Newsletter (13)
Second, there are fundamental flaws in the profit structure. Raw-material costs have long remained above 85% of revenue, reaching 87.5% in the first three quarters of 2025—well above the industry average. This was compounded by a 63.7% surge in selling and marketing expenses in 2024 and a 20.1% increase in administrative expenses; cost growth far outpaced revenue growth, keeping gross margin under sustained pressure. Third, there is a perception gap between the flagship “freshly hand-wrapped” selling point and actual operations. The company uses centrally produced, frozen ingredients delivered from a central kitchen, with stores only wrapping on-site—something that does not match consumers’ understanding of “handmade throughout the entire process.” Controversy over pre-prepared food has further eroded trust in the brand. In addition, the company also faces compliance risks: in 2023, 21.6% of revenue was processed via third-party payment channels, and issues such as unpaid social insurance contributions and deficiencies in property filings remain to be addressed.
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Ранее историк Фардин оценил возможность гражданской войны в Иране. По его словам, действия США вполне могут привести к подобному сценарию.
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M5 Pro and M5 Max are built using the new Apple-designed Fusion Architecture and engineered from the ground up for AI. This innovative design combines two dies into a single system on a chip, providing tremendous performance boosts. M5 Pro and M5 Max feature a new up-to-18-core CPU with 6 super cores, the world’s fastest CPU core,1 and 12 all-new performance cores, optimized for power-efficient, multithreaded pro workloads — altogether delivering up to 30 percent faster performance.3 M5 Pro is designed for users running complex workflows, like coders optimizing algorithms and photographers processing massive image libraries, while M5 Max is for those pushing the absolute limits, such as engineers running rigorous simulations.