2025年3月28日，2024财年年报归属股东应占溢利2.306亿人民币，同比下降3.79%，基本每股收益 0.0841人民币 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 行业估值方面，食物饮品行业市盈率（TTM）平均值为24.21倍，行业中值8.38倍。锅圈市盈率19.72 倍，行业排名第35位；其他原生态牧业（01431.HK）为3.81倍、威扬酒业控股（08509.HK）为3.95倍、 第一太平（00142.HK）为4.7倍、宾仕国际（01705.HK）为5.13倍、TS WONDERS（01767.HK）为5.31 倍。 资料显示，锅圈食品(上海)股份有限公司(中外合资企业)旗下明星品牌,项目成立于2017年,是国内知名的 食材连锁超市,也是在家吃饭餐食产品品牌,历经六年发展,锅圈已升级为——社区餐饮数字零售化知名企 业。目前,锅圈门店和线上业务已经覆盖火锅、烧烤食材、饮料、一人食、即烹套餐、生鲜食品、西餐 和零食等品类,满足社区百姓多种居家需求。锅圈食汇品牌自2017年至今,截至2023年9月26日,公司共有 9,978家门店。 大事提醒 3月31日，截至港股 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.40 [8][9]. Core Insights - The company is expected to achieve revenue of RMB 6.47 billion in 2024, representing a year-over-year increase of 6.2%, and a core operating profit of RMB 310 million, also up 3.1% year-over-year, driven by better-than-expected gross margins and cost control [1]. - The second half of the year (H2) has shown a significant recovery in same-store sales growth, attributed to the introduction of value-for-money meal packages and effective marketing strategies [2][4]. - The company has successfully expanded its 2B sales channels, with revenue from these channels increasing by 113.6% to RMB 620 million in H2, reflecting strong growth in its production capabilities and market reach [2]. Revenue and Profitability Forecast - The company forecasts a revenue increase to RMB 7.12 billion in 2025, with a projected adjusted net profit of RMB 360 million, marking a 12% upward revision for both 2025 and 2026 [5][14]. - The gross margin is expected to recover gradually, with a forecasted gross margin of 22.0% for 2025, following a slight decline in H2 due to initial lower margins on new product offerings [3][14]. Strategic Developments - The company is innovating its sales channels by implementing a "one store, one shop, one warehouse" model, enhancing customer convenience through online ordering and offline pickup options [4]. - The company has also expanded its presence in lower-tier markets, adding 287 new rural stores in 2024, which is expected to drive future growth [4].

3月31日，截至发稿，港股锅圈一度大涨超6%，成交额3662.2万元，换手率1.03%。 消息面上，3月28日，在家吃饭餐食产品头部品牌——锅圈食品(上海)股份有限公司(以下简称锅圈， 2517.HK)交出2024年成绩单。 2024年，锅圈全年收入64.70亿元，同比增长6.2%，核心经营利润3.11亿元，同比增长3.1%，实现收 入、核心经营利润双增长。同时，锅圈抛出约2亿元现金分红计划，拟派发现金股息较上年同期增长 39.8%。 与业绩稳健增长、回馈投资者相对应，2024年，锅圈在新店型开拓、新销售渠道开辟、会员经营以及产 业布局方面均获得良性发展。 作为起步于河南的现象级新消费品牌之一，锅圈秉承销供产一体化生态投资理念，依托万家门店、产品 创新、场景创新等，不断向市场输出极具质价比的产品。从业务展望来看，该公司将巩固目前在销售网 络、会员生态、产业端布局的既有优势，并在即时零售、出海业务等方面寻求增长点。 华泰证券认为锅圈是在家吃饭餐食产品龙头品牌，立足于高效的食材加工+物流供应链系 统，撬动加盟商万店渠道，为消费者提供"好吃不贵"的在家吃饭解决方案，形成规模效应的正向飞轮。 24年顺应理性消费趋势， ...

锅圈的产品力密码：创新驱动，核心经营利润稳步攀升 锅圈深谙"得产品者得天下"的道理，产品线满足了从独居青年到多口之家的多元需求。更重要的是，锅 圈紧跟消费趋势，创新能力也不可小觑，2024年锅圈就成功推出了412个火锅及烧烤类新SKU，同时还 推出深受广大消费者喜爱的多款套餐组合产品，为消费者带去更多元的选择和更愉快的在家用餐体验。 这也使得锅圈2024年核心经营利润达人民币3.1亿元，同比增长3.1%。 树立供应链护城河，从源头到餐桌的极致掌控 处在这两块不断扩大的市场中，锅圈正是趋势的精准捕手，它的定位简单却直击痛点：让在家吃饭更简 单。从火锅底料到牛羊肉卷，从海鲜拼盘到菌菇蔬菜，再到蘸料和锅具，乃至烧烤小龙虾都一应俱全， 锅圈提供了一站式的火锅烧烤解决方案。这种"拎包入锅"的便捷性，不仅迎合了年轻一代的懒人经济， 也让火锅从外出大餐变成了日常餐桌的主角。 智通财经APP获悉，近日，在家吃饭餐食品牌锅圈食品(02517)发布了年度业绩，凭借扎实的供应链能 力、创新的渠道策略、高效的会员运营，锅圈食品实现营收毛利双增长。2024年，锅圈收入达人民币 64.7亿元，同比增长6.2%;毛利为14.2亿元，同比增 ...

3月28日，在家吃饭餐食产品头部品牌——锅圈食品（上海）股份有限公司（以下简称"锅圈"，2517.HK）发布截至2024年12月31日的财报。数据显 示，锅圈2024年实现收入64.70亿元，同比增长6.2%；净利润为2.41亿元，同比下降约8.4%。 | | 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 | | 销售成本 | (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 | 104.915 | | 销售及分銷開支 | (664,194) | (578,820) | | 行政開支 | (454.282) | (497.235) | | 其他開支 | (1,240) | (8.652) | | 財務成本 | (4.421) | (5.432) | | 金融資產减值虧損,扣除撥回 | 797 | (2,292) | | 除税前利潤 | 3 ...

Core Viewpoint - The company, Guoquan, reported a steady growth in its 2024 annual performance, with revenue reaching 6.47 billion yuan, a year-on-year increase of 6.2% [1] Financial Performance - In 2024, Guoquan achieved a gross profit of 1.417 billion yuan, reflecting a 4.9% year-on-year growth, with a gross margin of 21.9% [1] - The core operating profit was 311 million yuan, up 3.1% year-on-year [1] - Cash reserves increased by 9.8% from 1.936 billion yuan at the end of 2023 to 2.125 billion yuan, while the debt ratio decreased to 3.2% [1] - The company announced a significant increase in shareholder dividends by 39.8%, totaling approximately 200 million yuan [1] Operational Highlights - Guoquan's store count reached 10,150 by December 31, 2024, maintaining a scale above 10,000 stores, supported by the "seedling plan" initiated in the second half of 2023 [1] - The company launched new upgraded store types targeting township markets, adding 287 new township stores throughout the year [2] Online and Membership Growth - Guoquan's exposure through Douyin (TikTok) reached 6.21 billion times in 2024, with the "99 yuan free hot pot set" generating over 500 million yuan in sales [2] - The registered membership count grew by 48.2% to 41.3 million by December 31, 2024, with prepaid card deposits increasing by 36.6% to 990 million yuan [2] Supply Chain Enhancements - The company strengthened vertical integration in its supply chain, adding three new food production factories, doubling the total to six [2] - The proportion of products sold from self-owned factories increased to 20% [2] - Inventory turnover days decreased by 25% compared to 2023, aided by partnerships with logistics providers and a network of 18 digital central warehouses [2] Future Development Plans - Guoquan aims to consolidate its advantages by expanding its sales network and targeting lower-tier markets, with a goal of reaching 20,000 stores in five years [3] - The company plans to enhance its membership ecosystem and leverage IP to improve brand reach [3] - There are intentions to innovate sales channels, including the development of instant retail and smart retail networks using IoT, big data, and AI technologies [4] International Expansion - Guoquan intends to explore overseas markets, particularly in Hong Kong and Southeast Asia, by establishing a new paradigm for Chinese food supply chains abroad [4]

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 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 6,469.8 million, representing a year-on-year growth of 6.2%[4] - The gross profit for the same period was RMB 1,416.8 million, an increase of 4.9%, with a gross margin of 21.9%, down from 22.2% in the previous year[4] - The net profit for the fiscal year was RMB 241.2 million, reflecting a decline of 8.4% year-on-year[4] - The core operating profit, a non-IFRS measure, was RMB 310.8 million, showing a year-on-year increase of 3.1%[4] - Total revenue increased by approximately 6.2% from RMB 6,094.1 million in 2023 to RMB 6,469.8 million in 2024[25] - Revenue from food products and related products accounted for 97.6% of total revenue in 2024, up from 97.5% in 2023, with a growth of approximately 6.3% to RMB 6,312.2 million[25] - The net profit for the year ended December 31, 2024, was RMB 241.2 million, a decrease of 8.4% from RMB 263.4 million in 2023[36] - Adjusted net profit for the year was RMB 241.2 million, down 24.0% from RMB 318.0 million in 2023[36] - Profit before tax decreased by approximately 12.1% from RMB 363.4 million in 2023 to RMB 319.5 million in 2024[31] - Net profit declined by approximately 8.4% from RMB 263.4 million in 2023 to RMB 241.2 million in 2024, with a decrease in net profit margin from 4.3% to 3.7%[33] Sales and Distribution - The company achieved sales of RMB 5,445.0 million to franchisees, accounting for 86.3% of total sales, while other sales channels contributed RMB 867.2 million, or 13.7%[10] - The total number of retail stores increased from 9,660 to 10,150, covering all 31 provinces, autonomous regions, and municipalities in China[7] - The registered membership reached approximately 41.3 million, a year-on-year increase of 48.2%[12] - The prepaid card deposits amounted to approximately RMB 990 million, up 36.6% year-on-year[12] Product Development and Innovation - The company launched a popular hot pot package that generated over RMB 500 million in sales during the fiscal year[11] - The company launched 412 new SKUs of hot pot and barbecue products in 2024, focusing on providing affordable and high-quality meal options[13] - The company plans to invest in R&D to continuously optimize and upgrade existing products based on consumer feedback[21] - The company aims to provide a comprehensive solution for home dining by expanding its product matrix to include various meal options[19] Operational Efficiency - The company has established six production facilities for key ingredients, enhancing control over production and supply, which contributes to cost optimization[15] - The company has implemented a digital supply chain system that allows for real-time monitoring of inventory levels and demand dynamics[15] - The company's inventory decreased by 3.8% to RMB 691.8 million from RMB 719.5 million in 2023, with inventory turnover days improving from 68.0 days to 51.0 days[42] Financial Position - Cash and bank deposits increased to RMB 2,124.7 million as of December 31, 2024, from RMB 1,935.7 million in 2023, representing a growth of 9.8%[37] - The company's net asset value decreased to RMB 3,264.8 million from RMB 3,378.8 million, indicating a decline of 3.4%[39] - The capital debt ratio slightly decreased from 3.3% in 2023 to 3.2% in 2024[39] - Trade receivables rose significantly to RMB 233.8 million from RMB 54.3 million, primarily due to increased sales to corporate clients[43] - Trade payables increased to RMB 647.1 million from RMB 457.3 million, with turnover days slightly rising from 39.8 days to 39.9 days[44] Governance and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Shi Kangping serving as the chairman[99] - The independent auditor, Ernst & Young, confirmed that the financial statements for the year ended December 31, 2024, are consistent with the audited financial reports[100] - The company has adopted the corporate governance code and has complied with all applicable provisions, except for a deviation regarding the notice period for board meetings[101] - The roles of the chairman and CEO are currently held by the same individual, Mr. Yang Mingchao, which the board believes facilitates effective decision-making[102] Future Outlook - The company plans to expand its sales network into new regions, including rural areas, to increase market penetration and capture a larger share of the lower-tier market[17] - The company intends to explore overseas markets, including Hong Kong and Southeast Asia, to expand its global presence and increase sales growth[22] - The company is developing a smart retail network by integrating online and offline sales channels, allowing consumers to pick up online orders at nearby stores[20] - The company aims to enhance its member ecosystem by improving member benefits and utilizing various advertising channels to attract new members[18]

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。 ...