另外，截至三季度末，已签约待开业门店共36家，其中直营门店17家，加盟门店19家，预计开业时间都在2024年四季度，都分布在华东地区。① zhejiang yiming food had 2,002 operating stores in Q3, compared to 2,058 at the beginning of the period, with stores mainly located in the East China region; ② the number of self-operated stores and franchise stores fluctuated, with the gross margin of self-operated stores in Q3 at 54.5% and franchise stores at 21.14%; ③ the company's revenue for the first three quarters increased by 5.39% year-on-year, with a 4.13% increase in net income.
Financial Association News on October 23 (Reporter Chen Kang) zhejiang yiming food (605179.SH) did not have a good start in store expansion this year. At the beginning of the year, they set a plan to net increase 800 stores in a year. By the end of the third quarter, the total number of operating stores decreased by 56 compared to the end of 2023, to a total of 2,002 stores.
According to the company's main operation data for the third quarter of 2024 released tonight, 284 new stores opened in the first three quarters, 340 stores closed, and the number of stores at the end of the period was 2,002. The number of self-operated stores decreased from 618 to 495, while franchise stores increased from 1,440 to 1,507, all located in the East China region.
As of the end of the third quarter, there were a total of 36 signed but pending opening stores, including 17 self-operated stores and 19 franchise stores, all expected to open in the fourth quarter of 2024, located in the East China region.
Financial Association News reporters noted that the number of self-operated and franchise stores at zhejiang yiming food has been fluctuating since 2021. From 2021 to 2023, the number of self-operated stores was 914, 655, and 618, while the number of franchise stores were 1,225, 1,274, and 1,440.
However, in terms of gross margin, the gross margin of franchise stores is much lower than that of self-operated stores, with the gross margin of self-operated stores in the first three quarters at 54.5% and franchise stores at 21.14%.
Specifically, during the reporting period, the sales of self-operated stores decreased by 8.88% year-on-year, with no change in gross margin; the sales of franchise stores decreased by 0.74% year-on-year, with a 0.53 percentage point decrease in gross margin; sales through operational channels decreased by 2.19% year-on-year, with a 1.72 percentage point increase in gross margin to 28.2%; sales through direct channels increased by 26.96% year-on-year, with a 0.93 percentage point increase in gross margin to 17.96%.
In fact, in Q1 of this year, zhejiang yiming food had a negative net increase in store numbers (-26 stores), marking the first decrease in store numbers in nearly three years. Investors in the earnings conference asked about the reasons for this, and the company responded that the main reason for the high number of closures in Q1 was to optimize the layout of self-operated stores, while franchisees faced operational pressures, investment was cautious, and the pace of new store openings was moderately slowed down.
Zhejiang Yiming Food is engaged in the research and development, production, sales, and chain operation of fresh dairy products and baked goods. Its "Yiming Fresh Milk Bar" mainly operates in the East China region. In Zhejiang Yiming Food's plan, the new stores aim to break through the restrictions in the East China region and make progress in the Central China region, such as Anhui and Jiangxi. However, from the third-quarter company business data, it can be seen that the 2002 stores are still limited to the East China region.
The company's third-quarter report shows that the total operating income for the first three quarters reached 2.058 billion yuan, a year-on-year increase of 5.39%; the net income attributable to the parent company was 36.9063 million yuan, a year-on-year increase of 4.13%. As of September 30, the company's inventory was 0.135 billion yuan, an increase of 12.9 million yuan compared to the end of last year.
