成熟的商业模式+全链路整合能力背书，渠道、供应链、品牌三重壁垒构筑竞争优势。 1）渠道：公司采取轻资产加盟模式拓张门店，截至2025Q3，公司门店覆盖31 个省份，数量达到10761 家，门店数量规模领先同业。公司在"山河四省"有着较高的渗透率，70%以上门店分布在三线以上的高 线城市，线下门店网络的深度和广度仍可向新地区及下沉市场渗透；2）供应链：依托上游持续的产业 建设和产业投资，以及对冷链物流体系的持续优化，锅圈已布局7 家自有食品工厂，覆盖牛肉、滑类、 丸类、水产、火锅底料等核心品种，并实现了全国大部分门店的"次日达"物流网络，兼具工业化生产能 力和零售响应速度的双重优势；3）品牌：公司坚持场景化营销，绑定娱乐、社交、运动等新消费场景 建立品牌心智。线上以抖音为核心阵地，用"爆品套餐+达人种草+明星直播+全民共创"的组合拳引流消 费者到线下门店履约兑现，线下聚焦"情感共鸣价值"，通过会员日、社区节等多样化的活动，持续激活 会员，创造增量收入。截至2025 年11 月，公司会员数量突破6000 万。 机构：中泰证券 研究员：何长天/熊欣慰/赖思琪 深加工食材，为消费者提供餐食解决方案。锅圈2015 年在 ...

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].

摘要 锅圈公司通过产品、渠道和供应链构建核心竞争力，拥有火锅、烧烤等 八大类产品，并不断创新，自有品牌商品占比高达 95%。公司采用单品 单厂模式提升议价能力，并通过数字化中央仓库实现高效配送，收购华 鼎冷链完善冷链物流。 截至 2025 年第三季度，锅圈门店数量达 10,761 家，主要为加盟店， 并积极拓展乡镇市场。2025 年上半年，净新增 270 家乡镇门店，三线 及以下城市门店占比已达 57%，显示出公司在下沉市场的扩张态势。 公司积极进行门店创新和数字化改造，推出 24 小时无人零售店型，并 完成超过 2000 家零售门店的智慧化无人化改造，平均日销售额提升 300 元。同时，公司还计划推出锅圈小炒，通过中餐数字化和智能化技 术，确保出品效率和品质稳定性。 中国"在家吃饭"市场规模庞大且分散，2018 年至 2022 年复合增长 率达 14.7%，其中"在家吃饭"餐食产品市场增速最快，复合增速为 25.5%，预计到 2027 年复合增长率将达 20.7%。 锅圈公司 2020-2022 年营收快速增长，但 2023 年受在家餐食场景减 少影响营收下降。2024 年调整后恢复增长至 64.7 亿元， ...

智通财经APP获悉，华西证券发布研报称，首次覆盖，给予锅圈(02517)"买入"评级，锅圈以"在家吃 饭"为核心定位，凭借便利性、高性价比及多可选项满足目标群体需求;供应链端通过自产与收购华鼎冷 链强化覆盖与成本优化提升周转效率;加盟模式上，标准店精细化管理、"锅圈小炒"等新业态逐步成 型，成为新增长点。 锅圈产品以"在家吃饭"为核心定位，服务于有便利就餐需求且对餐饮质量有较高要求的群体，针对该群 体需求自便利性、高性价比、多可选项三方向延伸，便利性方面通过火锅套组、组合套餐、24小时经 营、速烹菜形式保证消费者快速/随时实现在家就餐;高性价比方面产品火锅食材单品价格相较各大生鲜 超市处相对地位、且店内套餐较单品购买优惠力度达20%以上;多可选项方面新推SKU数量逐年增强， 24年单年度新增SKU数量412个达历史新高。 风险提示 供应链强化：供应链自产+冷链收购，增加业务覆盖半径、实现成本优化 公司持续强化供应链布局，1)加工厂布局：截至25年4月通过收购/投资形式布局加工厂7家，通过加工 食材自产形式把控成本，24年自产产品占比已达20%;25年7月宣布拟4.9亿元投资海南食品产业园收集海 外食材加工;2 ...

华西证券（002926）发布研报称，首次覆盖，给予锅圈(02517)"买入"评级，锅圈以"在家吃饭"为核心定 位，凭借便利性、高性价比及多可选项满足目标群体需求;供应链端通过自产与收购华鼎冷链强化覆盖 与成本优化提升周转效率;加盟模式上，标准店精细化管理、"锅圈小炒"等新业态逐步成型，成为新增 长点。 华西证券主要观点如下： 门店端经营优势：兼具便利性/高性价比/多可选项优势，匹配在家吃饭消费群体需求 加盟模式：标准店/乡镇店战略打法逐步成型，农贸店/锅圈小炒门店成长潜力充足 锅圈持续探索区域生态扎根方式，围绕"在家吃饭解决方案"持续进行门店更新迭代，当前旗下共有四种 店型：标准店、黑珍珠店、农贸店、乡镇店，过往以标准店为主、乡镇店为辅，其中标准店在精细化管 理模式与五星店长培训机制赋能下门店经营能力有望持续加强;乡镇店TOB/TOC双端展业，新店扎根打 法持续创新，门店渗透能力增强，逐步成为公司收入新支撑点;农贸店"肴肴领鲜""10-20平米小店模式 +低初期投资额"模式切入农贸市场，"速烹菜"定位精准匹配部分农贸市场消费者需求;新业态"锅圈小 炒"通过智能炒菜机优化人效实现标准化、多方面数据分析最受消费者 ...

Investment Rating - The report assigns a "Buy" rating to the company [4] Core Insights - The company is positioned as a leading player in the "at-home dining" sector, with over 10,000 stores and is entering a new phase of expansion after a period of consolidation [4][14] - The company has strengthened its supply chain through self-production and cold chain acquisitions, enhancing its operational efficiency and cost control [2][3] - The company is exploring various store formats, including standard stores, town stores, and new business models like "锅圈小炒," which are expected to drive future growth [3][4] Company Overview - The company has developed a diverse business structure focused on the "at-home dining" market, with a total of over 10,000 stores as of June 2025 [14] - The company has undergone strategic upgrades to meet the growing demand for home dining, expanding its product offerings beyond hot pot ingredients to include a variety of meal solutions [14][39] Financial Performance - The company forecasts revenues of 76.46 billion, 90.83 billion, and 108.20 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.18%, 18.79%, and 19.13% [7] - The projected net profit for the same years is 4.37 billion, 5.33 billion, and 6.64 billion yuan, reflecting significant growth rates of 89.65%, 21.84%, and 24.68% [7] - The company maintains a strong gross margin, with expectations for continued improvement in profitability due to enhanced supply chain management and product offerings [21][54] Competitive Landscape - The "at-home dining" market has seen significant growth, with the company leading in retail sales, achieving a market share of 3.0% in 2022 [39][46] - The market for at-home dining products is expected to continue expanding, driven by changing consumer habits and preferences for home-cooked meals [39][40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has achieved a significant year-on-year revenue growth, with Q3 2025 revenue projected between 1.85 billion to 2.05 billion yuan, representing a year-on-year increase of 13.6% to 25.8%. The core operating profit is expected to be between 65 million to 75 million yuan, reflecting a year-on-year growth of 44.4% to 66.7% [6] - The company has expanded its store count by 361 stores in Q3 2025, marking a 98% increase year-on-year, bringing the total number of stores to 10,761 [6] - The company is focusing on enhancing its brand presence in the "home dining" segment through diverse product offerings and a multi-channel approach, combining online and offline strategies [6] Summary by Sections Financial Performance - For Q3 2025, the company is expected to achieve revenue of 1.85 to 2.05 billion yuan, with a core operating profit of 65 to 75 million yuan [6] - The company has launched various new products, with 175 new SKUs introduced in H1 2025, and has seen a 62.8% increase in registered members, reaching approximately 50.3 million [6][8] Market Position and Strategy - The company is actively engaging in share buybacks, with a plan to repurchase up to 100 million HKD of its H-shares, indicating confidence in its long-term growth [6] - The launch of the "919 National Hot Pot Festival" and the "One Sauce to Cook" series of condiments are part of the company's strategy to enhance brand value and revenue potential [6] Future Projections - Revenue projections for 2025 to 2027 are 7.50 billion, 8.63 billion, and 9.88 billion yuan respectively, with net profits expected to be 450 million, 514 million, and 583 million yuan [7][8] - The company is expected to maintain a robust return on equity (ROE) of 14% to 16% over the next few years, with a decreasing price-to-earnings (P/E) ratio from 19 to 15 times [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has announced a share buyback plan of up to HKD 100 million, indicating management's confidence in the company's long-term development and potential to enhance shareholder returns through share cancellation or treasury stock [5] - The launch of the "919 National Hot Pot Festival" aims to strengthen brand value and revenue potential through a diverse product offering, targeting family dining needs and utilizing both online and offline channels for extensive exposure [5] - The introduction of the "One Sauce Makes a Dish" series of condiments expands the at-home dining experience beyond hot pot and barbecue to include all meals throughout the day, leveraging the company's supply chain advantages [5] - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching HKD 3.24 billion (up 21.6% YoY) and net profit at HKD 190 million (up 122.5% YoY), driven by new product launches and a growing membership base [5][8] - The company has expanded its store count from 9,660 to 10,400 within a year, enhancing its market presence and catering to the needs of consumers in townships [6] Financial Projections - The company is projected to achieve revenues of HKD 7.302 billion, HKD 8.241 billion, and HKD 9.326 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of HKD 400 million, HKD 450 million, and HKD 500 million [7][8] - The estimated P/E ratios for the upcoming years are 23, 20, and 18, reflecting a positive outlook on the company's growth potential [8]

Group 1 - The core viewpoint of the report is that Guoquan (02517) is positioned for sustainable growth in the "home dining" market, leveraging its extensive store network, supply chain optimization, and innovative channels to create competitive advantages [1][2] - As of the end of 2024, the company operates 10,150 stores, including 10,135 franchise stores and 15 self-operated stores, covering all 31 provinces in China, and holds a 3.0% market share in the home dining food product sector as of 2022 [1] - The market for home dining food in China is projected to grow at a CAGR of 20.7% from 2022 to 2027, reaching an estimated market size of 940 billion yuan by 2027, with significant growth opportunities in lower-tier cities where penetration rates are below 25% [1] Group 2 - The company employs a three-pronged strategy to build its competitive moat: a focus on popular products, a robust membership ecosystem, and innovative distribution channels [2] - The popular product strategy includes a 99 yuan beef tripe package expected to generate over 500 million yuan in sales in 2024, with significant exposure on Douyin reaching 6.21 billion views [2] - By the end of 2024, the company has registered 41.3 million members, a year-on-year increase of 48.2%, with prepaid card deposits amounting to 990 million yuan, reflecting a 36.6% increase [2] Group 3 - The company anticipates revenue growth from 71.83 billion yuan in 2025 to 90.80 billion yuan in 2027, with net profits projected to rise from 3.40 billion yuan to 4.63 billion yuan during the same period, corresponding to PE ratios of 25, 21, and 18 times [2]

Group 1: Company Overview - The report analyzes Guoquan (02517) in the "home dining" market, focusing on its sustainable growth logic and addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [3][4] - As of the end of 2024, Guoquan operates 10,150 stores, with a retail market share of 3.0% in China's home dining products, positioning it as the market leader [4] Group 2: Market Dynamics - The home dining market in China is projected to grow at a CAGR of 20.7% from 2022 to 2027, reaching an estimated market size of 940 billion yuan by 2027, with significant growth potential in lower-tier cities where penetration rates are below 25% [4][5] - The competitive landscape is fragmented, with the top five companies holding only 11.1% market share, indicating substantial room for growth in the lower-tier markets [4] Group 3: Competitive Advantages - Guoquan's competitive strategy includes a focus on popular products, a robust membership ecosystem, and innovative channel strategies. The "99 yuan beef tripe package" achieved sales of over 500 million yuan in 2024, with significant exposure on Douyin [5] - By the end of 2024, Guoquan had registered 41.3 million members, a year-on-year increase of 48.2%, with prepaid card deposits reaching 990 million yuan, up 36.6% [5] Group 4: Financial Projections - The company is expected to generate revenues of 7.183 billion yuan, 8.036 billion yuan, and 9.080 billion yuan from 2025 to 2027, with net profits of 340 million yuan, 396 million yuan, and 463 million yuan respectively, corresponding to PE ratios of 25x, 21x, and 18x [5] Group 5: Industry Overview - The report on the new materials industry highlights the strategic opportunities arising from advancements in nuclear fusion technology, with significant investments and milestones expected in the coming years [7][8] - The global nuclear fusion market is projected to reach 345.1 billion dollars by 2025, with a compound annual growth rate of 5.1% until 2037 [10]