Core Viewpoint - The article discusses the financial performance and business model of Guoquan, highlighting the challenges faced by franchisees and the sustainability of its expansion strategy [1][9]. Financial Performance - In the first half of 2025, Guoquan reported revenue of 3.24 billion RMB, a year-on-year increase of 21.6%, and a net profit of 190 million RMB, reflecting a 122.5% growth [3][5]. - However, the company's operating cash flow turned negative, with a net outflow of 29 million RMB compared to a net inflow of 170 million RMB in the same period last year [5][3]. - Cash and bank deposits decreased from 2.125 billion RMB to 1.589 billion RMB, alongside 323 million RMB in financial products [5]. Business Model and Revenue Structure - Guoquan's revenue heavily relies on franchisee purchases, with 82.2% of revenue coming from franchise sales, down from 90.4% [7][8]. - The company employs a light asset model, transferring risks to franchisees, which raises concerns about the sustainability of its "community central kitchen" concept [1][9]. - Franchisees face challenges such as high initial investment (200,000-300,000 RMB) and low profit margins (30%-35%), leading to closures and losses [8][9]. Expansion Strategy - Guoquan's aggressive expansion strategy includes dense store placement, reduced protection radius, and forced purchases, which may pose risks to its business model [9]. - The company closed over 1,600 stores in early 2025, resulting in a total of 10,400 stores, with a net increase of 740 stores [8].
锅圈上半年净利倍增现金流转负 模式被质疑赚加盟商钱