Group 1 - The core viewpoint of Dongwu Securities maintains the previous profit forecast for Guoquan (02517), expecting revenue from 2025 to 2027 to be 7.29/8.39/9.55 billion yuan, with year-on-year growth of +13%/+15%/+14% and net profit attributable to shareholders to be 420/500/580 million yuan, with year-on-year growth of +81%/+19%/+17% [1] - The company has announced multiple share buybacks, which not only enhance shareholder returns but also demonstrate the company's confidence [1] - The company has completed two of the three announced buybacks since 2024, with a total buyback amount not exceeding 100 million Hong Kong dollars, and has also prioritized cash dividends, distributing 200 million yuan at the end of 2024 and 190 million yuan in mid-2025 [1] Group 2 - The company opened 250 new stores in the first half of 2025, with a net increase of 270 stores in rural areas, aligning with the consumption trend in lower-tier markets [2] - The company has a first-mover advantage and scale advantage in the rural market, where competition is currently insufficient, and the feedback from grassroots research indicates strong willingness from franchisees [2] - The company plans to add 1,000 new stores this year, and the expectations for store openings in Q4 are anticipated to be met [2] Group 3 - The company's same-store revenue has maintained positive growth year-to-date, and loss-making stores have significantly turned profitable, validating the positive trend in store operations [3] - The core operating profit margin reached 5.9% in the first half of 2025, an increase of 1.2 percentage points year-on-year, while the net profit margin was also 5.9%, up by 2.7 percentage points year-on-year [3] - The current valuation for 2025 is below 20 times earnings, and the company continues to be a key recommendation [3]