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. （股份代號：2517） 自願公告 二零二五年第三季度最新業務情況 本公告由鍋圈食品（上海）股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願刊發，旨在告知本公司股東（「股東」）及潛在投資者本集團最新業務更 新。 本公司董事會（「董事會」）謹此知會股東及潛在投資者，根據本集團現時可得資料 所作出之初步評估，得益於「社區央廚」戰略的指引，本集團穩步開拓即時零售門 店，於二零二五年第三季度淨新增門店361家，較二零二四年第三季度同比增長 98%，截至二零二五年九月三十日的門店總數達到10,761家。本集團繼續深耕「在 家吃就鍋圈」的品牌心智，借助多樣化的套餐產品組合，通過多渠道多場景的布 局，線上線下相結合的方式，本集團於二零二五年第三季度錄得收入（未經審核 或審閱）約人民幣1,850百萬元至人民幣2,050百萬元，較二零二四年第 ...

Core Viewpoint - Guoquan is a leading brand in China's home dining food products, providing a wide range of ready-to-eat and ready-to-cook ingredients through a nationwide franchise network, with a target of 10,150 stores by 2024 [1] Industry Overview - The home dining market in China has grown from 3.25 trillion yuan in 2018 to 5.62 trillion yuan in 2022, with a CAGR of approximately 14.7%. The food product segment has seen even faster growth, with a CAGR of 25.5%, reaching 367.3 billion yuan [1] - The industry is highly fragmented, with the top five companies holding only 11.1% market share in 2022, while Guoquan leads with a 3.0% share [1] Business Model and Supply Chain - Guoquan employs a "single product, single factory" model, operating seven factories with a total capacity of 25,000 tons in 2022. The acquisition of Huading Cold Chain in 2024 will enhance its cold chain network across 290 cities [2] - The company focuses on refined operations and rapid product iteration based on consumer feedback, with a payback period for stores in provincial, prefectural, and county-level cities estimated at 12.2, 17.9, and 20.1 months, respectively [2] - The expansion plan aims for 20,000 stores, primarily targeting lower-tier markets, with single-store revenue recovering through popular products [2] Financial Projections and Valuation - Guoquan is projected to achieve total revenue of 73.3 billion yuan, 84.4 billion yuan, and 95.9 billion yuan from 2025 to 2027, with year-on-year growth rates of 13.3%, 15.1%, and 13.6% [3] - The company is expected to realize net profits of 4.1 billion yuan, 4.9 billion yuan, and 5.6 billion yuan during the same period, with corresponding year-on-year growth rates of 78.9%, 19.4%, and 13.7% [3] - The current stock price corresponds to a PE ratio of 22.6, 18.9, and 16.6 for the years 2025 to 2027, with a potential market value of 111 to 124 billion HKD, indicating a premium of 11% to 24% compared to the current valuation [3]

Core Viewpoint - Guoquan Securities maintains an "outperform" rating for Guoquan (02517), projecting significant revenue and profit growth from 2025 to 2027, driven by its franchise model and supply chain efficiency improvements [1][2] Group 1: Financial Projections - Expected total revenue for 2025-2027 is 7.33 billion, 8.44 billion, and 9.59 billion yuan, representing year-on-year growth of 13.3%, 15.1%, and 13.6% respectively [1] - Projected net profit attributable to shareholders for the same period is 410 million, 490 million, and 560 million yuan, with year-on-year growth of 78.9%, 19.4%, and 13.7% [1] - Earnings per share (EPS) are forecasted at 0.15, 0.18, and 0.20 yuan, with a target price range of 4.03 to 4.51 HKD [1] Group 2: Business Model and Operations - The company has established a "single product single factory" model, with 7 self-built factories covering categories such as condiments and seafood, achieving a production capacity of 25,000 tons in 2022 [1] - In 2024, the acquisition of Huading Cold Chain will enhance the national cold chain network, covering 290 cities [1] - The company is focused on refined operations and improving multi-store franchisee performance, with stores widely distributed in lower-tier cities [1] Group 3: Market Expansion and Efficiency - Based on population density calculations, the total number of stores is expected to reach 19,000, with growth primarily from lower-tier markets [2] - Single-store efficiency is improving, with revenue recovery driven by popular products like the free-choice tripe set, and the unmanned retail model has been implemented in 2,000 stores to extend operating hours [2] - Capital expenditure has decreased from 250 million yuan in 2022 to 150 million yuan in 2024, with scale effects expected to reduce costs and improve net profit margins [2]

Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Insights - The company, Guoquan, is a leading brand in the home dining food product sector in China, with over 10,150 stores as of 2024, and a revenue forecast of 6.47 billion yuan for the same year, with 84% of revenue coming from franchisees [1][4]. - The home dining market in China has grown significantly, with a CAGR of approximately 14.7% from 2018 to 2022, and the segment for food products has seen even faster growth at 25.5% [1][34]. - Guoquan's business model includes a deep integration of the supply chain and a focus on optimizing its commercial model, which is expected to enhance profitability [2][55]. Summary by Sections Company Overview - Guoquan is positioned as a leading brand in home dining food products, offering a variety of ready-to-eat and ready-to-cook ingredients across eight categories [12][14]. - The company has established a nationwide franchise network, achieving a store count of 10,150 by the end of 2024 [1][26]. Industry Analysis - The home dining market in China has expanded from 32.48 trillion yuan in 2018 to 56.16 trillion yuan in 2022, with projections to reach 71.09 trillion yuan by 2027 [34]. - The competitive landscape is highly fragmented, with Guoquan holding a market share of approximately 3.0%, leading the industry [39]. Core Advantages - Guoquan employs a "single product, single factory" model, operating seven factories to cover various product categories, which enhances its supply chain efficiency [2][55]. - The company has established a robust network of over 300 suppliers, ensuring a comprehensive supply chain and optimizing production costs [55][56]. Future Outlook - The company aims to expand its store count to 20,000, primarily targeting lower-tier cities, with a projected revenue growth of 13.3% to 95.9 billion yuan by 2027 [2][3]. - Profitability is expected to improve, with net profit margins projected to rise as operational efficiencies are realized [3][27].

Core Insights - The company focuses on the home dining scene, expanding supply chain and channel collaboration, and has established itself as a leading provider of home meal solutions in China [1] - The market for home dining is experiencing strong demand and continuous expansion, particularly in lower-tier markets where competition is relatively low [1] - The company has implemented a vertical integration strategy in its supply chain, enhancing operational efficiency and creating a competitive barrier [2] Company Overview - The company has developed a comprehensive supply chain system and self-production capabilities, ensuring efficient supply and stable product quality [1] - As of the first half of 2025, the company operates 10,400 stores and has a membership base of 50.3 million [1] - The company employs a "single product, single factory" strategy, with seven production bases covering various categories, which optimizes operational resilience [2] Market Dynamics - The home dining market is benefiting from advancements in food manufacturing processes and improvements in cold chain logistics, leading to accelerated market demand [1] - The rise of the "lazy economy" is contributing to the expansion of market demand, particularly in lower-tier markets [1] - The company aims to replicate the success of Kobe Bussan, a leading Japanese prepared food company, by enhancing its operational capabilities [1] Operational Strategies - The company has diversified its store models and channel innovations to accelerate market penetration and performance growth [2] - The franchise model attracts investors in lower-tier markets, facilitating rapid expansion of the terminal network [2] - New store formats, such as convenient cooking solutions and unmanned retail stores, are being introduced to enhance sales and customer engagement [2] Financial Projections - The company is expected to achieve total revenue of 7.272 billion, 8.970 billion, and 11.252 billion yuan from 2025 to 2027, with core operating profits of 394 million, 464 million, and 578 million yuan respectively [3] - The company maintains a competitive edge in the market, with a valuation lower than comparable companies, and is rated as a strong buy [3]

采写：南都N视频记者 彭雨欣 网友发布的图片。 网友发布的图片显示，该干菌菇套装的包装袋中，出现一枚烟头，该网友配文称，"锅圈食汇食品里有 烟头，好无语"，该事件随后引发关注。南都记者注意到，锅圈食汇官方账号在该网友评论区留言 称，"您好，不好意思，我看到您在锅圈购物产生了不好的体验。首先给您说声抱歉！ 辛苦提供您的联 系方式，我请客服小伙伴为您做售后，感谢！" 10月23日，锅圈食汇相关负责人告诉南都记者，"目前已经和消费者达成和解，但因为消费者是打开包 装后发现的情况，事件的具体情况目前还在调查中。" 官网信息显示，锅圈食汇是锅圈食品（上海）股份有限公司旗下品牌。锅圈食汇的产品组合覆盖火锅产 品、烧烤产品、饮品、一人食、即烹餐包、生鲜、西餐及零食八大类别。截至2024年6月30日，锅圈食 汇共有9660家加盟门店。 近日，有网友在社交平台发文称，"在锅圈食汇一款'七珍菌菇荟'干菌菇套装中发现一枚烟头。"10月23 日，锅圈食汇相关负责人向南都N视频记者表示，"目前已经和消费者达成和解，但因为消费者是打开 包装后发现的情况，事件的具体情况目前还在调查中。" ...

Core Insights - The establishment of the Hong Kong operation center marks a systematic advancement in the company's globalization efforts [1] - The center will serve as a strategic hub for connecting with global markets and coordinating overseas partnerships [1] - The company plans to lead its global business expansion with products such as seasonings and stir-fry dishes, focusing on localizing ingredients and collaborating on production capacity [1]

Core Viewpoint - The establishment of the Hong Kong operation center marks a systematic advancement in the global expansion of the company, serving as a strategic hub for global market engagement [1] Group 1 - The Hong Kong operation center will coordinate global strategic planning and overseas partner engagement [1] - The company plans to lead its global business layout with products such as seasonings and stir-fried dishes [1] - Future strategies will include localizing ingredients and collaborating on production to enhance global operations [1]

每经AI快讯，锅圈(02517.HK)午后涨超5%，截至发稿，涨4.93%，报3.83港元，成交额1.06亿港元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company, Guoquan (02517), has initiated a significant step in its global expansion by launching its Hong Kong operations center, which is expected to enhance its global market engagement and strategic planning [1] Group 1: Market Performance - Guoquan's stock price increased by over 5% in the afternoon trading session, reaching a price of 3.83 HKD, with a trading volume of 106 million HKD [1] Group 2: Strategic Developments - The Hong Kong operations center, officially opened on October 21, marks a systematic advancement in Guoquan's globalization efforts, leveraging Hong Kong's position as an international financial and trade hub [1] - The center will serve as a strategic hub for global market engagement, coordinating global strategic planning and overseas partner connections [1] Group 3: Financial Actions - On September 25, Guoquan announced a board resolution to utilize up to 100 million HKD of its own funds for the repurchase of H-shares in the open market [1] - The company indicated that its current stock price does not adequately reflect its intrinsic value and business prospects, and the buyback reflects management's confidence in the company's long-term development [1] - The repurchase is expected to enhance shareholder returns through share cancellation or treasury stock [1]