● 本报记者 万宇 2025年是广州酒家创立90周年，其从文昌南路的一间小酒楼，成长为拥有"广州酒家""陶陶居""利口 福"三大中华老字号品牌矩阵的大型饮食集团。广州酒家董事长徐伟兵在接受中国证券报记者采访时表 示，广州酒家以"餐饮+食品"双主业为支撑，在传承非遗技艺、深化品牌协同、拓展全国市场的道路上 稳步前行，用匠心与创新书写着中华老字号的时代答卷，正以全新姿态迈向"创百年老字号驰名品牌， 打造国际一流饮食集团"的宏伟愿景。 文化为根 老字号的传承与创新 "食在广州"，美食是广州一张靓丽的城市名片。"食在广州第一家"，广州酒家（603043）作为粤式饮食 文化领导者，传承创新粤菜技艺和文化，擦亮中华老字号金字招牌。 在广州文昌南路上，重新装修的广州酒家文昌总店自复业以来经常座无虚席，店内装修精良，充满岭南 风情，既有老字号的情怀，又有升级后的新意，这家始创于1935年的餐厅，素有"食在广州第一家"的美 誉，已经成为很多广州街坊或外地游客"必打卡"的餐厅。 在相隔不远的上下九步行街上，始创于清光绪六年（1880年）的陶陶居，同样有着很高的人气。广州酒 家、陶陶居和始创于1938年的利口福同属于广州酒家集团， ...

Investment Rating - The report maintains a "Recommendation" rating for Guangzhou Restaurant (603043) with a target price of 22.98 CNY [1][7]. Core Views - The company reported Q3 2025 revenue of 2.293 billion CNY, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 410 million CNY, up 5.33% year-on-year. For the first nine months of 2025, revenue reached 4.285 billion CNY, growing 4.43% year-on-year, while net profit was 449 million CNY, a slight increase of 0.31% year-on-year. The performance in Q3 showed significant recovery compared to the first half of the year, driven by effective marketing activities during peak seasons [1][7]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 5,124 million CNY, 5,409 million CNY, 5,978 million CNY, and 6,560 million CNY respectively, with year-on-year growth rates of 4.6%, 5.6%, 10.5%, and 9.7% [3][8]. - Net profit attributable to shareholders is forecasted to be 494 million CNY in 2024A, increasing to 537 million CNY in 2025E, 594 million CNY in 2026E, and 674 million CNY in 2027E, with corresponding growth rates of -10.3%, 8.7%, 10.7%, and 13.5% [3][8]. - The company’s earnings per share (EPS) is projected to rise from 0.87 CNY in 2024A to 1.19 CNY in 2027E [3][8]. Business Segment Performance - The company’s restaurant business generated revenue of 1.131 billion CNY in the first nine months of 2025, up 3.88% year-on-year, while the food business revenue was 3.081 billion CNY, growing 4.80% year-on-year. The sales from other products amounted to 40 million CNY [7]. - The mooncake series, frozen foods, and other products achieved revenues of 1.458 billion CNY, 786 million CNY, and 838 million CNY respectively, with other products seeing a significant increase of 15.24% due to innovative product launches [7]. Cost Management and Financial Health - The company has strengthened cost control, with a Q3 2025 gross margin of 39.79%, an increase of 0.30 percentage points year-on-year. Sales and management expenses for the first nine months of 2025 were 390 million CNY and 306 million CNY, reflecting year-on-year changes of +6.91% and -7.61% respectively [7]. - Accounts receivable increased significantly to 520 million CNY, up 341.67% from the beginning of the year [7]. Investment Recommendations - The company’s dual business model of "restaurant + food" is progressing well, with a solid foundation in the restaurant and mooncake sectors. The report suggests that the company can maintain strong operational capabilities and cost control during the industry's supply elimination phase. The forecast for net profit for 2025, 2026, and 2027 has been adjusted to 540 million CNY, 590 million CNY, and 670 million CNY respectively, with corresponding growth rates of 8.7%, 10.7%, and 13.5% [7].