从线上端来看，锅圈在2024年通过多层级的抖音账号进行锅圈产品的消费者触达，全年通过抖音渠道的 曝光量达到62.1亿次。其5月底开始推出的"99元毛肚自由火锅套餐"通过抖音等线上渠道引爆销量，全 年累计销售额超过5亿元。 线上渠道的持续深耕，也带动锅圈会员数量的明显增长。截至2024年12月31日，锅圈的注册会员数达 4130万，同比增长48.2%。锅圈2024年底预付卡预存金额同比上升36.6%达9.9亿元。 3月28日，锅圈(02517.HK)发布2024年年度业绩公告。财报显示，2024年，锅圈实现收入64.7亿元，同 比增长6.2%；毛利14.17亿元，同比增长4.9%，毛利率为21.9%；核心经营利润为3.11亿元，同比增长 3.1%；现金储备由2023年12月31日的19.36亿元增长9.8%至21.25亿元，负债率进一步下降至3.2%。经营 业绩稳健增长的同时，锅圈宣布股东年度分红大幅增加39.8%，总规模约2亿元。 财报显示，2024年，锅圈通过门店精益化运营、强化供应链等手段，不断夯实自身业务基本面。得益于 锅圈于2023年下半年启动的门店"蹲苗计划"，促进了公司门店数量和质量的稳定发展，截 ...

2024年，锅圈食品营收同比增长6.2%，净利润同比下降8.4%。截至2024年12月31日，锅圈门店总数为10150家，持续保持在万店规模以上。 28日，锅圈发布2024年年度业绩公告： 供应链再升级：自建工厂强化成本优势 锅圈在2024年加强了产业端垂直整合的力度。2024年全年，锅圈通过自建以及并购等方式新增3家食材生产厂，分别专注于淡水产品、虾滑以及 酸汤产品的生产及加工。截至2024年12月31日，锅圈共有自有食材生产工厂六家，较2023年同期增长一倍，这推动锅圈销售产品中来自自由工 厂的比例提高至20%。垂直整合供应链不仅保障了产品品质，为毛利的稳定提供了支撑，也成为门店规模进一步扩张的基础保障。 | | 截至十二月三十一日止年度 | | | --- | --- | --- | | | 二零二四年 | 二零二三年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 6,469,810 | 6.094,104 | | 銷售成本 | (5,053,058) | (4,743,163) | | 毛利 | 1,416,752 | 1,350,941 | | 其他收入及收益淨額 | 26.134 | ...

与此同时，集团也在积极创新门店类型，并对于现有门店进行改造和升级，比如打磨了面向农贸市场的 店型，以及升级了面向乡镇市场的店型。基于对下沉市场的深入理解，我们在乡镇市场的门店开拓也取 得了不俗表现，2024年度净新增287家乡镇门店。新乡镇门店，在产品结构和门店陈列等方面均有别于 我们的标准门店，更好地满足了乡镇市场的消费者需求。 公告称，集团于中国建立了庞大的一站式在家吃饭餐食产品零售门店网络。集团遍佈全国的门店网络覆 盖广泛地区，有助于提升品牌知名度及消费者洞察，从而提供集团对不同地区快速变化的市场趋势的反 应。门店网络的密度提高了物流和运输的效率。此外，集团的零售门店为消费者提供线上线下购物选 择，实现广泛的消费者触达。 2024年，消费者对于日常消费变得更加理性和谨慎。集团主动把握住消费趋势的变化，通过优化产品组 合，提升门店运营管理和经营能力，拥抱线上渠道等多方位举措，形成了全方位的即时零售门店网络， 门店数量从2024年6月30日的9660家门店增长至2024年12月31日的10150家门店，零售门店网络覆盖全国 31个省、自治区及直辖市。 智通财经APP讯，锅圈(02517)发布截至2024年1 ...

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） 截至二零二四年十二月三十一日止年度之年度業績公告 全年業績摘要 附註： 核心經營利潤，為經調整特別項目，並進一步調整影響可比性的項目影響的經營利潤。影響可 比性的項目包括：(i)上市開支；及(ii)非上市可轉換可贖回優先股的公允價值變動損益。核心經 營利潤並非國際財務報告準則計量。詳情請參閱本公告「管理層討論及分析－非國際財務報告 準則計量」一節。 1 • 截至二零二四年十二月三十一日止年度的收入為人民幣6,469.8百萬元，同比 增長6.2%。 • 截至二零二四年十二月三十一日止年度的毛利為人民幣1,416.8百萬元，同比 增加4.9%。截至二零二四年十二月三十一日止年度的毛利率為21.9%，去年 同期為22.2%。 • 截至二零二四年十 ...

该股当日收盘价1.820港元，上涨1.68%，全天成交额1221.31万港元。 （数据宝） 锅圈回购明细 证券时报•数据宝统计，锅圈在港交所公告显示，12月24日以每股1.810港元至1.840港元的价格回购 194.08万股，回购金额达355.03万港元。 今年以来该股累计进行11次回购，合计回购3491.92万股，累计回购金额7105.83万港元。 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 投资要点： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.11.06 业务稳步推进，自愿禁售和回购彰显信心 锅圈(2517) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 | --- | --- | --- | --- | |----------|-------------------------------------|-------------------|-----------------------------| | | | | ——锅圈事件点评 | | | [table_Authors] 刘越男 ( 分析师 ) | 宋小寒 ( 分析师 ) | | | | 021-38677706 | 010-83939087 | | | | liuyuenan@gtjas.com | | songxiaohan026736@gtjas.com | | 登记编号 | ...

中期報告 INTERIM REPORT 中期報告 2024 鍋圈食品（上海）股份有限公司 GUOQUAN FOOD (SHANGHAI) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） Stock Code 股份代號 : 2517 2024 INTERIM REPORT CONTENTS 目錄 Page 頁次 Corporate Profile 公司介紹 2 Corporate Information 公司資料 4 Definitions 釋義 7 Business Review and Outlook 業務回顧及展望 11 Management Discussion and Analysis 管理層討論及分析 18 Corporate Governance and Other Information 企業管治及其他資料 32 Independent Review Report 獨立審閱報告 43 Interim Condensed Consolidated Statement of Profit or Loss 中期簡明綜合損益表 45 Interim Condensed Consolida ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4]. Core Insights - The company is optimizing its store network structure and is expected to restart store openings, with profitability continuing to improve [4]. - The projected net profit for 2024 and 2025 has been adjusted downwards to 2.12 billion and 2.53 billion RMB respectively, with a new forecast for 2026 net profit at 3.12 billion RMB, corresponding to PE ratios of 29, 25, and 20 for 2024-2026 [4]. - In the first half of 2024, the company reported revenue of 26.65 billion RMB, a year-on-year decrease of 3.5%, while gross profit was 6.09 billion RMB, an increase of 5.3%, resulting in a gross margin of 22.8%, up 1.9 percentage points year-on-year [4]. Summary by Sections Store Network Optimization - The company is adjusting its offline store network and expanding online sales channels, with a total of 9,660 stores as of the first half of 2024, a decrease of 2.6% year-on-year [4]. - The company plans to open approximately 200 new market stores in 2024 and has optimized existing rural stores to better meet consumer needs [4]. Product Structure and Profitability - The gross margin reached 22.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year, driven by enhanced bargaining power with suppliers and effective cost control [4]. - The company is shifting from a food supermarket model to a community central kitchen model, focusing on high-margin products [4].

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。 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） 截至二零二四年六月三十日止六個月之 中期業績公告 二零二四年中期業績摘要 附註： 核心經營利潤界定為經調整影響可比性的項目影響的經營利潤。影響可比性的項目包括：(i)上 市開支；及(ii)非上市可轉換可贖回優先股的公允價值變動損益。核心經營利潤並非國際財務報 告準則計量。詳情請參閱本公告「管理層討論及分析－非國際財務報告準則計量」一節。 1 • 截至二零二四年六月三十日止六個月的收入為人民幣2,665.0百萬元，同比減 少3.5%。 • 截至二零二四年六月三十日止六個月的毛利為人民幣608.9百萬元，同比增加 5.3%。截至二零二四年六月三十日止六個月的毛利率為22.8%，去年同期為 20.9%。 • 截至二零二四年六月三十日止六個月的淨利 ...

Company Overview - Guoquan Food is a leading and rapidly growing home meal products brand in China, focusing on ready-to-eat, ready-to-heat, and ready-to-cook products, particularly hotpot and barbecue items[5]. - The product portfolio includes eight categories: hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines, and snacks[5]. - The company has established a store network primarily comprising franchised stores, deriving substantially all revenue from product sales to franchisees, without charging franchise fees[5]. Financial Performance - Guoquan Food (Shanghai) Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year ended December 31, 2023, representing a year-over-year increase of 15%[15]. - The company achieved a net profit of RMB 150 million, which is a 20% increase compared to the previous year[15]. - The annual report indicates a commitment to expanding both online and offline shopping options to maximize consumer engagement[7]. - The Group recorded revenue of RMB 6,094.1 million, representing a decrease of approximately 15.0% compared to the corresponding period of 2022[22]. - The Group achieved a gross profit of RMB 1,350.9 million and a gross profit margin of 22.2%, an increase of 4.8 percentage points from 17.4% over the corresponding period of 2022[22]. - The net profit for the year was RMB 263.4 million, representing an increase of approximately 9.3% over the corresponding period of 2022[22]. - The adjusted net profit (Non-IFRS measure) for the year was RMB 318.0 million, reflecting a year-on-year increase of 23.8%[22]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces in China by the end of 2024[15]. - Guoquan Food is investing RMB 200 million in R&D for new product development, focusing on plant-based hotpot ingredients[15]. - The Group aims to enhance its online sales channels, targeting a 30% increase in e-commerce revenue by the end of 2024[15]. - The Group's strategy focuses on digital empowerment of the supply chain and franchisees to improve market responsiveness[29]. - The Group aims to consolidate market leadership by focusing on brand, product, and channel development[27]. Product Development and Innovation - A total of 339 new SKUs were launched in 2023 to cater to evolving consumer demands and preferences[21]. - The management highlighted the successful launch of a new hotpot soup base product, which contributed to a 10% increase in sales in Q4 2023[15]. - The Group plans to enhance its R&D capabilities and optimize existing products based on consumer feedback to meet local preferences[52]. Supply Chain and Operational Efficiency - The company emphasizes operational efficiency through a robust supply chain and digitalized management system, ensuring product quality and safety[7]. - The Group achieved next day delivery for most orders through a streamlined supply chain, optimizing costs and enhancing product affordability for franchisees and consumers[40]. - The Group's supply chain system ensures high quality and safety of products while maintaining cost advantages through stable relationships with upstream suppliers[45]. - The Group's digital supply chain allows for real-time monitoring of supply and demand dynamics, improving overall efficiency[48]. Online Sales and Marketing - Guoquan Food is developing online sales channels, including its Guoquan APP and partnerships with third-party food delivery platforms like Meituan and Ele.me, enhancing consumer reach[7]. - The Group achieved over six billion exposures through livestreaming and short-form videos on Douyin in 2023, enhancing consumer interaction[36]. - The Group's marketing efforts on social media platforms, including Douyin, resulted in over 6 billion exposures in 2023[38]. Governance and Management - The company has a diverse board with members experienced in finance, law, and the catering industry, which supports comprehensive decision-making[130][132]. - The company emphasizes independent judgment in its board operations, enhancing its governance framework[130][131]. - The Group is committed to maintaining high standards of financial management and internal control, as emphasized by the roles of its financial officers[136]. Employee and Community Relations - As of December 31, 2023, the Group had a total of 2,045 employees, with total employee benefit expenses amounting to RMB 463.4 million for the year[169]. - The Group is committed to integrating ESG criteria into its business activities, focusing on product quality, consumer service, and environmental protection[169]. - The Group's charitable donations for the year ended December 31, 2023 amounted to approximately RMB 3.5 million[199]. Future Plans and Use of Proceeds - The company plans to utilize the proceeds for construction, investment, and acquisition of plants, with a total allocation of 25% or HK$112.1 million expected to be fully utilized by December 31, 2027[189]. - The company allocated 40% or HK$179.5 million of the proceeds for opening and operating self-operated stores, also expected to be fully utilized by December 31, 2027[189]. - The company has plans for future utilization of the remaining proceeds as disclosed in the "Future Plans and Use of Proceeds" section of the Prospectus[190].