【中泰国际证券】Bringing Restaurant-Quality Dining to Your Home Table-250829（21页）.pdf

1、GUOQUAN FOOD(2517 HK)|29 August 2025 请阅读最后一页的重要声明 页码:1/21 HONG KONG MARKET CONSUMER GUOQUAN FOOD(2517 HK)Bringing Restaurant-Quality Dining to Your Home Table Chinas dominant one-stop provider of at-home meal solutions The companys retail store count reached 10,150 by the end of 2024.Leading the nea

2、rly RMB 400 billion market with a 3%share,the company differentiate itself from the most extensive and decentralized network,including a significant presence in township markets(around 2,000 stores).Its robust supply chain benefits from scale-driven procurement and increasing self-production(current

3、ly 25%from seven factories).While hot pot remains a primary offering(80%),the product portfolio is expanding to include BBQ,Chinese,and Western options,supported by a brand image focusing on approachability and neighbourhood community.Extensive offline stores complemented by online After a restructi

4、on of sales network,the companys store count has stabilized at over 10,000,with renewed growth in late 2024,and we expected a net increase of 780 stores in 2025.While previously balanced across city tiers,future strategy will prioritize lower-tier markets for expansion.Single-store revenue,impacted

5、by reduced at-home demand in 2023,saw its decline significantly narrow in 2024.Online presence includes the Guoquan APP,WeChat mini-programs,Douyin,and partnerships with delivery platforms like Meituan and Ele.me for broad consumer access.Build strong supply chain moat Leveraging its self-owned prod

6、uction facilities,Guoquan pioneered a single product,single factory upstream supply chain cooperation model.This combined with the nationwide logistics network,creates an integrated supply and production chain.The company currently holds interests in seven factories across the country and plans furt