Guoquan Shihui

The first Guoquan Shihui retail store, a supermarket for hot pot ingredients, opened in Zhengzhou in 2017. The business experienced significant growth during the COVID-19 pandemic due to the increased demand for at-home dining. This led to a rapid expansion of its franchise network, growing from just over 1,400 stores in early 2020 to nearly 10,000 by the end of 2023. A significant milestone was achieved on November 2, 2023, when the company was officially listed on the Hong Kong Stock Exchange.

The company's business model is centered around a franchise system, with over 99% of its nearly 10,000 stores being franchise-owned. Revenue is primarily generated from selling its own branded products to these franchisees, rather than from franchise fees. This B2B2C model connects upstream suppliers with consumers through a vast network of community-based retail stores, typically located within residential communities. Guoquan Shihui has also established a robust digital presence through its own app,小程序 (WeChat mini-program), and third-party delivery platforms.

The product portfolio is extensive, featuring up to 700 SKUs across eight major categories, including hot pot, barbecue, ready-to-cook meals, beverages, and snacks. While initially focused on hot pot and barbecue to address seasonal fluctuations, the company has diversified its offerings to cater to various dining scenarios like family gatherings and solo meals. To ensure quality and efficiency, Guoquan Shihui has invested in its supply chain, collaborating with over 266 ODM plants and acquiring its own production facilities for key items like beef, meatballs, and soup bases. This vertical integration and a "single-product-per-factory" strategy help maintain control over product quality and costs.