Investment Rating - The report adjusts the investment rating for the company to "Buy" [1][7]. Core Insights - The company has launched an equity incentive plan and management share buyback, indicating confidence in long-term business development [1][7]. - The company is currently in a strategic adjustment phase, actively promoting strategic upgrades to support long-term growth, with expectations of gradually restoring same-store sales growth and increasing store opening pace [1][7]. - The recent equity incentive plan aims to bind key talent and enhance motivation, while the management's share buyback reflects their confidence in the company's future [7]. Financial Data and Valuation - The company’s main revenue for 2023 is projected at 11,392 million, with a year-on-year growth of 1%. However, a decline is expected in 2024 and 2025, with revenues of 10,273 million and 8,553 million respectively, reflecting a decrease of 10% and 17% [2][11]. - The adjusted net profit for 2025 is forecasted to be -363 million, with a gradual recovery expected in 2026 and 2027, reaching 17 million and 73 million respectively [2][11]. - The earnings per share (EPS) is expected to be -0.25 in 2025, with a recovery to 0.01 in 2026 and 0.05 in 2027 [2][11]. - The company’s total market capitalization is approximately 3.5 billion HKD, with a current share price of 1.76 HKD [3]. Shareholder Information - The major shareholder, Yu Huiyong, plans to increase his stake by purchasing up to 10 million H shares within the next 12 months, currently holding approximately 36.8% of the company’s issued shares [7].
百果园集团（02411）：发布股权激励，管理层增持股份，彰显发展信心