<p>香港，2026 年 6 月 9 日 -（ACN Newswire）- 根据市场消息，锅圈（02517.HK）计划将其 “社区中央厨房” 模式引入香港，首家门店预计位于湾仔，并将在年内开业。市场观察人士表示，此举反映了两个考虑因素。首先，作为品牌的首次跨境举措，它将测试锅圈在 “家庭餐饮” 市场的大陆运营经验是否能够适应海外环境。其次，这被视为锅圈海外战略的谨慎第一步，可能作为将中国高质量食品原料供应链带入国际市场的早期试验。</p>
<p>门店网络持续扩展，低层市场仍是核心基础</p>
<p>截至 2026 年第一季度，锅圈在全国拥有 11,758 家门店，较去年净增加 1,637 家。其中，3,123 家门店位于乡镇级市场。在网络结构方面，低层市场仍然是锅圈门店基础的重要组成部分，也是其供应链、履约能力和会员覆盖的基础。</p>
<p>市场参与者指出，锅圈的线下门店不仅仅是销售产品。在某种程度上，它们还充当社区服务节点、即时配送的前端履约点和地方交通的入口。该模式使公司能够通过门店网络贴近家庭消费场景，同时整合线下客流、会员关系和在线订单。</p>
<p>从选址到基础建设：十年产业发展的自然延伸</p>
<p>与一些零售商先通过在线流量扩展再建立线下渠道不同，锅圈从实体门店和供应链发展开始。在建立全国门店网络、冷链仓储和配送系统以及家庭会员基础后，公司近年来加大了对在线渠道、即时零售和数字化运营的投资。</p>
<p>在这一模式下，锅圈建立了六个结构性壁垒：门店覆盖、供应链整合、冷链物流、数字化能力、会员数据和基于社区的品牌认知。</p>
<p>1 万家门店覆盖和即时履约：锅圈在中国拥有 11,758 家门店，每家门店都可以作为前端履约点。在线下单、店内兑换和约半小时内配送的模式，使锅圈具备了基于实体门店的最后一公里响应能力，区别于纯电商模式。</p>
<p>深厚的产业供应链：锅圈控制或持有多家生产厂的股份，使其能够在源头管理核心品类的质量和成本，并支持以销售驱动的生产模式和直接从源头采购。</p>
<p>低层物流和全链条配送：20 个数字中央仓库的网络支持冷链配送，并实现从省会到行政村的次日配送，将物流覆盖延伸至低层市场。</p>
<p>数据驱动的数字决策：来自门店网络的实时销售数据反馈到产品选择、库存规划和区域定价中，帮助提高库存周转率和损失控制。</p>
<p>会员生态系统和复购引擎：近 8000 万会员的基础提供了家庭消费模式的洞察，而现有用户的重复购买正成为利润增长的越来越重要的贡献者。</p>
<p>社区品牌认知：品牌与 “锅圈家庭餐饮” 的关联已在社区扎根。因此，炒菜、即时商业和锅圈农场等新业务无需从零开始教育市场，有助于保持相对较低的客户获取成本。</p>
<p>门店覆盖支持即时商业的效率；供应链深度支撑定价优势；会员数据提高产品选择的准确性；品牌认知降低扩展的边际成本。市场参与者认为，如果这些能力继续相互强化，将有助于提高公司的门店运营效率。</p>
<p>随着大店升级释放运营杠杆，增长质量改善</p>
<p>在财务表现方面，锅圈 2026 年第一季度的收入同比增长 31.3% 至 37.2%。核心运营利润预计达到 1.85 亿至 2.05 亿元人民币，同比增长 45.3% 至 61.0%。利润增长超过收入增长，表明产品组合、成本控制和门店运营效率可能有所改善。</p>
<p>自 2025 年下半年以来，锅圈一直在推进门店格式升级战略，将较小的标准门店改造为约 80 至 100 平方米的大型 “社区中央厨房” 格式。其产品类别已从火锅和烧烤扩展到早餐、即食餐、轻食、酒精饮料和其他时段驱动的产品，同时 24 小时无人值守门店增加了全天候服务能力。更广泛的消费场景，加上通过 “店长之家” 机制进行的区域化精细化运营，支持了同店销售和员工效率的提升。</p>
<p>持续的股份回购和稳定的分红信号显示对股东回报的承诺</p>
<p>在股东回报方面，锅圈采取了明确且一致的措施。2025 年的最终股息为每股人民币 0.0381 元，约合港币 0.0435 元，已在年度股东大会上获得批准，并将于 2026 年 6 月 18 日支付。在股票回购方面，锅圈于 2026 年 4 月宣布计划使用最多 2 亿港元的内部资金回购 H 股，回购价格上限不超过每次回购前五个交易日平均收盘价的 5% 溢价。公司此前在公告中表示，回购反映了董事会对公司长期发展的信心。</p>
<p>多项新举措构建效率飞轮</p>
<p>除了核心的火锅和烧烤业务外，锅圈今年还扩展到炒菜、露营、即时零售和直接采购的农产品。这些举措都围绕家庭餐饮和社区消费场景展开，并依托公司的现有门店网络、供应链和会员体系进行开发。</p>
<p>锅圈炒菜采用创新的商业模式，满足外卖与家庭烹饪之间的需求，而锅圈露营则将 “家庭餐饮” 场景延伸到户外环境。实质上，这两者都反映了社区中央厨房能力的升级，从销售食材转向提供解决方案。支持这些场景推广的是锅圈即时商业和锅圈农场。锅圈即时商业将每个门店转变为在线订单和即时配送的前端履行点，而锅圈农场则连接供应链的前、中、后端，利用榴莲等热门产品驱动门店流量，并测试高频商品支持重复购买的流量循环。</p>
<p>从商业逻辑的角度来看，这些新举措并不是独立运营的业务。它们共享相同的门店网络、供应链和会员数据。基于其实体基础设施，锅圈正从单一品类的零售店演变为一个更广泛的消费平台，涵盖 “每日五餐” 和更广泛的日常消费场景。</p>
<p>版权 © 2026 ACN Newswire。保留所有权利。</p>

锅圈

<p>锅圈计划将其 “社区中央厨房” 模式扩展到香港，标志着其首次跨境举措。截至 2026 年第一季度，公司在全国运营 11,758 家门店，在低线市场表现强劲。财务结果显示，收入增长 31.3%-37.2%，核心营业利润达到 1.85 亿至 2.05 亿元人民币，主要得益于门店升级和效率提升。公司继续加强其供应链护城河，并通过分红和股票回购维持股东回报</p>

<p>HONG KONG, June 9, 2026 - (ACN Newswire) - According to market sources, Guoquan (02517.HK) is planning to bring its &#34;community central kitchen&#34; model to Hong Kong, with its first store expected to be located in Wan Chai and to open within the year. Market observers said the move reflects two considerations. First, as the brand's first cross-border initiative, it will test whether Guoquan's mainland operating experience in the &#34;home dining&#34; market can be adapted to an overseas setting. Second, it is viewed as a prudent first step in Guoquan's overseas strategy, and may serve as an early trial for bringing China's high-quality food ingredient supply chain to international markets.</p>
<div class="lb-trans"><p>香港，2026 年 6 月 9 日 -（ACN Newswire）- 根据市场消息，锅圈（02517.HK）计划将其 “社区中央厨房” 模式引入香港，首家门店预计位于湾仔，并将在年内开业。市场观察人士表示，此举反映了两个考虑因素。首先，作为品牌的首次跨境举措，它将测试锅圈在 “家庭餐饮” 市场的大陆运营经验是否能够适应海外环境。其次，这被视为锅圈海外战略的谨慎第一步，可能作为将中国高质量食品原料供应链带入国际市场的早期试验。</p>
</div><p>Store Network Continues to Expand, with Lower-Tier Markets Still the Core Base</p>
<div class="lb-trans"><p>门店网络持续扩展，低层市场仍是核心基础</p>
</div><p>As of the first quarter of 2026, Guoquan had 11,758 stores nationwide, a net increase of 1,637 from a year earlier. Among them, 3,123 stores were located in township-level markets. In terms of network structure, lower-tier markets remain an important part of Guoquan's store base and a foundation for its supply chain, fulfillment capabilities and member reach.</p>
<div class="lb-trans"><p>截至 2026 年第一季度，锅圈在全国拥有 11,758 家门店，较去年净增加 1,637 家。其中，3,123 家门店位于乡镇级市场。在网络结构方面，低层市场仍然是锅圈门店基础的重要组成部分，也是其供应链、履约能力和会员覆盖的基础。</p>
</div><p>Market participants noted that Guoquan's offline stores do more than sell products. To some extent, they also function as community service nodes, front-end fulfillment points for instant delivery and local traffic gateways. The model allows the Company to stay close to household consumption scenarios through its store network, while integrating offline foot traffic, member relationships and online orders.</p>
<div class="lb-trans"><p>市场参与者指出，锅圈的线下门店不仅仅是销售产品。在某种程度上，它们还充当社区服务节点、即时配送的前端履约点和地方交通的入口。该模式使公司能够通过门店网络贴近家庭消费场景，同时整合线下客流、会员关系和在线订单。</p>
</div><p>From Site Selection to Foundation Building: A Natural Extension of a Decade of Industrial Development</p>
<div class="lb-trans"><p>从选址到基础建设：十年产业发展的自然延伸</p>
</div><p>Unlike some retailers that first scale through online traffic before building offline channels, Guoquan began with physical stores and supply chain development. After building a nationwide store network, a cold-chain warehousing and distribution system, and a household member base, the Company has in recent years stepped up investment in online channels, instant retail and digital operations.</p>
<div class="lb-trans"><p>与一些零售商先通过在线流量扩展再建立线下渠道不同，锅圈从实体门店和供应链发展开始。在建立全国门店网络、冷链仓储和配送系统以及家庭会员基础后，公司近年来加大了对在线渠道、即时零售和数字化运营的投资。</p>
</div><p>Under this model, Guoquan has developed six structural barriers: store reach, supply chain integration, cold-chain logistics, digital capabilities, member data and community-based brand recognition.</p>
<div class="lb-trans"><p>在这一模式下，锅圈建立了六个结构性壁垒：门店覆盖、供应链整合、冷链物流、数字化能力、会员数据和基于社区的品牌认知。</p>
</div><p>10,000-store reach and instant fulfillment: With 11,758 stores across China, each store can serve as a front-end fulfillment point. Online ordering, in-store redemption and delivery within around half an hour give Guoquan a last-mile response capability based on physical stores, differentiating it from pure e-commerce models.</p>
<div class="lb-trans"><p>1 万家门店覆盖和即时履约：锅圈在中国拥有 11,758 家门店，每家门店都可以作为前端履约点。在线下单、店内兑换和约半小时内配送的模式，使锅圈具备了基于实体门店的最后一公里响应能力，区别于纯电商模式。</p>
</div><p>Deep industrial supply chain: Guoquan controls or holds stakes in a number of production plants, enabling it to manage the quality and cost of core categories at the source and support a model of production driven by sales and direct sourcing from origins.</p>
<div class="lb-trans"><p>深厚的产业供应链：锅圈控制或持有多家生产厂的股份，使其能够在源头管理核心品类的质量和成本，并支持以销售驱动的生产模式和直接从源头采购。</p>
</div><p>Lower-tier logistics and full-chain delivery: A network of 20 digital central warehouses supports cold-chain distribution and enables next-day delivery from provincial capitals to administrative villages, extending logistics coverage into lower-tier markets.</p>
<div class="lb-trans"><p>低层物流和全链条配送：20 个数字中央仓库的网络支持冷链配送，并实现从省会到行政村的次日配送，将物流覆盖延伸至低层市场。</p>
</div><p>Data-driven digital decision-making: Real-time sales data from the store network feeds back into product selection, inventory planning and regional pricing, helping improve inventory turnover and loss control.</p>
<div class="lb-trans"><p>数据驱动的数字决策：来自门店网络的实时销售数据反馈到产品选择、库存规划和区域定价中，帮助提高库存周转率和损失控制。</p>
</div><p>Member ecosystem and repurchase engine: A base of nearly 80 million members provides insight into household consumption patterns, while repeat purchases from existing users are becoming an increasingly important contributor to profit growth.</p>
<div class="lb-trans"><p>会员生态系统和复购引擎：近 8000 万会员的基础提供了家庭消费模式的洞察，而现有用户的重复购买正成为利润增长的越来越重要的贡献者。</p>
</div><p>Community brand mindshare: The brand association of &#34;Guoquan for home dining&#34; has taken root in communities. As a result, new businesses such as stir-fry, instant commerce and Guoquan Farm do not need to educate the market from scratch, helping keep customer acquisition costs relatively low.</p>
<div class="lb-trans"><p>社区品牌认知：品牌与 “锅圈家庭餐饮” 的关联已在社区扎根。因此，炒菜、即时商业和锅圈农场等新业务无需从零开始教育市场，有助于保持相对较低的客户获取成本。</p>
</div><p>Store reach supports the efficiency of instant commerce; supply chain depth underpins pricing advantages; member data improves product selection accuracy; and brand mindshare reduces the marginal cost of expansion. Market participants believe that, if these capabilities continue to reinforce one another, they should help improve the Company's store operating efficiency.</p>
<div class="lb-trans"><p>门店覆盖支持即时商业的效率；供应链深度支撑定价优势；会员数据提高产品选择的准确性；品牌认知降低扩展的边际成本。市场参与者认为，如果这些能力继续相互强化，将有助于提高公司的门店运营效率。</p>
</div><p>Growth Quality Improves as Large-Store Upgrades Release Operating Leverage</p>
<div class="lb-trans"><p>随着大店升级释放运营杠杆，增长质量改善</p>
</div><p>In terms of financial performance, Guoquan's revenue increased by 31.3% to 37.2% year on year in the first quarter of 2026. Core operating profit is expected to reach RMB185 million to RMB205 million, representing year-on-year growth of 45.3% to 61.0%. Profit growth outpaced revenue growth, suggesting possible improvement in product mix, cost control and store operating efficiency.</p>
<div class="lb-trans"><p>在财务表现方面，锅圈 2026 年第一季度的收入同比增长 31.3% 至 37.2%。核心运营利润预计达到 1.85 亿至 2.05 亿元人民币，同比增长 45.3% 至 61.0%。利润增长超过收入增长，表明产品组合、成本控制和门店运营效率可能有所改善。</p>
</div><p>Since the second half of 2025, Guoquan has been advancing its store-format upgrade strategy, converting smaller standard stores into larger 'community central kitchen' formats of around 80 to 100 square meters. Its product categories have expanded from hotpot and barbecue to breakfast, ready-to-eat meals, light meals, alcoholic beverages and other daypart-driven offerings, while 24-hour unmanned stores add round-the-clock service capability. The broader range of consumption scenarios, together with regionalized refined operations through the &#34;Store Manager Home&#34; mechanism, has supported improvements in both same-store sales and staff efficiency.</p>
<div class="lb-trans"><p>自 2025 年下半年以来，锅圈一直在推进门店格式升级战略，将较小的标准门店改造为约 80 至 100 平方米的大型 “社区中央厨房” 格式。其产品类别已从火锅和烧烤扩展到早餐、即食餐、轻食、酒精饮料和其他时段驱动的产品，同时 24 小时无人值守门店增加了全天候服务能力。更广泛的消费场景，加上通过 “店长之家” 机制进行的区域化精细化运营，支持了同店销售和员工效率的提升。</p>
</div><p>Continued Share Repurchases and Stable Dividends Signal Commitment to Shareholder Returns</p>
<div class="lb-trans"><p>持续的股份回购和稳定的分红信号显示对股东回报的承诺</p>
</div><p>On shareholder returns, Guoquan has taken clear and consistent steps. The final dividend for 2025 of RMB0.0381 per share, equivalent to approximately HK$0.0435, has been approved at the annual general meeting and will be paid on 18 June 2026. In terms of share repurchases, Guoquan announced in April 2026 that it planned to use up to HK$200 million of internal funds to repurchase H shares, with the repurchase price capped at no more than a 5% premium to the average closing price over the five trading days preceding each repurchase. The Company previously stated in its announcement that the repurchase reflected the Board's confidence in the Company's long-term development.</p>
<div class="lb-trans"><p>在股东回报方面，锅圈采取了明确且一致的措施。2025 年的最终股息为每股人民币 0.0381 元，约合港币 0.0435 元，已在年度股东大会上获得批准，并将于 2026 年 6 月 18 日支付。在股票回购方面，锅圈于 2026 年 4 月宣布计划使用最多 2 亿港元的内部资金回购 H 股，回购价格上限不超过每次回购前五个交易日平均收盘价的 5% 溢价。公司此前在公告中表示，回购反映了董事会对公司长期发展的信心。</p>
</div><p>Multiple New Initiatives Build an Efficiency Flywheel</p>
<div class="lb-trans"><p>多项新举措构建效率飞轮</p>
</div><p>Beyond its core hotpot and barbecue business, Guoquan has this year expanded into stir-fry, camping, instant retail and directly sourced agricultural products. These initiatives are all centered on household meals and community consumption scenarios, and are being developed on the back of the Company's existing store network, supply chain and membership system.</p>
<div class="lb-trans"><p>除了核心的火锅和烧烤业务外，锅圈今年还扩展到炒菜、露营、即时零售和直接采购的农产品。这些举措都围绕家庭餐饮和社区消费场景展开，并依托公司的现有门店网络、供应链和会员体系进行开发。</p>
</div><p>Guoquan Stir-fry uses an innovative business model to address demand between takeout and home cooking, while Guoquan Camping extends the &#34;home dining&#34; scenario into outdoor settings. In essence, both reflect an upgrade of the community central kitchen capability from selling ingredients to providing solutions. Supporting the rollout of these scenarios are Guoquan Instant Commerce and Guoquan Farm. Guoquan Instant Commerce turns each store into a front-end fulfillment point for online orders and instant delivery, while Guoquan Farm links the front, middle and back ends of the supply chain, using popular products such as durian to drive store traffic and test a traffic loop in which high-frequency items support repeat purchases.</p>
<div class="lb-trans"><p>锅圈炒菜采用创新的商业模式，满足外卖与家庭烹饪之间的需求，而锅圈露营则将 “家庭餐饮” 场景延伸到户外环境。实质上，这两者都反映了社区中央厨房能力的升级，从销售食材转向提供解决方案。支持这些场景推广的是锅圈即时商业和锅圈农场。锅圈即时商业将每个门店转变为在线订单和即时配送的前端履行点，而锅圈农场则连接供应链的前、中、后端，利用榴莲等热门产品驱动门店流量，并测试高频商品支持重复购买的流量循环。</p>
</div><p>From a business logic perspective, these new initiatives are not operating as standalone businesses. They share the same store network, supply chain and member data. Built on its physical infrastructure, Guoquan is evolving from a single-category retail outlet into a broader consumption platform covering &#34;five meals a day&#34; and a wider range of daily consumption scenarios.</p>
<div class="lb-trans"><p>从商业逻辑的角度来看，这些新举措并不是独立运营的业务。它们共享相同的门店网络、供应链和会员数据。基于其实体基础设施，锅圈正从单一品类的零售店演变为一个更广泛的消费平台，涵盖 “每日五餐” 和更广泛的日常消费场景。</p>
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锅圈的 1 万家门店网络增强了其长期护城河，推动收入和利润增长