儋州工业园锅圈国际食品产业园项目春节不停工 "多一份坚守，就快一分推进" "这边加固一下支撑，作业的时候注意安全。"2月21日，大年初五清晨，儋州工业园深儋合作区内 一片忙碌。锅圈国际食品产业园项目的工地上，桩锚支护组组长董艺波正指挥着工人们进行支撑加固作 业。 声音穿透了清晨的薄雾，在钢筋水泥间弹了几下。几十米外，有人应了一声，紧接着，电焊作业的 火花瞬间亮了起来。 这是家在河南的董艺波第一次在海南过年，也是头一回在工地上度过春节。工地上还有30余名兄弟 一起留守作业，在他们的坚守下，这座用地约150亩、投资超4亿元的锅圈国际食品产业园项目持续刷新 着"进度条"。 工地上，电焊声、钻孔声、钢筋碰撞声此起彼伏。当然，浓浓的年味是必须有的——生活区挂起大 红灯笼，还贴上了福字。除夕夜，项目方精心准备了丰盛的年夜饭和慰问品，与家乡菜色不太相同的海 南美食摆满餐桌，董艺波觉得心里暖暖的，"像海南的冬天一样暖。" 温暖宜人的冬季气温让他感到舒心，干起活来也分外有劲。下了班的董艺波给远在河南的亲朋好友 打去电话，送上祝福并报平安的同时，也透过手机镜头展示自己正在建设的项目——建成后，脚下的土 地将成为海南自贸港新一代现 ...

[Table_Page] 跟踪分析|食品饮料 证券研究报告 [Table_Title] 食品饮料行业 春节走访：五省白酒动销跟踪反馈 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-24 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 05/25 07/25 09/25 12/25 02/26 食品饮料 沪深300 | [分析师： Table_Author]符蓉 | | | --- | --- | | | SAC 执证号：S0260523120002 | | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | 分析师： | 郝宇新 | | | SAC 执证号：S0260523120010 | | | SFC CE No. BVZ687 | | | 021-38003553 | | | haoyuxin@gf.com.cn | | ...

2025年公司业绩显著改善，预计营收77.5亿—78.5亿元（同比增长19.8%—21.3%），净利润4.43亿— 4.63亿元（同比增长83.7%—92%），门店总数达11566家，全年净增1416家。但扩张节奏引发关注： 2025年第四季度净增805家门店，超过前三季度总和，且99.9%为加盟店，市场担忧加盟模式下的品控 风险。 来源：经济观察网 经济观察网 根据公开信息，锅圈（02517.HK）股价近期下跌主要与市场对其高速扩张模式可持续性及 食品安全问题的担忧有关。截至2026年2月20日收盘，股价报3.70港元，单日下跌4.39%，近5个交易日 累计跌幅达10.41%。 业绩经营情况 中金公司2026年2月11日维持"跑赢行业"评级，目标价4.90港元，肯定其同店增长与乡镇市场潜力。但 股价表现与业绩背离，反映投资者对高速扩张伴生的品控、加盟商盈利等风险持谨慎态度。技术面显 示，MACD柱状图转负、KDJ的J线跌至-3.407，处于超卖区间，短期资金活跃度低。 行业板块情况 同期恒生指数下跌1.10%，包装食品板块上涨1.19%，锅圈股价跑输板块，显示其下跌主因或为个股基 本面担忧而非系统性风险。 ...

Investment Rating - The industry investment rating is "Buy" indicating an expected performance that will exceed the market by more than 10% over the next 12 months [27]. Core Insights - The report highlights that the Chinese liquor market, particularly in Chengdu, is showing signs of recovery as the Spring Festival approaches, with increased sales velocity for major brands like Guojiao and Wuliangye [6][8]. - The seasoning market is also experiencing improved sales, with brands like Qianhe and Haitian gaining market share, and promotional activities increasing in supermarkets [11][12]. - The report suggests a positive outlook for the liquor sector in 2026, with recommendations for key stocks including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai among others [2][4]. Summary by Sections Chengdu Liquor Market Tracking - Sales velocity for Wuliangye and Guojiao has accelerated as the Spring Festival approaches, with Wuliangye's current batch price at 790 CNY per bottle and Guojiao at 850 CNY per bottle [7][9]. - Feedback from distributors indicates that inventory levels are healthy, with a focus on maintaining good stock levels to avoid excess [8][9]. Chengdu Seasoning Market Tracking - Soy sauce sales have improved year-on-year, with Qianhe and Haitian leading in market share, and promotional activities in supermarkets have increased significantly [11][12]. - The overall health of inventory levels in the seasoning market is noted, with major brands maintaining shorter inventory ages, indicating strong sales performance [11][15]. Investment Recommendations - For the liquor sector, the report recommends stocks such as Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, anticipating a new growth cycle starting in 2026 [2][4]. - In the consumer goods sector, companies like Anjuke Foods and Yanjing Beer are highlighted as having potential for outperforming the market due to new products and channels [2][4].

鍋圈食品（上海）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2517） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 有關訂立採購框架協議之持續關連交易補充公告 GUOQUAN FOOD (SHANGHAI) CO., LTD. 茲提述鍋圈食品（上海）股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）日期為2026年2月4日之公告（「該公告」），內容有關根據採購框架協議進行 之持續關連交易。除文義另有所指外，本公告所用之詞彙與該公告所界定者具有 相同涵義。 除該公告所披露之資料外，本公司謹此就以下事項提供進一步資料：(1)採購框架 協議項下之定價基準；(2)採購框架協議項下年度上限之釐定基準；及(3)內部控 制。本公告為該公告之補充文件，須與該公告一併閱讀。 採購框架協議項下之定價基準 採購框架協議項下擬進行交易之建議年度上限經考慮以下因素後釐定，包括：(i) 本集團向宋河集團採購酒水產品的歷史交易金額；(ii)本 ...

Core Insights - The core viewpoint of the articles emphasizes the growth and strategic adjustments of Guoquan Food over the past decade, focusing on meeting family dining needs and adapting to market changes [1][2]. Group 1: Company Growth and Strategy - Guoquan Food has grown to 11,566 stores over ten years by focusing on the core needs of family dining, aiming to make meals convenient, tasty, and affordable [1]. - The company has avoided blind expansion by concentrating on single-store profitability, ensuring growth is internally generated rather than relying on external factors [1]. - In 2025, despite a challenging market environment, Guoquan Food achieved significant revenue growth and nearly doubled profits by optimizing the operational structure of underperforming stores [1]. Group 2: Future Plans and Innovations - In 2026, Guoquan Food plans to enhance its "at-home dining" strategy by adjusting its store model, promoting 150-square-meter community stores tailored to urban and community structures [2]. - The company aims to improve its rural store offerings by increasing the proportion of bulk, loose, and frozen protein products, aligning with family purchasing habits [2]. - Guoquan Food intends to enrich its family dining solutions by standardizing ingredients and enhancing supply capabilities, integrating smart cooking machines and AI digital recipes to address daily meal challenges [2].

Group 1 - The company has announced the nomination of candidates for the second board of directors, including Yang Mingchao, Meng Xianjin, An Haolei, Luo Na, Yang Tongyu, Liu Zhengzheng, Zeng Xiaosong, Yu Fangjin, Li Jianfeng, and Shi Kangping [1] - Among the nominees, Yang Mingchao, Meng Xianjin, An Haolei, Luo Na, and Yang Tongyu are proposed as executive directors, Liu Zhengzheng as a non-executive director, and Zeng Xiaosong, Yu Fangjin, Li Jianfeng, and Shi Kangping as independent non-executive directors [1] - The appointment of the nominated directors is subject to approval at the 2025 annual general meeting, with a term of three years starting from the date of election [1] Group 2 - The company held a staff representative meeting on February 12, 2026, where Zheng Min was elected as an employee director [2] - Zheng Min will join the board of directors elected by the shareholders, with a term of three years starting from the date of election [2] - A service contract will be established with Zheng Min upon her official appointment to the second board of directors [2]

Group 1 - The company has announced the nomination of candidates for the second board of directors, including Yang Mingchao, Meng Xianjin, An Haolei, Luo Na, Yang Tongyu, Liu Zhengzheng, Zeng Xiaosong, Yu Fangjin, Li Jianfeng, and Shi Kangping [1] - Among the nominees, Yang Mingchao, Meng Xianjin, An Haolei, Luo Na, and Yang Tongyu are proposed as executive directors, while Liu Zhengzheng is nominated as a non-executive director, and Zeng Xiaosong, Yu Fangjin, Li Jianfeng, and Shi Kangping are nominated as independent non-executive directors [1] - The appointment of the nominated directors is subject to approval at the 2025 annual general meeting, with their term lasting three years from the date of election, and they may be re-elected upon term expiration [1] Group 2 - On February 12, 2026, the company held a staff representative meeting to elect Zheng Min as an employee director, who will join the board elected by the shareholders [2] - Zheng Min's term as a director will also last three years from the date of election, with the possibility of re-election upon term expiration [2] - A service contract will be established with Zheng Min upon her official appointment to the second board of directors [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GUOQUAN FOOD (SHANGHAI) CO., LTD. 鍋圈食品（上海）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2517） 建議委任第二屆董事會非職工董事 及 選舉第二屆董事會職工董事 建議委任第二屆董事會非職工董事 鍋圈食品（上海）股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）第一 屆董事會（「董事會」）的任期將於2026年2月19日屆滿。 本公司謹此宣佈，根據《中華人民共和國公司法》及《鍋圈食品（上海）股份有限公 司章程》（「公司章程」）的相關規定，經董事會提名委員會建議，董事會謹此提名 楊明超先生、孟先進先生、安浩磊先生、羅娜女士、楊童雨女士、劉錚錚先生、 曾曉松先生、郁昉瑾女士、李劍峰先生及施康平先生為本公司第二屆董事會非職 工董事候選人（「董事候選人」）。其中，提名楊明超先生、孟先進先生、安浩磊 先生、羅娜女士及楊童雨女士為執行董事，提名劉錚 ...

Summary of the Conference Call for Guoquan Industry and Company Overview - The conference call discusses Guoquan, a company specializing in the retail of prepared food products, particularly in rural and township markets in China. The company leverages a low-price strategy and offers unique products like skewers and crayfish to meet consumer demand in these areas [2][4]. Key Points and Arguments Competitive Advantages - Guoquan has a significant competitive edge in the township market due to its efficient supply chain and product offerings. The company provides low-priced products and unique prepared food items that are scarce in these markets, thus attracting consumers [4][6]. - The company’s strategy includes sourcing directly from manufacturers to reduce costs and improve supply efficiency, allowing for lower prices that draw customers into stores [4][6]. Store Expansion Potential - Based on census data, there are over 30,000 townships in China, with approximately 20,000 having populations over 10,000, indicating a theoretical potential for 10,000 to 20,000 new stores. Guoquan aims to open at least 8,000 stores, which is considered a conservative estimate [7][8]. - The company plans to open 5,000 new stores, with 3,000 being remodeled stores that have shown significant revenue increases [2][13]. New Store Formats and Innovations - Guoquan is testing a new store format called "small stir-fry stores," which aims to provide home-cooked meal options at competitive prices. The initial investment is around 210,000 yuan, with a shorter payback period compared to traditional stores [14][15]. - The company is also launching a camping store project, with the first store expected to generate monthly sales of 500,000 to 600,000 yuan during peak seasons, achieving a gross margin of 50% [18]. Financial Performance and Projections - The introduction of new product categories has led to a significant increase in sales, with new items contributing approximately 30% to total revenue and slightly higher gross margins than existing products [10][12]. - Guoquan estimates that with the opening of 10,000 new small stir-fry stores, it could achieve around 1 billion yuan in profit, corresponding to a market valuation of 15 to 20 times earnings, suggesting a potential market cap of 150 to 200 billion yuan [22]. Management and Supply Chain Strengths - The company demonstrates strong execution and management capabilities, with a focus on integrating supply chains through its subsidiaries, which enhances overall operational efficiency [21]. Other Important Insights - The remodeling store strategy has proven effective in urban areas, indicating potential for similar success in rural markets [9][13]. - The company is actively exploring new business lines, including community group buying and agricultural products, which could serve as future growth drivers [22]. - Guoquan's pricing strategy for the small stir-fry stores aims to match home-cooked meal costs while minimizing food waste, appealing to a broad customer base [15][16]. This comprehensive overview highlights Guoquan's strategic positioning, growth potential, and operational strengths within the prepared food retail industry in China.