Core Viewpoint - The restaurant supply industry is undergoing a structural transformation, shifting from "passive supporters" to "active drivers" as companies adapt to a more cautious capital expenditure environment and a less aggressive price competition landscape [1][2]. Supply Side - The peak of capital expenditure has passed, revealing opportunities for structural adjustment within the restaurant supply industry. The industry continues to grow driven by the expansion of the restaurant sector, increased chain rates, and high growth in food delivery services. However, the past few years of downturn in the downstream restaurant sector and supply surplus have accelerated industry consolidation. Leading companies are moving away from past extensive capacity expansion and distribution strategies towards efficient service for large clients and refined operations for smaller clients, focusing on quality growth through product innovation and customization [2]. Demand Side - Historical analysis shows that when the Consumer Price Index (CPI) transitions from negative to positive or enters an upward phase, market expectations for consumer recovery often lead to capital flowing into cyclical sectors like the restaurant supply chain. The CPI is expected to turn positive in October 2025, indicating a mild recovery in consumer demand, which creates a favorable macro environment for the restaurant supply sector. The performance of leading companies has shown improvement since Q3 2025, suggesting that while the industry has not entered a high-growth phase, it has passed its worst stage and is currently stabilizing, with potential for both performance and valuation recovery [3]. Valuation - The restaurant supply sector's valuation has fallen to historically low levels, and the sector remains underweight, providing a high margin of safety and emotional recovery potential. Key segments include: 1. Frozen baking: The industry is expected to maintain rapid growth with a CAGR of 22.1% from 2020 to 2025. Leading company Lihigh Foods (300973) is benefiting from new product launches and channel expansion, with significant growth potential in its frozen baking business and cream business due to domestic substitution acceleration [4]. 2. Frozen food: The price competition has significantly weakened, with leading company Anjui establishing a clear advantage over competitors in management, channels, and capacity. The company is expected to enjoy dual benefits from industry growth and market share increase due to a rich pipeline of new products in 2025 [4]. 3. Compound seasoning: The current penetration rate in China is only 25.4%, compared to over 50% in mature markets like Europe, the U.S., and Japan, indicating substantial growth potential. The long-term development of leading companies in Western-style compound seasoning, such as Baoli Foods (603170) and Chinese-style compound seasoning companies like Tianwei Foods (603317) and Richen Co. (603755) is promising [4]. Investment Recommendations - The sector is currently in a phase of low valuation and institutional holdings, with demand stabilizing and improving policy conditions. Capital expenditures have significantly decreased, and the competitive landscape is shifting from price wars to a more rational framework. Leading companies are actively pursuing new products and channels (membership supermarkets/new retail), mergers and acquisitions, and R&D initiatives, providing high certainty and elasticity. It is recommended to focus on large-cap stocks for allocation and small-cap stocks for elasticity, with particular attention to the performance improvements of Anjui Foods (603345), Lihigh Foods (300973), and Qianhe Flavor (603027), as well as the growth elasticity from new channels and category expansions of Tianwei Foods (603317), Guoquan (02517), and Qianwei Yangchu (001215) [5].

Core Viewpoint - Shanghai Baoli Food Technology Co., Ltd. announced a significant change in shareholder equity, with a major shareholder reducing their stake, which has implications for the company's ownership structure and investor sentiment [2][3]. Group 1: Shareholder Information - The information disclosure obligor, Shanghai Baoli Food Technology Co., Ltd., has no concerted action parties [2]. - The major shareholder, Shanghai Houxu Asset Management Co., Ltd., plans to reduce its holdings by up to 12,000,300 shares, representing no more than 3% of the total share capital, through centralized bidding and block trading from December 10, 2025, to March 9, 2026 [2]. Group 2: Equity Change Details - As of January 14, 2026, Shanghai Houxu has reduced its holdings by 1,259,300 shares between December 22, 2025, and January 13, 2026, which accounts for 0.31% of the total share capital, decreasing its ownership from 6.25% to 5.94% [2]. - This equity change touches the 1% threshold but does not alter the controlling shareholder or actual controller of the company [2][3]. Group 3: Compliance and Future Actions - The equity change aligns with the previously disclosed reduction plan and does not trigger a mandatory tender offer or involve funding sources [3]. - The company will continue to monitor the progress of the reduction plan and will disclose information in accordance with relevant regulations [3].

Summary of Key Points Core Viewpoint - Baoli Food (603170.SH) announced a reduction in shareholding by its shareholder Shanghai Houxu, indicating a slight decrease in ownership percentage and potential implications for investor sentiment [1] Group 1: Shareholding Changes - Shanghai Houxu notified the company that it reduced its shareholding by 1,259,300 shares from December 22, 2025, to January 13, 2026 [1] - The reduction represents 0.31% of the company's total share capital, decreasing its ownership from 6.25% to 5.94% [1] - The change in equity ownership triggered a threshold of 1% [1]

上海宝立食品科技股份有限公司关于持股 5%以上 股东权益变动触及 1%刻度的提示性公告 证券代码：603170 证券简称：宝立食品 公告编号：2026-001 2、信息披露义务人信息 | 信息披露义务人名称 | 投资者身份 | 统一社会信用代码 | | --- | --- | --- | | □ | 控股股东/实控人 | | | 上海厚旭资产管理有 □ | 控股股东/实控人的一致 | √ 91310230341970806J | | 限公司 | 行动人 | 不适用 □ | | √ | 其他直接持股股东 | | 上述信息披露义务人无一致行动人。 上海厚旭资产管理有限公司保证向本公司提供的信息真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.25% | | | | 权益变动后合计比例 | 5.94% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否√ | ...

格隆汇1月14日丨宝立食品(603170.SH)公布，2026年1月14日，公司收到股东上海厚旭的通知，上海厚 旭于2025年12月22日至2026年1月13日期间通过集中竞价交易方式累计减持公司股份125.93万股，减持 股份数量占公司总股本的比例为0.31%，其所持公司股份比例由6.25%减少至5.94%，权益变动触及1% 刻度。 ...

宝立食品公告称，公司持股5%以上股东上海厚旭资管，原拟于2025年12月10日至2026年3月9日，通过 集中竞价和大宗交易减持不超1200.03万股，即不超总股本3%。2025年12月22日至2026年1月13日，上 海厚旭资管通过集中竞价累计减持125.93万股，占总股本0.31%，持股比例由6.25%降至5.94%，权益变 动触及1%刻度。本次减持符合计划，不会使控股股东及实控人变化，公司将持续关注减持进展。 ...

Core Viewpoint - The restaurant supply industry is experiencing a gradual easing of competition, with a consensus forming around this trend. The key to significant improvement in the sector in 2026 will depend on demand-side changes, with a prolonged bottoming period expected if demand remains stagnant [1][3]. Group 1: Industry Competition - Recent years have seen a weak recovery in the restaurant sector, leading to increased competition under pressure for market share. However, the marginal benefits from price competition have significantly decreased, and leading companies are advocating for rational competition. The profit margins in the sector rebounded in Q3 2025, indicating this shift [1][3]. - As the peak season approaches in Q4 2025 and January 2026, competition continues to ease, with companies like Anjijia adjusting promotional policies for certain products [1][3]. Group 2: New Growth Opportunities - Leading companies are actively seeking new growth through new products, channels, and markets. Anjijia is focusing on new product development and has adjusted its strategy to embrace supermarket customization, becoming a supplier for major retailers like Walmart and Sam's Club. The company is also planning to enter the halal market, which presents significant potential [2]. - Baoli Foods is enhancing its B2B business by tapping into existing customers and attracting new ones, while also maintaining a steady pace of new product launches in the C-end market [2]. - Babbi Foods has received positive feedback for its new store model, which is performing at 2-3 times the efficiency of traditional takeout stores, indicating potential for exceeding store opening expectations [2]. - Yihai International is expected to maintain robust growth in its B2B and overseas businesses, with a gradual stabilization anticipated for its related parties [2]. Group 3: Market Outlook - The market consensus is optimistic about the easing competition in the industry, with key uncertainties revolving around demand recovery, sustained improvement in market structure, and the potential for new products/channels/markets to generate significant incremental growth. The Consumer Price Index (CPI) is rising, which may restore consumer confidence, and there is anticipation for more domestic demand stimulus policies [3]. - The current low valuation of the sector suggests potential for a "Davis Double," where earnings exceed expectations, leading to a significant price increase [3]. Group 4: Investment Recommendations - The restaurant supply sector has passed its worst operational phase, with competition becoming more rational. Leading companies are making strides in new products, channels, and markets. Given the low valuations, the sector is expected to show elasticity, and a positive outlook is maintained. Key investment recommendations include Anjijia Foods, Baoli Foods, Lihai Foods, Babbi Foods, and Yihai International [4].

Market Overview - The seasoning and fermentation sector increased by 1.24% on January 12, with Anji Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Stock Performance - Anji Food (603696) closed at 26.40, up 10.00% with a trading volume of 505,000 shares [1] - Zhu Laoliu (920726) closed at 23.50, up 4.91% with a trading volume of 92,900 shares [1] - Baoli Food (603170) closed at 15.58, up 4.85% with a trading volume of 62,000 shares [1] - Lianhua Holdings (600186) closed at 6.45, up 4.03% with a trading volume of 1,125,300 shares [1] - Tianwei Food (603317) closed at 13.28, up 2.87% with a trading volume of 85,800 shares [1] - Zhongjing Food (300908) closed at 28.85, up 2.34% with a trading volume of 22,300 shares [1] - Qianhe Flavor (603027) closed at 10.43, up 1.96% with a trading volume of 197,000 shares [1] - Richen Co. (603755) closed at 37.85, up 1.80% with a trading volume of 20,400 shares [1] - Jieling Pickles (002507) closed at 13.27, up 1.61% with a trading volume of 212,300 shares [1] - Haitian Flavor (603288) closed at 38.32, up 1.13% with a trading volume of 176,900 shares [1] Capital Flow - The seasoning and fermentation sector saw a net inflow of 35.63 million yuan from main funds, while retail funds had a net inflow of 10.5 million yuan [2] - Speculative funds experienced a net outflow of 141 million yuan [2] Individual Stock Capital Flow - Haitian Flavor (603288) had a net inflow of 47.05 million yuan from main funds, but a net outflow of 30.60 million yuan from speculative funds [3] - Lianhua Holdings (600186) saw a net inflow of 35.64 million yuan from main funds, with a net outflow of 55.16 million yuan from speculative funds [3] - Anji Food (603696) had a net inflow of 31.50 million yuan from main funds, with a net outflow of 26.65 million yuan from speculative funds [3] - Tianwei Food (603317) experienced a net inflow of 10.71 million yuan from main funds, with a net outflow of 5.41 million yuan from speculative funds [3] - Zhu Laoliu (920726) had a net inflow of 4.88 million yuan from main funds and a net inflow of 4.38 million yuan from speculative funds [3]

Core Viewpoint - Baoli Food emphasizes its commitment to timely information disclosure regarding major shareholder's share reduction and equity changes, while continuing to focus on product innovation and development as its core growth model [1] Group 1 - The company stated that it will disclose information promptly if the major shareholder fulfills its obligation to disclose share reduction progress and equity changes [1] - Baoli Food's core development model is based on "creative output as the source, R&D empowerment as the core, and production and sales as the value embodiment" [1] - The company is continuously advancing product innovation [1]

Core Viewpoint - Baoli Food (603170) emphasizes its commitment to value management and has consistently returned value to investors through cash dividends since its listing [1] Group 1: Dividend Policy - The company has cumulatively distributed cash dividends of 466.01 million yuan (including tax) since its listing [1] - The cash dividend amounts for the fiscal years 2022, 2023, and 2024 represent 46.43%, 49.83%, and 68.60% of the net profit attributable to shareholders, respectively [1] Group 2: Business Performance - Recent periodic reports indicate that the company has maintained a steady growth trajectory in its operations [1] - The company plans to continue optimizing its operational results to enhance intrinsic value and boost market confidence [1] Group 3: Information Disclosure - The major shareholder will fulfill its obligations regarding the disclosure of share reduction progress and changes in equity, and the company will provide timely updates through announcements [1]