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Pot.sh (Guoquan) Membership-based Home Meal Ingredient Chain

1) Primary revenue from franchise fees and wholesale price spreads; 2) Commissions from online home-delivery orders and

MODEL

Key Fields

FIELD STAMPS

IndustryE-commerce / Retail

RegionChina

ScaleMid-size

ChannelHybrid

📌 Background

In 2026, the home dining market continues to expand as consumers prioritize both convenience and cost-effectiveness. Pot.sh integrates hot pot and barbecue ingredient supermarkets into the 'at-home dining' consumer journey, leveraging its 10,000-store network and proprietary supply chain to deliver services directly to the home. In the first half of 2026, revenue grew by 22% year-on-year, with product sales to existing stores increasing by 7.4% (based on company interim results, not independently audited).

👤 Target Customers

Household consumers (for home-cooked hot pot, barbecue, and ready-to-eat meals), as well as franchisees seeking low-barrier business opportunities.

💰 Revenue Streams

1) Primary revenue from franchise fees and wholesale price spreads; 2) Commissions from online home-delivery orders and food delivery platforms; 3) Retail revenue from private-label food products and direct-supply items from Guoquan Farms.

🧮 Cost Structure

Franchise store development and operational support; procurement of fresh ingredients and cold chain logistics infrastructure; R&D for online mini-programs and membership systems; brand marketing expenses.

🛡️ Moat

Strong supply chain bargaining power driven by a 10,000-store scale; improved gross margins through private-label brands; increased repurchase frequency via membership systems; community store network serving as fulfillment nodes to support home-delivery services.

🔑 Keys to Success

Supply chain efficiency and procurement cost control
Frequent new product launches and development of 'super' hero products
Membership operations capability to drive online traffic to offline stores

⚠️ Risks

Potential wave of store closures due to pressure on individual franchisee profitability
Impact on brand trust from potential cold chain food safety incidents
Intensified competition as local service giants increase investment in ingredient retail

🏢 Cases

Pot.sh (2517.HK) reported a 22% revenue increase in H1 2026, with a 7.4% growth in same-store sales and over a six-fold increase in farm GMV
Pot.sh continues to steadily expand its store count and leverage online operations to drive offline traffic, unlocking the value of its 10,000-store ecosystem

📊 SWOT Analysis

Strengths

Extensive store count and high coverage density, providing strong terminal reach
Significant economies of scale in supply chain and private labels, resulting in a distinct cost advantage

Weaknesses

High dependency on the franchisee network, making terminal management challenging
Same-store growth relies heavily on new product iterations and promotional incentives

Opportunities

Expansion of the home-prepared meal market with rapidly growing demand for at-home dining scenarios
Potential to replicate the hot pot and barbecue model into other catering retail categories

Threats

Continuous diversion of in-store traffic by fresh food e-commerce and instant retail platforms
Fluctuations in franchisee profitability may weaken expansion speed and brand reputation

Sources