GUOQUAN FOOD(2517.HK)：A NATIONAL AT-HOME FOOD EXPERT TO INNOVATE AT ALL FRONTS

accelerated growth on Douyin since 2024, but also revamped the membership program (average spend and frequency lifted, members grew by 48% and prepaid card sales also grew by 37% to nearly RMB 1bn). Store upgrades also delivered strong returns, with 24-hour formats in higher-tier cities driving ~5% SSSG at low cost, and larger stores in lower-tier cities achieving 20%+ SSSG with faster payback from lower rents and staff costs. We forecast a 17% sales and 42% net profit CAGR during FY24-27E with NP att. marg ...