Core Viewpoint - The company, Guoquan, is expanding its offerings around the at-home dining scene, achieving significant growth in revenue and net profit in its mid-term financial report for the first half of 2025, driven by new product development and the transformation of unmanned retail stores [1][2]. Financial Performance - For the first half of 2025, Guoquan reported revenue of 3.24 billion yuan, a year-on-year increase of 21.6% - Gross profit reached 717 million yuan, up 17.8% year-on-year - Net profit surged to 190 million yuan, reflecting a 122.5% increase compared to the previous year - Core operating profit (non-IFRS) also reached 190 million yuan, marking a 52.3% year-on-year growth [1]. Product Development and Offerings - During the reporting period, Guoquan launched 175 new SKUs in hot pot and barbecue categories, including various meal packages such as "Barbecue Camping Container Package" and "Beef Tripe Freedom Plus Package" [2]. - The company introduced multiple new NFC juice products and expanded its craft beer offerings with three new tea-flavored craft beers [2]. Store Expansion and Strategy - Guoquan's store network grew from 9,660 stores on June 30, 2024, to 10,400 stores by June 30, 2025 - The company emphasized its strategy of deepening its presence in lower-tier markets and exploring smart retail scenarios, with 270 new town stores added in the first half of 2025 [2][3]. - Over 2,000 retail stores underwent smart and unmanned transformations during the same period [2]. Market Context - The at-home dining market in China has seen significant growth, with market size increasing from 3.2482 trillion yuan in 2018 to 5.6156 trillion yuan in 2022, representing a compound annual growth rate of 14.7% - The market is projected to reach 7.1089 trillion yuan by 2027 [4]. - The at-home dining product segment is characterized by low standardization and high diversity, with a fragmented supply due to low industry barriers [4]. Competitive Landscape - Other companies in the sector, such as Weizhi Xiang and Anjiu Foods, are also adapting to the at-home dining trend by enhancing their O2O channels and expanding their product offerings [5].

GUOQUAN FOOD (SHANGHAI) CO., LTD. 鍋 圈 食 品（ 上 海 ）股 份 有 限 公 司 本人╱吾等 （附註1） （姓名） 地址為 （地址） 為鍋圈食品（上海）股份有限公司（「本公司」） 股H股的登記持有人，茲委任 （附註2） 大會主席 或 （姓名） 地址為 （地址） 為本人╱吾等的代表，代表本人╱吾等出席本公司謹訂於2025年8月22日（星期五）下午2時假座中國上海市閔行區 興虹路187弄3號5樓會議室舉行之2025年第一次臨時股東大會（及其任何續會）（「臨時股東大會」），以審議並酌情通 過臨時股東大會通告所載的決議，並於該大會上代表本人╱吾等依照下列欄內所示以本人╱吾等的名義就有關決議 投票表決。 除另有界定外，本代表委任表格所用詞彙與本公司日期為2025年8月5日的通函所界定者具相同涵義。 | | | （於中華人民共和國註冊成立的股份有限公司） （股份代號：2517） 於2025年8月22日（星期五）舉行之 2025年第一次臨時股東大會適用的代表委任表格 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司臨時股東大會有關 閣下委任 ...

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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分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。 此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有鍋圈食品（上海）股份有限公司的股份，應立即將本通函連同代表委任表格 交予買主或承讓人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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） (1) 2025年半年度利潤分配方案 及 (2) 2025年第一次臨時股東大會通告 本公司謹訂於2025年8月22日（星期五）下午2時假座中國上海市閔行區興虹路187弄3號5樓會議室舉行 2025年第一次臨時股東大會（「臨時股東大會」），有關通告載於本通函。 隨函附奉適用於臨時股東大會 ...

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通告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通告全部或任何部分內 容而產生或因依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） 鍋圈食品（上海）股份有限公司 2025年第一次臨時股東大會通告 茲通告鍋圈食品（上海）股份有限公司（「本公司」）謹定於2025年8月22日（星期 五）下午2時假座中國上海市閔行區興虹路187弄3號5樓會議室舉行2025年第一次臨時 股東大會（「臨時股東大會」），以審議並酌情批准下列決議案。有關決議案的詳情，請 詳見本公司日期為2025年8月5日的通函（「通函」）。除非文義另有所指，本通告所用詞 彙與通函所界定者具有相同涵義。 普通決議案 1. 審議及批准本公司2025年半年度利潤分配方案 承董事會命 楊明超先生 董事會主席、執行董事兼首席執行官 香港，2025年8月5日 於本通告日期，本公司董事會包括執行董事楊明超先生、 ...

Core Insights - The company, Guoquan Food (Shanghai) Co., Ltd., reported significant growth in its mid-term performance for the six months ending June 30, 2025, with a revenue of 3.24 billion RMB, a year-on-year increase of 21.6%, and a net profit of 190 million RMB, reflecting a substantial growth of 122.5% [2][3] Financial Performance - Revenue reached 3.24 billion RMB, up 21.6% year-on-year - Gross profit was 717 million RMB, a 17.8% increase, with a gross margin of 22.1% - Net profit stood at 190 million RMB, marking a 122.5% increase - Core operating profit also reached 190 million RMB, up 52.3% [2][3] Strategic Initiatives - The company implemented strategic structural adjustments focusing on store operations, brand positioning, and diversified marketing channels, which translated into substantial growth momentum [3] - Guoquan expanded its instant retail network, achieving a total of 10,400 stores nationwide, with a net increase of 740 stores, including 270 new rural stores [3][4] - Over 2,000 stores have undergone upgrades to become unmanned smart stores, enhancing operational efficiency and same-store revenue [3][4] Membership Growth - The registered membership reached 50.3 million, a 62.8% increase, with prepaid card value amounting to 590 million RMB, up 37.2% [4] - The membership system has become a significant growth driver, providing stable support for store traffic and brand loyalty [4] Future Growth Strategies - The company is actively exploring new growth paths, including the "Community Central Kitchen" strategy, which has shown promising results in brand building and supply chain empowerment [5] - Guoquan is advancing its instant retail strategy and has introduced 24-hour unmanned retail services in over 2,000 stores, improving store utilization without increasing operational costs [5] - The company plans to continue enhancing its product line and exploring diverse business models to cover more dining scenarios, particularly in rural markets [6] Shareholder Returns - Following a cash dividend of 198 million RMB in the 2024 annual report, the company announced a further cash dividend of 190 million RMB for this period, with total shareholder returns exceeding 499 million RMB, a 130.7% increase year-on-year [4]

Core Insights - The company reported a revenue of 3.24 billion yuan for the six months ending June 30, 2025, representing a year-on-year increase of 21.6% [1] - Net profit reached 190 million yuan, showing a significant year-on-year increase of 122.5% [1] - Core operating profit (non-IFRS measure) was also 190 million yuan, reflecting a year-on-year growth of 52.3% [1] Business Strategy - The company adheres to the "community central kitchen" strategic positioning, utilizing a multi-channel and multi-scenario approach to meet consumer demands [1] - The number of stores increased from 9,660 on June 30, 2024, to 10,400 on June 30, 2025, covering all 31 provinces, autonomous regions, and municipalities in China [1] - The company successfully opened 270 new stores in town markets during the first half of 2025, with these stores tailored to better meet local consumer needs [1] Innovation and Development - To cater to home dining scenarios, the company launched a new type of 24-hour unmanned retail store [1] - Over 2,000 retail stores underwent smart and unmanned transformation in the first half of 2025 [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company is expected to see significant revenue growth, with projected revenues of 7.26 billion, 8.40 billion, and 9.70 billion yuan for 2025-2027, corresponding to growth rates of 12.3%, 15.6%, and 15.6% respectively. The gross profit margins are expected to be 22.1%, 22.2%, and 22.4% for the same period. Core operating net profits are projected to be 430 million, 500 million, and 580 million yuan, with a compound annual growth rate of 23% over three years [3][12] Summary by Sections Company Overview - The company is a leading brand in providing at-home meal solutions in China, focusing on innovative product offerings to smooth out seasonal sales fluctuations. In the first half of 2025, the company launched 175 new hot pot and barbecue SKUs, including unique meal combinations [11] Financial Performance - In the first half of 2025, the company reported revenues of 3.24 billion yuan, a year-on-year increase of 21.6%. The gross profit was 720 million yuan, up 17.8% year-on-year, and core operating profit reached 190 million yuan, reflecting a 52.3% increase [9][10] Operational Efficiency - The company has improved its operational efficiency, with reductions in sales, management, and financial expense ratios by 1.8 percentage points each. The core operating profit margin increased by 1.2 percentage points to 5.9% [10] Market Expansion - The company has resumed its store expansion strategy, adding 270 new stores in rural areas in the first half of 2025. This expansion is supported by a better understanding of consumer needs in these markets [11][12] Future Projections - The company is expected to return to a growth trajectory with stable profit increases, maintaining the "Buy" rating. The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.16, 0.18, and 0.21 yuan respectively [3][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 3.24 billion yuan for H1 2025, representing a year-on-year increase of 21.6%, and a net profit attributable to shareholders of 183 million yuan, up 113.2% year-on-year [8] - The improvement in single-store revenue continues, with a net increase of 270 rural stores and a slight decrease in urban stores [8] - The company's gross margin for H1 2025 was 22.1%, showing a year-on-year decrease of 1.7 percentage points, but an improvement from the previous half [8] - The company is expected to benefit from scale effects and an increase in self-produced products, which will help stabilize gross margins [8] - The revenue forecast for 2025-2027 has been adjusted to 72.9 billion, 83.9 billion, and 95.5 billion yuan respectively, with net profits expected to be 4.2 billion, 5.0 billion, and 5.8 billion yuan [8] Financial Summary - Total revenue for 2023 is projected at 6.1 billion yuan, with a year-on-year decrease of 15.07% [1] - The net profit attributable to shareholders for 2023 is estimated at 239.64 million yuan, reflecting a year-on-year increase of 4.23% [1] - The earnings per share (EPS) for 2025 is expected to be 0.15 yuan, with a price-to-earnings (P/E) ratio of 21.39 [1] - The company’s total assets are projected to reach 5.16 billion yuan by 2025, with a debt-to-asset ratio of 32.30% [9]

Core Viewpoint - The company, Guoquan (02517), reported strong financial results for the six months ending June 30, 2025, with significant revenue and profit growth, leading to a notable increase in stock price [1][2]. Financial Performance - The company achieved a revenue of RMB 3.24 billion, representing a year-on-year increase of 21.56% [1]. - The profit attributable to the parent company was RMB 183 million, which is a substantial increase of 113.22% year-on-year [1]. - Basic and diluted earnings per share were reported at RMB 0.0684 [1]. Strategic Initiatives - The company maintained its "community central kitchen" strategic positioning, focusing on multi-channel and multi-scenario layouts to better meet consumer demands [1]. - Efforts included enhancing product offerings, improving store management capabilities, and developing a comprehensive membership ecosystem [1]. Store Expansion - The total number of stores increased from 9,660 as of June 30, 2024, to 10,400 by June 30, 2025, covering all 31 provinces, autonomous regions, and municipalities in China [1]. - The company successfully opened 270 new stores in rural markets during the first half of 2025, with these stores tailored to better meet local consumer needs [2]. Innovation in Retail Formats - To cater to specific consumer scenarios, such as late-night dining, the company launched a new 24-hour unmanned retail store format [2]. - Over 2,000 retail stores underwent smart and unmanned transformations in the first half of 2025 [2].

Group 1 - The company reported a revenue of RMB 3.24 billion for the six months ending June 30, 2025, representing a year-on-year increase of 21.56% [1] - The profit attributable to the parent company was RMB 183 million, a significant increase of 113.22% year-on-year [1] - The basic and diluted earnings per share were RMB 0.0684 [1] Group 2 - The company maintained its "community central kitchen" strategic positioning, utilizing a multi-channel and multi-scenario approach to enhance consumer demand and product offerings [1] - The number of stores increased from 9,660 as of June 30, 2024, to 10,400 as of June 30, 2025, covering all 31 provinces, autonomous regions, and municipalities in China [1] - The company added 270 new stores in town markets during the first half of 2025, with a focus on tailored product structures and store displays to meet local consumer needs [2] Group 3 - The company launched a new 24-hour unmanned retail store format to cater to home dining scenarios, completing over 2,000 smart and unmanned store transformations in the first half of 2025 [2]