11 On the 2nd of the month, "Guoquan Food," an investee company of Jia Yu Capital—the sub-fund backed by the mother fund managed by Yuanhe Chencun—was listed on the Hong Kong Stock Exchange, with stock code: 2517.HK.

Founded in 2015, Guoquan is a food brand centered around home-style dining, offering ready-to-eat, ready-to-heat, ready-to-cook, and ready-to-serve ingredients—specializing in making it easy to enjoy hot pot and barbecue dishes right at home. As of October 11, 2023, Guoquan has expanded to 10,025 stores nationwide.

Focusing on China's at-home meal consumption market, Guoquan specializes in home-based hotpot and barbecue products, while gradually expanding into a diverse range of categories—including beverages, single-serve meals, ready-to-cook ingredients, fresh produce, Western-style dishes, and snacks. Over the past few years, Guoquan has introduced 66, 185, 173, and 45 new SKUs, respectively, to continuously meet evolving consumer demands. As its product portfolio becomes increasingly diversified, Guoquan is poised to further expand into more dining scenarios—beyond just home meals—such as outdoor barbecues, camping outings, office hotpot gatherings, and convenient single-portion meals.

The network of dine-at-home product stores continues to expand steadily. The total number of stores has grown from 1,441 at the beginning of 2020 to 9,844 as of April 30, 2023, and further increased to 10,025 by October 11, 2023. These stores are typically located near residential areas with convenient transportation links, making it easy for consumers to enjoy home-style meals. In addition, Guoquan has developed robust online sales channels, including the Guoquan App, WeChat mini-programs, and social e-commerce platforms like Douyin. Furthermore, Guoquan has partnered with third-party delivery platforms such as Meituan and Ele.me to offer consumers the convenience of having their orders delivered straight to their doorsteps.

Streamlined and efficient supply chain operations eliminate unnecessary intermediaries throughout the supply chain. Guoquan partners with third-party suppliers that offer comprehensive warehousing and logistics services, enabling extensive geographic coverage across China. As a result, most orders can be delivered to stores from third-party warehouses by the next day.

At the core of its operations lies digital transformation, aimed at maximizing the efficiency of business processes. By digitizing its membership system, Guoguan can analyze members' spending behaviors and segment them accordingly, enabling further optimization of products and services. As of April 30, 2023, Guoguan has approximately 22.4 million registered members. Additionally, the company has significantly enhanced operational efficiency through its digital store management system. Meanwhile, by leveraging digital supply chain solutions, Guoguan is now able to closely monitor supply-and-demand dynamics—from procurement all the way to store-level operations—while maintaining tight control over inventory levels, ensuring highly effective management across the entire supply chain.

The funds raised will primarily be used to enhance upstream production capacity and efficiency, strengthen supply chain capabilities, open and operate company-owned stores, establish a product R&D center, upgrade and acquire relevant equipment, as well as serve as working capital and for general corporate purposes.