识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 风险提示。宏观经济不及预期；消费力恢复不及预期；食品安全问题。 972918116公共联系人2026-03-25 13:58:42 1 / 11 [本报告联系人： Table_C ontacter] [Table_Page] 行业专题研究|食品饮料 2026 年 3 月 25 日 证券研究报告 [Table_Title] 食品饮料行业 | | | 2026 | | 春糖会反馈：行业磨底，期待改善 | | --- | --- | --- | --- | --- | | 分析师： [Tabl | 符蓉 | 分析师： 郝宇新 | | 分析师： 廖承帅 | | e_Author] | SAC 执证号：S0260523120002 | | SAC 执证号：S0260523120010 | SAC 执证号：S0260524070009 | | | SFC CE.no: BWC944 | | SFC CE.no: BVZ687 | | | | 021-38003552 | | 021-38003553 | 021-38003816 | | | furong@gf.com.c ...

[Table_Author] 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨锅圈（02517.HK） [Table_Title] 锅圈 2025 年业绩点评：2025 年圆满收官，2026 年开店&店效指引积极 报告要点 [Table_Summary] 公司公布 2025 年业绩，实现总营业收入 78.10 亿元，同比增长 20.7%；核心经营利润 4.61 亿 元，同比增长 48.2%；归母净利润 4.33 亿元，同比增长 87.8%。2025 年公司门店净增长 1416 家，年末 11566 家。 分析师及联系人 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 锅圈（02517.HK） cjzqdt11111 [Table_Title 锅圈 2025 年业绩点评： 2] 2025 年圆满收官，2026 年开店&店效指引积极 [Table_Summary2] 事件描述 公司公布 202 ...

摘要：锅圈董事长杨明超：对 2026 年业绩增长充满信心，未来三年或迎业绩结 构性变化。 作者：市值风云 App：萧瑟 平台模式贯通，净利润大增 88%！新消费龙头锅圈：大举扩张箭在 弦上 近年来，消费市场已经跑出了一批高增长的优质新消费品牌，它们或有着创新的 商业模式，或有着强大的供应链能力，在红海中开辟出属于自己的蓝海。 作为其中的典型代表，锅圈（2517.HK）近期发布了 2025 年度业绩公告。业绩 发布会后三个交易日内，公司股价累计涨幅已高达 17.7%。 （来源：Choice 终端） 资本市场如此看好，公司年报中究竟透漏出哪些关键信息呢？ 一、店量、店效双增长，收入、利润创新高 1、乡镇门店扩张明显提速 业绩公告显示，2025 年锅圈实现营业收入 78.10 亿元，同比增长 20.7%，创下 历史新高。其中，来自加盟店的收入达到 62.19 亿元，同比增长 14.2%，依然是 公司最主要的收入来源。 （来源：公司公告，制图：市值风云 APP） 锅圈最直观的增长动力来自门店网络的扩张。 截至 2025 年末，锅圈旗下门店共计 11,566 家，其中加盟店 11,554 家，较年 初新增 1,419 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company achieved a revenue of 7.81 billion HKD in 2025, representing a year-on-year growth of 20.71%. The gross profit was 1.687 billion HKD, with a gross margin of 21.6%. The net profit reached 454 million HKD, showing a significant increase of 88.2% year-on-year [4]. - The company is focusing on multi-format upgrades and transforming into a full-scenario community central kitchen, with expectations for accelerated growth in 2026 [3]. - The company plans to increase its store count to over 14,500 by the end of 2026, with a net addition of over 2,934 stores, while maintaining a store closure rate of less than 4% [5]. Financial Performance - In 2025, the company reported a revenue of 7.81 billion HKD, with a year-on-year growth of 20.7%. The net profit for the same year was 424 million HKD, reflecting an 87.8% increase [6]. - The projected revenue for 2026 is 9.901 billion HKD, with an expected year-on-year growth of 26.8%. The net profit is anticipated to reach 605 million HKD, indicating a growth of 39.8% [6]. - The company’s gross margin is expected to improve to 22.0% in 2026, with a net profit margin of 6.1% [6]. Business Expansion and Strategy - The company has increased its store count to 11,566 by the end of 2025, with a net increase of 1,416 stores, of which 1,004 are in rural markets [5]. - The company is enhancing its supply chain integration and digital capabilities, with plans to remodel 2,000 to 3,000 existing stores and open 1,000 new camping-themed stores [5]. - Membership has grown to 64.9 million, a 57.14% increase year-on-year, with pre-deposit amounts reaching 1.2 billion HKD, up 21.2% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company achieved a revenue of 7.81 billion HKD in 2025, representing a year-on-year growth of 20.71%. The gross profit was 1.687 billion HKD, with a gross margin of 21.6%. Net profit reached 454 million HKD, showing a significant increase of 88.2% year-on-year [4]. - The company is focusing on multi-format upgrades and transforming into a full-scenario community central kitchen, with expectations for accelerated growth in 2026 [3]. - The company plans to increase its store count to over 14,500 by the end of 2026, with a net addition of over 2,934 stores, while maintaining a store closure rate of less than 4% [5]. Financial Performance - In 2025, the company reported a revenue of 7.81 billion HKD, with a year-on-year growth of 20.7%. The net profit for the same year was 424 million HKD, reflecting an 87.8% increase [6]. - The projected revenue for 2026 is 9.901 billion HKD, with an expected growth rate of 26.8%. The net profit is forecasted to be 605 million HKD, indicating a 39.8% increase [6]. - The company’s gross margin is expected to improve to 22.0% in 2026, with a net profit margin of 6.1% [6]. Business Expansion and Strategy - The company plans to enhance its supply chain integration and aims to open 1,000 new camping stores, while also focusing on the renovation of 2,000 to 3,000 existing stores [5]. - The membership base has grown to 64.9 million, a 57.14% increase year-on-year, with a pre-deposit amount of 1.2 billion HKD, up 21.2% [4]. - The company is also leveraging digital channels, achieving a GMV of 1.49 billion HKD through Douyin, which represents a 75.3% year-on-year growth [4].

证券研究报告|公司点评报告 [Table_Date] 2026 年 03 月 17 日 [Table_Title] 25 年业绩表现佳，关注后续门店扩张与新店型探索进程 [Table_Title2] 锅圈(2517.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2517 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 4.53/1.78 | | 目标价格： | | 总市值(亿) | 116.49 | | 最新收盘价： | 4.24 | 自由流通市值(亿) | 116.49 | | | | 自由流通股数(百万) | 2,747.36 | [Table_Summary] ► 锅圈发布 2025 年年度业绩公告，收入增长与成本结构优化推动归母净利润实现高增。 锅圈发布 25 年年度业绩公告，25 年营业收入 78.10 亿元/同比+20.71%，对应归母净利润 4.33 亿元/同比 +87.76%，核心经营利润为 4.61 亿元/同比+48.2%；细拆收入来看，25 年销售餐食产品及相关产业收入 76.36 亿 ...

锅圈（2517.HK）2025 年年度业绩公告点评 业绩质量双升，2026 年蓄势待发 glmszqdatemark [盈利预测与财务指标 Table_Forcast] 资料来源：Wind，国联民生证券研究所预测（注：股价为 2026 年 3 月 13 日收盘价,汇率 1HKD=0.89RMB） 推荐 维持评级 当前价格： 3.85 港元 | 单位/百万人民币 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入 | 7,810 | 9,817 | 12,032 | 14,132 | | 增长率（%） | 20.7 | 25.7 | 22.6 | 17.5 | | 经调整净利润 | 461 | 617 | 778 | 936 | | 增长率（%） | 48.2 | 33.9 | 26.1 | 20.4 | | EPS(基于经调整净利润） | 0.17 | 0.22 | 0.28 | 0.34 | | P/E(基于经调整净利润） | 20 | 15 | 12 | 10 | | P/B | 3.1 | 2.8 | 2.5 ...

公 司 报 告 食品饮料 2026 年 03 月 17 日 锅圈(2517.HK) 2025圆满收官，2026纵情向前 推荐（维持） 主要数据 | 行业 | 食品饮料 | | --- | --- | | 公司网址 | www.zzgqsh.com | | 大股东/持股 | 锅圈实业(上海)有限公司 | | 实际控制人 | 杨明超 | | 总股本(百万股) | 2747.36 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | 2747.36 | | 总市值（亿元） | 102.76 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 1.11 | | 资产负债率(%) | 39.31 | | 行情走势图 | | 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 韦毓 投资咨询资格编号 S1060525120002 WEIYU001@pingan.com.cn 事项： 公司发布 2025 年年度业绩公告，2025 全年实现营业收入 78.10 亿元，同比增 长 20.71%；实现归母净利润 4.33 亿元 ...

Macro and Strategy - The macroeconomic monthly report indicates that the foundation for economic recovery is still to be solidified, with GDP growth reaching 5.2% year-on-year, a 0.5 percentage point increase from December 2025 [7] - Industrial production is recovering faster than the service sector, with industrial added value growing by 6.3% year-on-year in January-February, while the service production index only increased by 5.2% [7] - Demand is showing a comprehensive recovery, with fixed asset investment growth turning positive at 1.8% year-on-year, and retail sales of consumer goods increasing by 2.8% year-on-year, marking the highest month-on-month growth in nearly a decade [7] Industry and Company Social Services Industry - The social services sector saw a decline of 5.16% during the reporting period, underperforming the market by 4.28 percentage points [11] - The tourism market is experiencing a "not-so-dull off-season" post-Spring Festival, with policies stimulating demand, particularly among the elderly demographic [12] - Key companies in the sector, such as Huangshan Tourism and Jiuhua Tourism, showed positive stock performance during the reporting period [11][12] Home Appliances Industry - Home appliance exports grew by 9% year-on-year in January-February, with a significant improvement in both domestic and international sales [14] - Retail demand for major appliances is recovering, with a narrowing decline in retail sales across various categories, except for air conditioners, which faced a drop due to warm weather during the Spring Festival [15][16] - The export value of home appliances reached 119.2 billion yuan, with a 16% increase in export volume, indicating a positive trend in overseas markets [16] Pharmaceutical and Biotechnology Industry - The report emphasizes the ongoing clinical development of innovative drugs, with a focus on the CXO industry as a strong investment theme [19] - The domestic market for home medical devices is expected to grow significantly due to aging demographics and improved consumer sentiment [20] - Investment opportunities are highlighted in surgical robotics, with new pricing guidelines expected to enhance the clinical application of innovative products [20] Public Utilities and Environmental Protection Industry - The public utilities index rose by 3.07%, with significant gains in the renewable energy sector, particularly in new energy generation [22] - China has joined the "Triple Nuclear Declaration," promoting sustainable nuclear energy development [22] - The "14th Five-Year Plan" outlines key strategies for the public utilities and environmental protection sectors, emphasizing the need for investment in clean energy and waste management [23] Specific Company Insights - Guoquan's financial performance met expectations, with a 20.7% increase in revenue and a 48.2% rise in core operating profit for 2025 [26] - Sunlord Electronics reported a 14.39% increase in revenue, driven by strong growth in AI and IoT applications [28] - Lenovo Group achieved double-digit growth across all business segments, with a notable increase in AI server revenue [30]

Core Insights - Amazon's report on global e-commerce trends highlights emerging consumer preferences and market opportunities driven by technology and emotional needs [1][2]. Group 1: AI Quality Space - Over 65% of consumers in Europe and the US are willing to spend more on smart home products, seeking emotional connections and comfort [4][6]. - The market for personalized customization, emotional interaction, and privacy is significant, emphasizing the need for technology to meet human emotional demands [7]. Group 2: Sleep Economy - 37% of American adults reported a decline in sleep quality in 2023, indicating a growing market for sleep-related products and services [10][11]. - Consumers are increasingly willing to invest in sleep quality, associating it with health and lifestyle improvements [12]. Group 3: Happy Office - There is a rising expectation for workspaces that enhance comfort and productivity, with ergonomic furniture and technology becoming more important [13][14]. Group 4: Subtle Technology - Consumers are seeking technology that seamlessly integrates into their lives, enhancing quality without being intrusive, as seen in brands like Apple [15]. Group 5: Pet Economy - The global pet industry is projected to grow by 45% over the next six years, with 55% of pet owners in developed markets willing to spend more on pet health and wellness [16][17]. - Pets are increasingly viewed as family members, creating demand for health-focused pet products and services that foster emotional connections [19]. Group 6: Outdoor Cooking - The popularity of outdoor cooking and camping is rising, creating demand for specialized outdoor cooking equipment and experiences [20][22]. Group 7: Mobile Treasure Chest - Vehicles are evolving into multifunctional spaces, serving as homes, entertainment areas, and offices, with a focus on comfort and efficiency [23][27]. Group 8: Generation Z Consumers - Generation Z, as digital natives, prioritize values-driven consumption, personalization, and unique experiences, while also being price-conscious [28][29]. Group 9: Fitness Pioneers - The health and fitness sector is increasingly focused on scientific, efficient, and personalized approaches, with a rise in smart wearable devices and tailored fitness solutions [31][34]. Group 10: E-sports Enthusiasts - Emerging markets are experiencing rapid growth in e-sports, with consumers seeking high-performance equipment and immersive experiences [35][37]. Summary of Trends - The report identifies three key drivers of these trends: accelerated technology, emotional shifts, and lifestyle changes, reflecting the complex needs of modern consumers [39][40].