华安证券（600909）认为，基于2026年短期展望，场景拓展+下沉发力将成锅圈有效投资催化。该行指 出，2025年起锅圈步入盈利提升加速阶段，对标相似连锁业态头部标的，公司盈利弹性显著。未来供应 链降本、引流模式成熟、规模效应释放三大盈利提升路径清晰，远期净利率天花板有望冲击10%，其中 供应链提效对应远期3-5pct优化空间，引流模式成熟，规模效应释放对应4-6pct优化空间。 锅圈(02517)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 中国银河（601881）证券发布研报称，锅圈主营"在家餐食"业务，2024年市场空间约1.3万亿元，呈现 高速增长态势(2018-2024年复合增速23%)，在人口结构与降本增效等多重因素市场规模有望持续扩容。 当前国内"在家餐食"行业已进入第二发展阶段，即下沉市场为主要增量来源，而主打性价比的速冻食品 零售业态有望接力外卖成为第二个高速增长的渠道。 ...

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market expansion. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 16.844 billion yuan, a year-on-year increase of 34.13%, and a net profit attributable to shareholders of 3.761 billion yuan, up 38.91% [1] - In Q3 2025, revenue reached 6.107 billion yuan, reflecting a year-on-year growth of 30.36%, while net profit was 1.386 billion yuan, an increase of 41.91% [1] Operational Analysis - The product line showed strong performance, with revenue from Dongpeng Special Drink, Bupushui, and other beverages reaching 4.203 billion, 1.354 billion, and 0.547 billion yuan respectively, with year-on-year growth rates of 14.6%, 83.8%, and 95.6% [2] - The company expanded its distribution channels, with revenue from distribution, direct sales, and online channels in Q3 2025 being 5.155 billion, 0.750 billion, and 0.198 billion yuan, showing year-on-year increases of 28.7%, 41.2%, and 42.2% [2] - Contract liabilities at the end of Q3 stood at 3.56 billion yuan, a year-on-year increase of 49.72%, indicating strong future sales potential [2] Profitability and Cost Management - Q3 2025 gross margin and net margin were 45.21% and 22.70%, showing a slight decrease in gross margin due to product mix changes, while net margin improved by 1.85 percentage points [3] - Sales, management, and R&D expense ratios were 15.56%, 2.54%, and 0.31%, with a notable optimization in sales expense ratio due to reduced promotional costs compared to the previous year [3] Future Outlook - The company is expected to maintain steady growth in the electrolyte water segment and improve profit structure through scale effects [3] - Profit forecasts for 2025-2027 project net profits of 4.61 billion, 5.85 billion, and 7.24 billion yuan, with year-on-year growth rates of 39%, 27%, and 24% respectively [4]