Research Reports

Total revenues increased 38.3% year-over-year to MXN 18.8 billion (CEO, prepared).
Same-store sales grew 17.7% in Q2 2025, versus 10.7% in Q2 2024 (CEO, prepared).
Net new store openings in Q2: 142, bringing total store count to 3,031 (CEO, prepared).
EBITDA reached MXN 844 million, up 22.5% year-over-year; EBITDA margin was 4.5%, down 58 bps (CFO, prepared).
Excluding non-cash share-based payment expense, EBITDA would have increased 32% and EBITDA margin would have been 5.8%, down 27 bps (CFO, prepared).
Cash flow from operating activities in H1 2025: MXN 1.9 billion, a 56% increase versus 2024 (CEO, prepared).
Net local cash position of approximately MXN 1.1 billion; additional $150 million cash from IPO funds (CEO, prepared).
First-half store openings: 259 stores in 2025 vs. 215 in H1 2024; on a 12-month basis, 528 stores vs. 460 (CEO, prepared).
Sales expenses as % of revenue: 10.5% vs. 10.4% in prior year, driven by accelerated store openings and D&A (CFO, prepared).
Admin expenses as % of revenue: 3.9% vs. 3.6%, including MXN 111 million incremental non-cash share-based payment expense (CFO, prepared).
Negative working capital approximately MXN 7 billion in Q2 2025, excluding IPO proceeds, vs. MXN 5 billion in June 2024; roughly 10.5% of LTM total revenue (CFO, prepared).

Official guidance: No forward guidance provided.

Mgmt quotes:

“We delivered another quarter of exceptional growth, far outperforming other listed grocery retailers in Mexico due to our unrivaled value proposition.” (CEO)
“Our revenue growth remains rapid. We continue to be one of the fastest-growing retailers in Mexico and possibly globally.” (CEO)
“When we look at it on a store vintage basis, we see it clearly… when our store opening rates flatten, it will become very evident.” (CFO, on operating leverage)
“We are accelerating the rate of store openings. This, along with related investments affects our consolidated margin. But across the board and especially at the vintage level, we continue to see the benefits of scale and operating leverage.” (CEO)
“Ours is a winning business model, we will keep on executing, and we will continue to do it just faster and better.” (CEO)

Topic: 同店销售加速驱动因素及鲜食测试进展
Key points:
- 同店销售增长来自门票数量增加和门票规模扩大，混合变化使客单价提升；内部存在价格通缩，通胀贡献最小
- 鲜肉及农产品试点仍处于测试阶段，尚未影响销售数字；即使未来不推出该类目，同店销售仍可显著增长
- 测试结果“谨慎乐观”，公司保守推进，需确保物流、采购效率可规模化
Mgmt stance: cautious – 鲜食试点仍在验证，强调保守扩张风格

Topic: 4个新区域的开业支出与爬坡周期
Key points:
- 新区域开业时初始40–60家门店，向150家“巡航速度”爬坡；新增支出主要来自人员、运输和培训
- 新区域毗邻现有区域，可继承部分门店并缩短品牌认知爬坡期；物流距离压缩带来效率提升
- 4个新区域集中在2025年下半年，但爬坡节奏与历史一致
Mgmt stance: neutral – 运营模式无实质变化，扩张带来效率优化

Topic: 自有品牌渗透趋势与租赁费用上升原因
Key points:
- 自有品牌是核心驱动力，2023至2024年渗透率大幅提升，2025年趋势预计延续；具体数字将在2025年Q4披露
- 租赁费用环比上升主要来自门店增长、设备租赁（冷藏/冷冻室）及新区域筹备；无一次性预付影响
Mgmt stance: neutral – 自有品牌持续推动同店，租赁费用增长与扩张匹配

Topic: 股权激励计划变动及高收入客群表现
Key points:
- 2025年Q2 RSU和期权增加因招聘关键人员，属例外情况；全年授予量在高速增长公司市场参数范围内
- 高收入社区门店占总门店比例仍小，但品牌在所有收入阶层均具吸引力；购频和客单价随购买力提升而增加
Mgmt stance: neutral – 股权激励正常，品牌跨阶层成功但高收入群体占比有限

Topic: 竞争环境变化及新区域地理特点
Key points:
- 墨西哥市场竞争高度激烈，但近两个季度未观察到竞争动态的实质性变化
- 新区域始终从现有核心向外延伸（“拉伸”而非“跳跃”）；购买习惯和门店爬坡表现一致性高，预计未来靠近美墨边境时口味可能变化
Mgmt stance: neutral – 竞争格局稳定，新区域表现可预测

Topic: 毛利率压力、成熟店铺同店销售增长
Key points:
- 毛利率下降源自新店加速开张产生的前置费用，销售实现后费用会被稀释
- 20年店龄的店铺仍实现高于通胀的稳健同店销售增长，得益于产品组合持续改善
- 加速开店在合并层面上压制了利润率，但管理层认为这创造了股东价值
Mgmt stance: bullish – 认为加速开店虽短期利润承压，但长期价值创造值得

Topic: 同店销售可持续性、营销预算分配
Key points:
- 管理层未看到同店销售放缓或下降迹象，预计下一季度仍保持健康（上季度约16–17%）
- 最佳营销来源是口碑和社交媒体（非公司付费），过去测试过付费营销但难以量化ROI
- 不排除未来分配营销预算，但挑战在于将支出与销售增长直接关联
Mgmt stance: neutral – 同店销售前景积极，但营销策略保持谨慎

Topic: 供应链能力、开店指引是否调整
Key points:
- 不开店指引不调整，管理层对完成全年目标有信心
- 供应链通过3年提前规划确保供应、质量和价格，降低扩张风险
- 供应商同步提升，长期计划覆盖人力资源、技术等领域
Mgmt stance: bullish – 指引可信，供应链管理已前置准备降低风险

Topic: 股权激励计划到期后的管理层薪酬安排
Key points:
- 2024年股权激励计划并非结束，而是每年由董事会批准分配股份给骨干员工
- 股权挂钩薪酬是吸引、留存和激励人才的关键，公司过去成功很大程度上归功于此
- 董事会控制在市场参数范围内，倾向于股权激励而非纯现金薪酬
Mgmt stance: bullish – 认为股权激励的优势大于现金，未来将持续使用