文 | 酒业内参 徐苑蕾作为“中国小酒馆第一股”,海伦司曾凭借“10元小酒馆”的定位在年轻消费群体迅速扩张,但2024年却深陷直营业务腰斩、同店销售额下滑超20%、利润由盈转亏等困境。海伦司在战略转型中面临着巨大的阵痛与挑战。消费疲软、加盟店销售额遇冷、下沉市场培育期漫长,成为拖累业绩的“三座大山”。更令人担忧的是,海伦司在港股的市值已较上市高点蒸发逾90%,并在今年陆续被踢出恒生综合指数及港股通...
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