Guoquan (2517.HK, NC): APAC Consumer & Leisure Corporate Day 2026: Takeaways: Jun on a tough base; large-store revamps driving SSsg

研报英文原文证据摘录

Guoquan (2517.HK, NC): APAC Consumer & Leisure Corporate Day 2026: Takeaways: Jun on a tough base; large-store revamps driving SSsg

Equity Research

6 July 2026 | 3:00AM HKT

Guoquan (2517.HK, NC): APAC Consumer & Leisure Corporate Day 2026

Takeaways: Jun on a tough base; large-store revamps driving SSSg

Valerie Zhou

+852-2978-0820 | valerie.zhou@gs.com

Goldman Sachs (Asia) L.L.C.

Leaf Liu

+852-3966-4169 | leaf.liu@gs.com

Christina LiuWe met with Guoquan (Not Covered) in-person in Hong Kong on Jul 3 during our +852-2978-6983 | christina.liu@gs.com

APAC Consumer Corp Day. Key Takeaways include: Goldman Sachs (Asia) L.L.C.

1) 2Q26 performance in-line, full-year guidance maintained: Mgmt shared

top-line growth moderation in 2Q26, April/May 26 was up MSD%/LSD% YoY on flat

ticket sizes, while June faced a high base (2024/25 Jun SSSg at 30%+/MSD%),

coupled with a soft macro backdrop. 1H26 GPM was manageable despite impacts

from lower-margin livestreaming and raw materials, mitigated by locked in prices

and volumes in advance, adjusted product mix, and domestic beef supply. That said,

mgmt expects 2026 profit growth to outpace revenue.

2) 1H26 store openings on track with shift to large formats into 2H: The company

is on track for its store openings in 1H26. Since 2Q26, the strategy has shifted toward

larger-format stores, making minimum size requirements mandatory in 2H26.

Consequently, 2H26 evaluations will prioritize revenue contribution over store count,

supported by elevated 1H26 operational and marketing investments.

3) Large-Store upgrades deliver 30%+ SSSg and strong payback: The core

large-store revamp strategy is progressing well, with 500+ stores upgraded by

end-May (targeting 2,000-3,000 over 2-3 years), yielding 30%+ SSSg in Jan-May

2026.