Core Viewpoint - Guangzhou Restaurant (603043.SH) reported a mixed performance in its Q1 2025 financial results, with revenue growth but a significant decline in net profit and cash flow [1][3]. Financial Performance - The total operating revenue for Q1 2025 was 1.046 billion yuan, ranking 9th among disclosed peers, an increase of 33.77 million yuan or 3.34% year-on-year [1]. - The net profit attributable to shareholders was 51.01 million yuan, ranking 11th among peers, a decrease of 19.77 million yuan or 27.93% year-on-year [1]. - The net cash flow from operating activities was -45.18 million yuan, ranking 23rd among peers, a decline of 168 million yuan or 136.88% year-on-year [1]. Key Ratios - The latest debt-to-asset ratio was 34.58%, ranking 12th among peers, a decrease of 1.77 percentage points from the previous quarter and 3.13 percentage points year-on-year [3]. - The latest gross profit margin was 25.36%, ranking 16th among peers, a decrease of 6.37 percentage points from the previous quarter and 4.45 percentage points year-on-year [3]. - The return on equity (ROE) was 1.30%, ranking 14th among peers, a decrease of 0.60 percentage points year-on-year [3]. - The diluted earnings per share were 0.09 yuan, ranking 13th among peers, a decrease of 0.03 yuan or 27.89% year-on-year [3]. - The total asset turnover ratio was 0.16 times, ranking 14th among peers, an increase of 0.01 times or 3.64% year-on-year [3]. - The inventory turnover ratio was 2.72 times, ranking 6th among peers, an increase of 0.26 times or 10.61% year-on-year [3]. Shareholder Structure - The number of shareholders was 22,400, with the top ten shareholders holding 428 million shares, accounting for 75.21% of the total share capital [3]. - The largest shareholder, Guangzhou Urban Construction Investment Group Co., Ltd., holds 50.72% of the shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady revenue growth in its main business, with strong performance in markets outside its home province [6] - The first quarter of 2025 saw a revenue of 1.046 billion yuan, a year-on-year increase of 3.34%, while the net profit attributable to the parent company was 51 million yuan, a decrease of 27.93% [6] - The company is focusing on optimizing its distribution network and enhancing supply chain capabilities, which is expected to drive long-term growth [6] Financial Data and Profit Forecast - Total revenue is projected to reach 5.695 billion yuan in 2025, with a year-on-year growth rate of 11.2% [5] - The net profit attributable to the parent company is forecasted to be 574 million yuan in 2025, reflecting a year-on-year increase of 16.3% [5] - The company’s gross margin is expected to be 33.3% in 2025, with a return on equity (ROE) of 13.7% [5] - The company aims to maintain a price-to-earnings (PE) ratio of 15 for 2025, decreasing to 13 by 2027 [5]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 1.05 billion yuan in Q1 2025, representing a year-on-year increase of 3.3%, while the net profit attributable to shareholders decreased by 27.9% to 51 million yuan [3][4] - The company maintains its profit forecast, expecting net profits of 570 million, 640 million, and 700 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.00, 1.12, and 1.22 yuan [3][4] - The dual drivers of food and beverage businesses are expected to support stable growth in the company's performance, leading to the maintained "Outperform" rating [3][4] Financial Performance Summary - In Q1 2025, the food business generated revenue of 600 million yuan, a slight increase of 0.1% year-on-year, while the restaurant business revenue reached 420 million yuan, up 10.1% year-on-year [4] - The gross profit margin for Q1 2025 was 25.4%, down 4.5 percentage points year-on-year, primarily due to weak demand and increased competition [5] - The company’s net profit margin for Q1 2025 was 4.9%, a decrease of 2.1 percentage points year-on-year, indicating pressure on profitability [5] Revenue and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 5.67 billion, 6.23 billion, and 6.80 billion yuan respectively, with year-on-year growth rates of 10.7%, 9.8%, and 9.3% [6][8] - The expected net profits for the same years are 567 million, 637 million, and 695 million yuan, with corresponding year-on-year growth rates of 14.7%, 12.4%, and 9.2% [6][8] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 15.6, 13.9, and 12.7 for 2025, 2026, and 2027 respectively [6][8] - The price-to-book (P/B) ratios are expected to decline from 2.0 in 2025 to 1.6 in 2027 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23 CNY per share [4][6]. Core Views - The company achieved a revenue of 1.05 billion CNY in Q1 2025, representing a year-on-year increase of 3.3%, while the net profit attributable to shareholders was 50 million CNY, down 27.9% year-on-year [1]. - The restaurant segment showed robust growth, with a revenue increase of 10.1% year-on-year, driven by high customer traffic during the Spring Festival [2]. - The company announced a share buyback plan of 100 to 143 million CNY to enhance investor confidence and improve long-term incentive mechanisms [4]. Summary by Sections Financial Performance - Q1 2025 revenue breakdown: Mooncake series revenue was 7.29 million CNY (down 19.25% YoY), frozen food revenue was 285 million CNY (down 3.33% YoY), and restaurant revenue was 423 million CNY (up 10.1% YoY) [2]. - The overall gross margin for Q1 2025 was 25.36%, a decrease of 4.45 percentage points year-on-year, primarily due to the increased proportion of lower-margin restaurant revenue [3]. - The net profit margin for Q1 2025 was 5.95%, down 2.02 percentage points year-on-year [3]. Growth Outlook - The company expects a strong performance in the second half of the year, particularly in the mooncake segment, due to favorable holiday timing and increased consumer demand [4]. - Profit forecasts for 2025-2027 are 551 million CNY, 612 million CNY, and 678 million CNY, respectively, with corresponding EPS of 0.97 CNY, 1.08 CNY, and 1.19 CNY [4]. Valuation Metrics - The report provides a valuation with a PE ratio of 16x for 2025, decreasing to 13x by 2027 [4][5]. - The company’s total market capitalization is approximately 9.05 billion CNY, with a total share count of 569 million [6].

证券代码：603043 证券简称：广州酒家 公告编号：2025-029 广州酒家集团股份有限公司 《广州酒家集团股份有限公司 2025 年第一季度报告》 表决结果：通过（有权表决票数 3 票，同意 3 票，反对 0 票，弃权 0 票）。 详见与本公告同时在上海证券交易所网站披露的相关公告。 特此公告。 广州酒家集团股份有限公司监事会 2025 年 4 月 29 日 报备文件 第四届监事会第二十六次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、监事会会议召开情况 广州酒家集团股份有限公司（以下简称"公司"）第四届监事会第二十六次 会议于 2025 年 4 月 24 日发出会议通知，于 2025 年 4 月 27 日以通讯会议的方式 形成决议。本次会议应参加表决监事 3 人，实际表决监事 3 人，会议的召集、召 开符合《公司法》《公司章程》等有关规定，表决形成的决议合法、有效。本次 会议没有监事对议案投反对/弃权票。本次会议议案均获通过。 二、监事会会议审议情况 公司第四届监事会第二十六次会议决 ...

一、董事会会议召开情况 广州酒家集团股份有限公司（以下简称"公司"）第四届董事会第三十五次 会议于 2025 年 4 月 24 日发出会议通知，于 2025 年 4 月 27 日以通讯会议方式形 成决议。会议应参加表决董事 7 人，实际表决董事 7 人。本次会议的召集、召开 符合《公司法》《公司章程》等有关规定，表决形成的决议合法、有效。本次会 议没有董事对议案投反对/弃权票。本次会议议案均获通过。 二、董事会会议审议情况 （一）《广州酒家集团股份有限公司 2025 年第一季度报告》 证券代码：603043 证券简称：广州酒家 公告编号：2025-028 广州酒家集团股份有限公司 第四届董事会第三十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 表决结果：通过（有权表决票数 7 票，同意 7 票，反对 0 票，弃权 0 票）。 本议案已经公司第四届董事会审计委员会第二十五次会议审议通过，公司 2025 年第一季度报告详见同日披露于上海证券交易所网站的公告。 （二）《关于制定<广州酒家集团股份有 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,046,119,633.19, representing a 3.34% increase compared to CNY 1,012,348,645.31 in the same period last year[4] - Net profit attributable to shareholders decreased by 27.93% to CNY 51,010,230.81 from CNY 70,781,639.21 year-on-year[4] - Basic earnings per share fell by 27.89% to CNY 0.0897 from CNY 0.1244 in the same period last year[4] - The net profit for Q1 2025 was ¥62,223,892.42, a decrease from ¥80,622,506.60 in Q1 2024, reflecting a decline of approximately 22.8%[22] - The company’s total profit for Q1 2025 was ¥75,210,151.12, down from ¥102,011,577.01 in Q1 2024, reflecting a decrease of approximately 26.3%[21] Cash Flow - The net cash flow from operating activities was negative at CNY -45,176,297.26, a significant decline from CNY 122,488,541.81 in the previous year[4] - The net cash flow from operating activities for Q1 2025 was negative at -¥45,176,297.26, compared to a positive ¥122,488,541.81 in Q1 2024[26] - The company reported an investment cash flow net of ¥66,254,807.30 for Q1 2025, compared to ¥149,202,796.55 in Q1 2024, indicating a decrease of about 55.6%[26] - The financing cash flow net for Q1 2025 was ¥10,884,871.18, a significant improvement from -¥220,545,106.18 in Q1 2024[26] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,408,748,565.59, down 1.24% from CNY 6,489,156,306.15 at the end of the previous year[5] - Current assets as of March 31, 2025, totaled RMB 1,992,660,265.82, down from RMB 2,152,406,207.51 as of December 31, 2024, indicating a decrease of about 7.43%[14] - Total liabilities decreased to RMB 2,216,420,306.54 from RMB 2,359,051,939.52, reflecting a reduction of about 6.03%[16] - Non-current assets increased to RMB 4,416,088,299.77 from RMB 4,336,750,098.64, showing a growth of about 1.83%[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 22,426[8] - The largest shareholder, Guangzhou Urban Construction Investment Group Co., Ltd., holds 50.72% of the shares[9] - Shareholders' equity attributable to the parent company increased by 1.32% to CNY 3,928,999,514.54 from CNY 3,877,989,283.73[5] Future Outlook - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[4]

广州酒家集团股份有限公司回购管理制度 （2025年4月27日，经第四届董事会第三十五次会议审议通过） 第一章 总则 第一条 为规范广州酒家集团股份有限公司（以下简称 "公司"或"广州酒家"）股份回购行为，保护投资者的合法权 益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《关 于支持上市公司回购股份的意见》（以下简称"《意见》"）、 《上市公司股份回购规则》（以下简称"《回购规则》"）、《上 海证券交易所股票上市规则》（以下简称"《上市规则》"）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股 份》等法律、法规及《公司章程》的规定，特制定本制度。 第二条 本制度所称回购股份，是指公司因下列情形之 一收购本公司股份的行为： （一）减少公司注册资本； （二）连续二十个交易日内公司股票收盘价格跌幅累计 达到百分之二十； -1- （三）公司股票收盘价格低于最近一年股票最高收盘价 格的百分之五十； （四）中国证监会规定的其他条件。 公司在前两款规定情形外回购股份的，应当按照《公司 法》《证券法》、中国证监会和上海证券交易所的相关规定办 理。 ...

广州酒家集团股份有限公司 2025 年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》第 十四号——食品制造的相关规定，现将广州酒家集团股份有限公司(以下简称"公 司") 2025 年第一季度主要经营数据公告如下： 一、2025 年第一季度主要经营数据 证券代码：603043 证券简称：广州酒家 公告编号：2025-031 2025 年 4 月 29 日 单位：万元 币种：人民币 | | 报告期内主营业务收入按产品分项 | | | | --- | --- | --- | --- | | 产品 | 2025 年第一季度 2024 | 年第一季度 | 较上期变动（%） | | 食品制造业务 | 60,404.74 | 60,339.70 | 0.11 | | 其中：月饼系列产品 | 729.43 | 903.29 | -19.25 | | 速冻食品 | 28,522.38 | 29,506.35 | -3.33 | | 其他产品 | 31, ...

Group 1 - The core point of the article is that Guangzhou Restaurant (603043) reported a revenue of 1.046 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 3.34% [1] - The net profit for the same period was 51.0102 million yuan, which represents a year-on-year decline of 27.93% [1]