Core Insights - The company reported a strong revenue growth for Q3 2025, with revenues estimated between 1.85 billion to 2.05 billion RMB, representing a year-on-year increase of 13.6% to 25.8% [1] - The total revenue for the first three quarters of 2025 is projected to be between 5.09 billion to 5.29 billion RMB, reflecting a year-on-year growth of approximately 18.5% to 23.2% [1] - Core operating profit for Q3 is expected to be between 65 million to 75 million RMB, showing a significant year-on-year increase of 44.4% to 66.7% [1] Revenue and Profitability - The core operating profit margin for the period is estimated to be around 3.5% to 3.7%, which is an improvement of 0.7 to 0.9 percentage points year-on-year, indicating better store operations [1] - The company aims to exceed its target of opening over 1,000 new stores in 2025, with 361 new stores added in Q3 alone, bringing the total to 10,761 stores by the end of September [1] Market Expansion and Product Diversification - The company is enhancing customer loyalty through an optimized membership system, expecting to surpass 60 million members in the second half of the year [1] - The product range has expanded significantly, with the revenue share from barbecue rising from less than 5% to 22% over four years, alongside the introduction of eight product categories to meet home dining needs [2] - The SKU count has increased from 66 in 2020 to 412 in 2024, with 95% being self-developed, showcasing a strong focus on supply chain control and cost optimization [2] Financial Confidence and Future Projections - The company has demonstrated confidence in its growth by executing three share buyback announcements since 2024, with each buyback not exceeding 100 million HKD [2] - The management plans to distribute dividends of 200 million and 190 million RMB for the full year of 2024 and the first half of 2025, respectively, while maintaining a healthy cash flow [2] - Revenue growth is projected at 22.7% and 20.3% for FY25E and FY26E, respectively, with net profit growth expected to be 85.6% and 26.3% for the same periods [2]
锅圈(2517.HK)：三季度收入增长坚挺；下半年开店提速