Group 1 - The core viewpoint of Dongwu Securities is that the performance of Guoquan (02517) in Q3 2025 slightly exceeded previous expectations, leading to an upward revision of profit forecasts for 2025-2027 [1] - The company reported a net increase of 361 stores in Q3 2025, bringing the total number of stores to 10,761 by the end of Q3 2025 [1] - Revenue for Q3 2025 is projected to be between 1.85 billion to 2.05 billion yuan, representing a year-on-year increase of 13.6% to 25.8% [1] Group 2 - The company is expected to exceed its goal of adding 1,000 stores this year, as Q4 is typically a peak season for store openings [2] - The core operating net profit margin for Q3 2025 is estimated at 3.6%, with a year-on-year increase of 0.8 percentage points [2] - The projected core operating net profit margins for Q3 and Q4 2024 are 2.8% and 6.6%, respectively [2] Group 3 - The company has shown continuous improvement in same-store sales, and the motivation for franchisees to open new stores has increased [3] - Revenue expansion, along with ongoing supply chain optimization and the release of scale effects, has led to an increase in net profit margins [3] - The company's performance has consistently exceeded expectations, with a 2026 valuation of less than 20X, indicating a safety margin [3]