• Financial performance: GUOQUAN Food (Shanghai) Co., Ltd. (02517) reported FY2025 revenue of RMB7.81 billion, up 20.7% year on year (YoY). Gross profit rose 19.0% to RMB1.69 billion with a gross margin of 21.6% (FY2024: 21.9%). Net profit surged 88.2% to RMB0.45 billion, lifting net margin to 5.8% (FY2024: 3.7%). Core operating profit (non-IFRS) climbed 48.2% to RMB0.46 billion. Basic and diluted EPS nearly doubled to RMB0.1630 (+93.8% YoY).

\n\n• Sales mix: Revenue from meal and related products contributed 97.8% of total, rising 21.0% to RMB7.64 billion. Sales to franchisees grew 14.2% to RMB6.22 billion, while other channels (enterprise and direct-to-consumer) expanded 63.5% to RMB1.42 billion, increasing their share to 18.6% (FY2024: 13.7%). Service income advanced 10.5% to RMB0.17 billion.

\n\n• Network expansion: Store count increased by 1,416 to 11,566 outlets across 31 provincial-level regions. Township-level sites rose by 1,004 to 3,010. Intelligent and 24-hour unmanned upgrades covered over 3,000 stores.

\n\n• Membership & digital metrics: Registered members reached 64.90 million (+57.1% YoY). Prepaid card value climbed 22.3% to RMB1.2 billion. Douyin channel generated RMB1.49 billion GMV, up 75.3% YoY with 9.41 billion impressions.

\n\n• Cost dynamics: Cost of sales grew 21.2% to RMB6.12 billion, slightly outpacing revenue growth and trimming gross margin by 0.3 ppt. Selling & distribution expenses rose 6.6% to RMB0.71 billion, and administrative expenses edged up 1.8% to RMB0.46 billion.

\n\n• Cash & balance sheet: Operating cash inflow reached RMB0.59 billion (FY2024: RMB0.53 billion). Cash and bank deposits stood at RMB1.35 billion as of 31 Dec 2025, while wealth-management products totaled RMB0.62 billion. Interest-bearing borrowings doubled to RMB0.14 billion, lifting the gearing ratio to 6.7% (31 Dec 2024: 3.2%).

\n\n• Store efficiency & inventory: Inventory turnover days improved to 44.6 (FY2024: 51.0). Trade receivables turnover lengthened to 15.4 days (FY2024: 8.1) on higher corporate sales; trade payables turnover rose to 46.0 days (FY2024: 39.9).

\n\n• Capex & proceeds: Of the HK$448.70 million IPO proceeds, 34.6% (HK$155.40 million) had been deployed by year-end, mainly for plant construction and working capital. Remaining HK$293.30 million is earmarked for production upgrades, store rollout, R&D facilities, and other uses through 2027.

\n\n• Dividends: The Board proposes a final dividend of RMB0.0381 per share (tax-inclusive), totaling approximately RMB0.10 billion, subject to shareholder approval. An interim dividend of RMB0.0716 per share (RMB0.19 billion) was paid in FY2025.

\n\n• Outlook for 2026: Management targets more than 14,500 stores (+2,934 net), high single-digit same-store growth, membership surpassing 95 million, and core operating profit growth outpacing revenue.

\n\n• Subsequent events: On 4 Feb 2026, GUOQUAN signed a procurement framework with newly connected party Songhe Group for alcoholic beverage purchases capped at RMB0.20 billion (4 Feb–31 Dec 2026). The Board has nominated directors for its second session and set 29 Apr 2026 for the AGM.

\n\n• Governance: GUOQUAN complied with all Corporate Governance Code provisions in FY2025 except C.2.1, with Chairman and CEO roles held concurrently by Mr. Yang Mingchao; the Board continues to review the structure.