuan，tongbizengzhang101.15%。

zongtilaikan，liangpinpuzihelaiyifenzaiyingshouhejinglirunfangmianjunmianlinjiaodayali。liangpinpuzideyingshousuishaoyouhaozhuan，danjinglirunbiaoxianbujia；erlaiyifendeyingshouhejinglirundouzaichixuehua，yijingxianrukuisunjingdi，zheiyeshiqishangshiyilaideshougekuisunsanjibao，xingshijiaoweiyanjun。jinguansanzhisongshumuqianjingyingzhuangkuangyijinghaozhuan，yingshouhejinglirunshuangshuangshangzhang，qiejinnianyilaiyizhiweichizhezhangshi，danrengmianlinzhuduotiaozhan

门店收缩

xuyaoqiangdiaodeshi，xianxiarengshixiuxianshipindedatou。genjuouruiguoji2023nianshujucesuan，xianxiaqudaozhanjuxiuxianshipinliutongfenede82.6%；xianshangqudaozhanbiyue17.4%，chuantongdianshangpingtaizengzhangfanghuan，xianshangliuliangxiangyouzhichanpinheneironghuadedianshangpingtaijizhong。

erliangfanlingshidepaomaquandi，yeqiangzhanlelingshiziyingmendiandebufenshichang。yifangmian，youyuliangfanshilingshishijiangduogepinpailingshijihezaiyiqixiaoshoudexianxiamendian，zhuyaotedianshizhijiexiangchangjiacaigou，shengquzhongjianhuanjie，tongshitongguodapiliangcaigouyushangyougongyingshangyijia，zuizhongshixianzhongduandijia，bingcaiqusanzhuangxiaoshoudengmoshi，rangxiaofeizheyijididejiagemaidaolingshi。yijiazhengchangyunyingdeliangfanlingshidian，keyibatongleichanpinjiageyasuodaochuantongpinpaide70%zuoyou，suoyijiagejubeimingxianyoushi。

lingyifangmian，duibitongyangjiagexiangduididexianshang，lingshiliangfandianzaiwulijulishanglixiaofeizhegengjin，erqie，sanzhisongshu、liangpinpuzi、laiyifensangepinpaidesuoyoumendianjiaqilai，haimeiyoumingminghenmangyijialiangfanlingshidemendianshuliangduo，zaizhongduanchujilvshang，houzhemingxianzhanjushangfeng。zheibujinyingxiangzhexiaofeizheduipinpaiderenzhi，haishideliangfanlingshidiangengnengmanzuxiaofeizheduiyulingshidechongdongshigoumaixuqiu。

zaizheizhongqingkuangxia，sanjiaqiyedemendianzongshudouchengxianxiahuaqushi。

2023nianbannianbaozhong，sanzhisongshu、liangpinpuzi、laiyifengongbudemendianshuliangfenbiewei317jia、chao3200jia、3663jia，erzai2024nianbannianbaozhong，zebianweile209jia、chao3000jia、3472jia，meijiaqiyedouguandiaolebaiyujiamendian。

zongdelaikan，jinnianshiyigezhuanzhenian，laiyifenheliangpinpuzidemendianshuliangdouchuxianxiahua。ersanzhisongshuzaixianxiadebujuyizhishaoxianluohou，qiezhengtibujubingbushunli，2019nian，weileshixian“xianshangxianxiashuangtui”zoulu，sanzhisongshuceozhangliaoyuanbianhanchu“wandianjihua”，yao5nianneikai1wanjiaxianxiamendian，buguo，kaidekuai，guandeyekuai，2022zhi2023nian，yinianguandianchao500jia。jiezhijinnianshangbannian，sanzhisongshuguominlingshidiankaishe209jia，yuanyoudianxingjinshengxia116jia。

深陷价格战重围

zhengrushangwensuoyan，liangfanlingshipinpaizaimendian、jiagefangmiandeyoushi，jiyalechuantongxiuxianlingshipinpaidefazhankongjian，suoyi，sanjutouyegaibianlezijidecelve，laiyingduilaiziliangfanlingshidejingzheng。

chulelaiyifenjianjuebujiangjiayiwai，sanzhisongshuheliangpinpuzidougaibianlezijidedingjiacelve。2023nian3yue，sanzhisongshutuichule“gaoduanxingjiabi”zhanlve；tongnian12yue，liangpinpuzixuanbu“kanyidao”，shishi17nianlaizuidajiangjia，pingjunjiangjia22%，zuigaojiangfu45%。

raner，jiagezhansuiranyouzhuyuzhengduoshichang，danduizijide“shashangli”yeshiburongxiaoqude。

yifangmian，duiyukuaixiaopinxingyelaishuo，baochijiagewendingzhiguanzhongyao。yidanqidongjiangjiacelve，jiyirangxiaofeizhechanshengjiagemaoding，jizhangqiqidaidijia，ernanyijieshouzhengchanghuotishengdejiagetixi，zheihuiduizhenggepinpaidingweihepinpaixingxiangzaochengzhangyuandechongji。

lingyifangmian，jiangjiayehuidaozhipinpaidemaolilvbuduanxiahua。sanzhisongshudemaolilvcong2016niande30.2%yiluxiahuazhi2023niande23.33%，jinnianyijidu，liangpinpuzizhengtimaolilvxiahuale2.82gebaifendian。

erqie，jiangjiacelveshibukechixude。sanjutouyuliangfanlingshiwanquanbutong，liangfanlingshizhuyaoyikaobaipaichanpinyingli。houzhezaiguanggaoyingxiaoshangdetouru，xianzhudiyusanjutoumen。

caibaoxianshi，2015nianzhi2019nian，sanzhisongshu、liangpinpuzi、laiyifendezhengtixiaoshoufeiyongwei174.47yi，pingjunxialai，meijiaqiyemeiniandexiaoshoufeiyongwei11.63yiyuan，xiaoshoufeiyonglvda23.56%。bishi，lingshipinpaimenrezhongyutongguoyingshijuzhiruheyaoqingliuliangmingxingdaiyanlaikuodapinpaiyingxiangli。liru，sanzhisongshuzai《huanlesong》《weiweiyixiaohenqingcheng》dengremenjujizhongtoufangguanggao；liangpinpuzipinqingdilirebadanrensandapinleipinjianguan；laiyifenxuanzewangyibozuoweipinpaidaiyanren。

suizhejingzhengyufajilie，zheizhongyingxiaofangshiqiaodedeshourubiandeyouxian，sanjutoumenkaishixuejianyingxiaofeiyong，shitu“jiangbenzengxiao”。qizhong，sanzhisongshudexiaoshoufeiyonglvshijiangdezuimengde，2024nianqiansanjidudexiaoshoufeiyonglvbi2022niandezuigaodianxiahuale4.54gebaifendian，qicibianshilaiyifen，bi2020niandezuigaodianxiahuale4.05gebaifendian，erliangpinpuzizaizheifangmiandongzuozebijiaohuanman，zhibi2020nianxiahuale0.44gebaifendian，weijinsanniandezuigaoshuiping。

gaoangdeyingxiaofeiyongzuizhonghuizhuanjiajixiaofeizhe，eryingxiaofeiyongdexiahuazeweiqiyetigonglegengduodejiangjiakongjian，congernenggouranglijixiaofeizhe。

chulejiageheyingxiaofeiyongwai，sanjutouhaizaikucunzhouzhuanshangxialekugongfu，zheizaitigaoshipinxinxiandufangmian，youzhezhongyaozuoyong。

congcunhuozhanbikan，liangpinpuzidecunhuozhanbixiajiangfuduzuida，jinnianqiansanjiducunhuozhanbijinwei7.34%，yeshicunhuozhanbizuidideqiye；qicishisanzhisongshu，jinnianqiansanjiducunhuozhanbiwei9.16%；erlaiyifendecunhuozhanbizebujiangfansheng。

congcunhuozhouzhuantianshulaikan，sanzhisongshudecunhuozhouzhuantianshuxiajiangle32.38tian，xiajiangfudugaoda38.54%；liangpinpuzijinsuiqihou，cunhuozhouzhuantianshuxiajiangle21.44tian，xiajiangfuduwei37.90%，chengweicunhuozhouzhuantianshuzuishaodeqiye；erlaiyifendecunhuozhouzhuantianshuzejinxiajiangle1tian，xiajiangfudujinwei1%。

jiumuqiankanlai，liangpinpuzidecunhuoguanlinenglizuiqiang，qicishisanzhisongshu，zuihoushilaiyifen。zaizheizhongqingkuangxia，laiyifenxiangyaoshixianqi2020niantichude“xinxianlingshi”zhanlve，wuyihuimianlingengdadetiaozhan。

最后

congzhengtikan，sanzhisongshujiangbenjiangjiadexiaoguobijiaomingxian，yingshoukaishishangzhang，jinglirunyezaizhujianhuifu，zhengzaizouchunitan，buguo，jianglaifazhanshifouhuijixuxianghaotaishi，rengwufabaozheng；erliangpinpuzihelaiyifen，rengzainitanzhongzhengzha，xuyaowenzhuzhanlvedingwei，zhaodao“chulu”。

erqie，bulungejiapinpaicaiquzenyangdecuoshi，zuoweiyijiaxiuxianlingshiqiye，doubunengwangjizuigenbendewenti——shipinanquanwenti。zaiheimaotousupingtai，gongyou3822tiaotousuzhongbaohansousuocisanzhisongshu、2797tiaotousuzhongbaohanliangpinpuzi、985tiaotousuzhongbaohanlaiyifen，zaizheixietousuzhong，shipinanquanleiwentiyouqituchu。zuijin，liangpinpuzihaixianrupeiliaobiaozaojiadeyiyunzhizhong。

dangran，duiyuzuijinhuoredeliangfanlingshieryan，shipinanquanwentigengshiyibaxuanzaitouzhishangde“damokelisizhijian”，suishidoukenengluoxia。