Core Viewpoint - The article discusses the financial performance and business model of Guoquan (锅圈), highlighting the contradiction between its revenue growth and the financial struggles of its franchisees, raising concerns about the sustainability of its expansion strategy [1][3]. Financial Performance - In the first half of 2025, Guoquan reported revenue of 3.24 billion yuan, a year-on-year increase of 21.6%, and a net profit of 190 million yuan, reflecting a 122.5% growth [3]. - However, the company's operating cash flow turned negative, with a net outflow of 29 million yuan compared to a net inflow of 170 million yuan in the same period last year [3]. - Cash and bank deposits decreased from 2.125 billion yuan to 1.589 billion yuan, with an additional 323 million yuan in financial products held [3]. Business Model and Franchise Dependency - Approximately 82.2% of Guoquan's revenue is derived from franchisee purchases, down from 90.4%, indicating a slight diversification in revenue sources [4]. - The franchise model places significant financial burden on franchisees, with initial investments ranging from 200,000 to 300,000 yuan and low profit margins of 30%-35%, leading to many franchisees operating at a loss [4]. - The company's aggressive expansion strategy, including reducing the protection radius for franchisees and increasing store density, has resulted in significant franchisee losses and store closures [4][5]. Challenges and Risks - The increase in operating capital requirements, extended accounts receivable collection periods, and ongoing inventory investments have contributed to the deterioration of cash flow [3]. - The rising cost of sales, which increased by 22.7%, outpaced revenue growth, leading to a decline in gross margin from 22.8% to 22.1% [3]. - Industry analysts suggest that Guoquan's business model primarily profits from franchisees rather than creating a sustainable community kitchen, raising questions about its long-term viability [4][5].
锅圈上半年净利倍增现金流转负，模式被质疑赚加盟商钱