Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The report provides an in-depth analysis of the company's sustainable growth logic in the "at-home dining" market, addressing three key questions: how the scale of 10,000 stores translates into competitive barriers, how to capture opportunities in a fragmented market, and how supply chain and channel innovations create differentiated advantages [8] - The company has established a leading position with a store count of 10,150, optimizing its cost structure through a vertical supply chain [8][11] - The "at-home dining" market is experiencing rapid growth, with a projected CAGR of 20.7% from 2022 to 2027, indicating significant opportunities in lower-tier markets [8][31] - The company employs a strategy of explosive products, membership ecosystems, and channel innovations to build a competitive moat [8] Market Data - As of July 9, 2025, the company's current price is HKD 3.39, with a market capitalization of approximately HKD 8,999 million [5] - The company has a retail market share of 3.0% in the "at-home dining" segment, ranking first in China [38] Financial Performance - The company achieved a revenue of RMB 64.70 billion in 2024, with a year-on-year growth of 6.17% [16] - The projected revenues for 2025, 2026, and 2027 are RMB 71.83 billion, RMB 80.36 billion, and RMB 90.80 billion, respectively [9] - The net profit for 2024 was RMB 2.31 billion, with forecasts of RMB 3.40 billion, RMB 3.96 billion, and RMB 4.63 billion for the following years [9] Competitive Advantages - The company has optimized its product offerings and channels, with a focus on explosive products and a robust membership system, resulting in a registered membership of 41.3 million by the end of 2024 [8][58] - The company has established six production facilities to enhance its supply chain capabilities, which helps in cost optimization and product quality [50][52] Growth Strategy - The company plans to add 10,000 new stores over the next five years, focusing on expanding into lower-tier markets [57] - The establishment of a new production base in Hainan is expected to enhance supply chain efficiency and support the company's growth objectives [57]

通过门店精益化运营、强化供应链等手段，不断夯实自身业务基本面。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 从线下端来看，锅圈在乡镇市场取得了突破式进展。财报提到，锅圈推出的面向乡镇市场的升级店型 ——新乡镇门店可以更好地满足乡镇市场消费者需求，全年净增新乡镇门店287家。这一成果验证了 下沉市场的消费潜力，进一步巩固了锅圈的全国化布局优势，成为其进一步布局下沉市场的重要战略 动作。 锅圈董事长杨明超曾表示，锅圈在未来 5年门店总量要达到两万家。新乡镇店将成为达成这 一目标的突破口之一 。 从线上端来看，锅圈在 2024年通过多层级的抖音账号进行锅圈产品的消费者触达，全年通过抖音渠 道的曝光量达到62.1亿次。其5月底开始推出的"99元毛肚自由火锅套餐"通过抖音等线上渠道引爆 销量，全年累计销售额超过5亿元，成为2024年的现象级单品。 在线上渠道开拓顺利的基础上，锅圈的 "会员工程"进展顺利，带动了会员数量的大幅增长和黏性显 著提升。截至2024年12月31日，锅圈的注册会员数4130万，同比增长48.2%。 此外， 锅圈在 2024年加强了产业端垂直整合的力度 ...