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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.
因此，研究人员首先使用了轻量级的大模型对这些文本进行过滤，剔除掉“经验+3”这种无意义的回复以及纯链接等垃圾信息。