GUOQUAN (02517) surged over 5%, reaching HK$4.37 by the time of writing, with a trading volume of HK$19.92 million. The company announced on November 9 that its cumulative registered members had exceeded 60 million as of November 8, 2025, achieving its annual target 50 days ahead of schedule.

Recently, GUOQUAN released its Q3 2025 results. Changjiang Securities noted that the company added a net 361 stores in Q3, a 98% year-on-year increase, accelerating from the 250 net additions in H1 2025. The brokerage expects store expansion to maintain rapid growth in Q4.

In terms of revenue, GUOQUAN projected Q3 2025 revenue between RMB 1.85 billion and RMB 2.05 billion, up 13.6%–25.8% year-on-year, with a midpoint estimate of RMB 1.95 billion (+19.8% YoY), continuing the growth trend seen in H1. Changjiang Securities believes the company is poised for strong performance in Q4, the traditional peak season.

The brokerage also highlighted that Q3, being an off-peak sales period, saw a relatively higher proportion of non-self-produced product sales, leading to a sequential decline in margins compared to H1. However, year-on-year margin improvement was significant, and this upward trend is expected to continue into Q4.