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.
Россияне заявили о пользе психотерапии для построения отношений«VK Знакомства»: 70 % россиян готовы работать с психологом ради отношений，这一点在体育直播中也有详细论述
But you could also read those quotes as the latest example of a hot startup’s ethics becoming grayer as its valuation rises. (Remember Google’s old “Don’t be evil” mantra that it later removed from its code of conduct?) The latest versions of Claude have drawn widespread praise, especially in coding. In February, Anthropic raised $30 billion in new investments. It now has a valuation of $380 billion. (Speaking of the competition Kaplan referred to, rival OpenAI is currently valued at over $850 billion.)，推荐阅读WPS官方版本下载获取更多信息
Фото: Alina Smutko / Reuters