机构：国海证券 研究员：林昕宇/赵兰亭 事件: 2025 年7 月15 日，锅圈（02517）发布正面盈利业绩预告。 投资要点: 2025H1 净利润及核心经营利润同比高增，社区央厨战略持续验证。 锅圈发布业绩预告，预计公司在2025 年上半年将录得净利润约1.8-2.1 亿元，较截至2024 年6 月30 日止 六个月的净利润8550 万元上升约111%-146%。预计2025H1 核心经营利润（非国际财务报告准则计量） 约为1.8-2.1 亿元，较2024 年同期的核心经营利润1.25亿元上升约44%至68%；公司持续推动收入增长， 以及运营效率的稳步优化。公司坚定实施社区央厨战略，通过多渠道多场景结合，推动即时零售门店网 络的扩张和门店经营效能的提升。 爆品×会员×新渠道构建三维护城河。①爆品策略：99 元毛肚自由套餐2024 年销售额破5 亿元，抖音曝 光62.1 亿次；②会员生态： 截至2024 年底，公司已注册会员4130 万人（同比+48.2%），预付卡沉淀资金9.9 亿元（同比 +36.6%）；③渠道创新：公司在2024 年5 月下旬开始通过已搭建的多层级抖音账号矩阵陆续推出毛肚 火锅套餐，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]

【广告】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自 导读：直营门店的收缩调整让来伊份(603777)短期承压，但从来伊份的目前战略举措来看，其正将希望寄托在加盟模式的深化和新业态的拓展上，试图以此打破增长瓶颈，开辟出一条可持续的 2025 年上半年，来伊份预计利润会出现亏损。但熟悉这家企业的人知道，这不是被动承压，而是它主动践行 "长期主义" 的选择 —— 通过收缩直营店、发力加盟店，用 "轻资产模式" 给企业 来伊份一直有个理念：做零售不能只盯着眼前的销量，更要算清楚 "长期账"。这几年它的门店结构调整，就透着这种思路。从 2021 年到 2024 年，加盟店占比从 37.1% 提升到 52%，首 这样调整的核心，是来伊份想优化成本结构，同时推动自身从传统零售企业向 "连锁管理服务 + 供应链平台型企业" 转型。直营店需要企业自己承担房租、人力等一系列运营成本，而加盟模式 随着加盟业务的持续拓展，来伊份在运营成本控制上有望进一步优化，未来经营业绩存在较大的改善潜力。 ...

（四）南浔丁树梅鲜肉店经营的大葱，噻虫嗪项目不符合食品安全国家标准规定，检验机构为浙江华才检测技术有限公司。 （五）南浔宇一生鲜超市（个体工商户）经营的生姜，噻吡虫啉、噻虫嗪、噻虫胺项目不符合食品安全国家标准规定，检验机构为浙江华才检测技术有限公 司。 湖州市南浔区市场监督管理局关于食品安全监督抽检结果的公告（2025年第4期） 近期，湖州市南浔区市场监督管理局组织抽检食用农产品、调味品、蔬菜制品、速冻食品、饮料、糕点、酒类、方便食品、炒货食品及坚果制品、水果制 品、餐饮食品、乳制品、粮食加工品、薯类和膨化食品、肉制品、食用油、油脂及其制品、糖果制品、饼干、罐头、食糖、茶叶及相关制品、水产制品、淀 粉及淀粉制品、豆制品、可可及焙烤咖啡产品、特殊膳食食品等26类食品201批次样品。根据食品安全国家标准检验和判定：抽样检验合格194批次、不合格 7批次不合格项目为农药残留超标和非法添加。具体情况通告如下： 农药残留超标 （一）湖州百得润超市有限公司经营的山药，咪鲜胺和咪鲜胺锰盐项目不符合食品安全国家标准规定，检验机构为浙江九安检测科技有限公司。 （二）湖州百得润超市有限公司经营的线椒，噻虫胺项目不符合食品安全国家 ...

Core Viewpoint - Walmart is a well-managed company with a strong business outlook, but its current valuation is difficult to justify due to specific catalysts that may negatively impact its revenue and profits, such as reductions in SNAP benefits and the use of GLP-1 medications [1][19]. Group 1: SNAP Benefits Impact - Walmart is the largest beneficiary of SNAP benefits, accounting for approximately 25% of total SNAP spending, which affects around 42 million Americans annually [1]. - By 2034, SNAP benefits are projected to decrease by $183 billion, leading to an estimated loss of over $45 billion for Walmart, despite its annual revenue of nearly $700 billion [5]. - Changes in consumer behavior due to SNAP cuts may pressure Walmart's profitability, as customers may opt for cheaper, lower-margin food options [5]. Group 2: GLP-1 Medications Influence - The use of GLP-1 medications is expected to reduce calorie intake significantly, with women reducing intake by 864 to 987 calories and men by 722 to 798 calories daily [6]. - This reduction in food consumption could lead to decreased grocery spending and make dining out more appealing, potentially impacting Walmart's sales [6][8]. - However, some consumers may not change their shopping habits significantly, as food waste remains high in the U.S. [8]. Group 3: Valuation Concerns - Walmart's historical GAAP P/E ratio is as high as 42, significantly above competitors like Target (11.43) and Kroger (19.20) [10]. - Walmart's revenue growth is stagnating at 5.22%, with a low profit margin of 2.75%, raising concerns about its profitability compared to peers [11]. - Discounted cash flow analysis suggests Walmart's valuation is excessive, requiring a nearly 27% growth rate in free cash flow to justify its current price [13]. Group 4: Competitive Position and Dividend - Walmart's strong position in the retail sector makes it an attractive defensive stock, but its valuation around $100 is considered too high [15]. - The company has a solid dividend growth history, but its forward yield of only 0.96% does not compensate for valuation issues [17]. - Walmart's online business is growing, with a 20% increase in order volume, indicating potential for future profitability [18].

食品零售行业数字化丨研究报告 核心摘要： 收银系统： 将传统交易场景升级为数据采集中枢与智能服务触点 供应链管理系统： 实现食品供应的全链路可控与动态优化 全渠道运营系统： 建立统一用户视图与无缝消费旅程 ➢ 综合商超、便利店及夫妻老婆店等传统零售业态暴露出高损耗、低效率的弊端，聚焦 食品垂类 的新兴业 态出现，加速食品零售行业 连锁化 进程。 ➢ 当前食品零售领域的整体数字化水平偏低，连锁化率的提升将带动行业数字化转型，围绕 效率升级 和 体验重构 两方面展开。 ➢ 基于人-货-场数字化重构的理念，收银系统将作为关键数据的触点，与供应链管理系统、全渠道运营系 统共同构成食品零售数字化的关键要素。 ➢ 中国食品零售行业整体规模庞大，未来主要增长点主要包括下沉市场、量贩零食和即时零售等。在这一过 程中，数字化的重要性不断提升，食品零售数字化的 增长前景广阔 。 ➢ 商业层面，综合商超由货架视角向货盘视角转型，深耕品类管理的垂直厂商将有望把握这一机遇 ，从食 品零售向更广泛的客户群体渗透 。技术层面，食品零售数字化厂商将加速构建 云、数、智三位一体 的技术 闭环，以云原生架构为底层支撑，利用数据驱动，探索智能化场 ...

Core Viewpoint - The recent food safety inspection in Qijiang District revealed that out of 27 batches of food products tested, 25 were compliant while 2 were found to be non-compliant, leading to immediate regulatory actions [2][3]. Group 1: Inspection Results - A total of 27 batches of edible agricultural products were sampled, with 25 passing and 2 failing the safety standards [2]. - The non-compliant products were identified based on specific food safety national standards, which classify any failure in testing as a non-compliant product [2]. Group 2: Regulatory Actions - The local market supervision authority has initiated legal actions against the non-compliant products as per the Food Safety Law of the People's Republic of China [2]. - Risk control measures have been implemented, including tracing the product flow, recalling, and removing the non-compliant products from the market [2].

咸宁市市场监督管理局食品安全监督抽检信息公示（2025年5期） 根据《中华人民共和国食品安全法》规定，咸宁市市场监督管理局近期组织对咸宁市辖区的粮食加工品、淀粉及淀粉制品、豆制品、蔬菜制品、餐饮食品、 食用农产品共6类食品150批次进行监督抽检。抽样检验项目合格样品144批次，不合格样品6批次。具体情况汇总如下： 一、总体情况： 本次抽检粮食加工品6批次，不合格0批次；淀粉及淀粉制品3批次，不合格0批次；豆制品2批次，不合格0批次；蔬菜制品3批次，不合格0批次；餐饮食品 100批次，不合格6批次；食用农产品36批次，不合格0批次。 （二）崇阳深海渔港海鲜自助餐厅自行消毒的餐饮具：餐盘（自行消毒）（消毒日期：2025-02-19），检测出阴离子合成洗涤剂(以十二烷基苯磺酸钠计)含 量0.052mg/100cm²（标准为不得检出）超过标准。 （三）崇阳深海渔港海鲜自助餐厅自行消毒的餐饮具：餐碗（自行消毒）（消毒日期：2025-02-19），检测出阴离子合成洗涤剂(以十二烷基苯磺酸钠计)含 量0.086mg/100cm²（标准为不得检出）超过标准。 （四）崇阳深海渔港海鲜自助餐厅自行消毒的餐饮具：杯子（自行消毒）（ ...

Core Points - The Zhuhai Market Supervision Administration has conducted a food safety inspection campaign called "You Order, I Inspect" to enhance public awareness and satisfaction regarding food safety [2][3] - A total of 217 batches were tested, with 211 passing and 6 failing, resulting in a failure rate of 2.8% [2] - The inspection covered 13 categories of food products, including rice, flour, edible oils, seasonings, meat products, seafood, eggs, dairy, vegetables, fruits, beverages, and special foods for children and the elderly [2] Inspection Results - The inspection identified 6 non-compliant samples, with the main contaminants including various pesticides and toxins such as aflatoxin B₁ and ochratoxin A [2][3] - The Zhuhai Market Supervision Administration has mandated local regulatory bodies to investigate non-compliant food products and their producers, ensuring proper risk control and product recall [3] Consumer Guidance - Consumers are advised to purchase food from legitimate channels, check product labels for completeness, and report any suspected foodborne illnesses or violations to the authorities [3]

Summary of Key Points Core Viewpoint - Recent food safety inspections in Ankang City revealed 150 batches of food samples passed while 5 batches failed to meet national safety standards, highlighting ongoing concerns regarding food safety compliance in the region [3][4][5][6][7]. Group 1: Non-compliant Products - A batch of bananas from Deng Yihai Fruit Distribution Department was found to contain 0.325 mg/kg of imidacloprid, exceeding the safety limit of 0.05 mg/kg [3]. - Another batch of bananas from Ankang Huaron Wanyou Trading Co., Ltd. showed 0.0946 mg/kg of imidacloprid, also above the acceptable limit [4]. - A batch of chili peppers from Shiqian County Jiajiaai Trading Co., Ltd. contained 0.061 mg/kg of thiamethoxam, exceeding the limit of 0.05 mg/kg [5]. - Quail eggs from Shiqian County Jiangjia Vegetable Store had 10.3 µg/kg of furazolidone metabolites, which should not be detected [6]. - Mountain yam from Shiqian County Lianghe Town Hualai Haoyijia Business had 1.12 mg/kg of mefenoxam and manganese salt, surpassing the limit of 0.3 mg/kg [7]. Group 2: Regulatory Actions - Local market supervision departments have initiated investigations and corrective actions regarding the identified non-compliant food products [8]. - Consumers are encouraged to participate in the food safety "You Choose, I Test" initiative and can provide feedback through the "Ankang Market Supervision" WeChat public account [8].