中泰证券（600918）指，公司深耕餐饮零售业务，其护城河在于拥有深度整合的供应链确保品质及成本 领先、超万家的社区门店布局实现全域履约的销售网络、高粘性的会员运营体系，公司短期受益于同店 提升及费效比优化带来的增长，长期受益于门店扩张及新场景、新业态模型跑通、工厂自产比例提升带 来的规模盈利双增长。 消息面上，2026年1月6日，锅圈小炒进行首店试营业。据悉，项目以智能炒菜机为核心载体，结合锅圈 在复合调味料与食材供应链领域的核心优势，致力在社区场景中为老百姓提供兼具效率与口感的现制中 餐。华西证券（002926）认为，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 析最受消费者欢迎产品菜单，模式跑通后有望成为公司新盈利增长点。 锅圈(02517)涨超6%，截至发稿，涨6.02%，报3.7港元，成交额6457.29万港元。 ...

消息面上，2026年1月6日，锅圈小炒进行首店试营业。据悉，项目以智能炒菜机为核心载体，结合锅圈 在复合调味料与食材供应链领域的核心优势，致力在社区场景中为老百姓提供兼具效率与口感的现制中 餐。华西证券认为，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 者欢迎产品菜单，模式跑通后有望成为公司新盈利增长点。 中泰证券指，公司深耕餐饮零售业务，其护城河在于拥有深度整合的供应链确保品质及成本领先、超万 家的社区门店布局实现全域履约的销售网络、高粘性的会员运营体系，公司短期受益于同店提升及费效 比优化带来的增长，长期受益于门店扩张及新场景、新业态模型跑通、工厂自产比例提升带来的规模盈 利双增长。 智通财经APP获悉，锅圈(02517)涨超6%，截至发稿，涨6.02%，报3.7港元，成交额6457.29万港元。 ...

中国商报（记者 冉隆楠）2025年，对餐饮行业来说是不容易的一年。面对行业普遍的经营压力，餐饮企业们开始积极自救。有的企业开始尝试小店，有的 企业开始降价，有的企业重新开始现炒。一系列动作背后，是餐饮行业在不确定性中寻找确定性，回归商业本质，想要抓住消费者的心。 大牌都爱打"副牌" 赶在新年前，2025年12月底，麻六记子品牌"小麻六"全国首店在石家庄正式开业，主打"更小、更精、更轻"的轻正餐模式。 与定位家庭聚餐的"麻六记"正餐大店不同，"小麻六"正如其名，走的是更轻盈的"轻正餐"路线，门店面积控制在200平方米左右，约有40道SKU，更加聚焦 川派风味的小吃。"小麻六"人均消费约为60元，相较于主品牌"麻六记"百元左右的客单价更为亲民。 无独有偶，此前，海底捞开出了首家社区店，面积也仅有200多平方米。除了传统火锅用餐区外，该门店还设有早餐车，售卖手工现制酱肉包、茶叶蛋、粥 品等。而就在12月19日，海底捞的全国首家大排档火锅店开门迎客。事实上，海底捞已成功孵化出焰请烤肉铺子、小嗨爱炸等14个餐饮品牌。截至2025年6 月底，"红石榴计划"多元化战略旗下品牌门店共计126家，其他餐厅收入达5.97亿元，同 ...

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， ...

Core Viewpoint - The stock of Guoquan (02517) has increased by over 4%, currently trading at 3.66 HKD with a transaction volume of 50.776 million HKD, following the announcement of its first store trial operation on January 6, 2026 [1] Group 1: Business Development - Guoquan's new business model, "Guoquan Xiaochao," will utilize an intelligent cooking machine as its core component, aiming to provide efficient and flavorful freshly made Chinese meals in community settings [1] - The project leverages Guoquan's strengths in compound seasoning and food supply chain, indicating a strategic focus on enhancing customer experience and operational efficiency [1] Group 2: Market Potential - Huaxi Securities recently highlighted that the new business model could optimize labor efficiency through the intelligent cooking machine, enabling standardized operations and data analysis to identify the most popular menu items among consumers [1] - Once the model is successfully implemented, it is expected to become a new profit growth point for the company [1]

Core Viewpoint - Guoquan (02517) shares rose over 4%, currently up 4.27% at HKD 3.66, with a trading volume of HKD 50.776 million [1] Group 1: Business Development - Guoquan's new venture, Guoquan Xiaochao, is set to begin trial operations on January 6, 2026 [1] - The project focuses on an intelligent cooking machine as its core component, leveraging Guoquan's strengths in compound seasoning and ingredient supply chains [1] - The aim is to provide efficient and flavorful freshly prepared Chinese meals in community settings [1] Group 2: Market Analysis - Huaxi Securities (002926) recently reported that the new business model "Guoquan Xiaochao" optimizes labor efficiency through the intelligent cooking machine [1] - The model is expected to standardize operations and analyze data to identify the most popular menu items among consumers [1] - Once the model is proven successful, it is anticipated to become a new profit growth point for the company [1]

Core Insights - The article highlights the launch of a 24-hour unmanned community supermarket by Guoquan Shihui in Zhengzhou, showcasing a new retail model that combines technology with convenience [3][4]. Group 1: Business Model - Guoquan Shihui's community supermarket operates on a "daytime staffed + nighttime unmanned" model, allowing for extended operating hours and catering to the needs of night-time consumers [3][4]. - The supermarket features a self-service shopping experience, where customers can enter by scanning a QR code and complete their purchases through a self-checkout system [3][4]. Group 2: Technological Integration - The store utilizes a digital platform with high-definition cameras for product recognition and smart checkout, enhancing the shopping experience and operational efficiency [4][5]. - The management system allows for precise analysis of consumer preferences, aiding in inventory management and product placement [5]. Group 3: Market Trends - The rise of instant retail models is emphasized, with Guoquan Shihui's innovations addressing common consumer pain points such as limited shopping hours and product variety [5]. - The article notes the alignment of these developments with national economic goals to stimulate domestic consumption and enhance market potential [5].

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 industry investment rating is "Positive" (maintained) [2] Core Views - The report highlights the launch of the MAISEAT platform by Damai International, which connects domestic and international performance services, enhancing the ticketing experience for global users [13][15] - The camping economy in China is projected to reach a core market size of CNY 213.97 billion in 2024, with a year-on-year growth of 60.4%, indicating significant potential for outdoor activities [18][22] - The advertising industry is undergoing a transformation towards AI-driven personalized marketing, with major companies like Google and Meta adopting advanced AI advertising engines [30][32] Summary by Sections 1. Offline Entertainment - Damai International has launched a global performance service platform, MAISEAT, which offers ticketing services for various events in multiple languages and payment options [13][15] - The Asian market for online ticketing is expected to grow rapidly, benefiting from increased middle-class consumption and government support for music and sports tourism [15][17] 2. Camping and Barbecue - The camping economy is expected to grow significantly, with the core market projected to reach CNY 213.97 billion by 2024, driven by a growing interest in outdoor lifestyles [18][22] - The barbecue market is also expanding, with an expected size of CNY 316.2 billion by 2025, growing at a CAGR of 12% from 2024 to 2029 [25][20] 3. AI and Advertising - The advertising industry is shifting towards AI-driven models, enhancing targeting and efficiency, with Google and Meta leading the way in adopting AI technologies [30][32] - The adoption rates for AI advertising products have surged, with Google's AI engine seeing a rise from 2% in Q4 2021 to 59% in Q4 2024 [30][32] 4. E-commerce and Beauty Care - The Double Eleven shopping festival in 2025 saw a robust performance across e-commerce platforms, with total sales reaching CNY 16,191 billion, a year-on-year increase of 12.3% [39][43] - Beauty care categories performed steadily, with Tmall maintaining a strong market position, particularly in high-end brands [49][51]

Core Insights - Guoquan Food plans to launch a new model called "Guoquan Stir-fry" aimed at community growth, with the first store set to open in early 2026 [1][3] - The new store type will utilize smart cooking machines, focusing on quick meal preparation without dine-in options, with meals ready in as little as 1 minute [3][4] - The menu will feature high-repurchase-rate dishes based on extensive consumer data analysis, targeting common cooking challenges faced by consumers [3][6] Business Model and Strategy - Guoquan is collaborating with a partner, Xiong Miao Master, to integrate technology and supply chain efficiency into the new store model, enhancing community positioning [5][6] - The company aims to balance quality and price through supply chain efficiency while maintaining the "community central kitchen" concept [6][7] - The majority of Guoquan's revenue comes from franchise sales, with franchise stores accounting for 99.9% of its business, highlighting a deep integration with franchise partners [6][8] Market Potential and Challenges - The Chinese fast food market, particularly in community settings, shows significant growth potential, with smart cooking machines aligning with digitalization trends in the industry [7][9] - Despite the promising model, Guoquan faces challenges related to food safety, as recent incidents have raised consumer concerns [8][9] - To succeed, Guoquan must address consumer perceptions, enhance food safety measures, and optimize the cooking process to ensure quality comparable to traditional cooking [8][9]