QUANJUDE(SZ:002186)2022-12-08 01:24Group 1: Company Overview and Strategy - The company initiated refinancing in October 2014, with funds secured last year [2] - The "12th Five-Year Plan" aims to build a "new, comprehensive catering industry group," focusing on the "banquet" market rather than low-end daily consumption or tourism [3] - The new strategic positioning has led to a 5% increase in store attendance rates, with stable per capita consumption [3] Group 2: Business Development and Financial Performance - The catering gross profit margin is around 60%, with labor costs accounting for 25%-30% of expenses and rent comprising 10%-15% of sales revenue [5] - The company aims to open 3-5 new direct stores and 3-5 franchise stores annually, with a focus on overseas franchise development [5] - The company has seen significant improvements in the profitability of its out-of-town stores, with expectations for good development in the main catering business over the next two years [3] Group 3: Innovations and Market Expansion - The company has made breakthroughs in e-commerce by establishing a joint venture with Chongqing Kuangcao Technology Co., Ltd. and testing the "Xiao Ya Ge" takeaway product [4] - The company is focusing on daily consumer products and fast-moving consumer goods, with a notable increase in sales revenue from mooncakes [4][6] - The company has invested approximately 70-80 million in a joint venture for food production, with an annual profit of around 30 million [5] Group 4: Franchise and Employee Management - The franchise fee has been adjusted from 2 million to 1.5 million, with annual management fees ranging from 300,000 to 500,000 [6] - The company has implemented various reforms in equity incentives, personnel management, and salary structures to stay ahead in the industry [4] - There is no specific statistic on employee tenure, but it is noted that employees have long service periods [6]