Group 1 - The core viewpoint of the articles highlights Guoquan's focus on building a membership system and increasing online channel revenue, creating a comprehensive integrated retail system that strengthens its competitive edge in the "home dining" market [1][2] - Guoquan's projected revenue for 2025-2027 is estimated at 7.503 billion, 8.627 billion, and 9.875 billion yuan, with net profit attributable to shareholders at 450 million, 514 million, and 583 million yuan, corresponding to PE valuations of 19, 17, and 15 times [1] - As of Q3 2025, Guoquan achieved revenue between 1.85 billion and 2.05 billion yuan, representing a year-on-year growth of 13.6% to 25.8%, and core operating profit of 65 million to 75 million yuan, with a year-on-year increase of 44.4% to 66.7% [1] Group 2 - The company announced plans to repurchase H-shares using up to 100 million Hong Kong dollars of its own funds [2] - Guoquan launched the "919 National Hot Pot Festival" on September 19, featuring a product lineup of six regional hot pot sets, and introduced the "One Sauce to Cook" series of condiments on October 16 [2] - In H1 2025, Guoquan introduced 175 new SKUs for hot pot and barbecue products, and registered membership reached approximately 50.3 million, a year-on-year increase of 62.8%, with prepaid card deposits amounting to 590 million yuan, up 37.2% [2]

Core Viewpoint - Guoquan Securities maintains a "Buy" rating for Guoquan (02517.HK) following the company's recent profit forecast, highlighting its focus on membership system development and increased online channel revenue, which strengthens the integration of online and offline retail systems [1] Group 1 - The company has reported a positive profit outlook due to its emphasis on building a membership system [1] - Online channel revenue has increased, creating a strong linkage with offline stores [1] - The company is establishing a comprehensive online and offline integrated instant retail system, enhancing its competitive edge in the "home dining" sector [1] Group 2 - Revenue projections for the company are estimated at 7.183 billion, 8.036 billion, and 9.080 billion yuan for the years 2025, 2026, and 2027 respectively [1] - The expected net profit attributable to the parent company is forecasted to be 340 million, 396 million, and 463 million yuan for the same years [1] - The company’s growth is supported by its extensive store network and supply chain advantages [1]