FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于安井食品集团股份有限公司 为出具本法律意见书之目的，本所经办律师（以下简称"本所律师"）依照现 行有效的中国法律的要求和规定，对安井食品提供的与本次差异化分红事宜有关 的法律文件及其他文件、资料进行了必要的核查和验证。同时，本所律师还审查、 验证了本所律师认为出具本法律意见书所必需核查、验证的其他法律文件及其他 文件、资料和证明，并就有关事项向安井食品有关人员进行了询问。 在前述审查、验证、询问过程中，本所律师得到安井食品如下承诺及保证： 其已经提供了本所律师认为为出具本法律意见书所必 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][5]. Core Views - High-end liquor prices continue to face pressure, with a focus on the performance during the traditional peak season [2][10]. - The beer industry is awaiting demand recovery, with recommendations for leading brands like Yanjing Beer and China Resources Beer [13][14]. - The overall food and beverage sector saw a 1.21% increase in the week of September 8 to September 12, 2025, underperforming the Shanghai Composite Index by 0.31 percentage points [19][20]. Summary by Sections 1. Liquor Industry - High-end liquor prices, including Feitian Moutai and Wuliangye, have decreased, while the price of Gaoduzhongjiu has remained stable [11][12]. - The report suggests that the traditional double festival consumption atmosphere has not yet gained momentum, leading to weak demand [2][11]. - Recommendations include focusing on companies with strong anti-cyclical performance, such as Shanxi Fenjiu and Gujing Gongjiu, and those with strong cyclical attributes like Luzhou Laojiao [12][2]. 2. Beer Industry - The beer sector is experiencing healthy inventory levels and is expected to see demand recovery as regulatory impacts on consumption fade [13][14]. - Recommendations include Yanjing Beer and China Resources Beer, which are positioned well for growth [13][14]. 3. Snack and Seasoning Products - The snack industry is shifting from channel-driven growth to category-driven growth, with a focus on strong brands like Wei Long and Yan Jin [14][15]. - The seasoning industry shows signs of improvement, with leading companies like Haitian and Yihai International expected to benefit from a recovery in the restaurant sector [15]. 4. Frozen Foods and Dairy Products - The frozen food sector is seeing a trend towards industrialization, with a focus on pre-prepared dishes [16]. - The dairy sector is expected to recover gradually, with leading companies like Yili and New Hope Dairy showing signs of improvement in 2025 [17]. 5. Beverage Sector - The beverage industry continues to thrive, with a reported 18% year-on-year revenue growth in Q2 2025, driven by demand for sugar-free tea and energy drinks [18]. - Recommendations include leading brands like Nongfu Spring and Dongpeng Beverage, which are expanding their market presence [18].

Core Insights - The food processing sector experienced a 0.49% increase on September 15, with Delisi leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Food Processing Sector Performance - Delisi (002330) saw a closing price of 5.45, with a significant increase of 10.10% and a trading volume of 377,200 shares, amounting to a transaction value of 206 million yuan [1] - Longda Meishi (002726) closed at 6.13, up 5.69%, with a trading volume of 1,211,600 shares and a transaction value of 741 million yuan [1] - Huifa Food (603536) closed at 11.40, up 5.56%, with a trading volume of 467,800 shares and a transaction value of 542 million yuan [1] - Other notable performers include Weizhi Xiang (605089) with a 4.93% increase, and Huatong Co. (002840) with a 4.88% increase [1] Capital Flow Analysis - The food processing sector saw a net inflow of 258 million yuan from institutional investors, while retail investors experienced a net outflow of 216 million yuan [2] - The main capital inflow was observed in Huifa Food, with a net inflow of 93.15 million yuan, representing 17.17% of the total [3] - Delisi had a net inflow of 45.21 million yuan, accounting for 21.99% of its trading volume, despite a net outflow from retail investors [3]

Group 1 - The company, Anjii Food Group Co., Ltd., has reduced the registered capital of its subsidiary, Honghu Anjii Food Co., Ltd., from RMB 670 million to RMB 520 million, a total reduction of RMB 150 million [2] - The capital reduction only affects the unpaid registered capital portion, and the shareholding ratio of all shareholders remains unchanged [2] - The capital reduction does not constitute a related party transaction or a major asset restructuring, and it falls within the approval authority of the company's chairman, thus does not require board or shareholder approval [2] Group 2 - Honghu Anjii Food Co., Ltd. was established on March 15, 2022, with a registered capital of RMB 520 million and is located in Hubei Province [3] - The company operates in food production, sales, and related activities, with a focus on pre-prepared dishes as part of its investment project [3] - The capital reduction will not affect the existing asset status or normal operations of Honghu Anjii, nor will it impact the company's consolidated financial statements or current profits significantly [4]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-056 安井食品集团股份有限公司 关于控股子公司减少注册资本并换发营业执照的公告 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。 一、减资事项概述 为进一步提高资金使用效率，安井食品集团股份有限公司（以下简称"公司"） 控股子公司洪湖安井食品有限公司（以下简称"洪湖安井"）注册资本由原人民 币 67,000 万元减少至人民币 52,000 万元，共计减少人民币 15,000 万元。本次减 资仅针对全体股东尚未实缴的注册资本部分，各股东方所持洪湖安井的份额比例 不变。近日，洪湖安井已完成工商变更登记手续并取得洪湖市市场监督管理局换 发的《营业执照》。 根据《上市公司重大资产重组管理办法》《上海证券交易所股票上市规则》 《公司章程》《公司经营投资管理办法》等有关规定，本次洪湖安井减少注册资 本事项不构成关联交易，亦不构成重大资产重组，在本公司董事长办公会审批权 限范围内，无需提交公司董事会及股东会审议批准。 二、减资主体基本情况 7. 注册地址：湖北省洪湖市新堤街 ...

安井食品集團股份有限公司 A N J O Y F O O D S G R O U P C O . , L T D . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2648 中期報告 2025 2025 中期報告 安井食品集團股份有限公司 A N J O Y F O O D S G R O U P C O . , L T D . 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 26 | | 中期簡明綜合財務報表 | 42 | | －中期簡明綜合損益表 | 42 | | －中期簡明綜合全面收益表 | 43 | | －中期簡明綜合財務狀況表 | 44 | | －中期簡明綜合權益變動表 | 46 | | －中期簡明綜合現金流量表 | 48 | | －中期簡明綜合財務報表附註 | 50 | | 釋義 | 66 | A N J O Y F O O D S G R O U P C O . , LT D . Interim Report 2025 1 公司資料 董事 執行董事 劉鳴鳴先生 張清苗先生 章高路先生 黃建聯先生 非執行董事 鄭 ...

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].

Group 1 - The article provides a list of Hong Kong listed companies along with their upcoming shareholder meeting dates and earnings announcement dates [1][2][3] - Companies mentioned include Jiangnan Buyi, Zhongguancun Technology Leasing, Huatai Ruilin, and many others, indicating a diverse range of sectors represented [3][4] - Dividend distribution dates are highlighted for several companies, such as Beijing Waterworks Group and Evergrande Group, which may attract investor interest [3][4] Group 2 - The document outlines specific companies that will have their earnings announced or shareholder meetings scheduled, which is crucial for investors tracking performance [3][4] - The inclusion of dividend payment dates for companies like NetEase and Hong Kong Electric indicates potential income opportunities for shareholders [3][4] - The information serves as a resource for investors to plan their investment strategies based on upcoming corporate events [1][2][3]

Core Viewpoint - The enthusiasm for the prepared food industry appears to be waning, as several leading companies report disappointing financial results, indicating a shift towards a new adjustment phase in the industry [1][4]. Financial Performance - Weizhi Xiang reported a revenue of 343 million yuan in the first half of the year, a year-on-year increase of 4.7%, but its net profit attributable to shareholders fell by 24.5% to 31.95 million yuan, with a gross margin decrease of 4.02 percentage points to 20.83% [3]. - Qianwei Yangchu's revenue decreased by 0.7% to 886 million yuan, with a net profit drop of 39.7% to 35.79 million yuan [3]. - Anjixin's revenue slightly increased by 0.8% to 7.604 billion yuan, but its net profit fell by 15.79% to 676 million yuan, marking the first decline in interim net profit since its listing [3]. - The growth rate of Anjixin's prepared food business slowed to 9.4%, down from previous high growth rates of 29.84% and 10.76% [3]. Industry Challenges - Rising raw material costs and intensified competition are common concerns highlighted by these companies, impacting their profit margins [3][4]. - The competition has led to a decline in sales volume and increased pressure on profit margins due to promotional activities [4][6]. Market Dynamics - Over 85% of prepared food products are sold to B-end customers, primarily chain restaurants and hotels, which are increasingly focused on cost-effectiveness [6]. - Qianwei Yangchu reported a reduction in the number of distributors from 1,953 to 1,591, a net decrease of 362 [6]. - Weizhi Xiang also experienced a net decrease of 160 distributors, bringing the total to 2,917 [6]. Consumer Perception - Despite some consumer awareness of prepared foods, there remains a negative perception regarding taste and convenience, indicating a need for improved brand trust and consumer education [7][8]. Regulatory Environment - The prepared food market is experiencing rapid growth, with a market size of 485 billion yuan in 2024, expected to reach 749 billion yuan by 2026, alongside a significant increase in the number of registered companies [10]. - New regulations have been introduced to enhance food safety standards, which may raise the entry barriers for companies lacking brand recognition and operational scale [11].

Group 1: Key Recommendations - Boya Bio (300294) shows steady growth in plasma collection, with high-concentration immunoglobulin approved for market launch. The company reported a revenue of 1.008 billion yuan in H1 2025, a year-on-year increase of 12.51%, while net profit decreased by 28.68% to 225 million yuan [5][6][8] - The RMB appreciation is driven by market forces rather than policy interventions, with the recent strengthening attributed to a weak dollar and increased attractiveness of RMB assets [9][10][11] - Anjuke Food (603345) faces short-term profit pressure but is expected to see demand improvement. The company achieved a revenue of 7.604 billion yuan in H1 2025, a slight increase of 0.80%, while net profit fell by 15.79% [14][15][19] Group 2: Company Performance Insights - Boya Bio's blood product business generated 852 million yuan in revenue in H1 2025, a year-on-year increase of 7.90%. The company is focusing on its core business after divesting from non-core assets [6][7] - Anjuke Food's core products showed mixed performance, with revenue from prepared foods declining by 1.94% in H1 2025, while dish products increased by 9.40% [16][18] - The gross margin for Anjuke Food decreased to 20.52% in H1 2025, primarily due to rising raw material costs and increased competition [18] Group 3: Market Trends and Economic Indicators - The A-share market is experiencing a downward trend, with the Shanghai Composite Index closing at 3813 points, down 1.16%. The market sentiment remains low, with significant net outflows of large funds [22][24] - The RMB's recent appreciation has not been affected by foreign capital outflows from the bond market, indicating a strategic shift by foreign investors towards equities [12][13] - The food industry is facing challenges from increased competition and rising raw material prices, impacting profit margins across companies [19][20]