We will continue to be the largest “Community Chef” chain enterprise and “catering retail” group in China, with “catering” as the core and the family's three meals a day as the scenario.
Become the largest “Community Central Chef” chain enterprise and “catering retail” group in China.
According to news already known from the IPO, Boquan released its 2023 annual results report on March 28, 2024. This is also the first annual report released after successfully listing on the Hong Kong Stock Exchange on November 2, 2023.
The annual report shows,As of 202312Month 31day, Number of retail outlets for pot ringsFurther increase to10,307, covering 31 provinces, autonomous regions and municipalities across the country.
At the same time, in order to empower franchisees and promote sales growth, further expand the scope of consumers and provide a more flexible shopping experience, Boquan continues to expand various online channels, including the Boyuan App, WeChat Mini Program, third-party takeout platforms, and popular social commerce platforms such as Douyin. In 2023, Boquan livestreamed or posted short videos related to Boquan products through multi-level Douyin accounts, with a total exposure of more than 6 billion times.
Thanks to the establishment of close online and offline connections and interactions with consumers, the number of pot members reached a record high —As of 202312Month 31dayThe number of registered members of the pot ring is about 27.9 million, and the member recharge amount has further increased by 18% year over yeartoApproximately 7.2 billion yuanBoth the number of users and online revenue have grown rapidly.
In terms of product development, Boeing uses digital tools to thoroughly analyze consumer behavior, achieve in-depth consumer insight and accurate analysis of market trends, and launch new products and upgrade existing products based on this. At the same time, pot circles also regularly launch products for the local market to meet the different preferences of consumers in different regions. In 2023, pot circle launched a total of 339 new SKUs.
As of December 31, 2023, the product portfolio of the pot circle includes eight major categories of hot pot products, grilled products, drinks, one-person meals, ready-to-cook packages, fresh food, Western food and snacks, which can fully cover the diverse dining needs of consumers.
Regarding the 2024 business plan, Boyuan management said that in the future, the company will continue to expand product categories, deepen the omni-channel sales network, increase investment in brand building and marketing, actively explore more consumer scenarios, and enhance consumer value in order to further consolidate the company's market leadership position. At the same time, the company will also empower the upstream supply chain and downstream franchisees through digitalization to achieve multi-scenario and omni-channel product coverage, and provide consumers with tasty and inexpensive food products.
Specifically, in terms of channel construction, the omni-channel sales network will continue to expand and deepen the omni-channel sales network to further directly reach consumers — increase the market penetration rate of the covered regions offline and expand the store network to new regions, strengthen the depth and breadth of the offline store network through richer store types; further develop online sales platforms to achieve mutual empowerment between offline and offline, and drive sales revenue growth. In addition, by encouraging existing franchisees to open more franchisees, continue to cultivate more commercial franchisees, and continuously upgrade the product portfolio and develop more online channels by adding more categories, the pot circle will also promote the sales growth of franchisees and cultivate commercial franchisees.
In recent years, cooking circles have created diverse product portfolios in terms of product categories and service consumption scenarios. In the future, they will continue to explore the new consumption scenario of camping, develop sales channels for corporate customers, and strengthen the regional supply chain for home-cooked meals to provide more regional food products to meet consumer needs.
In terms of products, the boiler industry will continue to strengthen R&D capabilities, deepen cooperation with upstream suppliers, and continuously improve R&D and innovation capabilities. At the same time, through investment or cooperation, we work with high-quality food suppliers at home and abroad with market potential to further develop mutual business synergy, integrate the company's upstream resources and introduce high-quality ingredients, thereby consolidating the core competitive advantage of the company's products.
In terms of digitalization, the boiler industry will continue to improve the level of digitalization, further improve overall operational efficiency and promote the continuous growth of sales revenue through measures such as improving procurement and contract fulfillment management platforms and promoting the construction of a membership system.
In terms of brand building, the pot industry will increase investment in brand building and marketing. By increasing marketing efforts on well-known TV commercials, offline advertisements, community group purchases, and social e-commerce platforms, it will further deepen consumer reach and enhance consumer stickiness, thereby enhancing the company's brand recognition and increasing brand awareness, reputation, and consumer loyalty.
Overall, the cooking industry will continue to be the largest “community chef” chain enterprise and “food and beverage retail” group in China, using “catering” as the core and the family's three meals a day scenario.