Core Viewpoint - The stock of Guoquan (02517) has increased by over 6%, currently trading at 3.7 HKD with a transaction volume of 64.57 million HKD, following the announcement of the trial operation of its first store for "Guoquan Xiaochao" on January 6, 2026 [1] Group 1: Business Development - The new business model "Guoquan Xiaochao" focuses on using smart cooking machines to provide efficient and flavorful Chinese meals in community settings, leveraging Guoquan's strengths in compound seasoning and ingredient supply chains [1] - Huaxi Securities believes that the new model can optimize labor efficiency through smart cooking machines, leading to standardized operations and data analysis to identify the most popular menu items, which could become a new profit growth point for the company once the model is proven [1] Group 2: Competitive Advantages - Zhongtai Securities highlights the company's deep integration in the restaurant retail business, emphasizing its competitive edge through a well-integrated supply chain that ensures quality and cost leadership, along with a sales network supported by over 10,000 community stores for comprehensive fulfillment [1] - The company is expected to benefit in the short term from same-store sales growth and improved cost-effectiveness, while long-term growth will be driven by store expansion, the successful implementation of new business models, and an increase in self-produced goods from factories [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 鍋圈食品(上海)股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02517 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,747,360,400 | RMB | | | 1 RMB | | 2,747,360,400 | | 增加 / 減少 (-) | | | | | | | RMB | | 0 | | 本月底結存 | | | 2,747,360,400 | RMB | | | 1 RMB | | 2,747,360,400 | 本月底法定 ...

Core Viewpoint - The company, Guoquan, has established itself as a leading brand in the home dining sector in China, focusing on providing diverse meal solutions through a wide range of products, including hot pot, barbecue, beverages, and more, with significant growth potential in the rural market [1] Group 1: Market Opportunity - The home dining market is projected to grow from a retail value of 147.9 billion in 2018 to 940 billion by 2027, with a CAGR of 22.81%, making it one of the fastest-growing segments in the food and beverage industry [1] - The rural market shows a faster growth rate in retail sales compared to urban areas, with approximately 840 million people living in towns and rural areas, indicating strong consumption potential in lower-tier markets [1] Group 2: Competitive Advantages - The company has built a competitive edge through a light-asset franchise model, with plans to expand to 10,761 stores across 31 provinces by Q3 2025, focusing on high-tier cities while also penetrating lower-tier markets [2] - A robust supply chain is established with seven owned food factories, ensuring next-day delivery logistics and a combination of industrial production capabilities and retail responsiveness [2] - The brand leverages scenario-based marketing and digital platforms, particularly Douyin, to drive consumer engagement and enhance brand loyalty, with membership exceeding 60 million by November 2025 [2] Group 3: Growth Strategies - The company is enhancing store performance through standard store upgrades, introducing new product categories, and shifting focus to provide comprehensive meal solutions for all dayparts [3] - A new integrated store model for rural areas is being rapidly replicated, aiming to open 10,000 new stores in five years [3] - Continuous exploration of new business formats, including outdoor dining and seasoning products, is expected to contribute to revenue growth [3] - Digital transformation initiatives are underway to improve supply chain efficiency and increase the proportion of self-produced goods, which is anticipated to enhance profit margins [3] Group 4: Financial Projections - Revenue forecasts for the company are projected at 7.847 billion, 9.028 billion, and 10.269 billion for 2025-2027, reflecting year-on-year growth rates of 21%, 15%, and 14% respectively [4] - Net profit attributable to the parent company is expected to reach 0.451 billion, 0.550 billion, and 0.652 billion for the same period, with growth rates of 96%, 22%, and 19% respectively [4] - Earnings per share (EPS) are projected to be 0.17, 0.21, and 0.25, corresponding to price-to-earnings ratios of 19.6, 16.0, and 13.6 [4]

Group 1 - The company, Guoquan (02517), announced a share buyback plan, intending to repurchase 2.228 million shares at a total cost of HKD 7.9994 million [1] - The buyback price per share is set between HKD 3.55 and HKD 3.62 [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31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 Key Points Core Viewpoint - The company, Guoquan, has been actively repurchasing its shares on the Hong Kong Stock Exchange, indicating a strategy to support its stock price and enhance shareholder value through buybacks [2][3]. Buyback Details - On December 30, Guoquan repurchased 976,000 shares at a price range of HKD 3.540 to HKD 3.630, totaling HKD 3.497 million [2]. - The stock closed at HKD 3.590 on the same day, reflecting a 0.84% increase, with a total trading volume of HKD 36.383 million [2]. - From December 24 to December 30, the company conducted buybacks for three consecutive days, acquiring a total of 1.67 million shares for a cumulative amount of HKD 5.9885 million [2]. - Year-to-date, Guoquan has executed 43 buybacks, totaling 75.7992 million shares and an aggregate amount of HKD 193 million [2]. Historical Buyback Data - The buyback history shows various transactions with the highest buyback occurring on June 9, where 1,268,800 shares were repurchased at an average price of HKD 3.130, amounting to HKD 3,910.15 million [3]. - The buyback activity has varied in volume and price, with the lowest recorded buyback price at HKD 1.690 on January 13, 2025, for 101,880 shares [3]. - The buyback strategy appears to be consistent, with multiple transactions occurring throughout the year, reflecting the company's commitment to managing its capital structure effectively [3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company, Guoquan, is positioned as a leading one-stop brand for home dining products in China, focusing on providing diverse meal solutions [11]. - The market for home dining products is projected to grow significantly, with a CAGR of 22.81%, reaching a retail value of 940 billion yuan by 2027 [6][30]. - Guoquan's competitive advantages include a well-integrated supply chain, extensive community store network, and a high-engagement membership system, which are expected to drive both short-term and long-term growth [7]. Financial Projections - Revenue is forecasted to grow from 6.1 billion yuan in 2023 to 10.27 billion yuan in 2027, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]. - Net profit is expected to increase from 240 million yuan in 2023 to 652 million yuan in 2027, reflecting a significant growth of 96%, 22%, and 19% in the respective years [3][7]. - Earnings per share (EPS) are projected to rise from 0.09 yuan in 2023 to 0.25 yuan in 2027 [3]. Business Model and Market Position - Guoquan operates a unique "community central kitchen" model, which combines food manufacturing and community retail, allowing for cost efficiency and high-quality product offerings [44]. - The company has established a robust store network, with over 10,761 stores across 31 provinces as of Q3 2025, positioning it as the largest one-stop home dining product retailer in China [47]. - The company has a market share of 3.0% in the home dining product sector, leading among competitors [34]. Growth Strategies - Guoquan plans to enhance its store performance through a dual approach of upgrading existing stores and expanding into rural markets, aiming to replicate its successful business model [7][39]. - The company is actively exploring new business formats, including outdoor dining and ready-to-eat meals, to capture additional market segments [7]. - Digital transformation initiatives are underway to improve operational efficiency and enhance customer engagement through data-driven decision-making [83]. Supply Chain and Logistics - The company has invested in seven proprietary food factories to ensure quality control and cost efficiency across its product range [66]. - A comprehensive cold chain logistics system supports the timely delivery of products to stores, enhancing customer satisfaction and operational reliability [70]. Marketing and Brand Strategy - Guoquan leverages celebrity endorsements and social media marketing to strengthen its brand presence and engage with consumers [72]. - The company has implemented a tiered membership system to enhance customer loyalty and increase repeat purchases [76].

Group 1 - The company, Guoquan (02517), announced a share buyback plan, spending approximately HKD 3.497 million to repurchase 976,000 shares by December 30, 2025 [1]

锅圈(02517)公布，2025年12月30日耗资约349.7万港元回购97.6万股股份。 ...

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 呈交日期： 2025年12月30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 。 FF305 | 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（不包括庫存股 份）數目百分比 (註 ...