锅圈2025中期报告

Stock Code 中期報告2025INTERIMREPORT CONTENTS page Corporate Profile2Corporate Information4Definitions7Business Review and Outlook12Management Discussion and Analysis21Corporate Governance and Other Information32Independent Review Report42Interim Condensed Consolidated Statement ofProfit or Loss44Interim Condensed Consolidated Statement ofComprehensive Income45Interim Condensed Consolidated Statement ofFinancial Position46Interim Condensed Consolidated Statement ofChanges in Equity47Interim Condensed Consolidated Statement ofCash Flows49Notes to the Interim Condensed ConsolidatedFinancial Information52 CORPORATE PROFILE OVERVIEW We are the leading and a rapidly growing home meal productsbrand in China. We offer a variety of ready-to-eat, ready-to-heat,ready-to-cook and prepared ingredients, with a focus on at-homehotpot and barbecue products. With a carefully curated productportfolio and an extensive network of real-time retail stores,we enable consumers to enjoy meals at home with tastiness,convenience and affordability. Leveraging our robust supply chaincapabilities and a nationwide network of retail stores, we offer awide variety of meal products under the Guoquan Shihui () brand, serving diverse dining scenarios. We are devoted to developing products under our proprietarybrand name carrying the “Guoquan Shihui” logo. As the leadingone-stop home meal products brand in China, we are wellpositioned to capture the significant growth potential in China’shome meal products market. We cater to different diningscenarios underpinned by high quality food ingredients that havean immense potential for creating new and diverse products. Ourproduct portfolio comprises eight categories including hotpotproducts, barbecue products, beverages, solo-dining meals,ready-to-cook meal kits, fresh produce, western cuisines andsnacks. We have established a network of real-time retail stores primarilycomprising franchised stores. Under our franchise businessmodel, we derive substantially all of our revenue from the sale ofour products to franchisees, who open and operate franchisedstores under our brand and sell our products to consumers. Wedo not charge or rely on franchise fees. APP We have also been developing online sales channels including ourGuoquan APP, WeChat mini-program as well as on popular socialcommerce platforms such as Douyin. In addition, we partner withthird-party food delivery platforms, such as Meituan and Ele.meto deliver our products to consumers. We achieve highly extensiveconsumer reach by providing both online and offline shoppingoptions. Leveraging the highly efficient management andoperation of our supply chain and our digitalized managementsystem, we are able to ensure product quality and safety, as wellas to achieve high operational efficiency from food production toretail sales. CORPORATE PROFILE OUR VISION Our vision is to become the go-to brand for dining at home inChina. OUR MISSION Our mission is to source quality food ingredients globally andoffer diverse, convenient, high-quality and value-for-money homemeal products in a one-stop shop manner to meet consumers’diverse needs under different dining scenarios, from urbancenters to the most remote areas of China. CORPORATE INFORMATION BOARD Executive Directors 20256 27 Mr. Yang Mingchao(Chairperson of the Board and Chief Executive Officer)Mr. Meng XianjinMr. An HaoleiMs. Luo NaMs. Yang Tongyu(Appointed on 27 June 2025) Non-executive Directors 20254 17 Mr. Liu ZhengzhengMr. Yi Jiayu(Resigned on 17 April 2025) Independent Non-executive Directors Mr. Zeng XiaosongMs. Yu Fang JingMr. Li JianfengMr. Shi Kangping Employee DirectorMs. Zheng Min(Appointed on 27 June 2025) 20256 27 AUDIT COMMITTEE Mr. Shi Kangping(Chairperson)Ms. Yu Fang JingMr. Li Jianfeng REMUNERATION COMMITTEE Mr. Zeng Xiaosong(Chairperson)Ms. Yu Fang JingMr. Li Jianfeng NOMINATION COMMITTEE Mr. Yang Mingchao(Chairperson)Mr. Shi KangpingMr. Zeng Xiaosong CORPORATE INFORMATION JOINT COMPANY SECRETARIES 20258 420258 4 Mr. Wang HuiMr. LAM Kang Chi(Appointed on 4 August 2025)Mr. Cheung Kai Cheong Willie(Resigned on 4 August 2025) AUTHORIZED REPRESENTATIVES 20258 420258 4 Mr. An HaoleiMr. LAM Kang Chi(Appointed on 4 August 2025)Mr. Cheung Kai Cheong Willie(Resigned on 4 August 2025) AUDITOR 97927 Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s Road, Quarry BayHong Kong HONG KONG LEGAL ADVISOR 127 Clifford Chance27th Floor, Jardine House1 Connaught PlaceHong Kong PRC LEGAL ADVISOR 13662805 CM Law Firm2805, Phase II, Plaza 661366 Nanjing West RoadShanghai, PRC REGISTERED OFFICE AND HEADQUARTERS 1873802 Room 802, No. 3, Lane 187, Xinghong RoadMinhang DistrictShanghaiPRC CORPORATE INFORMATION PRINCIPAL PLACE OF BUSINESS IN HONG KONG 24840 40th Floor, Dah Sing Financial Centre248 Queen’s Road EastWanchaiHong Kong H H SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Inve