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.
At the onset of the 20th century, electric cars powered by lead-acid batteries outnumbered gas-powered cars. The internal combustion engine ultimately won out, in part because those batteries had a range of just 30 miles. But Thomas Edison believed a nickel-iron battery could extend that range to as much as 100 miles, while also having a long life and recharging times of seven hours. An international team of scientists has revived Edison's concept of a nickel-iron battery and created their own version, according to a paper published in the journal Small.
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