本月底法定/註冊股本總額： RMB 2,747,360,400 公司名稱: 鍋圈食品(上海)股份有限公司 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 致：香港交易及結算所有限公司 截至月份: 2025年10月31日 狀態: 新提交 FF301 呈交日期: 2025年11月3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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,747,360,400 | RMB | | 1 RMB | ...

Group 1 - The stock of Guoquan (02517.HK) has increased by over 8%, currently up 8.05% at HKD 4.16 [1] - The trading volume reached HKD 96.30 million [1]

Core Viewpoint - The company, Guoquan (02517), has seen a significant stock price increase of over 8%, reaching HKD 4.16, with a trading volume of approximately HKD 96.3 million, following the release of its Q3 2025 business performance report [1] Group 1: Business Performance - In Q3 2025, the company added 361 new stores, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [1] - The company reported revenue (unaudited) of approximately RMB 1.85 billion to RMB 2.05 billion for Q3 2025, reflecting a year-on-year growth of about 13.6% to 25.8% [1] - The core operating profit (unaudited) for Q3 2025 was approximately RMB 65 million to RMB 75 million, showing a year-on-year increase of about 44.4% to 66.7% [1] Group 2: Strategic Initiatives - The company is committed to its "Community Central Kitchen" strategy, actively launching new products and continuously enriching its product matrix [1] - The company is enhancing single-store efficiency and accelerating store expansion through new store models, leading to a dual growth effect on channels [1] - Given that Q3 is typically a traditional off-season, the company anticipates further growth in store expansion and steady improvement in profitability for Q4 [1]

Core Insights - Guoquan Food (02517.HK) is transforming the production methods of Chinese cuisine through a dual approach of "intelligent technology + supply chain" [1][3] - The company has launched a new smart cooking machine in collaboration with its invested company, Xiong Miao Master, which will be integrated into the "Guoquan Xiaochao" project [1][3] - The smart cooking machine aims to replicate the authentic taste of Chinese dishes while enhancing efficiency in cooking [3][4] Summary by Sections Product Development - The new smart cooking machine can automatically prepare dishes like "Hunan-style Spicy Pork" in just a few minutes, maintaining authentic flavors [1][3] - The technology utilizes PID temperature control and temperature hovering techniques to keep oil temperature fluctuations within ±5°C, ensuring consistency in cooking [3] Strategic Goals - Guoquan aims to standardize home-cooked meals using intelligent technology, transitioning from "selling ingredients" to "selling a meal" [3] - The introduction of Guoquan Xiaochao is a significant step in the "community central kitchen" strategy, aiming to bring the experience of freshly cooked Chinese meals back to local communities [3] Supply Chain and Infrastructure - The company operates 7 self-owned factories and 19 digital central warehouses across the country, creating a complete supply chain loop to support the smart cooking devices [3] - The first Guoquan Xiaochao outlet is expected to open in Zhengzhou in early 2026 [3] Market Positioning - Industry analysts believe that Guoquan Xiaochao's model, which combines algorithms and supply chain efficiency, addresses the standardization challenges in Chinese cuisine while creating a scalable business model [4] - The company aims to establish itself as a key bridge connecting the Chinese culinary industry with family consumption [4]

Core Insights - The article discusses the development of a smart cooking machine by 熊喵大师, which aims to standardize Chinese cooking through precise temperature control and AI algorithms [1][3] - The "锅圈小炒" project is positioned as a significant growth avenue for 锅圈, representing a shift towards industrialized Chinese cuisine [5][6] Group 1: Smart Cooking Technology - The smart cooking machine can achieve temperature control within ±1℃ and utilizes AI to adjust cooking parameters, transforming traditional cooking techniques into data-driven instructions [1][3] - Over 1 million real cooking data points have been collected to create a model that stabilizes flavors and enhances restaurant efficiency [3] Group 2: Business Model and Strategy - "锅圈小炒" is an extension of 锅圈's "community central kitchen" strategy, expanding from hot pot and barbecue into freshly cooked Chinese dishes [5][6] - The project integrates smart devices with a standardized supply chain, allowing 锅圈 to transition from selling ingredients to providing comprehensive meal solutions [5] Group 3: Market Performance and Growth - 锅圈 reported revenue between 1.85 billion to 2.05 billion yuan for Q3 2025, marking a year-on-year growth of 13.6% to 25.8%, with core operating profit increasing by 44.4% to 66.7% [6] - The total number of stores reached 10,761, indicating a historical high and showcasing the potential for further growth through the "锅圈小炒" initiative [6] Group 4: Industry Implications - The shift towards quantifying cooking parameters signifies a broader transformation in the Chinese restaurant industry, moving towards an "algorithm era" where cooking becomes a replicable industrial standard [6][8] - The business model of 锅圈 is likened to a combination of supply chain integration and efficient retail, creating a closed-loop system from raw materials to consumer experience [8]

Core Viewpoint - The company is expected to achieve revenue of 1.85 to 2.05 billion yuan in Q3 2025, representing a year-on-year growth of 13.6% to 25.8%, with core operating profit projected at 65 to 75 million yuan, reflecting a year-on-year increase of 44.4% to 66.7% [1][2] Business Performance - Q3 saw a net increase of 361 stores, with a total of 616 new stores added in the first three quarters, on track to meet the annual target of 1,000 new stores [1] - The company’s same-store sales continued to show strong growth, supported by membership system development, live streaming, and product category expansion [1][2] - The 2B sales segment maintained rapid growth, driven by increased production capacity utilization in the company’s own factories [1][2] Profitability Enhancement - The core operating profit for Q3 is estimated to increase by approximately 55.5% to 70 million yuan, with a corresponding core operating profit margin of about 3.6%, up by approximately 0.8 percentage points year-on-year [2] - Key factors driving profitability include same-store optimization, scale effects, and effective cost control management [2] Long-term Growth Potential - The company is expanding its product categories, with successful launches in barbecue, crayfish, and craft beer, and plans to introduce new solutions like "One Sauce to Cook" series [2] - Innovative business models such as "Guoquan Stir-fry" are set to trial in January 2026, featuring a menu of home-style dishes prepared quickly using cooking robots [2] - The company is enhancing its supply chain with a new smart factory focused on hand-cut steak, addressing consumer pain points [2] - The "500 Plan" aims to empower franchisees through training in live streaming and unmanned retail, while community operations are being strengthened through various initiatives [2] Financial Forecast and Valuation - The adjusted net profit forecasts for 2025-2027 have been increased by 5%, 2%, and 1% to 450 million, 560 million, and 690 million yuan respectively [3] - The target price is set at 4.5 HKD, with a target PE of 20x for 2026, reflecting the company's sustained profitability and strengthening supply chain barriers [3]

Core Viewpoint - The company, Guoquan (02517), has seen a significant stock price increase of over 7%, currently trading at 3.86 HKD, with a transaction volume of 90.55 million HKD, following the release of its Q3 2025 business update, which highlights strong growth driven by its "Community Central Kitchen" strategy [1] Group 1: Business Performance - In Q3 2025, the company added 361 new stores, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [1] - The company is expected to exceed its target of adding 1,000 new stores this year, particularly as Q4 is typically a peak season for store openings [1] - The core operating net profit margin for Q3 2025 is calculated at 3.6%, with projections for Q4 2024 and Q3 2024 at 2.8% and 6.6% respectively [1] Group 2: Market Position and Strategy - The company has shown continuous improvement in same-store sales this year, which has enhanced the motivation for franchisees to open new stores [1] - The store model in rural areas has been established, providing a strong competitive advantage [1] - The ongoing expansion of revenue and optimization of the supply chain, along with the release of scale effects, have contributed to the successful increase in net profit margins [1] Group 3: Valuation and Recommendations - The company's performance has consistently exceeded expectations, with a 2026 valuation of less than 20 times earnings, indicating a safety margin [1] - The company is recommended as a key investment opportunity due to its robust growth prospects and market positioning [1]

Core Insights - The company has successfully transitioned from quantity to quality in its strategic approach, achieving revenue and profit growth while expanding its store count to 10,761, validating its "Community Central Kitchen" positioning [2][3] Financial Performance - In Q3 2025, the company expects revenue between 1.85 billion to 2.05 billion yuan, representing a year-on-year growth of approximately 13.6% to 25.8% [3] - Core operating profit is projected to be between 65 million to 75 million yuan, with a year-on-year increase of approximately 44.4% to 66.7%, significantly outpacing revenue growth [3] - The company added 361 new stores in Q3 2025, a substantial increase of 98% compared to the same period in 2024 [3] Strategic Positioning - The company has redefined the value of "community commerce" by upgrading traditional dining models to a "Community Central Kitchen" format, enhancing its supply chain efficiency [2][3] - The strategic focus is on county and town markets, diverging from competitors who prioritize first-tier cities, allowing the company to find new growth opportunities in seemingly saturated markets [2][3] Supply Chain Development - The company has established seven self-owned factories, covering key categories such as condiments and meat products, achieving a self-produced product sales ratio of approximately 20% as of mid-2025 [5][6] - A digitalized logistics network with 19 central warehouses enables next-day delivery, particularly beneficial for rural markets, enhancing operational efficiency [6][8] Product and Market Expansion - The company has expanded its product offerings beyond traditional hot pot and barbecue items to include breakfast and ready-to-eat meals, adding 175 new SKUs in the first half of 2025 [4][9] - The introduction of popular products like "Mao Du Freedom Plus" and "Children's Steak Set" has resonated well with consumers, driving sales [4] B2B Growth - Revenue from B2B channels reached 867 million yuan in 2024, a year-on-year increase of 50.8%, with a further surge of 125.1% to 560 million yuan in the first half of 2025 [11] - The company is exploring overseas expansion and has plans for a pilot project targeting overseas Chinese communities [11] Conclusion - The company's development path signifies a shift in Chinese community commerce from mere channel expansion to a profound supply chain and scenario revolution, capturing the essence of rising county economies and the trend towards quality home dining [12][13]

Group 1 - The core viewpoint of the articles highlights Guoquan's focus on building a membership system and increasing online channel revenue, creating a comprehensive integrated retail system that strengthens its competitive edge in the "home dining" market [1][2] - Guoquan's projected revenue for 2025-2027 is estimated at 7.503 billion, 8.627 billion, and 9.875 billion yuan, with net profit attributable to shareholders at 450 million, 514 million, and 583 million yuan, corresponding to PE valuations of 19, 17, and 15 times [1] - As of Q3 2025, Guoquan achieved revenue between 1.85 billion and 2.05 billion yuan, representing a year-on-year growth of 13.6% to 25.8%, and core operating profit of 65 million to 75 million yuan, with a year-on-year increase of 44.4% to 66.7% [1] Group 2 - The company announced plans to repurchase H-shares using up to 100 million Hong Kong dollars of its own funds [2] - Guoquan launched the "919 National Hot Pot Festival" on September 19, featuring a product lineup of six regional hot pot sets, and introduced the "One Sauce to Cook" series of condiments on October 16 [2] - In H1 2025, Guoquan introduced 175 new SKUs for hot pot and barbecue products, and registered membership reached approximately 50.3 million, a year-on-year increase of 62.8%, with prepaid card deposits amounting to 590 million yuan, up 37.2% [2]

Group 1 - The stock of Guoquan (02517.HK) has increased by nearly 4%, currently up 3.75% at HKD 3.6 [1] - The trading volume reached HKD 46.2321 million [1]