Guohai Securities: Maintains "Buy" rating on GUOQUAN, 2025 Q3 store opening progress meets expectations

According to the Zhitong Finance APP, Guohai Securities released a research report stating that GUOQUAN (02517) focuses on building a membership system, increasing online channel revenue, forming a close linkage with offline stores, and creating a comprehensive integrated instant retail system for online and offline. The scale of ten thousand stores combined with supply chain advantages solidifies the competitive moat of the leading player in the "eating at home" sector. The firm expects the company's operating revenue for 2025-2027 to be 7.503 billion / 8.627 billion / 9.875 billion yuan, with net profit attributable to the parent company at 450 million / 514 million / 583 million yuan, corresponding to PE valuations of 19/17/15x, maintaining a "Buy" rating. On October 28, GUOQUAN released a voluntary announcement, stating that the company continues to deepen the brand mindset of "eating at home with GUOQUAN," leveraging a diversified product combination and a multi-channel, multi-scenario layout, integrating online and offline methods. In Q3 2025, the company achieved revenue of 1.85-2.05 billion yuan, a year-on-year increase of 13.6%-25.8%; core operating profit reached 65-75 million yuan, a year-on-year increase of 44.4%-66.7%. In Q3 2025, the net increase in stores was 361, a year-on-year increase of 98%; as of Q3 2025, the total number of stores reached 10,761. The report mentioned that on September 25, an announcement was made that the board of directors resolved to use no more than 100 million Hong Kong dollars of its own funds to repurchase H shares in the open market; on September 19, GUOQUAN officially launched the "919 National Hot Pot Festival," creating a product combination with both brand value and revenue potential—six regional flavor hot pot sets; on October 16, the company officially launched the "One Sauce Makes a Dish" series of seasonings, which were simultaneously launched in over 10,000 stores nationwide and online in the GUOQUAN mall. The firm pointed out that the company continues to drive revenue growth and steadily optimize operational efficiency. In H1 2025, the company launched 175 new SKUs for hot pot and barbecue products, and as of H1 2025, the number of registered members reached approximately 50.3 million, a year-on-year increase of 62.8%, with prepaid card deposits reaching 590 million yuan, a year-on-year increase of 37.2%. In H1 2025, the company achieved over 3.2 billion platform exposures through a multi-level Douyin account matrix, attracting consumers to pick up in-store, contributing to a year-on-year doubling of retail sales