For the six months ended 30 June 2026, Guoquan recorded a revenue of RMB3,946.9 million, representing a year-on-year increase of 21.8%; gross profit was RMB848.6 million, representing a year-on-year increase of 18.3%, with gross profit margin of 21.5%, compared to 22.1% for the first half of 2025. Net profit for the period was RMB213.2 million, representing a year-on-year increase of 12.1%; core operating profit (non-IFRS measure) was RMB225.0 million, representing a year-on-year increase of 18.3%; and basic and diluted earnings per share were RMB0.0807, representing a year-on-year increase of 18.0%.

Against the backdrop of a generally prudent macro consumption environment, the resilience of Guoquan's business model was further demonstrated, underpinned by its rigid-demand attributes and value-for-money positioning. Firmly advancing the "community central kitchen" strategy, the Company achieved double-digit growth in both revenue and core operating profit through the continuous expansion and refined operation of its omni-channel instant retail network, with the number of registered members reaching approximately 82.0 million, further consolidating its leading position in the home-dining retail market.

Omni-channel Network Expansion Accelerated, with Scale and Store Efficiency Improving in Tandem

As at 30 June 2026, Guoquan's total store count increased to 12,198, representing a net addition of 1,798 stores compared to the same period last year, covering 31 provinces, autonomous regions and municipalities in the Chinese Mainland, as well as the Hong Kong Special Administrative Region of the PRC. During the Reporting Period, the Company added 997 operating stores and reduced 365 operating stores, representing a net addition of 632 stores. Among them, township-level stores recorded a net increase of 367 to 3,377, further enhancing penetration in lower-tier markets.

Store efficiency improvement and store format innovation advanced in tandem. During the Reporting Period, in addition to 24-hour unmanned retail stores, the Company completed large-store format upgrades for 684 stores which, leveraging the presentation of an enriched product portfolio and the creation of all-day consumption scenarios, effectively drove the growth of store sales; 96 Guoquan camping stores commenced operation, covering emerging consumption scenarios such as outdoor gatherings and countryside leisure. Revenue from sales of products to existing franchised stores was RMB2,581.5 million in the first half of 2026, representing a year-on-year increase of 7.4%.

For online-offline synergy, Guoquan relied on its Guoquan APP, WeChat mini-program, third-party food delivery platforms and social commerce platforms such as Douyin to drive deep integration between offline stores and online channels. The Company achieved over 6.97 billion impressions on platforms through its multi-level Douyin accounts matrix, representing a year-on-year increase of 117.8%; stores generated GMV of RMB910 million via the Douyin channel, representing a year-on-year increase of 97.2%. Through a multi-channel, multi-scenario layout and the deep integration of online and offline operating models, Guoquan successfully established a holistic instant retail store network, providing consumers with the "Guoquan Instant Commerce" shopping experience.

Dual Drivers of Membership Ecosystem and Product Matrix Significantly Strengthened Consumer Stickiness

As at 30 June 2026, the number of Guoquan's registered members reached approximately 82.0 million, representing a year-on-year increase of 63.0%. More importantly, during the Reporting Period, the consumption amount of members accounted for 73.2% of the Company's total sales, representing a substantial year-on-year increase of 12 percentage points, demonstrating the effectiveness of the Company's membership program in building close online and offline connections and engagement with consumers and fostering consumer loyalty. The simultaneous growth in membership scale and consumption share provides a high-quality existing customer base for the Company's revenue growth.

On the product front, during the Reporting Period, the Company introduced a total of 139 new SKUs of hotpot and barbecue products, and successively launched or upgraded a number of scenario-based set meal products such as "Barbecue Camping Container Set", "Chongqing Wanzhou Grilled Fish Pot" and "Crayfish Freedom Bucket"; around the drinks and beverage scenario, it launched a variety of NFC fruit juices, craft beer and flavored tea beverages, further enriching its one-stop meal offerings. Guoquan Farm delivered an outstanding performance, achieving an omnichannel paid GMV of RMB240.0 million during the Reporting Period through online channels such as Douyin livestreaming, representing a year-on-year increase of more than 600%, and newly launched a variety of new SKUs such as Monthong durian pulp, tiger skin durian mille-feuille cake, Beihai Cooked Salted Sea Duck Eggs and crispy mini ice cream, further improving the all-scenario product layout.

Deepened Supply Chain and Industrial Layout Supports Scaled Development

On the industrial front, Guoquan continued to promote the integrated closed-loop construction of "production, supply and marketing". As at 30 June 2026, the Company had a total of seven food ingredient production plants, covering core categories such as condiments, meatballs, paste and aquatic products, and beef products, forming a comprehensive and well-defined production capacity matrix; the food production base in Danzhou, Hainan Province is commencing construction, which upon completion will further expand its geographical coverage and optimise the supply chain's radiation radius. The Company's bargaining power in upstream procurement has been continuously enhanced, while economies of scale on the production side continued to be unlocked, providing support for cost optimisation.

Digital supply chain management was deepened in parallel. Cooperating with warehousing and logistics suppliers and leveraging 21 digitalized central warehouses across China, Guoquan achieved swift circulation of products through digital stock and barcode management, with most orders delivered the next day from central warehouses to retail stores. Supply chain digitalisation covers all core segments including production, procurement, warehousing and logistics, enabling the Company to monitor supply and demand dynamics from the procurement end to the store end, closely monitor inventory levels, and ensure the timely availability of products for stores nationwide.

Coordinated Development of Four Major Store Formats; Deepening Community Central Kitchen Strategy and Membership Operations

Building a comprehensive channel ecosystem and fully expanding the sales network. Guoquan will firmly advance the coordinated development of four major store formats, namely large stores in townships, large community stores, Guoquan camping stores and Guoquan stir-fry stores; new stores in the second half of the year will predominantly adopt the large-store format, while existing community stores will be strategically upgraded into large-store models. The Company will continue to deepen its presence in county and rural markets, steadily replicate the camping store format and iterate the stir-fry store format, forming a highly efficient comprehensive channel traffic closed loop of "online traffic generation and accumulation, offline conversion and repurchase".

Deepening the community central kitchen strategy to expand community consumption scenarios. The Company will continue to deepen the core strategy of "community central kitchen", closely aligning with the all-scenario dining concept of "One Home, Three Tables, Five Meals", build on the enrichment of the core scenarios of hotpot and barbecue, and simultaneously expand into diverse categories such as Chinese and western cuisine, breakfast pastries, bakery and fried foods, drinks and beverages, desserts and ice products and agricultural products, so as to optimise its full-matrix product offerings.

Deepening digital and intelligent membership operations to convey the IP value proposition. The Company will empower tiered membership operations with AI intelligent tools to achieve highly personalized and precise reach; improve its membership rights system and membership points mall; and continue to operate the "Guobao" brand IP, leveraging the value of the IP to foster emotional connection with members and enhance their loyalty.

Promoting industrial ecosystem synergy and empowering supply chain management with AI. Upholding the "one-product-one-factory" strategy, the Company will activate the synergy advantages of its seven self-owned food ingredient production plants and advance the construction of the food production base in Danzhou, Hainan Province; through digital and intelligent tools such as AI smart production scheduling, big data inventory monitoring, digitalized quality control management, and AI smart routing and order scheduling, it will achieve the precise matching of production with market demand, the efficient allocation of inventory resources, and a rapid response in terminal fulfillment.

Deepening the construction of organizational capabilities and empowering franchisee management. Guoquan will further standardize franchisee management, deepen the development of the two major organizations, namely the Franchisee Committee and Store Manager Hubs, and build a standardized and replicable store operation system; it will optimise its training system, cultivate more career-oriented franchisees, and promote synergistic development and mutual benefit between franchisees and the Group.

Developing overseas markets in phases to deliver the good taste of China. Guoquan will focus on launching pilot store operations in Hong Kong Special Administrative Region, China, accumulate overseas operational experience through refining localized operations, steadily explore overseas regional markets in a phased manner, and gradually achieve the implementation of its overseas product business.

For the full-year 2026 results outlook, Guoquan expects its total store count to exceed 13,100, representing a net addition of over 1,534 stores; new stores in the second half of 2026 will predominantly adopt the large-store format, with an expected closure rate of below 4%; store efficiency is expected to achieve high single-digit growth; and the number of registered members is expected to exceed 95 million. Guoquan forecasts that core operating profit for the year will achieve stable growth.