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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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Of course, the size increases with each attached module. However, snapping on the power bank module makes the thickness comparable to a standard modern smartphone. Another key feature here is how these various modular components stick together. Tecno has developed new interconnection technology that uses both magnets and pin connectors. This should make it easy to both attach and remove components.
——“扎扎实实、踏踏实实地搞现代化建设”
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