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） 正面盈利預告 本公告乃由鍋圈食品（上海）股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香 港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定義見上市規則）刊 發。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據本 集團截至2025年12月31日止年度（「2025年度」）未經審核之綜合管理賬目及現時 可得資料所作出之初步評估，預期本集團2025年度錄得收入約人民幣7,750百萬元 至人民幣7,850百萬元，較截至2024年12月31日止年度（「2024年度」）之收入人民 幣6,469.8百萬元上升約19.8%至21.3%。 ...

关于"十四五"时期和2025年工作回顾，报告中称：民营经济活力迸发，新增经营主体370万户，牧原、 宇通、华兰等一批龙头企业向强而跃，胖东来、蜜雪冰城、锅圈食汇等一批新锐企业向新而生。 p -25 ether C � r Fer 関連 s wi 娱 187 t to a 1 B ARAGE 145 do mil ANTRA FORTETERS rantest 17 IT (400) t de 这是锅圈食汇再度被写入河南省政府工作报告。记者注意到：2024年河南省政府工作报告中就提到，支 持锅圈食汇等企业创新三二一产业融合发展模式。 1月26日，河南省第十四届人民代表大会第四次会议上，省长王凯在省政府工作报告中提及锅圈食汇。 作为新消费代表企业的锅圈食汇，是中国领先的一站式在家吃饭餐食产品品牌，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，满足消费者多样化的用餐场 景。截至2025年底，锅圈食汇的全国门店数量已突破11500家，会员人数超过6000万，显示出其在市场 中的广泛影响力。 ...

食品安全问题，行业竞争加剧，消费力改善不及预期。 2025年公司已经在尝试大店调改，通过扩品类、扩场景、扩客单、扩客流，实现"面积扩一倍，业绩增 三倍"。该行在上海调改店调研发现，通过导入炸货、饮品等高频品类可以带动相对低频的火锅食材。 目前大店调改已经在华南地区蓄势，这种管理层深度参与、供应链极其灵活的加盟管理能力，正是市场 此前低估的"能力边界"。 门店业态不断拓宽，场景化能力凸显 新业态"锅圈小炒"落地，有望开拓新空间 东吴证券发布研报称，维持锅圈(02517)"买入"评级，元旦实现"开门红"，同店向好趋势延续。2025年下 半年公司同店营收在高基数下依然保持良好的增长，2026年元旦更是延续了亮眼的增长动能。进一步验 证了公司通过产品上新迭代、会员精细化管理和门店调改可以持续实现单店营收增长，预计公司2025- 2027年归母净利为4.5/6.0/7.6亿元(此前预期为4.4/5.6/6.8亿元)，同比+94%/34%/27%;对应PE为 24/18/14X。 小炒店的试营业标志着公司切入新场景，以标准化供应链+智能炒菜机器人的组合，可实现1分钟出 餐、2-3分钟完成一道菜，并且产品定价相比外卖更有优 ...

智通财经APP获悉，东吴证券发布研报称，维持锅圈(02517)"买入"评级，元旦实现"开门红"，同店向好 趋势延续。2025年下半年公司同店营收在高基数下依然保持良好的增长，2026年元旦更是延续了亮眼的 增长动能。进一步验证了公司通过产品上新迭代、会员精细化管理和门店调改可以持续实现单店营收增 长，预计公司2025-2027年归母净利为4.5/6.0/7.6亿元(此前预期为4.4/5.6/6.8亿元)，同比+94%/34%/27%; 对应PE为24/18/14X。 东吴证券主要观点如下： 门店业态不断拓宽，场景化能力凸显 2025年公司已经在尝试大店调改，通过扩品类、扩场景、扩客单、扩客流，实现"面积扩一倍，业绩增 三倍"。该行在上海调改店调研发现，通过导入炸货、饮品等高频品类可以带动相对低频的火锅食材。 目前大店调改已经在华南地区蓄势，这种管理层深度参与、供应链极其灵活的加盟管理能力，正是市场 此前低估的"能力边界"。 新业态"锅圈小炒"落地，有望开拓新空间 小炒店的试营业标志着公司切入新场景，以标准化供应链+智能炒菜机器人的组合，可实现1分钟出 餐、2-3分钟完成一道菜，并且产品定价相比外卖更有优势，如 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully expanded its store formats, with the introduction of "锅圈小炒" (small stir-fry restaurants) expected to create new growth opportunities. This new format utilizes a standardized supply chain and smart cooking robots, allowing for quick meal preparation and competitive pricing compared to takeout [7] - The company has demonstrated strong same-store sales growth, even in the face of high comparatives, indicating effective product innovation and refined membership management. The management's deep involvement in store operations and flexible supply chain management has been highlighted as a previously underestimated capability [7] - The financial forecasts have been revised upwards due to anticipated better performance in store openings and same-store revenue. The projected net profits for 2025-2027 are 4.5 billion, 6.0 billion, and 7.6 billion RMB, respectively, reflecting year-on-year growth rates of 94%, 34%, and 27% [7] Financial Summary - Total revenue is projected to grow from 6,100 million RMB in 2023 to 10,916 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 19.06% [1] - The net profit attributable to the parent company is expected to increase from 239.64 million RMB in 2023 to 755.98 million RMB in 2027, with significant growth in the coming years [1] - The earnings per share (EPS) is forecasted to rise from 0.09 RMB in 2023 to 0.28 RMB in 2027, indicating a strong improvement in profitability [1]

Summary of Key Points Core Viewpoint - On January 22, 35 Hong Kong-listed companies conducted share buybacks, totaling 17.519 million shares and an aggregate amount of HKD 3.81 billion [1]. Group 1: Company Buyback Details - Xiaomi Group-W repurchased 5.7138 million shares for HKD 201.73 million, with a highest price of HKD 35.240 and a lowest price of HKD 34.920, bringing its total buyback amount for the year to HKD 22.50 billion [1]. - Sunny Optical Technology repurchased 1.25 million shares for HKD 79.26 million, with a highest price of HKD 63.850 and a lowest price of HKD 62.450, totaling HKD 7.65 billion in buybacks for the year [1]. - Kuaishou-W repurchased 380,000 shares for HKD 29.97 million, with a highest price of HKD 79.150 and a lowest price of HKD 78.550, accumulating HKD 89.88 million in buybacks for the year [1]. Group 2: Buyback Amount Rankings - The highest buyback amount on January 22 was from Xiaomi Group-W at HKD 201.73 million, followed by Sunny Optical Technology at HKD 79.26 million, and Kuaishou-W among the top [1]. - In terms of buyback volume, Xiaomi Group-W led with 5.7138 million shares, followed by Sunny Optical Technology with 1.25 million shares and Guoquan with 1.198 million shares [1]. Group 3: Additional Company Buyback Information - China Resources Gas repurchased 947,600 shares for HKD 20.66 million, with a highest price of HKD 22.000 and a lowest price of HKD 21.560 [1]. - Xiansheng Pharmaceutical repurchased 862,000 shares for HKD 10.04 million, with a highest price of HKD 11.680 and a lowest price of HKD 11.570 [1]. - Geely Automobile repurchased 571,000 shares for HKD 9.49 million, with a highest price of HKD 16.740 and a lowest price of HKD 16.580 [1].

Group 1 - The company, Guoquan (02517), announced a share buyback plan on January 22, 2026, involving an expenditure of HKD 4.9949 million to repurchase 1.198 million shares [1] - The buyback price per share ranges from HKD 4.10 to HKD 4.22 [1]

Group 1 - The company, Guoquan (02517), announced a share buyback plan, intending to repurchase 1.198 million shares at a total cost of HKD 4.9949 million [1] - The buyback price range is set between HKD 4.10 and HKD 4.22 per share [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： 2026年1月22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（不包括 ...

Summary of Guoquan's Conference Call Company Overview - Guoquan has transitioned from focusing solely on hot pot and barbecue ingredient sales to providing comprehensive meal solutions for families, positioning itself as a community central kitchen to cover more consumption scenarios and enhance customer loyalty in response to market changes [2][5][10]. Key Points and Arguments Business Model and Strategy - Guoquan's business model has evolved to offer a full-day meal solution, which has increased customer engagement and loyalty [2][5]. - The company has implemented a multi-faceted store opening strategy, including urban store renovations and rapid expansion in rural areas, while also experimenting with new business formats like Guoquan Stir-fry [2][13]. - The introduction of popular products such as craft beer and crayfish sets has helped mitigate seasonal sales fluctuations and improve repurchase rates through targeted marketing on platforms like Douyin [2][4][10]. Membership and Customer Engagement - As of the end of 2024, Guoquan has 41.3 million members with a pre-deposit amount of nearly 1 billion yuan, and membership is projected to exceed 60 million by the end of 2025 [3][15]. - Membership significantly boosts purchase frequency, with non-members averaging 4 purchases per year compared to 7-8 for members, and average transaction values increasing from 70 yuan to 120 yuan [7][15]. Marketing and Brand Promotion - Guoquan employs a combination of online and offline marketing strategies, including advertising on CCTV and community events, to enhance brand recognition and drive sales at physical stores [8][9]. - Community activities, such as food festivals and cooking events, are co-funded with franchisees to strengthen local marketing efforts and increase brand loyalty [9]. Financial Performance and Projections - Guoquan's revenue is expected to reach 9.2 billion yuan in 2026 and 10.9 billion yuan in 2027, with net profits projected at 585 million yuan and 724 million yuan respectively [3][20]. - The company plans to open 10,000 new stores by 2027, primarily in rural areas, with a low investment per store leading to a short payback period of approximately 1.6 years for rural stores [3][20]. Supply Chain Management - Guoquan has established direct relationships with upstream suppliers, allowing for better control over product quality and pricing advantages [2][14]. - The company’s supply chain strategy focuses on selecting non-branded but category-specific products and ensuring competitive pricing through strict partner selection [19]. Additional Important Insights - The company has successfully adapted to market changes post-pandemic by redefining its business model and optimizing store structures, leading to a gradual recovery in growth [10][12]. - Guoquan's innovative product offerings and marketing strategies have positioned it well to capitalize on the growing potential of the lower-tier market in China [16][17]. - The rapid development of retail formats in China's lower-tier markets has been a significant factor in Guoquan's expansion strategy, with a focus on meeting local consumer needs [17].