Major Events - China Railway (00390) recently won bids for 11 major projects, with a total contract value of approximately 50.215 billion yuan [1] - China Communications Technology (03969) secured four important projects in the railway market from July to August [1] - Chow Tai Fook (00659) plans to issue convertible bonds worth 2.218 billion HKD, converting approximately 10% of shares in First Journey Holdings (00697) [1] - Shanghai Pharmaceuticals (02607) transferred 40% equity of Shanghai Pharmaceuticals Group to Shanghai Shansi for about 6.7215 billion yuan [1] - Tianjin Port Development (03382) plans to invest 95.403 million yuan to acquire 5% equity in Eurasia International [1] - Tianjin Port Development (03382) intends to acquire 40% equity in Alliance International for 723 million yuan, increasing its stake to 100% [1] - First Journey Holdings (00697) received investment from Beijing Robotics Fund in Quan Zhi Bo, continuing to increase investment in the robotics industry [1] - Boleton (01333) signed a strategic cooperation agreement with Mingyang Mining to promote the electrification and intelligence of mining transportation [1] - China Biopharmaceutical (01177) completed the first patient enrollment in the Phase I clinical trial of LM-350 "CDH17 ADC" in Australia [1] - Xinjiang Xinmin Mining (03833) proposed to issue A-shares [1] - Jihong Co., Ltd. (02603) expects a year-on-year increase of 55%-65% in net profit attributable to shareholders for the first three quarters [1] Buybacks and Shareholding Changes - Tencent Holdings (00700) repurchased 844,000 shares for 550 million HKD on September 25 [1] - Midea Group (00300) repurchased 2.0 billion yuan worth of 2.7455 million A-shares on September 25 [1] - Anta Sports (02020) repurchased 99.819 million HKD worth of 106,500 shares on September 25 [1] - Guoquan (02517) plans to use up to 100 million HKD for further repurchase of H-shares [1] - Juzi Holding increased its stake by acquiring 1.15 million shares in Giant Bio (02367) [1] - Harmony Health, a shareholder of Goldwind Technology (02208), reduced its holdings by approximately 57.14185 million shares [1]

风险提示 董事会决议自2025年9月26日起实施新一轮H股回购计划 回购资金上限：1亿港元，使用自有资金 回购方式：公开市场回购 锅圈食品(02517)公告要点解读 核心要点 回购计划启动 回购授权及期限 回购价格限制 每次回购价格不得较回购前5个交易日H股平均收市价溢价超过5% 管理层表态 基于2024年度股东大会授予的一般授权 授权上限：不超过2025年6月27日已发行H股总数的10% 授权有效期至2025年度股东大会结束或股东大会撤回授权 董事会认为当前股价未充分反映公司内在价值 此举彰显管理层对业务发展前景的信心 回购实施视市况及实际需求而定 不保证回购的时间、数量或价格 ...

锅圈(02517)公布，2025年9月25日，董事会作出决议，拟根据回购股份授权，自2025年9月26日起至回 购股份授权到期之日止，使用最多1亿港元于公开市场以自有资金进一步回购H股股份。公司每次回购 的每股H股的实际回购价比紧随每次回购前五个交易日内H股股份平均收市价溢价不得高于5%或以上。 根据回购股份授权进行回购的H股股份将可能会被注销或持作库存股份。 董事会认为，当前的股份成交价格并未充分反映公司的内在价值及业务前景，于现况下进行股份回购将 彰显公司及管理层团队对公司的业务发展前景及增长潜力充满信心，最终会为公司带来裨益并为股东创 造价值。 ...

智通财经APP讯，锅圈(02517)公布，2025年9月25日，董事会作出决议，拟根据回购股份授权，自2025 年9月26日起至回购股份授权到期之日止，使用最多1亿港元于公开市场以自有资金进一步回购H股股 份。公司每次回购的每股H股的实际回购价比紧随每次回购前五个交易日内H股股份平均收市价溢价不 得高于5% 或以上。根据回购股份授权进行回购的H股股份将可能会被注销或持作库存股份。 董事会认为，当前的股份成交价格并未充分反映公司的内在价值及业务前景，于现况下进行股份回购将 彰显公司及管理层团队对公司的业务发展前景及增长潜力充满信心，最终会为公司带来裨益并为股东创 造价值。 ...

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 二零二五年九月二十五日，董事會作出決議，擬根據回購股份授權，自二零二五 年九月二十六日起至回購股份授權到期之日止，使用最多1億港元於公開市場以 自有資金進一步回購H股股份（「回購H股計劃」）。本公司每次回購的每股H股的 實際回購價比緊隨每次回購前五個交易日內H股股份平均收市價溢價不得高於5% 或以上。根據回購股份授權進行回購的H股股份將可能會被註銷或持作庫存股份。 1 董事會認為，當前的股份成交價格並未充分反映本公司的內在價值及業務前景， 於現況下進行股份回購將彰顯本公司及管理層團隊對本公司的業務發展前景及增 長潛力充滿信心，最終會為本公司帶來裨益並為股東創造價值。 本公司將遵照本公司的公司章程、上市規則、收購守則、《中華人民共和國公司 法》以及本公司須遵守的所有適用法律及法規進行回購H股計劃。 （於中華人 ...

贵州酸汤依托科技赋能实现产业化升级。"政企研"三方助力带 动当地种植、就业与增收。这一传统风味正从苗乡走向全国百 姓家餐桌，成为乡村振兴与食品工业融合发展的典型案例。 作者：孟乾 封图：图片资料室 酸汤，作为一种云贵地区"以酸代盐"的传统风味， 其制作技艺与苗族文化息息相关。红汤酸汤， 正是以贵州本地的西红柿"毛辣果"及二荆条辣椒、木姜子等为主要原料腌制而成。 这背后是多方聚成的合力。为巩固脱贫攻坚成果， 2021 年 12 月，在中央部委和中国农业科学院 在乡村振兴指导下，邀请中国农业科学院农产品加工研究所进入到台江县进行科技帮扶工作。作为 帮扶成果之一，苗苗酸汤食品智能化工厂（下称 " 苗苗食品 " ）在 2024 年 6 月落地台江县，厂房 面积约两万平方米，全部使用现代化生产车间及生产线。 辣椒的新销路 又是艳阳天，黔东南州台江县革一镇的村民们需要将田里的最后几亩辣椒采摘完毕。这几天气温稍 高，辣椒不经存放，平均每日 300 多斤的辣椒，一旦采摘就需要运往附近的食品厂区，路程大约 为 15 分钟。 革一镇位于州府凯里市向东约 40 公里处，这里 3 年前刚刚完成脱贫摘帽。绵延山脉下，层层叠叠 的梯田是 ...

酸汤，作为一种云贵地区"以酸代盐"的传统风味，其制作技艺与苗族文化息息相关。红汤酸汤，正是以 贵州本地的西红柿"毛辣果"及二荆条辣椒、木姜子等为主要原料腌制而成。 依托酸汤为底的酸汤鱼制作技艺在2021年被列入国家级非物质文化遗产代表性项目名录，如今，这碗酸 汤正经历一场产业的现代化蜕变：为引进优质企业、将贵州传统技艺与现代食品产业紧密结合，2024 年，贵州酸汤的原产地之一台江县在当地政府支持下，选定了一块空地并削去了半座山头，腾挪出来的 空间得以让企业建成上万平方米的工厂，为当地农产品找到销路。 这背后是多方聚成的合力。为巩固脱贫攻坚成果，2021年12月，在中央部委和中国农业科学院在乡村振 兴指导下，邀请中国农业科学院农产品加工研究所进入到台江县进行科技帮扶工作。作为帮扶成果之 一，苗苗酸汤食品智能化工厂（下称"苗苗食品"）在2024年6月落地台江县，厂房面积约两万平方米， 全部使用现代化生产车间及生产线。 辣椒的新销路 天眼查显示，苗苗食品由锅圈食品（02517.HK）旗下子公司控股，知识产权方面拥有发明授权专利3 条、商标信息23条。锅圈食品相关负责人表示，之所以在贵州大山深处投产建厂，是因为酸汤这 ...

苗家酸汤，这碗承载着千年民族智慧的非遗美食，其灵魂便在于时光的沉淀与微生物的奇妙作用。然而 当这项依赖"手感"与"天时"的美食，遇上追求标准化与效率的现代工业，该如何破局？锅圈苗苗给出了 答案。 9月17日，笔者前往贵州省黔东南苗族侗族自治州台江县，实地探访现代化苗族酸汤产业链后发现，苗 苗食品不仅借助复合菌剂将发酵周期缩至7天，突破了工业化瓶颈，还靠"订单种植"推动原料规模化种 植，带动农户亩均增收超4000元，初步实现产业助农目标。 苗苗酸汤食品厂区 从破解酸汤产业化难题，到搭建"农户种原料、企业搞生产、锅圈拓市场"的三产融合链路，苗苗食品的 实践，正是锅圈深耕产业助农、以商业力量激活乡村经济的生动缩影。 三产融合，产业助农初见成效 该镇相关负责人透露，在种植、保护、采摘的农忙期间，辣椒基地的日均用工是在30人左右，日人均劳 动费是120元，带动季节性就业超过2000人次。 目前，苗苗食品已经实现了初步的产业助农目标。在上游原料种植环节，通过酸汤原料的采购供给，以 订单模式联农带农，企业与农户签订西红柿、辣椒、生姜、大蒜等原料采购协议，在全县9个乡镇（街 道）农户常年种植面积21000余亩。项目争取衔接资 ...

Summary of Guoquan Food and Beverage Conference Call Company Overview - **Company**: Guoquan Food and Beverage - **Industry**: Food and Beverage, specifically focusing on hot pot and related dining experiences Key Points and Arguments Operational Performance - In the first half of 2025, Guoquan improved store management and sales through refined operations, organizational adjustments, and rapid new store openings, resulting in the accumulation of initial membership assets [2][4] - The same-store performance continued to show positive momentum in Q3 2025, with expectations for stable trends in Q4 driven by enhanced hot pot packages and new SKUs [2][5][6] Store Expansion Plans - The company plans to add a net total of 1,000 new stores in 2025, with over half located in rural markets, aligning with annual targets [2][7] - The pace of new store openings in July and August 2025 is on track, with a typical one-month timeline from signing to opening [7] Franchise Strategy - Guoquan focuses on partnering with small business owners rather than financial investors, which enhances operational quality and customer service [8][9] - The strategy varies by region, encouraging multi-store openings in county-level and above areas while promoting single-store franchises in rural areas [9] Product and Market Strategy - The company aims to meet consumer needs through standardized flavors and high cost-performance, with prices averaging 1/3 to 1/2 lower than traditional restaurants [2][13] - Guoquan is exploring supply chain and product expansion into overseas markets, including Hong Kong and Southeast Asia, with a long-term goal of international business model expansion [2][19][20] Customer Engagement and Marketing - Sales trends in August and September 2025 met expectations, driven by product expansion, SKU deepening, and increased membership activity [3] - The company utilizes localized product development to cater to regional tastes, with a total SKU count reaching 700 [16] Financial Performance and Shareholder Returns - The company reported a dividend of approximately 190 million yuan in the mid-2025 report, indicating a high dividend payout ratio [21] - Guoquan aims for a mid-term net profit margin target of 7-8%, focusing on optimizing management and sales expenses [23][24] Supply Chain Management - The company addresses supply chain complexity through scale effects and cost performance, leveraging experience from its agricultural market stores [17] - Core raw material prices, particularly for meat products, are subject to cyclical fluctuations, but the company maintains a competitive edge through imported products and self-owned factories [25] Marketing and Sales Strategy - Sales expenses are stable, with ongoing optimization as revenue scales up, and the company has seen improved efficiency from marketing on platforms like Douyin [26] Future Developments - Guoquan is innovating in the beverage sector, including craft beer and juice products, which have seen significant sales growth [28] Additional Important Insights - The company emphasizes the importance of local market adaptation and customer preferences in its product offerings [15][16] - Guoquan's approach to franchisee selection and operational strategy is designed to enhance the overall customer experience and operational efficiency [8][9][10]

Core Viewpoint - The article emphasizes the importance of learning from Japan's "lost thirty years" to identify opportunities in China's evolving consumer market, focusing on the emergence of new national brands and efficient retail models [7][9][28]. Group 1: Insights from Japan - Japan experienced stagnant wages and severe aging during its lost decades, yet it produced successful consumer champions like Uniqlo and 7-Eleven, highlighting the potential for growth even in challenging economic conditions [8][9]. - Two key insights from Japan include the continuous upgrade of essential needs and the rise of affordable alternatives, which shifted consumer focus from luxury to value [10][11][12]. Group 2: Chinese Market Opportunities - The article identifies the "downstream market" as a crucial area for growth in the next two to three decades, emphasizing the need to discover new national brands and chain stores [14][28]. - The author reflects on the early days of JD.com, noting its growth from 1 billion in revenue to becoming China's first trillion-yuan retail enterprise, illustrating the potential for rapid scaling in the consumer sector [15][18]. Group 3: Investment Focus - The company,启承资本, has invested in over 20 consumer brands since its inception in 2016, with 15 companies achieving over 1 billion in revenue and 3 projected to exceed 10 billion this year [24][25]. - The firm aims to support the next generation of consumer champions, focusing on sectors like food, beverages, and lifestyle, with a significant number of community and shopping center stores [24][25]. Group 4: Structural Opportunities - The article outlines two structural opportunities in the Chinese consumer market: the emergence of new national brands and the development of nationwide chains [28]. -启承资本's investment strategy is designed to leverage these opportunities, with a focus on creating long-term value through innovative business models and efficient operations [29][30]. Group 5: Educational Initiatives -启承资本 is launching a program aimed at helping consumer brands overcome growth challenges and achieve significant scale, featuring case studies and strategic insights from successful investments [29][30][32]. - The program will cover topics such as product innovation, competitive strategy, and long-term value creation, tailored for emerging consumer brands and regional chains [50][51].