Core Viewpoint - The company is expected to experience significant revenue and profit growth from 2025 to 2027, driven by innovative product offerings and membership strategies [1][2]. Group 1: Revenue and Profit Forecast - The company forecasts revenues of RMB 76.12 billion, 88.32 billion, and 101.75 billion for 2025, 2026, and 2027, respectively, with growth rates of 18%, 16%, and 15% [1]. - Core operating profits are projected to be RMB 4.48 billion, 5.53 billion, and 6.75 billion for the same years, with growth rates of 44%, 23%, and 22% [1]. - Net profits attributable to shareholders are expected to reach RMB 4.35 billion, 5.37 billion, and 6.55 billion, with growth rates of 89%, 23%, and 22% [1]. Group 2: Product and Membership Strategy - The company launched a popular "RMB 99 free-flow tripe hot pot package" in May 2024, generating over RMB 5 billion in sales throughout the year, and plans to introduce more high-value packages in 2025 [2]. - The membership strategy has evolved from a focus on traffic to user asset management, with efforts to increase membership through advertising and community outreach, resulting in over 60 million registered members by November 2025 [2]. Group 3: Market Expansion and Store Efficiency - The company is upgrading its new town stores to better meet the consumption needs of lower-tier markets, with a profitable model expected to improve as the supply chain strengthens [3]. - The company is expanding its product categories to include Western food, beverages, and ice products, and has introduced a 24-hour unmanned retail model to enhance store revenue [3]. Group 4: New Store Concepts - The company is testing a new store concept called "Guoquan Stir-fry," which will utilize smart cooking machines to provide efficient and tasty meals in community settings, leveraging its strengths in seasoning and supply chain [4]. - The "Guoquan Camping" concept aims to offer a one-stop outdoor dining solution, enhancing user engagement and brand penetration [4].