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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.，这一点在旺商聊官方下载中也有详细论述
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In the mid 1980s, IBM still had a very lucrative business selling minicomputers. These were medium-sized computers designed for applications where a mainframe would be overkill but a PC wasn’t powerful enough. And IBM’s pricing didn’t scale linearly. Mainframes were the most profitable systems for IBM, and microcomputers–what we now call desktops–were the least. Minicomputers were in between.
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