[Table_Author] 丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨锅圈（02517.HK） [Table_Title] 锅圈 2025 年业绩点评：2025 年圆满收官，2026 年开店&店效指引积极 报告要点 [Table_Summary] 公司公布 2025 年业绩，实现总营业收入 78.10 亿元，同比增长 20.7%；核心经营利润 4.61 亿 元，同比增长 48.2%；归母净利润 4.33 亿元，同比增长 87.8%。2025 年公司门店净增长 1416 家，年末 11566 家。 分析师及联系人 董思远 范晨昊 SAC：S0490517070016 SAC：S0490519100003 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 锅圈（02517.HK） cjzqdt11111 [Table_Title 锅圈 2025 年业绩点评： 2] 2025 年圆满收官，2026 年开店&店效指引积极 [Table_Summary2] 事件描述 公司公布 202 ...

证券研究报告|公司点评报告 [Table_Date] 2026 年 03 月 17 日 [Table_Title] 25 年业绩表现佳，关注后续门店扩张与新店型探索进程 [Table_Title2] 锅圈(2517.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 2517 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 4.53/1.78 | | 目标价格： | | 总市值(亿) | 116.49 | | 最新收盘价： | 4.24 | 自由流通市值(亿) | 116.49 | | | | 自由流通股数(百万) | 2,747.36 | [Table_Summary] ► 锅圈发布 2025 年年度业绩公告，收入增长与成本结构优化推动归母净利润实现高增。 锅圈发布 25 年年度业绩公告，25 年营业收入 78.10 亿元/同比+20.71%，对应归母净利润 4.33 亿元/同比 +87.76%，核心经营利润为 4.61 亿元/同比+48.2%；细拆收入来看，25 年销售餐食产品及相关产业收入 76.36 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Insights - The company achieved a revenue of 7.81 billion yuan in 2025, representing a year-on-year growth of 20.7%, and a net profit of 454 million yuan, with a year-on-year increase of 88.2% [5] - The company plans to expand its store count to over 14,500 by 2026, with a focus on community-centric store types and maintaining high same-store sales growth [5] - Membership numbers reached 64.9 million in 2025, a 57.1% increase year-on-year, with prepaid amounts reaching 1.2 billion yuan, up 22.3% [5] Financial Performance Summary - Revenue projections for 2026-2028 are 9.94 billion, 12.14 billion, and 13.97 billion yuan, with year-on-year growth rates of 27%, 22%, and 15% respectively [5][6] - The net profit for 2026-2028 is forecasted to be 611 million, 779 million, and 937 million yuan, with growth rates of 41%, 28%, and 20% respectively [5][6] - The company's earnings per share (EPS) are projected to be 0.23, 0.30, and 0.36 yuan for 2026-2028 [5][6] Market Position and Strategy - The company has expanded its product offerings significantly, introducing new items such as barbecue camping containers and various meal packages, enhancing product diversity [5] - The company has optimized its cost structure, leading to an increase in net profit margin by 2.1 percentage points to 5.8% in 2025 [5] - The company is leveraging AI and supply chain efficiencies to improve operational performance and profitability [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Insights - The company achieved a revenue of 7.81 billion yuan in 2025, representing a year-on-year growth of 20.7%, and a net profit of 454 million yuan, which is an 88.2% increase year-on-year [5] - The company plans to expand its store count to over 14,500 by 2026, with a focus on community-centric store formats and maintaining high same-store sales growth [5] - Membership numbers reached 64.9 million in 2025, a 57.1% increase year-on-year, with prepaid amounts reaching 1.2 billion yuan, up 22.3% year-on-year [5] Financial Performance Summary - Revenue projections for 2026-2028 are 9.94 billion, 12.14 billion, and 13.97 billion yuan, with year-on-year growth rates of 27%, 22%, and 15% respectively [5][6] - The company’s net profit for 2026-2028 is projected to be 611 million, 779 million, and 937 million yuan, with growth rates of 41%, 28%, and 20% respectively [5][6] - The earnings per share (EPS) for 2026-2028 are expected to be 0.23, 0.30, and 0.36 yuan, with corresponding price-to-earnings (P/E) ratios of 15.3, 12.0, and 10.0 [5][6] Market Position and Strategy - The company has expanded its product offerings significantly, introducing new items such as barbecue camping containers and various meal sets, enhancing product diversity [5] - The company has optimized its cost structure, resulting in a net profit margin increase of 2.1 percentage points to 5.8% in 2025 [5] - The company is leveraging AI and supply chain efficiencies to improve operational performance and profitability [5]