近日华北地区迎来连续降雨，随着国庆假期结束后的首个工作日出现明显降温，热气腾腾的火锅成为众 多市民节后餐桌的首选。在家准备一顿地道的火锅大餐原本需要耗费不少精力，而现在通过京东七鲜， 最快30分钟就能开启一场火锅盛宴。 打开京东 APP 自营秒送入口、七鲜 APP 或微信小程序，点击首页"火锅到家"即可进入专属选购专区。 该专区不仅延续传统食材分类，清晰陈列鲜切肉片、丸滑蟹棒、鲜蔬豆品、底料蘸料等品类，更创新性 地按地域特色划分出十种火锅风味。从追求本味的潮汕牛肉火锅、清甜温润的椰子鸡火锅，到酸辣开胃 的贵州酸汤火锅、"新晋网红"糟粕醋火锅，消费者只需一键即可配齐相应锅底和配套食材。这种创新的 商品组织方式，既方便了对特定风味有追求的消费者，也为想要尝试新口味的人群提供了清晰指引。 顺应消费升级趋势，京东七鲜特别推出多款净菜和食材拼盘组合，提升便捷性的同时，也让消费者一次 品尝多种风味。如500克装的叶菜拼盘精选菠菜叶、蒿子杆、生菜叶、娃娃菜等热门涮菜，经过专业清 洗处理，开袋即可涮煮。700克装的菌菇组合包含绣球菌、金耳、榆黄蘑等六种菌菇，让消费者一次性 体验不同菌菇的独特口感与营养。 针对消费者"既要吃得 ...

Core Insights - The independent hot pot and barbecue ingredient stores are facing significant challenges due to competition from fresh e-commerce and comprehensive supermarkets, leading to a wave of closures and financial losses for franchisees [1][10][19] - The reliance on a single product category makes it difficult for these stores to cover operational costs, especially given the seasonal nature of hot pot and barbecue consumption [3][15] - The market has shifted away from the "small but beautiful" business model, revealing that vertical retail lacks the necessary scale and competitive strength to survive against larger players [5][7][19] Industry Challenges - The current market has around 8,000 hot pot and barbecue ingredient stores, but many franchisees are struggling to break even or turn a profit [5][10] - The competition from comprehensive supermarkets like Yonghui and Hema, which offer a full range of products, poses a significant threat to standalone stores [10][19] - The rise of fresh e-commerce platforms such as Meituan and Pinduoduo, which provide quick delivery and lower prices, further exacerbates the challenges faced by independent stores [13][38] Franchisee Struggles - Many franchisees have invested substantial capital but are left with little recourse as the underlying business model is flawed, leading to reliance on luck to weather market fluctuations [21][31] - The franchise model has been exploited by some brands, focusing more on attracting investors and franchisees rather than building a sustainable consumer-facing business [23][25] - Reports indicate that a significant percentage of franchisees, such as those from Qian Dama, are operating at a loss, highlighting the unsustainable nature of the current franchise system [31][33] Market Dynamics - The shift towards online shopping has drastically reduced foot traffic to local stores, leading to a decline in survival rates for physical retail outlets [40][42] - The perception that certain retail formats are safe has been proven incorrect, as even community stores are struggling against the convenience of online alternatives [37][38] - The overall landscape for entrepreneurship in retail has become increasingly challenging, with many aspiring business owners facing harsh realities and financial losses [42][44]

来源：@央视财经微博 【#火锅食材卖爆了##天冷了火锅DNA动了#[馋嘴]】眼下，随着天气转凉以及双节到来，火锅食材需求 持续上升，记者走访河南多家火锅食材门店和生产企业了解到，进入9月，火锅食材销售增加3成，生产 企业增加产线排产满足市场供应，带动企业用工需求也进一步增加。在河南郑州的多家火锅食材门店， 记者看到，不少消费者正在挑选各种火锅食材，门店负责人告诉记者，9月下旬以来，他们的销售额比 平时增加了30%左右，预计10月将迎来销售高峰，届时销售额将有50%的提升。 ...

Core Insights - The demand for hot pot ingredients is increasing due to the cooling weather and upcoming festivals, with sales rising by 30% in September [1] - Production companies are ramping up production lines to meet market supply, leading to an increase in labor demand [1] - Sales in hot pot ingredient stores in Zhengzhou have seen a 30% increase since late September, with expectations of a 50% rise in sales during October [1]

格隆汇9月27日｜据央视财经，眼下，随着天气转凉以及双节到来，火锅食材需求持续上升，记者走访 河南多家火锅食材门店和生产企业了解到，进入9月，火锅食材销售增加3成，生产企业增加产线排产满 足市场供应，带动企业用工需求也进一步增加。在河南郑州的多家火锅食材门店，不少消费者正在挑选 各种火锅食材，门店负责人告诉记者，9月下旬以来，他们的销售额比平时增加了30%左右，预计10月 将迎来销售高峰，届时销售额将有50%的提升。 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 4.1, compared to the current price of HKD 3.21 [3][10]. Core Insights - The company is positioned as a leading community dining retail enterprise in China, transitioning from a hot pot ingredient supermarket to a national community central kitchen [6][15]. - The report highlights the company's core advantages, including a robust supply chain, a strong franchise network, and an adaptive operational mechanism that allows it to capture market trends effectively [7][31]. - The company is expected to achieve double-digit revenue growth in the short term, with a long-term outlook that remains positive due to its supply chain advantages and extensive store network [8][10]. Financial Performance - Projected total revenue for 2024 is HKD 6.47 billion, with a year-on-year growth rate of 6.1%. By 2027, revenue is expected to reach HKD 9.465 billion, with a growth rate of 13.2% [2]. - The net profit attributable to shareholders is forecasted to be HKD 231 million in 2024, increasing to HKD 615 million by 2027, reflecting a significant growth trajectory [2][10]. - The earnings per share (EPS) are projected to grow from HKD 0.08 in 2024 to HKD 0.22 in 2027, indicating a strong profitability outlook [2][10]. Business Model - The company operates a food ingredient vertical retail model, focusing on expanding product categories and increasing repurchase rates as core strategies [6][14]. - The franchise model allows for rapid expansion, with a target of adding 1,000 new stores in 2025, aiming for a total of 20,000 stores in the medium term [8][9]. - The company has a unique positioning in the market, leveraging its supply chain to offer competitive pricing while maintaining quality [31][32]. Future Outlook - Short-term focus includes improving store efficiency and expanding product offerings, while the medium-term goal is to accelerate store openings, particularly in rural markets [8][9]. - Long-term profitability is expected to improve through enhanced supply chain efficiencies and management capabilities, with a projected revenue growth rate of 14% for 2025 and 2026, and 13% for 2027 [10][9]. - The company is also exploring new growth avenues, including international expansion and innovative store formats [8][10].

Core Viewpoint - The article discusses the emergence of a new generation of retail chains in China, particularly focusing on the "ten thousand stores" model, which emphasizes community-based, specialized, and discount-oriented retail strategies. This model has led to significant growth in various sectors, particularly in food and snacks, showcasing a shift in consumer behavior and retail dynamics in the country [7][10][17]. Group 1: Investment Insights - Qicheng Capital, founded by Chang Bin, focuses on consumer investments and has successfully backed brands like JiuYueDaoTian, GuoQuanShiHui, and others, aiming to support the next generation of consumer champions [5][6]. - The company has invested considerable time studying offline business models in China, identifying seven established "ten thousand stores" enterprises, with notable examples including MiXueBingCheng and GuoQuan, which have rapidly expanded their store counts [7][19]. - The article highlights the success of GuoQuan, which transitioned from a restaurant model to a retail chain, achieving over 10,000 stores in a short period, primarily in lower-tier cities [11][12]. Group 2: Retail Trends - The snack retail sector has seen a transformation with the rise of "Snacks Are Busy," which has surpassed 10,000 stores, offering a discount model that appeals to consumers by providing lower prices and a wide variety of products [13][15]. - The shift in consumer spending from traditional supermarkets and online platforms to discount snack stores indicates a significant change in the retail landscape, with consumers favoring convenience and affordability [15][16]. - The article emphasizes the iterative process of enhancing user value and commercial efficiency across various retail channels, leading to structural changes in the industry [16]. Group 3: Business Model Innovations - The success of these retail chains is attributed to their ability to create a solid business foundation, focusing on product quality and operational efficiency, which allows for rapid expansion without excessive cash burn [21][24]. - The article discusses the importance of establishing a strong initial model that can attract quality franchisees, ensuring sustainable growth and profitability as the business scales [22][23]. - It also notes that the retail sector's evolution from online to offline models has led to a more robust and resilient business environment, where companies can achieve profitability through careful planning and execution [24].

Core Insights - The company, Guoquan, has reported its best half-year results since its listing, achieving a revenue of 3.24 billion yuan and a net profit of 183 million yuan in the first half of 2025, marking a year-on-year growth of 21.2% and 113.22% respectively [1][7] - Following a decline in performance in the first half of 2024, Guoquan has successfully returned to growth, surprising the market amid the fading trend of the "stay-at-home economy" [1][6] Company Background - Founded by Yang Mingchao, Guoquan has evolved from a grassroots entrepreneur to a leader in the restaurant industry, with a valuation of over 10 billion yuan [1][2] - Yang's journey includes various entrepreneurial ventures, leading to the establishment of a successful hot pot brand, "Little Stool," which peaked at over 1,000 stores before facing increased competition [2][3] Business Model and Strategy - In 2015, Guoquan was established to provide raw materials for hot pot restaurants, and in 2017, it opened its first hot pot ingredient store, catering to the growing demand for home dining [3][4] - The company has seen rapid expansion, with store numbers increasing from 4,300 to over 10,300 between 2020 and 2023, primarily through franchise models [4][6] Recent Developments - After facing challenges post-pandemic, including a decline in customer spending and increased competition, Guoquan implemented a strategic adjustment known as the "seedling plan" to enhance customer retention and optimize store operations [6][8] - The company has resumed store expansion, targeting lower-tier markets, with plans to open an additional 10,000 stores over the next five years, focusing on China's rural areas [1][8] Financial Performance - Guoquan's membership base has grown significantly, reaching 50.3 million members, a 62.8% increase year-on-year, with prepaid card amounts also rising by 27% [8] - The company has diversified its product offerings, including a focus on barbecue products, which has helped stabilize seasonal revenue fluctuations [8] Future Outlook - Yang Mingchao is exploring international expansion, with teams assessing markets in Southeast Asia and Europe for potential growth opportunities [9]

Core Insights - The company reported a revenue of 3.24 billion RMB for the first half of 2025, representing a year-on-year growth of 21.6% [1] - Net profit reached 190 million RMB, showing a significant increase of 122.5% compared to the previous year [1] - Gross profit amounted to 717 million RMB, with a growth of 17.8%, and a gross margin of 22.1% [1] Business Performance - The total number of stores reached 10,400, with a net increase of 740 stores compared to the same period last year [1] - Over 2,000 stores underwent smart and unmanned transformation, enhancing operational efficiency [1] - The membership base grew to 50.3 million, reflecting a year-on-year increase of 62.8% [1] Strategic Initiatives - The company completed structural adjustments initiated in the second half of 2023, focusing on channel optimization, store upgrades, product innovation, and supply chain enhancement [1] - A new self-owned ingredient factory was established, significantly improving supply chain turnover efficiency and customer loyalty [1]

Core Viewpoint - The article discusses the emergence and growth of "ten-thousand store" models in China's retail and food sectors, highlighting successful companies that have adopted innovative business models to enhance consumer experience and operational efficiency [4][11][17]. Group 1: Ten-Thousand Store Model - The "ten-thousand store" model in China is characterized by a significant number of retail outlets, with companies like Mixue Ice Cream exceeding 30,000 stores and others like Wallace and Luckin Coffee around 20,000 stores [4][6]. - The retail industry has seen a shift towards this model since last year, indicating a trend towards more accessible and community-oriented retail options [6][11]. Group 2: Successful Companies - Guoquan, which started with about 1,000 stores in 2019, has grown to over 10,000 stores, becoming the first retail company in China to reach this milestone [7]. - The business model of Guoquan focuses on selling pre-packaged hot pot ingredients, making it convenient and affordable for consumers, thus increasing the frequency of hot pot consumption [7][10]. - Snack brand "Zero Snacks" has also surpassed 10,000 stores, utilizing a discount model that offers products at lower prices while maintaining quality, thus attracting consumers from traditional supermarkets [8][9]. Group 3: Innovative Business Models - Qian Dama, which specializes in selling fresh meat with a unique discounting strategy, has grown from 200 stores and 600 million yuan in sales to over 3,000 stores and sales exceeding 10 billion yuan [10]. - The article emphasizes the importance of separating market stalls and supermarkets to create specialized, community-focused, and discount-oriented retail experiences [11][12]. - The success of these companies is attributed to their ability to innovate and adapt to consumer needs, focusing on essential products and operational efficiency [15][17]. Group 4: Investment Insights - The investment strategy of Qicheng Capital focuses on essential categories and innovative models, which are more likely to create large companies [15]. - The article highlights the significance of a solid business foundation and the importance of refining operational models before expanding through franchising [13][14].