--- title: "Guoquan (2517.HK) sees double growth in scale and efficiency in H1, driven by member stickiness and product matrix" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/43480559.md" description: "Recently, Guoquan Food (Shanghai) Co., Ltd. (the “Company”, stock code: 2517.HK), a leading one-stop at-home meal product brand in China, announced its unaudited interim results for the six months ended June 30, 2026, reviewed by the Board of Directors and the Risk Management Committee. For the six months ended June 30, 2026, the Company’s revenue reached RMB 3,946.9 million (+21.8% YoY); gross profit was RMB 848.6 million..." datetime: "2026-08-19T09:13:28.000Z" locales: - [en](https://longbridge.com/en/topics/43480559.md) - [zh-CN](https://longbridge.com/zh-CN/topics/43480559.md) - [zh-HK](https://longbridge.com/zh-HK/topics/43480559.md) author: "[亚太商讯那些事儿](https://longbridge.com/en/profiles/18018177.md)" generator: "portal-rs" --- # Guoquan (2517.HK) sees double growth in scale and efficiency in H1, driven by member stickiness and product matrix Recently, Guoquan Food (Shanghai) Co., Ltd. ("Guoquan" or the "Company", Stock Code: 2517.HK), a leading one-stop at-home meal solution brand in China, announced its unaudited interim results for the six months ended June 30, 2026, reviewed by the Board of Directors and the Risk Management Committee. For the six months ended June 30, 2026, Guoquan's revenue reached RMB 3,946.9 mn (+21.8% YoY); gross profit was RMB 848.6 mn (+18.3% YoY); GPM stood at 21.5% vs. 22.1% in the same period last year. Net profit for the period was RMB 213.2 mn (+12.1% YoY); core operating profit (non-IFRS) was RMB 225.0 mn (+18.3% YoY); basic and diluted EPS was RMB 0.0807 (+18.0% YoY). Against a backdrop of overall cautious macro consumption, Guoquan's business model resilience has further manifested, driven by its rigid demand attributes and high cost-performance positioning. The Company is firmly advancing its "Community Central Kitchen" strategy. Through continuous expansion and refined operations of its omnichannel instant retail network, it achieved double-digit growth in both revenue and core operating profit. Registered members reached approx. 82 mn, further consolidating its leading position in the home dining retail market. **Omnichannel Network Expansion Accelerates; Scale and Store Efficiency Improve Synergistically** As of June 30, 2026, Guoquan's total store count increased to 12,198, a net increase of 1,798 stores YoY, covering 31 provinces, autonomous regions, municipalities, and the Hong Kong SAR in mainland China. During the period, the Company opened 997 new stores and closed 365, resulting in a net increase of 632 stores. Among them, township stores saw a net increase of 367 to reach 3,377, further deepening penetration into lower-tier markets. Store efficiency improvements and store format innovation advanced simultaneously. Excluding 24-hour unmanned retail stores, the Company completed upgrades for 684 stores to the large-store model. Leveraging rich product assortments and all-day consumption scenarios, this effectively drove store sales growth. 96 "Guoquan Camping" outlets commenced operations, covering emerging scenarios such as outdoor dining and countryside leisure. Product sales revenue from existing stores amounted to RMB 2,581.5 mn in H1 2026, up 7.4% YoY. In terms of online linkage, Guoquan relies on its App, WeChat Mini Program, third-party food delivery platforms, and social commerce platforms like Douyin to drive deep integration between offline stores and online channels. Through a multi-level Douyin account matrix, the Company achieved over 6.97 bn platform impressions (+117.8% YoY); stores generated RMB 910 mn in GMV via Douyin (+97.2% YoY). By implementing an omni-channel, multi-scenario layout and deeply integrating online and offline operations, Guoquan successfully built a comprehensive instant retail store network, providing consumers with a "Guoquan Flash Purchase" shopping experience. **Dual Drive of Member Ecosystem and Product Matrix; Consumer Stickiness Significantly Enhanced** As of June 30, 2026, Guoquan's registered member base reached approx. 82 mn, up 63.0% YoY. More critically, member spending accounted for 73.2% of total sales during the period, a significant 12 pct point increase from the same period last year. This reflects the Company's ability to establish close online and offline connections and interactions with consumers through its membership program, fostering loyalty. The simultaneous growth in member scale and spending share provides a high-quality 存量 foundation for revenue growth. On the product front, the Company launched 139 new SKUs for hotpot and BBQ categories during the reporting period, and successively introduced or upgraded scenario-based set meals such as "BBQ Camping Container Set," "Chongqing Wanzhou Stewed Fish Pot," and "Lobster Freedom Bucket." Focusing on beverage scenarios, it launched multiple NFC juices, craft beers, and flavored teas, further enriching its one-stop meal supply. Guoquan Farm performed outstandingly, achieving full-channel paid GMV of RMB 240 mn via online channels like Douyin live streaming (+600%+ YoY). It newly launched multiple new SKUs including Golden Pillow Durian Flesh, Tiger Skin Durian Mille Crepe Cake, Beihai Cooked Salted Duck Eggs, and Crispy Small Ice Cream, further perfecting its full-scenario product layout. **Deepening Supply Chain and Industrial Layout to Support Scalable Development** On the industrial side, Guoquan continues to promote the integrated closed-loop construction of "Production-Supply-Sales." As of June 30, 2026, the Company owns seven ingredient production plants covering core categories such as seasonings, fish balls/aquatic products, and beef, forming a complete and clearly divided capacity matrix. A food production base in Danzhou City, Hainan Province, is under construction; once completed, it will further broaden geographic coverage and optimize the supply chain radiation radius. Continuous improvement in bargaining power at the upstream procurement end and the release of economies of scale in production provide support for cost optimization. Digital supply chain management is also deepening. Partnering with warehousing and logistics providers, Guoquan leverages 21 digital central warehouses across China to achieve rapid product circulation through digital inventory and barcode management. Most orders are delivered from central warehouses to retail stores the next day. Digital supply chain coverage spans core links including production, procurement, warehousing, and logistics, enabling the Company to monitor supply-demand dynamics from procurement to stores, closely control inventory levels, and ensure timely product supply to stores nationwide. **Four Store Formats Advance Synergistically; Deepening Community Central Kitchen and Member Operations** Building an omni-channel ecosystem and comprehensively expanding the sales network. Guoquan will firmly advance the coordinated development of four store formats: Township Large Stores, Community Large Stores, Guoquan Camping, and Guoquan Stir-fry. New stores added in H2 will primarily adopt the large-store model, with existing community stores strategically upgrading to this format. Continuously cultivating county and township markets, steadily replicating camping store formats, and iterating stir-fry store formats will form an omni-channel traffic closed loop of "online traffic attraction and retention, offline conversion and repurchase." Deepening the Community Central Kitchen strategy and extending community consumption scenarios. The Company continues to focus on the core "Community Central Kitchen" strategy, adhering to the "One Home · Three Tables · Five Meals" full-scenario dining concept. It deepens core scenarios like hotpot and BBQ while simultaneously 布局 ing diverse categories including Chinese and Western cuisine, breakfast pastries, baked fried items, beverages, desserts/ice cream, and agricultural products, perfecting its full-matrix product supply. Cultivating data-driven member operations and conveying IP value concepts. The Company empowers member tiered operations with AI digital tools to achieve precise, personalized outreach (one thousand faces for one thousand people). It improves the member benefits system and points mall, continuously operating the "Guo Bao" brand IP to drive emotional connection and loyalty enhancement through IP value. Promoting industrial ecosystem synergy and AI-enabled supply chain management. Upholding the "Single Product, Single Factory" strategy, the Company activates the synergistic advantages of its seven self-owned ingredient production plants and advances the construction of the Hainan Danzhou production base. Using tools like AI smart scheduling, big data inventory monitoring, digital quality control management, and AI smart routing/ordering, it achieves precise production matching, efficient inventory allocation, and rapid terminal fulfillment response. Deepening organizational capability building to empower franchisee management. Guoquan will further standardize franchisee management, deepen the construction of two major organizations: the Franchisee Committee and the Store Manager's Home. It will build a standardized, replicable store operation system. Optimizing training systems, it will cultivate career-oriented franchisees, promoting collaborative development and win-win coexistence between franchisees and the Group. Phased implementation in overseas markets, spreading good Chinese flavors. Guoquan will focus on pilot operations of stores in Hong Kong, China, refining and accumulating overseas market experience through localized operations. It will steadily explore overseas regional markets in phases, gradually realizing the landing of overseas product businesses. Full-year performance guidance: Guoquan expects total stores to exceed 13,100, representing a net addition of over 1,534 stores. New stores in H2 will primarily be large-store models, with an expected closure rate below 4%. Store efficiency will see high single-digit growth. Registered members are expected to exceed 95 mn. Guoquan anticipates steady growth in core operating profit for the current year. ### Related Stocks - [02517.HK](https://longbridge.com/en/quote/02517.HK.md) - [BYTED.NA](https://longbridge.com/en/quote/BYTED.NA.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**