Group 1 - The company plans to repurchase up to HKD 100 million of its H shares in the open market, reflecting confidence in its performance and commitment to shareholder returns [1] - The company has announced three repurchase plans since 2024, each not exceeding HKD 100 million, with the first two already completed [1] - The company has prioritized shareholder returns, distributing dividends of RMB 200 million at the end of 2024 and RMB 190 million in mid-2025, indicating strong management confidence [1] Group 2 - The company opened 250 new stores in H1 2025, with a net increase of 270 stores in rural areas, aligning with the trend of expanding into lower-tier markets [1] - The company is expected to successfully achieve its goal of adding 1,000 new stores this year, with strong demand anticipated in Q4 [1] - The company has demonstrated improved operational capabilities, with same-store revenue growth and a significant turnaround of loss-making stores, validating positive operational trends [2] Group 3 - The company's core operating profit margin reached 5.9% in H1 2025, an increase of 1.2 percentage points year-on-year, while the net profit margin also improved to 5.9%, up by 2.7 percentage points [2] - The company is currently valued at less than 20 times earnings for 2025, suggesting a favorable investment opportunity [2] - Revenue projections for 2025-2027 are estimated at RMB 7.29 billion, RMB 8.39 billion, and RMB 9.55 billion, with corresponding net profits of RMB 420 million, RMB 500 million, and RMB 580 million, indicating strong growth [2]
锅圈(02517.HK)：再次回购彰显信心 重申推荐