华西证券（002926）发布研报称，参考最新业绩预告，调整锅圈(02517)25-27年营业收入 76.46/90.83/108.20亿元的预测至78.03/91.83/108.2亿元，上调公司25-27年EPS0.16/0.19/0.24元的预测至 0.16/0.20/0.25元，对应2026年1月30日4.26港元的估值分别为24/19/15倍，维持"买入"评级。 规模效应叠加运营效率优化，利润增速亮眼 公司25年全年利润表现亮眼，净利润预计同比增长83.7%～92%至4.43～4.63亿元。得益于门店规模扩张 及店均收入增长带来的规模效应，公司供应链生产采购、物流配送等单位成本持续下行，成为利润增长 的核心推动力；另一方面，公司持续推进运营效率优化，共同驱动利润率及核心经营利润率快速增长。 坚定社区央厨战略，新十年战略启航 2026年是锅圈的第十年，也是新十年的起点，该行看好公司开店环比加速，大店调改、乡镇市场开拓推 动业绩确定性持续增强；中长期来看，根据董事长跨年演讲，该行看好公司坚定社区央厨战略，做好社 区餐饮、坚定做线下大店、坚定做制贩零售、坚定拥抱AI和具能、坚定创新场景和情绪价值，聚焦在 家吃 ...

智通财经APP获悉，华西证券发布研报称，参考最新业绩预告，调整锅圈(02517)25-27年营业收入 76.46/90.83/108.20亿元的预测至78.03/91.83/108.2亿元，上调公司25-27年EPS 0.16/0.19/0.24元的预测至 0.16/0.20/0.25元，对应2026年1月30日4.26港元的估值分别为24/19/15倍，维持"买入"评级。 华西证券主要观点如下： 公司发布正面盈利报告 2025年预计实现收入77.5～78.5亿元，同比提升19.8%～21.3%；实现净利润4.43～4.63亿元，同比提升 83.7%～92%；核心经营利润4.5～4.7亿元，同比提升44.8%～51.2%。 大力开拓乡镇市场，推动收入快速增长公司 2025年持续大力开拓乡镇市场，乡镇市场低租金、高潜力的特点与锅圈"社区央厨"定位高度契合，成为 收入扩张的主要来源，25年公司全年收入预计同增19.8%～21.3%，规模达到77.5～78.5亿元。门店端来 看，截至2025年末锅圈门店数量达到11,566家，同比新增门店1,416家，其中Q4新增门店805家，规模扩 张速度符合公司下沉市场渗透节奏 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨锅圈（02517.HK） [Table_Title] 锅圈 2025 年业绩预告点评：业绩继续高增，发 展步步为营 报告要点 [Table_Summary] 公司公布业绩预告，预计 2025 年收入 77.5 亿元至 78.5 亿元，同比增长约 19.8%至 21.3%； 净利润 4.43 亿元至 4.63 亿元，同比增长约 83.7%至 92.0%；核心经营利润 4.5 亿元至 4.7 亿 元，同比增长约 44.8%至 51.2%。截至 2025 年 12 月 31 日，门店数量已达到 11,566 家，较 2024 年 12 月 31 日的门店数量增加了 1,416 家。 分析师及联系人 [Table_Author] 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 [Table_scodeMsg2] 锅圈（02517.HK） cjzqdt11111 [Table_Title 锅圈 2025 年业绩预告点评：业绩继续高增，发 2] 展步步为营 [Table_Summar ...

1月29日盘后，锅圈(02517.HK)发布盈利预告。 2025年，公司预计收入77.5亿元—78.5亿元，同比增长19.8%—21.3%；预计实现净利润4.43亿元至4.63亿元，同比增幅83.7%至92%。 从过往业绩来看，这称得上是其近几年最好的成绩。 作为社区餐饮供应链品牌，锅圈主打"在家吃火锅、烧烤"场景，公司营收在2022年达到71.73亿元高点，并于次年登陆港股。但上市首年业绩便出现"变 脸"，随着公共卫生事件结束，居家火锅需求回落，2023年公司收入下滑15%至60.94亿元；2024年略有回暖，营收增至64.7亿元，但仍未回升至2022年的 峰值水平。 门店重启扩张是推动2025年业绩反弹的重要因素。 年报显示，2023年、2024年锅圈门店数量分别为10307家、10150家，出现一定下滑。2025年，创始人杨明超喊出要再开1万家店的豪言，截至当年年底， 公司门店数量达到11566家，较年初增加了1416家。 值得注意的是，截至2025年9月，锅圈门店总数还停留在10761家，相当于第四季度3个月净增门店805家，超过了前9个月总和，扩张提速。随着门店规模 扩大、店均收入提升，叠加运营效率 ...

据IPO早知道消息，锅圈食品（上海）股份有限公司（02517.HK，以下简称"锅圈"）于1月29日盘后发 布2025年正面盈利预告。 公告显示，截至2025年12月31日，锅圈预计实现收入77.5亿元至78.5亿元，同比增长19.8%至21.3%；预 计实现净利润4.43亿元至4.63亿元，同比增长83.7%至92%；预计实现核心经营利润4.5亿元至4.7亿元， 同比增长44.8%至51.2%。 对此，锅圈董事会表示，业绩增长主要原因为集团持续大力开拓乡镇市场，并稳步拓展其他地区的市 场。截至2025年12月31日，锅圈全国门店总数达11566家，相较于2024年12月31日，门店数量增加1416 家。随着规模扩张及店均收入增长，叠加运营效率的优化，共同驱动利润率及核心经营利润率的增长。 从2024年开始，锅圈宣布以社区央厨作为公司的战略定位，积极进行多渠道多场景布局，通过线上线下 相结合的零售方式，实现了即时零售门店网络的扩张和门店经营效能的提升。2025年以来，锅圈积极推 进24小时无人零售业态等提升门店经营效率的新型零售模式落地，通过深度会员运营，叠加多种烧烤及 火锅套餐的推出，实现了同店销售的增长。同 ...

净利润最高同比增长92%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，锅圈食品（上海）股份有限公司（02517.HK，以下简称"锅圈"）于1月29日盘 后发布2025年正面盈利预告。 公告显示， 截至2025年12月 31日，锅圈预 计实现收入77.5亿元至78.5亿元，同比增长19.8%至 21.3%；预计实现净利润4.43亿元至4.63亿元，同比增长83.7%至92%；预计实现核心经营利润 4.5亿元至4.7亿元，同比增长44.8%至51.2%。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 钱大妈冲刺港交所：中国最大的社区生鲜 连锁企业，已布局近3000家门店 对此， 锅圈董事会表示，业绩增长主要原因为集团持续大力开拓乡镇市场，并稳步拓展其他地区的 市场。截至2025年12月31日，锅圈全国门店总数达11566家，相较于2024年12月31日，门店数 量增加1416家。随着规模扩张及店均收入增长，叠加运营效率的优化，共同驱动利润率及核心经营 利润率的增长。 从2024年开始，锅圈宣布以社区 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3]. Core Insights - The company, Guoquan, is positioned as a leading one-stop brand for home dining products in China, focusing on providing diverse meal solutions [11]. - The market for home dining products is projected to grow significantly, with a CAGR of 22.81%, reaching a retail value of 940 billion yuan by 2027 [6][30]. - Guoquan's competitive advantages include a well-integrated supply chain, extensive community store network, and a high-engagement membership system, which are expected to drive both short-term and long-term growth [7]. Financial Projections - Revenue is forecasted to grow from 6.1 billion yuan in 2023 to 10.27 billion yuan in 2027, with year-on-year growth rates of 21%, 15%, and 14% respectively [3][7]. - Net profit is expected to increase from 240 million yuan in 2023 to 652 million yuan in 2027, reflecting a significant growth of 96%, 22%, and 19% in the respective years [3][7]. - Earnings per share (EPS) are projected to rise from 0.09 yuan in 2023 to 0.25 yuan in 2027 [3]. Business Model and Market Position - Guoquan operates a unique "community central kitchen" model, which combines food manufacturing and community retail, allowing for cost efficiency and high-quality product offerings [44]. - The company has established a robust store network, with over 10,761 stores across 31 provinces as of Q3 2025, positioning it as the largest one-stop home dining product retailer in China [47]. - The company has a market share of 3.0% in the home dining product sector, leading among competitors [34]. Growth Strategies - Guoquan plans to enhance its store performance through a dual approach of upgrading existing stores and expanding into rural markets, aiming to replicate its successful business model [7][39]. - The company is actively exploring new business formats, including outdoor dining and ready-to-eat meals, to capture additional market segments [7]. - Digital transformation initiatives are underway to improve operational efficiency and enhance customer engagement through data-driven decision-making [83]. Supply Chain and Logistics - The company has invested in seven proprietary food factories to ensure quality control and cost efficiency across its product range [66]. - A comprehensive cold chain logistics system supports the timely delivery of products to stores, enhancing customer satisfaction and operational reliability [70]. Marketing and Brand Strategy - Guoquan leverages celebrity endorsements and social media marketing to strengthen its brand presence and engage with consumers [72]. - The company has implemented a tiered membership system to enhance customer loyalty and increase repeat purchases [76].

Core Insights - The company, Guoquan Food, has surpassed 60 million registered members ahead of schedule, marking a significant milestone in its membership system development and reflecting its growth momentum under the "Community Central Kitchen" strategy [1][2] Membership Growth - The membership count increased from 27 million at the time of listing to 50.3 million, with a target of reaching 60 million by the end of the year [1] - As of June 30, 2025, the membership count had grown by 62% year-on-year, reaching 50.3 million, and nearly 1 million additional members were added in less than five months [1][2] Membership Strategy - The company is implementing a "Membership Project" starting in 2024, focusing on tiered operations, optimizing benefits, and enhancing digital services to improve member engagement and purchase frequency [1][2] - The prepaid card amount for members reached 590 million yuan, reflecting a 27% year-on-year increase [2] Strategic Focus - Guoquan Food aims to deepen its "Community Central Kitchen" strategy by optimizing the supply chain, innovating product categories, and expanding service scenarios to enhance the connection from members to family dining [2] - The company plans to explore new business formats such as Guoquan Stir-fry and Guoquan Camping, as well as expand into rural markets and instant retail, to unlock value in various consumption scenarios [2]

Core Insights - The core idea revolves around the launch of the "Guoquan Xiaochao" project by Guoquan Foods, which aims to integrate smart cooking machines and standardized supply chains to enhance the "community central kitchen" strategy, allowing consumers to experience the warmth and efficiency of home-cooked meals [1][2] Group 1: Project Overview - The "Guoquan Xiaochao" project is set to officially launch in early 2026 and is a significant outcome of Guoquan's "community central kitchen" strategy [1] - The project focuses on a system that combines smart devices and a digital ingredient supply chain to provide quick and stable Chinese cuisine cooking [1][2] - The smart cooking machine is designed to replicate chef-level flavors under standardized conditions, ensuring consistent quality across different regions [1] Group 2: Technological and Operational Aspects - The project is not merely a cooking tool but a comprehensive system that includes smart devices, ingredient packages, cold chain storage, and a digital supply chain [1] - The use of algorithms to control cooking parameters allows for the replication of traditional cooking techniques, addressing the challenges of standardizing Chinese cuisine [2] - Guoquan aims to make home dining more efficient and enjoyable, emphasizing that the "Guoquan Xiaochao" is not a replacement for chefs but a technological enhancement to recreate the essence of home-cooked meals [2] Group 3: Industry Implications - The standardization of Chinese cuisine faces challenges due to the complexity of various dishes and cooking methods, but Guoquan's approach combines technology and supply chain management to tackle these issues [2] - The company envisions that within three to five years, smart cooking devices will become foundational for the retail of Chinese cuisine, similar to how cold chain logistics transformed food delivery a decade ago [2] - Guoquan's long-term goal is to restore the happiness of home dining for Chinese families, committing to this mission over the next ten years [2]

Core Viewpoint - The company, Guoquan (02517), has seen a significant stock price increase of over 8%, reaching HKD 4.16, with a trading volume of approximately HKD 96.3 million, following the release of its Q3 2025 business performance report [1] Group 1: Business Performance - In Q3 2025, the company added 361 new stores, representing a year-on-year growth of 98%, bringing the total number of stores to 10,761 as of September 30, 2025 [1] - The company reported revenue (unaudited) of approximately RMB 1.85 billion to RMB 2.05 billion for Q3 2025, reflecting a year-on-year growth of about 13.6% to 25.8% [1] - The core operating profit (unaudited) for Q3 2025 was approximately RMB 65 million to RMB 75 million, showing a year-on-year increase of about 44.4% to 66.7% [1] Group 2: Strategic Initiatives - The company is committed to its "Community Central Kitchen" strategy, actively launching new products and continuously enriching its product matrix [1] - The company is enhancing single-store efficiency and accelerating store expansion through new store models, leading to a dual growth effect on channels [1] - Given that Q3 is typically a traditional off-season, the company anticipates further growth in store expansion and steady improvement in profitability for Q4 [1]