FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 鍋圈食品(上海)股份有限公司 呈交日期： 2025年12月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02517 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包 ...

Summary of the Conference Call for Guoquan Company Overview - Guoquan is currently in its second growth cycle, focusing on expanding its presence in lower-tier markets and improving single-store efficiency to drive revenue growth. The company benchmarks against chain restaurants, bulk snacks, and freshly brewed tea industries, indicating significant expansion potential in lower-tier markets [2][4][21]. Key Financial Metrics - As of the first half of 2025, Guoquan has over 10,400 stores, with an expected total of over 11,300 by year-end. Revenue projections for 2025-2027 are 7.62 billion, 8.97 billion, and 10.47 billion yuan, respectively, with net profits of 430 million, 580 million, and 740 million yuan [3][19][20]. Revenue Composition - Over 80% of revenue comes from franchise channels, with hot pot and barbecue ingredients as core products. The company has a leading market share in the home dining segment, with franchise revenue reaching 2.595 billion yuan in the first half of 2025 [2][5][19]. Market Expansion Potential - The company has significant room for growth in lower-tier cities, with a current penetration rate of only 28.4%. The potential store count in lower-tier markets is estimated at 17,000, corresponding to a GMV of 14.1 billion yuan [2][6][7]. Competitive Advantages - Guoquan's competitive edge in lower-tier markets stems from a lack of strong competitors, primarily facing local farmers' markets and channel-deepening food brands. The company offers pre-packaged products and has a logistics advantage, ensuring next-day delivery in most regions [11][12]. Differentiation Strategies - The company employs several differentiation strategies, including: - A focus on high cost-performance products to attract consumers. - Expansion into new product categories beyond hot pot and barbecue, such as late-night snacks and daily meal options [8][9]. - Accelerating entry into unmanned retail and smart store transformations to enhance operational efficiency [9]. Profitability Drivers - Future profitability is expected to improve through supply chain cost reductions, optimized sales expenses, and scale effects. The gross margin is projected to increase from 21.2% in the second half of 2024 to over 22% in the future [14][15]. Store Expansion Plans - Guoquan plans to add approximately 1,000 to 2,250 new stores annually from 2025 to 2027, with a total target of 15,585 stores by the end of this period [17]. Membership Growth - The membership base grew by 62% year-on-year, reaching 60 million by November 2025, which is expected to enhance customer retention and repeat purchases [7][9]. Conclusion - Guoquan is positioned for significant growth, particularly in lower-tier markets, with a strong focus on enhancing profitability through operational efficiencies and strategic market expansion. The company is seen as having long-term investment value due to its robust business model and competitive advantages [21].

Summary of Key Points Core Viewpoint - The article discusses the stock buyback activities of various companies, highlighting the amounts repurchased and their significance in terms of total shares outstanding. Group 1: Major Buybacks - Tencent Holdings (00700) had the largest buyback, repurchasing 1.044 million shares for a total of 636 million [1][2] - China Merchants Industry Holdings (01919) repurchased 4.461 million shares for 60.86 million, representing 2.986% of its total shares [2] - Geely Automobile (00175) bought back 1.362 million shares for 23.92 million, which is 0.078% of its total shares [2] Group 2: Notable Buyback Activities - China Feihe (06186) repurchased 5.655 million shares for 23.18 million, accounting for 2.605% of its total shares [2] - Yum China (09987) conducted two buybacks totaling 58,000 shares for 21.67 million, representing 4.750% of its total shares [2] - Kweichow Moutai (01951) repurchased 772,200 shares for 19.35 million, which is 0.280% of its total shares [2] Group 3: Other Companies Involved - Vitasoy International (00345) repurchased 2,000 shares for 13,300, which is 2.209% of its total shares [3] - Yanzhiyu (01497) bought back 200,000 shares for 1.39 million, representing 0.786% of its total shares [3] - Weigao Group (01066) repurchased 120,000 shares for 631,000, which is 5.179% of its total shares [3]

Core Viewpoint - The company, Guoquan (02517), announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Category Company Actions - The company will spend HKD 1.999 million to repurchase 581,200 shares on December 12, 2025 [1]

Group 1 - The company, Guoquan (02517), announced a share buyback plan on December 12, 2025, involving an expenditure of HKD 1.999 million to repurchase 581,200 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 鍋圈食品(上海)股份有限公司 呈交日期： 2025年12月12日 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 ...

Core Viewpoint - New consumption concept stocks are experiencing a broad increase, indicating a positive market sentiment and potential growth in the sector [1][2] Stock Performance - Notable stock increases include: - Cha Bai Dao (02555) up by 5.76% - Guo Quan (02517) up by 4.50% - Lao Pu Gold (06181) up by 4.14% - Miniso (09896) up by 3.00% - Hu Shang A Yi (02589) up by 2.84% - Juzi Biotechnology (02367) up by 2.97% [1][2] Industry Outlook - According to Huatai Securities, the differentiation between new and old consumption will continue into 2025, driven by changes in "people, goods, and venues" and technological advancements [1][2] - The report anticipates that consumer policies will stimulate supply and demand potential, leading to a steady recovery in domestic demand and continued industry differentiation in 2026 [1][2] Investment Focus - The report suggests focusing on four main investment themes: 1. Rise of domestic brands: Attention on潮玩 (trendy toys), beauty and personal care, and gold jewelry brands competing in both domestic and international markets [1][2] 2. Technology-enabled consumption: Emphasis on the rapid increase in smart product penetration rates due to technological and product innovation [1][2] 3. Emotional consumption: Monitoring growth potential in service consumption, ready-to-drink beverages, pets, and new tobacco products [1][2] 4. Undervalued high-dividend blue-chip leaders: Focus on opportunities for marginal recovery while balancing risk and reward [1][2]

华安证券认为，基于2026年短期展望，场景拓展+下沉发力将成锅圈有效投资催化。该行指出，2025年 起锅圈步入盈利提升加速阶段，对标相似连锁业态头部标的，公司盈利弹性显著。未来供应链降本、引 流模式成熟、规模效应释放三大盈利提升路径清晰，远期净利率天花板有望冲击10%，其中供应链提效 对应远期3-5pct优化空间，引流模式成熟，规模效应释放对应4-6pct优化空间。 本文源自：智通财经网 智通财经获悉，锅圈(02517)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 中国银河证券发布研报称，锅圈主营"在家餐食"业务，2024年市场空间约1.3万亿元，呈现高速增长态 势(2018-2024年复合增速23%)，在人口结构与降本增效等多重因素市场规模有望持续扩容。当前国 内"在家餐食"行业已进入第二发展阶段，即下沉市场为主要增量来源，而主打性价比的速冻食品零售业 态有望接力外卖成为第二个高速增长的渠道。 ...

每经AI快讯，锅圈(02517.HK)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 （文章来源：每日经济新闻） ...

智通财经APP获悉，锅圈(02517)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 中国银河证券发布研报称，锅圈主营"在家餐食"业务，2024年市场空间约1.3万亿元，呈现高速增长态 势(2018-2024年复合增速23%)，在人口结构与降本增效等多重因素市场规模有望持续扩容。当前国 内"在家餐食"行业已进入第二发展阶段，即下沉市场为主要增量来源，而主打性价比的速冻食品零售业 态有望接力外卖成为第二个高速增长的渠道。 华安证券认为，基于2026年短期展望，场景拓展+下沉发力将成锅圈有效投资催化。该行指出，2025年 起锅圈步入盈利提升加速阶段，对标相似连锁业态头部标的，公司盈利弹性显著。未来供应链降本、引 流模式成熟、规模效应释放三大盈利提升路径清晰，远期净利率天花板有望冲击10%，其中供应链提效 对应远期3-5pct优化空间，引流模式成熟，规模效应释放对应4-6pct优化空间。 ...