Core Insights - The seasoning and fermentation products sector experienced a decline of 0.4% on November 26, with Baoli Food leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Stock Performance - Zhu Laoliu saw a significant increase of 13.18%, closing at 22.41, with a trading volume of 121,000 shares and a turnover of 258 million [1] - Anji Food and Lianhua Holdings also reported gains of 2.85% and 1.83%, respectively [1] - Baoli Food, on the other hand, declined by 0.87%, closing at 14.80, with a trading volume of 22,700 shares and a turnover of approximately 33.8 million [2] Capital Flow - The seasoning and fermentation products sector had a net inflow of 8.96 million from institutional investors, while retail investors saw a net outflow of 37.35 million [2][3] - Qianhe Flavor Industry had a net inflow of 28.12 million from institutional investors, but a significant outflow of 25.31 million from retail investors [3] - Zhu Laoliu attracted a net inflow of 20.73 million from institutional investors, indicating strong interest despite the overall sector decline [3]

Financial Performance - The company achieved operating revenue of 21,628 million (6.0% increase) and net profit attributable to shareholders of 5,322 million (10.5% increase) in the first three quarters of 2025, with profit growth outpacing revenue growth [1] - Gross margin improved to approximately 40%, indicating continuous enhancement in profitability [1] - Net cash flow from operating activities reached 3,148 million (14.4% increase), reflecting good cash quality; total assets at the end of the period were 47,348 million, with a debt-to-asset ratio reduced to about 15%, showcasing a robust capital structure that provides financial flexibility for future capacity investments and business expansion [1] Business Development - The core cash cow remains the basic product business, although growth has noticeably slowed compared to the previous year due to weaker performance in the catering sector and intensified competition [1] - Other categories and innovative businesses, while smaller in scale than the basic category, exhibit significant growth potential and are key to structural upgrades and offsetting the slowdown in the main business [1] - International business and overseas markets accounted for less than 5% of revenue in the first half of the year, indicating an early-stage development; approximately 20% of the 9,152 million raised in the Hong Kong stock market will be allocated to overseas capacity and channels in Southeast Asia and Europe, with ongoing planning for bases in Indonesia and Europe, which may temporarily increase costs and dilute profits but could open a second growth curve in the medium to long term [1] Profit Forecast - The company expects an 8.0% increase in operating revenue and a 7.81% increase in operating profit for 2025; the price-to-earnings ratios for 2025-2027 are projected to be 24.66, 22.36, and 21.45 times, respectively [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of A-share companies pursuing listings in Hong Kong, with over 140 companies having submitted plans for such listings this year, marking a significant shift towards internationalization and capital market openness [1][4][9] - The listing of companies like HLA Home and Dalian Commodity Exchange reflects a broader strategy for A-share companies to enhance their global presence and financing options, transitioning from "Chinese brands" to "global brands" [1][2][4] - The Hong Kong IPO market has seen a total fundraising amount exceeding 200 billion HKD this year, positioning it as the leading global exchange for IPOs, with major A-share companies like CATL and Hengrui Medicine joining the ranks [4][6] Group 2 - Chinese securities firms are capturing significant market share in the Hong Kong IPO space, accounting for over 60% of the underwriting market, leveraging their extensive resources and familiarity with regulatory frameworks [6][7] - Leading Chinese investment banks, such as CICC and CITIC Securities, are at the forefront of the Hong Kong IPO underwriting rankings, indicating a strong competitive position in the market [7] - The current IPO boom is expected to have a lasting impact on the Chinese securities industry, enhancing their ability to meet cross-border financing needs and improving international competitiveness [7][8] Group 3 - The number of A-share companies seeking to list in Hong Kong is anticipated to remain high, supported by favorable policies and the recent addition of more qualified auditing firms for H-share companies [9] - The article emphasizes that the "A+H" listing trend is driven by a flexible policy environment and the strategic enhancement of company quality, with expectations for continued interest from major A-share companies [9] - The potential for Hong Kong to evolve from a "valuation lowland" to a platform for the internationalization of Chinese assets is highlighted, with a focus on attracting global capital [2][9]

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the essential consumer goods sector, including Guizhou Moutai, Wuliangye, and others [1]. Core Insights - The wholesale prices of Baijiu have mostly declined, while prices for instant foods and condiments have rebounded [1][10]. - Discounts for convenience foods and seasonings have narrowed compared to the end of October, indicating a potential recovery in consumer spending [19][38]. - The report highlights the stability of discounts for infant formula and beer, while discounts for liquid milk and soft drinks have increased [21][38]. Summary by Sections Baijiu Pricing - The wholesale prices for various Baijiu brands, such as Moutai and Wuliangye, have shown significant declines compared to previous months and year-to-date figures [9][40]. - For instance, the price of Feitian Moutai (case) is 1650 yuan, down by 110 yuan from last month, and down 590 yuan year-to-date [40]. Consumer Goods Discounts - Convenience foods have seen an increase in average and median discount rates, moving from 93.2%/95.9% at the end of October to 95.8%/97.0% [19][38]. - Seasonings also experienced a rise in discount rates, from 83.7%/84.9% to 85.9%/88.9% [19][38]. - In contrast, liquid milk discounts have widened, with average rates dropping from 69.6% to 66.0% [21][38]. Company Ratings - The report lists several companies with an "Outperform" rating, including: - Guizhou Moutai - Wuliangye - Luzhou Laojiao - Shanxi Fenjiu - Yanghe - Others [1].

食品饮料行业 超配 （维持） 曙光渐近，蓄力前行 食品饮料行业 2026 年上半年投资策略 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料（申万）指数走势 2025 年 11 月 24 日 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 资料来源：同花顺，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 投 资 策 略 行 业 研 究 证 券 研 究 报 告 推荐 ◼ 食品饮料行业今年1-10月跑输沪深300指数。受需求弱复苏以及禁酒 令等因素影响，食品饮料行业今年走势较弱。2025年1-10月份（截至 2025年10月31日），SW食品饮料行业指数整体下跌5.52%，跌幅在所有 申万一级行业中最大，跑输同期沪深300指数23.46个百分点。细分板 块中，所有 ...

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a 1.34% increase over the past two weeks, outperforming major indices such as the Shanghai Composite Index by 5.41 percentage points [12] - The Consumer Price Index (CPI) turned positive in October, with a year-on-year increase of 0.2%, indicating a potential recovery in consumer sentiment [3][62] - The report highlights a structural shift in dairy imports towards high-value products, driven by changing consumer preferences for low-fat, high-protein, and organic options [7][62] Summary by Sections 1. Market Review - A-shares in the food and beverage industry rose by 1.34% from November 10 to November 21, outperforming the Shanghai Composite Index by 5.41 percentage points [12] - Within the sector, dairy (+6.67%), processed foods (+2.60%), and liquor (+2.52%) saw the highest gains, while soft drinks (-4.27%), health products (-2.25%), and snacks (-1.02%) experienced declines [12] 2. Key Data Tracking - The average price of fresh milk in major production areas is 3.03 yuan/kg, down 2.9% year-on-year [39] - The national market price for pork is 23.13 yuan/kg, reflecting a year-on-year decrease of 19.7% [44] - The price of PET (water bottle grade) is 6,100 yuan/ton, down 3.9% year-on-year [44] 3. Key Events Tracking - The October CPI data showed a year-on-year increase of 0.2%, with food prices decreasing by 2.9% [3][62] - Retail sales in October grew by 2.9% year-on-year, with significant increases in the sales of grain, oil, and beverages [3][62] - Dairy imports have returned to positive growth, driven by strong demand for high-end products [7][62] 4. Important Company Announcements - Yili Group plans to maintain a cash dividend payout ratio of no less than 75% over the next three years [63] - Huangtai Liquor's major shareholder intends to increase their stake in the company through market purchases [63] 5. Investment Recommendations - For liquor, focus on high-end brands with strong market positions such as Kweichow Moutai and Wuliangye [8][65] - In the consumer goods sector, consider companies in the snack and energy drink markets, as well as those benefiting from the recovery of the dairy and restaurant supply chains [8][65]

Core Viewpoint - The food and beverage sector demonstrates resilience amid market corrections, with the food ETF (515710) showing fluctuations in performance, reflecting the overall market sentiment [1][3]. Group 1: Market Performance - The food and beverage sector ranks among the top three in performance across 30 CITIC primary industries, despite a broader market downturn [1]. - The food ETF (515710) experienced a decline of 1.29% by the end of the trading day, after an initial rise [1][2]. - Key stocks such as Yunnan Energy Investment fell by 7.73%, while others like Jiu Gui Jiu and Jin Da Wei dropped over 4%, negatively impacting the sector's overall performance [1][2]. Group 2: Sales and Demand Insights - Recent research indicates that Moutai 1935 has seen over 20% year-on-year sales growth in several markets since Q3, with some areas reporting growth exceeding 30% [1][3]. - High opening rates and positive feedback from distributors suggest strong recognition of the product in both distribution and consumer channels [3]. Group 3: Valuation and Investment Opportunities - The food and beverage sector is currently at a historical low in terms of valuation, presenting a potential opportunity for left-side positioning [3]. - As of November 20, the food ETF's underlying index had a price-to-earnings ratio of 21, placing it in the lower 10.2% percentile over the past decade, indicating favorable long-term investment potential [3]. - Analysts predict that the food and beverage sector will experience a shift from valuation recovery to performance-driven growth starting in 2026, with expectations of improved earnings across various segments [4]. Group 4: Sector Composition and Focus - The food ETF (515710) tracks the CSI sub-index for the food and beverage industry, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other segments like beverages and dairy [5]. - Key stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5].

Core Insights - Haitan Flavor Industry experienced a slight decline of 0.13% on November 20, with a trading volume of 316 million yuan [1] - The company reported a net financing purchase of 5.43 million yuan on the same day, indicating strong investor interest despite the minor price drop [1] Financing Overview - On November 20, Haitan Flavor Industry had a financing buy-in amount of 32.21 million yuan, with a total financing balance of 1.10 billion yuan, representing 0.52% of its market capitalization [1] - The financing balance is above the 70th percentile of the past year, indicating a relatively high level of leverage [1] Short Selling Activity - On the same day, the company saw a short selling repayment of 17,500 shares and a short selling amount of 2,400 shares, totaling approximately 90,600 yuan [1] - The remaining short selling volume was 240,900 shares, with a short selling balance of 9.09 million yuan, exceeding the 90th percentile of the past year, suggesting high short interest [1] Company Profile - Haitan Flavor Industry, established on April 8, 2000, and listed on February 11, 2014, is primarily engaged in the production and sale of condiments, including soy sauce, seasoning sauces, oyster sauce, chicken essence, and vinegar [2] - The revenue composition for the company includes soy sauce (52.05%), other products (16.45%), oyster sauce (16.43%), seasoning sauces (10.68%), and miscellaneous (4.39%) [2] Financial Performance - For the period from January to September 2025, Haitan Flavor Industry achieved a revenue of 21.63 billion yuan, reflecting a year-on-year growth of 6.02% [2] - The net profit attributable to shareholders was 5.32 billion yuan, marking a year-on-year increase of 10.54% [2] Dividend Distribution - Since its A-share listing, Haitan Flavor Industry has distributed a total of 32.71 billion yuan in dividends, with 13.20 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 211,200, up by 6.01% from the previous period [2] - Hong Kong Central Clearing Limited is the fifth-largest shareholder, holding 149 million shares, a decrease of 46.83 million shares from the previous period [3]

Market Overview - The seasoning and fermentation sector experienced a decline of 0.54% on November 20, with Zhu Laoliu leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Stock Performance - Notable stock performances include: - Richen Co., Ltd. (603755) rose by 2.21% to a closing price of 38.42 with a trading volume of 23,400 hands [1] - Zhu Laoliu (920726) fell by 6.88% to a closing price of 20.30 with a trading volume of 63,700 hands [2] - Other significant declines include Anji Food (603696) down 3.93% and Baoli Food (603170) down 2.29% [2] Trading Volume and Capital Flow - The seasoning and fermentation sector saw a net outflow of 135 million yuan from main funds, while retail investors contributed a net inflow of 126 million yuan [2] - The trading volume for key stocks varied, with Richen Co., Ltd. achieving a trading volume of 23,400 hands and Zhu Laoliu at 63,700 hands [1][2]

Core Viewpoint - The report from CMB International initiates a "Buy" rating for Haitian Flavor Industry's H-shares with a target price of HKD 39.1, highlighting the company's strong position in the Chinese condiment industry and potential for overseas expansion [1] Group 1: Company Overview - Haitian Flavor Industry is recognized as a leader in the Chinese condiment market [1] - The company's overseas business is still in its early stages but is expected to benefit from the trend of Chinese restaurant brands expanding internationally [1] Group 2: Financial Projections - CMB International estimates that Haitian's overseas revenue could achieve double-digit compound growth over the next three years, leading to an increase in the proportion of overseas revenue [1] - The forecasted compound annual growth rate (CAGR) for Haitian's revenue from 2024 to 2027 is approximately 8%, while net profit is expected to maintain a growth rate of around 10% [1]