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。 ...

Investment Rating - The report maintains a rating of "Buy" for the company [3]. Core Views - The company is demonstrating steady progress in its operations, with voluntary lock-up and share buyback reflecting confidence in future development [2]. - The company’s controlling shareholders have committed to not selling shares for six months and plan to buy back up to 100 million HKD in shares, indicating strong belief in the company's growth potential [3]. - The company is integrating its supply chain and expanding its store formats, which is expected to open new growth opportunities [3]. Financial Projections - The forecasted net profits for the company from 2024 to 2026 are 212 million, 253 million, and 312 million RMB respectively, with corresponding PE ratios of 24x, 20x, and 16x [3]. - The company’s revenue is projected to grow from 6,094 million RMB in 2023 to 6,762 million RMB in 2025, and further to 7,886 million RMB in 2026, reflecting a growth rate of 10.62% and 16.63% respectively [6]. Recent Developments - The company has recently launched a new factory in Hubei and is acquiring a 41% stake in Beihai Daixiaji Food Co., which will increase its ownership to 51% [3]. - The company is also exploring new store formats by entering agricultural markets with a new sub-brand, which is expected to enhance its market presence [3].

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[11]. - The company has established a network primarily comprising franchised stores, deriving substantially all revenue from product sales to franchisees, without charging franchise fees[12]. - Guoquan Food's product portfolio includes eight categories: hotpot products, barbecue products, beverages, solo-dining meals, ready-to-cook meal kits, fresh produce, western cuisines, and snacks[12]. Market Strategy and Expansion - The company is expanding its online sales channels through the Guoquan APP, WeChat mini-program, and partnerships with third-party delivery platforms like Meituan and Ele.me[11]. - Guoquan Food aims to capture significant growth potential in China's home meal products market, leveraging its robust supply chain and digital management systems to ensure product quality and operational efficiency[12]. - The company is well-positioned to leverage the immense potential for creating new and diverse products in the home meal products market[12]. - Guoquan Food is expanding its market presence in Southeast Asia, with plans to enter three new countries by the end of 2024[21]. - The company plans to deepen market penetration and expand its store network to new regions in China, introducing diverse store formats and upgrading existing stores to enhance consumer shopping experiences[46][47]. Financial Performance - Guoquan Food reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-over-year increase of 25%[21]. - The total revenue decreased by approximately 3.5% from RMB 2,760.9 million for the six months ended June 30, 2023, to RMB 2,664.999 million for the six months ended June 30, 2024[59]. - Revenue from home meal products accounted for 97.1% of total revenue in 2024, down from 97.3% in 2023, with a decrease of approximately 3.7% from RMB 2,686.3 million to RMB 2,587.2 million[59]. - The Group's sales revenue from home meal products and related products amounted to RMB 2,338,188 thousand, representing 90.4% of total sales during the first half of 2024[30]. - Profit for the period decreased from RMB 116.6 million in 2023 to RMB 85.5 million in 2024[59]. - The company achieved a gross profit margin of 35%, up from 30% in the same period last year[21]. Operational Efficiency - Operating expenses have been reduced by 10% due to improved efficiency measures implemented in Q2 2024[21]. - The Group's streamlined supply chain eliminates redundant intermediaries, optimizing costs and allowing for next-day delivery from central warehouses to retail stores[41]. - The Group operates four food ingredient production plants to ensure stringent control over the production and supply of staple products as of June 30, 2024[40]. - The digitalization of the supply chain, including 17 digitalized central warehouses, enables efficient management and timely availability of products across stores[44]. Consumer Engagement and Product Development - The company emphasizes providing diverse, convenient, high-quality, and value-for-money home meal products to meet consumers' needs across various dining scenarios[15]. - The Group launched 248 new SKUs of hotpot and barbecue products during the reporting period to meet evolving consumer needs[36]. - User data indicates a growth in active users to 5 million, a 40% increase compared to the previous year[21]. - The Group's membership program fosters consumer loyalty and engagement, enhancing online and offline connections[35]. Sustainability Initiatives - The company is focusing on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[21]. Corporate Governance - The company has complied with all applicable corporate governance code provisions during the reporting period, except for the separation of roles between chairman and CEO[112]. - The roles of chairman and chief executive officer are currently held by Mr. Yang Mingchao, who is responsible for strategic decisions[111]. - The company emphasizes maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[112]. Shareholder Information - As of June 30, 2024, the total number of shares issued is 2,747,360,400, comprising 949,301,924 Domestic Unlisted Shares and 1,798,058,476 H Shares[124]. - Guoquan Industry is owned 55.61% by Mr. Yang, 37.07% by Mr. Meng, and 7.32% by Mr. Li, indicating a significant concentration of ownership[124]. Future Outlook - The company has not disclosed specific future outlook or guidance in the provided documents[149]. - There is no mention of new products, technologies, market expansion, or mergers and acquisitions in the provided financial reports[149].

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].