Core Viewpoint - Anjiu Food Group Co., Ltd. has announced a capital reduction for its subsidiary Honghu Anjiu Food Co., Ltd. to improve capital efficiency, reducing registered capital from RMB 670,000 to RMB 520,000, a total reduction of RMB 150,000 [1] Group 1 - The capital reduction applies only to the unpaid registered capital portion of all shareholders, with the shareholding proportions remaining unchanged [1] - Honghu Anjiu has completed the business registration change and obtained a new business license from the Honghu Market Supervision Administration [1]

Core Viewpoint - Anjiu Food Group Co., Ltd. has announced a capital reduction for its subsidiary Honghu Anjiu Food Co., Ltd. to improve capital efficiency, reducing registered capital from RMB 670,000 to RMB 520,000, a total reduction of RMB 150,000 [1] Group 1 - The capital reduction only affects the unpaid registered capital portion of all shareholders, with the shareholding proportions remaining unchanged [1] - Honghu Anjiu has completed the business registration change and obtained a new business license from the Honghu Market Supervision Administration [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度權益分派實施公告，僅供參閱。 承董事會命 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年9月15日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 ⚫ 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 中國廈門，2025年9月15日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司關於控股子公司減少註冊資本並換發營業執照的 公告，僅供參閱。 承董事會命 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 （一）基本信息 4. 法定代表人：肖华兵 证券代 ...

Business Development and Strategy - The company reported a steady development in the frozen food sector, adhering to a "product-driven" growth strategy and focusing on three main product lines: frozen prepared foods, frozen dishes, and frozen noodles[9]. - The company has implemented a new product development strategy that emphasizes "research and development for one generation, production for one generation, and reserve for one generation," leading to the launch of various new products, including a series of gourmet sausages[10]. - In July, the company completed the acquisition of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., expanding its presence in the frozen baking sector[14]. - The company aims to optimize its global market layout and enhance its international strategy following its listing on the Hong Kong Stock Exchange on July 4, 2025, becoming the first "A+H" listed frozen food company in China[15]. - The company is actively pursuing overseas market expansion, targeting Southeast Asia, Europe, and North America for production capacity and sales channel development[15]. Product and Market Performance - The company reported a strong market response to its upgraded product lines, which include various flavors of sausages and other innovative offerings[10]. - The revenue from frozen prepared foods for the six months ended June 30, 2024, was RMB 3,739,011 thousand, accounting for 49.4% of total revenue, a decrease of 1.8% compared to the same period last year[28]. - The revenue from frozen dishes for the same period was RMB 2,409,812 thousand, representing a 9.5% increase year-on-year and accounting for 31.9% of total revenue[30]. - The revenue from frozen staple foods was RMB 1,234,815 thousand, accounting for 16.3% of total revenue, showing a slight decrease from the previous year[26]. - The company offers over 500 products, with 39 products generating over RMB 100 million in annual revenue, and 4 products exceeding RMB 500 million in 2024[23]. Financial Performance - The company's revenue for the reporting period was RMB 7,564.6 million, a 1.2% increase from RMB 7,478.0 million in the same period last year[72]. - The net profit for the period was RMB 675.1 million, a decrease of 17.3% from RMB 816.1 million in the same period last year[85]. - The gross profit decreased by 13.9% to RMB 1,504.5 million, with a gross profit margin of 19.9%, down 3.5 percentage points from the previous year[75]. - The sales cost increased by 5.8% to RMB 6,060.1 million, primarily due to rising procurement prices for raw materials such as crayfish and fish paste[73]. Supply Chain and Operational Efficiency - The company has adopted AI technology to enhance operational efficiency across various business segments, including procurement, production, sales, and HR[14]. - The company continues to enhance its management structure and supply chain efficiency through refined organizational adjustments and management practices[14]. - The company has established a qualified supplier directory, which is updated regularly, and suppliers scoring below 60 are not included in the qualified supplier list[36]. - The company has implemented a strict supplier admission management process, including qualification review and on-site evaluation, to ensure the quality of raw material procurement[35]. Marketing and Sales Strategy - The company is focusing on channel expansion into lower-tier markets and embracing new retail customers, collaborating with major retailers like Walmart and Metro for customized product development[11]. - The company has enhanced its online sales capabilities by partnering with third-party platforms like Meituan and JD for live-streaming sales activities[41]. - The company's marketing strategy emphasizes healthy eating, with unified promotional activities to enhance brand awareness across various retail channels[41]. - The company is actively expanding partnerships with new retail platforms, leveraging big data for product and service integration[46]. Employee and Governance - The total number of employees in the group as of June 30, 2025, is 17,778, with total employee costs amounting to RMB 726.5 million during the reporting period[111]. - The group emphasizes competitive compensation packages, including salaries, allowances, and performance-based bonuses, supported by a self-developed performance evaluation system[112]. - The company is committed to high levels of corporate governance to protect shareholder interests[154]. - The company has adopted the corporate governance code as a baseline for its governance practices since its listing[154]. Dividend and Shareholder Information - The company plans to distribute a cash dividend of RMB 1.425 per share (including tax), totaling approximately RMB 473,282,445.60, which represents 70.02% of the net profit attributable to shareholders for the first half of 2025[155]. - The total number of shares eligible for the dividend distribution is 332,128,032 after deducting 1,160,900 shares held in the repurchase account from the total share capital of 333,288,932[155]. - The company will distribute the interim dividend to H-share shareholders on October 17, 2025, based on the shareholder register as of September 15, 2025[158]. Risks and Challenges - The company faces risks including food safety, rising costs of raw materials, and potential impacts from natural disasters or public health events[116]. - The company will continue to monitor foreign exchange rate fluctuations closely, as it holds several foreign currency cash reserves, exposing it to currency risk[116].

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2][3] Group 1: Increased Holdings - Haotian International Investment (01341) saw the largest increase in holdings, up by 2.83%, bringing its total to 58.85% [2] - Chifeng Jilong Gold Mining (06693) and Shandong Gold (01787) also experienced notable increases of 1.81% and 1.44%, respectively, with holdings of 43.83% and 54.55% [2] - Other companies with significant increases include Yimai Sunshine (02522) at +1.43% (41.36%) and Changfei Optical Fiber Cable (06869) at +1.01% (55.00%) [2] Group 2: Decreased Holdings - Kinglong Magnetics (06680) had the largest decrease in holdings, down by 1.67% to 25.77% [2] - Other notable decreases include Chunli Medical (01858) at -1.41% (46.64%) and Longpan Technology (02465) at -1.17% (50.37%) [2] - Additional companies with reduced holdings include Chongqing Steel (01053) at -0.76% (30.19%) and Tianqi Lithium (09696) at -0.66% (37.65%) [3] Group 3: Five-Day Changes - In the last five trading days, Jingtai Holdings (02228) had the highest increase at +3.39%, with a total holding of 42.87% [3] - Anjiu Food (02648) also saw a significant increase of 3.31% (17.38%) [3] - Shandong Gold (01787) increased by 2.83% (54.55%) during this period [3] Group 4: Twenty-Day Changes - Over the past twenty days, Anjiu Food (02648) experienced the largest increase of 13.05%, bringing its holding to 17.38% [4] - Lens Technology (06613) and Yimai Sunshine (02522) also saw substantial increases of 12.03% (12.56%) and 10.48% (41.36%), respectively [4]

FF301 | 通股 | 股份類別 | 於者 | | --- | --- | --- | | 2648 | 說明 | | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02648 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 39,994,700 | RMB | | 1 RMB | | | 39,994,700 | | 增加 / 減少 (-) | | | | | | RMB | | | | | 本月底結存 | | | 39,994,700 | RMB | | 1 RMB | | | 39,994,700 | | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | ...

Summary of Anjoy Foods Group Conference Call Company Overview - **Company**: Anjoy Foods Group (603345.SS, 2648.HK) - **Industry**: Food and Beverage Key Takeaways from the Conference Call 1. **Key Accounts (KAs) Strategy**: - Focus on launching frozen hotpot ingredients in KAs for the upcoming Chinese New Year peak season, following the successful launch of frozen flour and rice products in 1H25. - Management expects distributors to increase shipments despite lower gross profit margins compared to traditional channels, citing lower selling costs and potential for higher net profit margins through deeper collaboration and scaling up. - Plans to introduce 3-20 new products for major KAs such as Freshippo, RT-mart, and Pandonglai, with future opportunities identified in discount channels [1][1][1]. 2. **Overseas Development**: - Collaboration with leading chain KAs to launch approximately 9 high-margin fresh-lock products across 250 stores. - Future expansion into catering and hotel channels in Hong Kong is anticipated to yield higher pricing and margins compared to the domestic market [1][1][1]. 3. **Dingweitai Update**: - The frozen bakery business is projected to achieve high single-digit percentage growth in sales for FY25, with a target of RMB 100 million in 2024. - Management noted that 60% of its channels are emerging, including coffee shops, catering, and ready-to-drink (RTD) drinks, which are expected to create synergies with traditional distribution channels [1][1][1]. 4. **Competition Strategy**: - In 1H25, the company experienced a 1-5% pricing promotion across various categories. - Management does not foresee further deterioration in pricing into 2H25, indicating a stable competitive environment [1][1][1]. Investment Rating and Price Target - **Rating**: Buy-rated on Anjoy A/H shares. - **Price Target**: - Anjoy-A: RMB 82.0 based on a target P/E multiple of 16x applied to the 2026E EPS estimate. - Anjoy-H: HK$ 71.0, reflecting a 20% discount to the A-share multiple [2][3][3]. Risks Identified 1. Lower-than-expected growth in the frozen meal business. 2. Changes in consumer preferences. 3. Rising raw material costs. 4. Food safety concerns. 5. Pricing pressure due to intense competition in the industry [7][7][7]. Conclusion - Anjoy Foods Group is strategically positioning itself for growth through product innovation and expansion into new markets, while maintaining a cautious outlook on competition and market dynamics. The company's strong market position and growth trajectory make it a favorable investment opportunity despite identified risks.

Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of September 1, 2025 [1][2][3]. Group 1: Increased Holdings - Aikang Medical (01789) saw the largest increase in holdings, up by 1.59%, bringing its total to 20.34% [1]. - Yimai Sunshine (02522) and Shanghai Fudan (01385) also experienced notable increases of 1.19% and 0.91%, with new holdings of 38.82% and 41.13% respectively [1]. - Other companies with significant increases include Jingtai Holdings (02228) and Fourth Paradigm (06682), both up by 0.86%, with holdings of 41.75% and 46.65% respectively [1]. Group 2: Decreased Holdings - Hang Seng China Enterprises (02828) experienced the largest decrease, down by 15.91%, now holding only 0.50% [2]. - Other notable decreases include the Tracker Fund of Hong Kong (02800) and Southern Hang Seng Technology (03033), which fell by 7.39% and 2.67%, with holdings of 0.69% and 59.48% respectively [2]. - Companies like Huaxia Hang Seng Biotechnology (03069) and Yuzhou Group (01628) also saw reductions of 1.59% and 1.27%, with holdings of 13.93% and 2.06% respectively [2]. Group 3: Five-Day Changes - Over the last five trading days, Anjijia Food (02648) led with a 4.24% increase, reaching a holding of 16.87% [3]. - Other companies with significant five-day increases include Jinli Permanent Magnet (06680) and Ganfeng Lithium (01772), which rose by 3.94% and 3.34%, with holdings of 28.00% and 34.97% respectively [3]. - Companies like Jingtai Holdings (02228) and Times Angel (06699) also saw increases of 3.12% and 2.06%, with holdings of 41.75% and 23.15% respectively [3]. Group 4: Twenty-Day Changes - In the last twenty days, Anjijia Food (02648) had the highest increase at 14.45%, with a holding of 16.87% [4]. - Changfei Optical Fiber (06869) and Yimai Sunshine (02522) also saw significant increases of 8.06% and 7.96%, with holdings of 54.02% and 38.82% respectively [4]. - Other notable increases include Meizhong Jiahe (02453) and Jingtai Holdings (02228), which rose by 7.16% and 6.99%, with holdings of 37.60% and 41.75% respectively [4].

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]