国盛证券研报指出，宝立食品BC端携手共赢，市场地位领先。短期看，B端核心客户门店扩张带来稳定 需求，且宝立不断拓展合作公司类型，除百胜中国之外与麦当劳、喜茶等紧密合作。C端，空刻新品迭 代，线上品牌宣传到位，线下渠道拓展，二者相互配合持续贡献增量。长期看，行业渗透率提升与餐饮 复苏双重红利下，公司凭借B端大客户合作与C端空刻品牌、产品、渠道核心优势，有望实现持续增 长。此外，外延式并购是宝立食品实现增长的重要战略方向之一，公司有望进一步扩大规模，稳固行业 地位。预计2025-2027年公司归母净利润分别为2.62亿元/3.00亿元/3.43亿元，同比增速分别为 +12.44%/+14.30%/+14.46%。考虑行业龙头地位与业务稳定增长，首次覆盖给予"买入"评级。 ...

Investment Rating - The report rates the industry as "Buy" [5] Core Insights - The 2026 Spring Festival consumption exceeded expectations, with service consumption leading the growth, driven by a significant increase in dining and travel demand [2][7] - The report highlights a notable recovery in the travel sector, with an expected total of 9.5 billion people traveling during the Spring Festival, marking a historical high [10][12] - The report emphasizes the importance of quality and experience in consumer spending, with a shift towards premium products and services [7][19] Summary by Sections 1. Spring Festival Consumption Trends - The Spring Festival holiday from February 15 to 23, 2026, saw a "good start" in consumption, with key retail and dining enterprises reporting a 10.6% increase in average daily sales compared to the same period in 2025 [10][22] - The first four days of the holiday recorded an 8.6% increase in average daily sales for key retail and dining enterprises compared to the previous year [10][19] - Government initiatives, including a 20.5 billion yuan fund for consumer subsidies, significantly boosted consumer spending [11][10] 2. Baijiu (Chinese Liquor) Market - The Baijiu market showed signs of improvement, with a narrowing decline compared to previous major holidays, although brand differentiation became more pronounced [27][30] - High-end Baijiu brands like Moutai and Wuliangye continued to lead the market, with a focus on price elasticity and rational consumer behavior [27][30] - The report identifies three key changes in the Baijiu market: increased importance of personal consumption, a more relaxed approach from manufacturers regarding sales targets, and improved channel sentiment [30][31] 3. Snack and Food Market - The snack market is expected to benefit from an extended peak season, with a longer preparation and sales cycle compared to 2025 [33][34] - Offline channels, particularly membership-based supermarkets and discount stores, are performing better than online channels, with significant growth in sales during the holiday period [34][35] - The report notes a diversification in snack offerings, with strong performance in high-quality nut gift boxes and innovative packaging strategies enhancing brand visibility [35][36]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - Baoli Foods has established itself as a leader in the Western compound seasoning industry, evolving from single product offerings to comprehensive solutions over its 20-year history [15][16]. - The company has shown steady revenue and profit growth, with a projected CAGR of 14.09% from 2022 to 2024, and a net profit of 1.92 billion yuan in Q1-Q3 2025, reflecting a year-on-year increase of 10.59% [1][15]. - The compound seasoning market is expected to grow from 99.7 billion yuan in 2020 to 126.5 billion yuan by 2024, with a CAGR of 6.1% [2]. Company Overview - Baoli Foods operates three main business segments: compound seasonings, light cooking solutions, and beverage dessert ingredients, serving both B-end and C-end markets [15]. - The company has a stable management team with extensive industry experience, which supports strategic execution and innovation [26][29]. - The financial performance indicates a robust growth trajectory, with revenue expected to reach 2.998 billion yuan in 2025, reflecting a year-on-year growth rate of 13.1% [10]. Industry Analysis - The compound seasoning market is characterized by strong demand from both enterprise and individual customers, with enterprise customer revenue projected to grow from 58.8 billion yuan to 73.1 billion yuan from 2020 to 2024, and individual customer revenue expected to increase from 40.9 billion yuan to 53.4 billion yuan [2]. - The restaurant service market in China is projected to reach 5.6 trillion yuan by 2024, with a CAGR of 8.78% from 2020 to 2024, driven by the growth of chain restaurants and the takeout market [3]. - The C-end market for pre-prepared meals is expected to grow significantly, with the market size projected to increase from 171.2 billion yuan in 2019 to 485 billion yuan by 2024, achieving a CAGR of 23.15% [4].

Core Viewpoint - The major shareholder, Shanghai Houxu Asset Management Co., Ltd., is implementing a share reduction plan, which may impact the company's stock performance and investor sentiment [1][2]. Group 1: Shareholder Actions - Shanghai Houxu Asset Management Co., Ltd. has reduced its stake by 0.31% as of January 13, 2026, with plans to further decrease its holding from 6.25% to potentially 3.25% [2]. - The reduction period for the shareholding is from December 10, 2025, to March 9, 2026, indicating a strategic exit from the investment [2]. Group 2: Business Development - The company is actively expanding into emerging retail channels, including entry into bulk snack channels and partnerships with major supermarkets like Sam's Club and Hema [3]. - There is a focus on optimizing the cost structure to support brand development, although the C-end business faces intensified competition [3]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.133 billion yuan and a net profit attributable to shareholders of 192 million yuan, both reflecting an approximate growth of 10% year-on-year [4]. - However, the net cash flow from operating activities has decreased by 25.47% year-on-year, raising concerns about cash generation despite revenue growth [4].

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

Summary of Poly Food's Conference Call Company Overview - Poly Food was established in 2001, initially supplying fruit powder and breadcrumbs to Yum China, later expanding to marinades and sauces. In 2018, the company entered the C-end light cooking food market with the launch of the "Kongke" pasta and went public in 2022 [2][4]. Industry Insights - The increasing chain rate in China's restaurant industry drives the demand for standardized compound seasonings, providing growth opportunities for Poly Food's B-end business. The chain rate is projected to rise from over 10% in 2018 to over 21% by 2024, still below the over 50% in the U.S. [2][7]. Core Business Model - Poly Food positions itself as a comprehensive customized solution provider, transitioning from merely selling products to offering full-service solutions. The product line includes fruit powder, marinades, seasonings, and sauces, catering to nearly all needs of Western-style dining [2][8]. Key Clients - Core clients include major Western fast-food chains such as Yum China (KFC, Pizza Hut), McDonald's, and Burger King, as well as emerging sectors like ready-to-drink tea and meat processing companies [2][9][10]. B-end Business Growth - B-end business growth is driven by collaborations with major clients and the introduction of new products. The company leverages scale benefits from partnerships and continuously develops new products to tap into emerging restaurant chains [2][11]. C-end Business Development - The C-end light cooking solution, represented by "Kongke" pasta, has rapidly gained market share since its launch in 2019, becoming the top-selling Italian pasta online. The product offers a complete home cooking experience and has expanded to include healthier and child-friendly versions [2][12]. Marketing and Sales Strategy - The "Kongke" brand initially focused on online sales through platforms like Tmall and JD, while also utilizing new media for brand promotion. The company is now actively expanding into offline channels to enhance brand presence and increase sales [2][13]. R&D Capabilities - Poly Food's R&D team consists of members with extensive experience in multinational food companies and well-known restaurant chains, enabling rapid transformation of client concepts into standardized products. The company employs a collaborative R&D model with major clients to align with market trends [2][14]. Supply Chain Advantages - The company has a robust supply chain with production bases in Shanghai, Zhejiang, and Shandong, allowing for flexible production capabilities to meet both large and small client needs. This adaptability supports the B-end business's diverse and customized requirements [2][15]. Performance Evaluation - Poly Food has established strong ties with major clients, maintaining double-digit growth despite a challenging restaurant environment. The company has developed a "BB+C" dual-driven model, enhancing cash flow and technology through B-end operations while achieving growth and profit through C-end initiatives [2][16][17]. Future Outlook - Poly Food's solid fundamentals and clear strategic path suggest long-term growth potential. The company is expected to maintain its leading position in the food industrialization wave, continuing to expand its growth boundaries and is recommended for investment in the restaurant supply chain sector [2][18].

Group 1 - The company, Shanghai Baoli Food Technology Co., Ltd., plans to apply for a comprehensive credit limit of up to RMB 2 billion from banks and financial institutions to meet operational and funding needs [1][2] - The credit limit will include various financial services such as bank loans, bank acceptance bills, guarantees, and bill discounts, with the final amount subject to approval by the banks [1][2] - The authorization for the management team to negotiate and handle related matters is valid for 12 months from the date of the board's approval [2] Group 2 - The second board meeting was held on February 4, 2026, with all nine directors present, and the proposal for the credit limit was unanimously approved [5][8] - The board also approved a separate proposal to use part of the idle self-owned funds for cash management, with a total amount of RMB 500 million allocated for this purpose [12][15] - The cash management will focus on high-security, liquid financial products, and the investment period will not exceed 12 months [17][18]

Group 1 - The company held its 16th meeting of the second board of directors on February 4, 2026, with all 9 directors present, complying with relevant laws and regulations [2][4]. - The board approved a proposal for the company and its subsidiaries to apply for a comprehensive credit limit of up to RMB 200,000 million from banks, which will include various financial services such as loans and guarantees [3][9]. - The board also approved a proposal to use part of the idle self-owned funds for cash management, with a total amount of RMB 50,000 million allocated for this purpose [5][15]. Group 2 - The cash management aims to improve the efficiency of fund utilization without affecting the company's daily operational needs, thereby providing good returns for the company and its shareholders [15][26]. - The investment will focus on high-security, liquid financial products, with the management authorized to handle related matters within the approved limits [18][21]. - The cash management activities will be monitored by the financial department, and any risks affecting fund safety will be addressed promptly [22][26].

Group 1 - Company Baoli Food announced on February 4 that its second session of the sixteenth board meeting was held on the same day, utilizing both in-person and communication voting methods [1] - The meeting reviewed the proposal regarding the use of part of the idle self-owned funds for cash management [1] Group 2 - The article discusses Kevin Warsh's new policy ideas, which include a dual approach of monetary easing and tightening, aiming to control inflation with the help of AI [1] - Warsh rejects the notion of being a major buyer of U.S. Treasury bonds, indicating a shift in investment strategy [1]

证券代码：603170 证券简称：宝立食品 公告编号：2026-004 上海宝立食品科技股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 基本情况 | 投资金额 | 不超过人民币 万元（含本数） 50,000 | | --- | --- | | 投资种类 | 安全性高、流动性好的理财产品，包括但不限于结构 性存款、定期存款、大额存单等 | | 资金来源 | 自有资金 | 已履行的审议程序 公司于 2026 年 2 月 4 日召开第二届董事会审计委员会第十三次会议和第二 届董事会第十六次会议，审议通过了《关于使用部分闲置自有资金进行现金管理 的议案》。本事项在董事会审批权限内，无需提交公司股东会审议。 特别风险提示 公司及子公司拟购买安全性高、流动性好的理财产品，总体风险可控，但不 排除该项投资受到市场波动的影响，公司及子公司将遵循审慎投资原则，及时跟 踪现金管理的进展情况。敬请广大投资者审慎决策，注意投资风险。 一、投资情况概述 （一）投资目的 为提高公司 ...