Guoquan reports Q3 revenue of 1.9-2.0 billion yuan, 12,142 stores

The signal here is Guoquan's growth engine running through lower-tier markets: township stores accounted for roughly two-thirds of the net store additions, which suggests expansion is increasingly a rural and small-city story rather than a premium urban one. That mix matters because profitability is thin — core operating profit of tens of millions against billions in revenue — so the question is whether volume-driven store growth can carry margins, or whether the township push dilutes them further. The open question is whether the pace of net openings holds into year-end and whether per-store economics in those new markets justify the build-out.