Core Viewpoint - The pre-made food sector is experiencing a strong initial performance, with several companies seeing significant stock price increases despite ongoing public disputes among industry figures [1] Group 1: Market Performance - On September 15, the pre-made food concept saw a strong initial rise, with companies such as Delisi (得利斯, 002330.SZ) and Huifa Foods (惠发食品, 603536.SH) reaching their daily price limit [1] - Other companies in the sector, including Weizhi Xiang (味知香, 605089.SH), Guolian Aquatic Products (国联水产, 300094.SZ), Qianwei Central Kitchen (千味央厨, 001215.SZ), Gais Food (盖世食品, 836826.BJ), and Yike Foods (益客食品, 301116.SZ), also experienced stock price increases [1]

Core Viewpoint - The recent public dispute between Luo Yonghao and Jia Guolong has not significantly impacted the prepared food sector, which continues to show strength in the market despite underlying challenges faced by companies in the industry [1] Industry Summary - The prepared food concept saw initial strength on September 15, with companies like Delisi and Huifa Foods hitting the daily limit up, while others such as Weizhi Xiang, Guolian Aquatic, Qianwei Yangchun, Geshifood, and Yike Foods also experienced gains [1] - The prepared food industry is experiencing both growth and challenges, with a rapid increase in market size alongside diversifying consumer demands and intensified competition [1] - Issues such as inconsistent standards, food safety, and regulatory standards are prevalent in the prepared food sector, which are expected to be addressed as relevant standards are gradually introduced [1] Company Summary - Weizhi Xiang, known as the "first stock of prepared food" in A-shares, reported a 24.46% year-on-year decline in net profit for the first half of the year [1] - Qianwei Yangchun has acknowledged the trust crisis facing the prepared food industry and is implementing several measures to address this, including strict source control and supply chain upgrades, emphasizing the importance of stable raw material supply and quality [1] - The company has established a comprehensive quality monitoring system and developed quality management protocols for different business segments to ensure product excellence [1]

Core Viewpoint - The recent dispute between Luo Yonghao and Jia Guolong has not significantly impacted the prepared food sector, which saw a strong initial performance on September 15, with several stocks reaching their daily limit up [3]. Prepared Food Sector Performance - The prepared food concept showed strength with stocks like Delisi (得利斯, 002330.SZ) and Huifa Food (惠发食品, 603536.SH) hitting the daily limit up. Other stocks such as Weizhi Xiang (味知香, 605089.SH), Guolian Aquatic Products (国联水产, 300094.SZ), Qianwei Yangchu (千味央厨, 001215.SZ), and Gaishe Food (盖世食品, 836826.BJ) also experienced gains [3][4]. Company-Specific Insights - Weizhi Xiang, known as the "first stock of prepared food" in A-shares, reported a 24.46% year-on-year decline in net profit for the first half of the year. The chairman emphasized that the prepared food industry faces both opportunities and challenges, including increasing consumer demand diversity and intensified competition [7]. - Qianwei Yangchu acknowledged the trust crisis in the prepared food industry and has implemented measures to address it, focusing on strict source control and supply chain upgrades, as well as establishing a comprehensive quality monitoring system [7].

Group 1 - The prepared food sector is experiencing a strong rebound, with companies like Huifa Food and Delisi both hitting the daily limit up [1] - Gaisi Food has seen an increase of over 15%, while Guolian Aquatic has risen by more than 10% [1] - Other companies such as Haixin Food, Qianwei Central Kitchen, Weizhi Xiang, and Yike Food are also among the top gainers in this sector [1]

Core Viewpoint - The food processing manufacturing sector is experiencing a significant upward trend, with notable stock price increases among various companies in the industry [1] Company Performance - Delisi has reached its daily limit increase in stock price [1] - Gais Food has seen an increase of over 10% in its stock price [1] - Other companies such as Haixin Food, Yike Food, Ximai Food, Qianwei Central Kitchen, and Sanquan Food have also experienced stock price increases [1]

Fixed Income - The overall price level remains low, with CPI and PPI both in negative territory. In August, CPI decreased by 0.4% year-on-year, while PPI's decline narrowed to 2.9%, marking the first contraction since February this year [3][8][10] Pharmaceutical Industry - The pharmaceutical industry is expected to stabilize in the second half of 2024 and H1 2025, with a focus on innovative drugs. In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [12][13][14] - Innovative drug companies reported a revenue of 26.964 billion yuan in H1 2025, up 11.78% year-on-year, indicating a strong growth momentum [14] - The medical device sector faced challenges, with H1 2025 revenue down 5.32% year-on-year, while the biopharmaceutical sector showed mixed results, with blood products revenue down 1.4% and vaccine revenue down 45.3% [15][16][20] Real Estate - The real estate sector saw a decline of 1.5% this week, with new home sales in 42 key cities dropping by 15.3% week-on-week. The government is implementing policies to support housing, including adjustments to mortgage rates and public housing fund policies [22][23][24] - The Ministry of Housing and Urban-Rural Development emphasized high-level legislation to promote quality development in housing and urban construction [24][25] Public Utilities and Environmental Protection - Huadian International reported a revenue of 60 billion yuan in H1 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to 3.904 billion yuan. The company benefited from lower coal prices and stable electricity prices [26][27][28] Transportation - China Ship Leasing achieved a revenue of 2.018 billion HKD in H1 2025, a year-on-year increase of 2.7%. However, net profit decreased by 16.7% due to tax adjustments and reduced rental income from joint ventures [31][32][33] - The shipping market is expected to see increased demand for leasing due to environmental policies and aging fleets, which may benefit the company in the long term [33] Electronics - Seiyun Circuit, a leading PCB manufacturer, reported a revenue of 5.022 billion yuan in 2024, up 11.13% year-on-year, with a net profit of 675 million yuan, marking a 36.17% increase [36][37] - The demand for AI servers is rapidly expanding, with the global AI server market projected to grow significantly, benefiting PCB manufacturers [37][38] Food Industry - Gais Food, a leader in the prepared vegetable market, aims to issue convertible bonds to expand production capacity. The prepared vegetable market in China is expected to exceed 600 billion yuan by 2025, driven by both B2B and B2C demand [40][41]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is a leading player in the prepared cold dish sector and plans to issue convertible bonds to enhance its production capacity [5][8]. - The prepared dish market in China is expected to grow significantly, with the seafood prepared dish market projected to exceed 200 billion yuan by 2025 [7][20]. - The company has a strong focus on R&D and has established a dual factory model to support growth in both domestic and international markets [55][53]. Summary by Relevant Sections Market Performance - As of September 9, 2025, the closing price is 14.39 yuan, with a market capitalization of 2,022.02 million yuan and a circulating market value of 866.03 million yuan [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 490 million yuan in 2023, 534 million yuan in 2024, and 600 million yuan in 2025, with a year-on-year growth rate of 34.75%, 9.04%, and 12.36% respectively [6][8]. - The net profit attributable to shareholders is expected to be 35 million yuan in 2023, 41 million yuan in 2024, and 45 million yuan in 2025, with corresponding growth rates of 8.08%, 17.79%, and 9.84% [6][8]. - The company’s P/E ratios are projected to be 57.98, 49.23, and 44.82 for the years 2023, 2024, and 2025 respectively [6][8]. Industry Insights - The prepared dish market in China reached a scale of 3,616 billion yuan in 2023, with a year-on-year growth of 23% [7][20]. - The penetration rate of prepared dishes in China is currently between 10%-15%, indicating significant room for growth compared to 60% in the US and Japan [9][24]. - The company is well-positioned to capitalize on the growing demand from both B-end (business) and C-end (consumer) markets, with a focus on enhancing product standardization and efficiency in the restaurant industry [9][20]. Company Overview - The actual controller of the company holds a 56% stake, with the largest shareholder being Shanghai Lexiangjia Industrial Co., Ltd., which owns 48.32% of the shares [34][55]. - The company has over 20 years of experience in food exports and offers a diverse range of products, including marine vegetables, nutritional mushrooms, and seafood delicacies [34][55]. - The company has established a strong R&D capability, with 46 patents granted as of 2024, and is actively involved in setting industry standards [53][55]. Production Capacity and Expansion - The company is entering a "dual factory" phase, with new facilities in both Singapore and Jiangsu, aimed at enhancing production capacity and meeting growing market demands [55][57]. - Plans to raise up to 150 million yuan through convertible bonds will be directed towards the construction of a facility with an annual capacity of 7,000 tons for seafood and meat products [57][58].

盖世食品(836826)今日上涨6.18%，全天换手率26.30%，成交额2.34亿元，振幅8.75%。龙虎榜数据显 示，机构净买入54.47万元，营业部席位合计净买入18.28万元。 北交所公开信息显示，当日该股因日换手率达26.30%上榜，机构专用席位净买入54.47万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交3900.70万元，其中，买入成交额为 1986.72万元，卖出成交额为1913.98万元，合计净买入72.75万元。 具体来看，今日上榜的营业部中，共有1家机构专用席位现身，即买三、卖五，买入金额300.85万元， 卖出金额246.38万元，合计净买入54.47万元。 近半年该股累计上榜龙虎榜9次，上榜次日股价平均跌1.61%，上榜后5日平均跌3.51%。（数据宝） 盖世食品9月10日交易公开信息 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 东方财富证券股份有限公司拉萨团结路第一证券营业 | 362.11 | 145.62 | | | 部 | | | | 买二 | 国信证券股 ...

证券代码：836826 证券简称：盖世食品 公告编号：2025-160 盖世食品股份有限公司 关于全资子公司完成工商变更登记并取得营业执照的公告 名称：盖世食品（上海）有限公司 统一社会信用代码：91310120MA1J0F744C 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 一、基本情况 盖世食品股份有限公司（以下简称"公司"）全资子公司盖世食品（上海）有 限公司（以下简称"上海盖世"）因经营发展需要对经营范围进行了变更。 2025 年 9 月 9 日，上海盖世已完成工商变更登记及章程备案手续，并取得了上 海市奉贤区市场监督管理局核发的《营业执照》，具体变更内容如下： | 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 经营范围 | 一般项目：货物进出口；技术 | 一般项目：货物进出口；技术 | | | 进出口；技术服务、技术开发、 | 进出口；技术服务、技术开发、 | | | 技术咨询、技术交流、技术转 | 技术咨询、技术交流、技术转 | | | 让、技术推广； ...

盖世食品（836826）今日下跌1.95%，全天换手率33.84%，成交额2.97亿元，振幅6.99%。龙虎榜数据显 示，机构净卖出364.17万元，营业部席位合计净卖出558.18万元。 | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买一 | 万和证券股份有限公司台州分公司 | 526.29 | 12.07 | | 买二 | 机构专用 | 504.17 | 868.34 | | 买三 | 东方财富证券股份有限公司拉萨东环路第二证券营业 | 492.79 | 268.35 | | | 部 | | | | 买四 | 财通证券股份有限公司浙江总部数字分公司 | 425.31 | 240.69 | | 买五 | 兴业证券股份有限公司福州工业路证券营业部 | 332.59 | 1.59 | | 卖一 | 机构专用 | 504.17 | 868.34 | | 卖二 | 国信证券股份有限公司深圳红岭中路证券营业部 | 19.88 | 777.36 | | 卖三 | 中信建投证券股份有限公司北京东城分公司 | 7.79 | 437. ...