Core Viewpoint - The company, Guoquan, is expected to achieve significant revenue and profit growth by 2025, driven by its expansion into rural markets and strategic store upgrades [1][3]. Group 1: Financial Performance - Guoquan forecasts revenue between 7.75 billion to 7.85 billion yuan for 2025, representing a year-on-year growth of 19.8% to 21.3% [1][3]. - The projected net profit for 2025 is estimated to be between 443 million to 463 million yuan, indicating a growth of 83.7% to 92% compared to the previous year [1][3]. - The core operating profit is expected to be between 450 million to 470 million yuan, reflecting a year-on-year increase of 44.8% to 51.2% [3]. Group 2: Store Expansion and Strategy - As of December 31, 2025, Guoquan plans to have a total of 11,566 stores nationwide, an increase of 1,416 stores from the previous year [2][4]. - The company is implementing a large store transformation strategy in 2026, leveraging its supply chain and digital capabilities to enhance operational efficiency [2][7]. Group 3: Business Model and Market Position - Guoquan focuses on a unique business model that integrates community retail, hot pot ingredients, and supply chain management, catering to the demand for home dining experiences [3]. - The company has completed five rounds of financing, raising nearly 2.6 billion yuan, and successfully listed on the Hong Kong Stock Exchange in November 2023 [3]. Group 4: Recent Acquisitions - In 2024, Guoquan acquired a 41% stake in Beihai Daixiaji Food Co., increasing its total ownership to 51%, enhancing its control over the upstream supply chain [5]. - The company has invested 180 million yuan in Songhe Distillery during a 16-month management period, marking the beginning of the "Guoquan Era" for the distillery [6]. Group 5: Operational Efficiency - Guoquan reported a core operating profit of approximately 65 million to 75 million yuan in Q3 2025, showing a year-on-year growth of about 44.4% to 66.7% [7]. - The company is adopting new retail models, including 24-hour unmanned retail, to improve store operational efficiency and enhance customer engagement [7].