中信建投证券股份有限公司 关于安井食品集团股份有限公司 非公开发行股票部分募投项目增加实施主体的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为安井食品集团股份有限公司（以下简称"安井食品"或"公司"）的保荐人， 根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》《上海证 券交易所股票上市规则》和《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等有关规定，对安井食品本次非公开发行股票部分募投项目增加实施 主体的事项进行了审慎核查，核查情况如下： 截至 2025 年 12 月 15 日，"2022 年非公开发行股票"募集资金投资项目及 募集资金使用情况如下： 单位：万元 1 | 项目名称 | 投资总额 | 募集资金拟 | 募集资金累 | | --- | --- | --- | --- | | | | 投入金额 | 计投入金额 | | 广东安井年产 13.3 万吨速冻食品新建项目 | 71,600.00 | 55,600.00 | 57,244.39 | | 山东安井年产 万吨速冻食品新建项目 20 | 105,400.00 | 60,400.00 | ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-077 安井食品集团股份有限公司 关于非公开发行股票部分募投项目增加实施主体的公告 二、 募投项目基本情况 截至 2025 年 12 月 15 日，"2022 年非公开发行股票"募集资金投资项目及募 集资金使用情况如下： | 项目名称 | 投资总额 | 募集资金拟 | 募集资金累 | | --- | --- | --- | --- | | | | 投入金额 | 计投入金额 | | 广东安井年产 万吨速冻食品新建项目 13.3 | 71,600.00 | 55,600.00 | 57,244.39 | | 山东安井年产 万吨速冻食品新建项目 20 | 105,400.00 | 60,400.00 | 64,312.05 | | 河南三期年产 14 万吨速冻食品扩建项目 | 73,000.00 | 54,959.00 | 43,572.82 | | 泰州三期年产 万吨速冻食品扩建项目 10 | 52,000.00 | 52,000.00 | 27,030.67 | | 辽宁三期年产 14 万吨速冻食品扩建项目 | 72,800.00 | 1,87 ...

安井食品公告称，公司2021年通过非公开发行股票募集资金56.75亿元，净额56.35亿元。截至2025年12 月15日，"2022年非公开发行股票"募投项目累计投入44.35亿元。为满足市场需求、推进海外业务布 局，公司拟增加河南安井全资子公司河南安斋作为"河南三期项目"实施主体，该项目仍由河南安井负责 建设，涉及河南安斋运营的厂房及设备将内部租赁。2025年12月22日，公司董事会审议通过该议案，保 荐人对此无异议。 ...

Investment Rating - The report maintains a "Buy" rating for high-end liquor companies and recommends several key stocks in the food and beverage sector [6][8]. Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in 2026 [6][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the sector, projecting a potential turning point in fundamentals by Q3 2026 [6][8]. - The report identifies systemic opportunities in consumer goods, particularly in the food sector, with a focus on CPI as a core observation indicator [6][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with the liquor segment declining by 0.58% [5]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [5]. 2. Market Performance of Food and Beverage Segments - The report highlights the recent price movements of key liquor brands, including Moutai and Wuliangye, with Moutai's bottle price increasing by 45 RMB to 1545 RMB [7][30]. - Wuliangye is focusing on optimizing its product matrix and channel strategies to enhance long-term growth [7]. 3. Industry Matters - The report discusses the expected improvement in the supply-demand dynamics of the dairy industry in 2026, recommending stocks like Yili and New Hope Dairy [8][9]. - It also notes the high dividend yield of Hai Tian Wei Ye, projecting a dividend payout of 17.54 billion RMB [9][26]. 4. Valuation Table - The food and beverage sector's dynamic PE is reported at 20.10x, with a premium rate of 24% [30]. - The liquor segment's dynamic PE stands at 18.49x, with a premium rate of 14% [30].

Investment Rating - The report maintains a positive outlook on the food and beverage industry, particularly emphasizing the strategic importance of expanding domestic demand and consumption [3][8]. Core Insights - The report highlights the importance of expanding domestic demand as a strategic initiative for economic stability and security, with government agencies prioritizing this in their upcoming plans [3][8]. - Despite recent price fluctuations in high-end liquor, the report anticipates a recovery in the market, projecting a potential turning point in fundamentals by Q3 2026 [3][8]. - The report recommends several high-quality liquor companies for long-term investment, including Luzhou Laojiao, Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, while also suggesting attention to other brands [3][8]. - For consumer goods, the report identifies opportunities in sectors like seasoning, frozen foods, and dairy, recommending companies such as Anjuke Foods, Yili, and QD Beer [3][8]. Summary by Sections 1. Weekly Insights on Food and Beverage - The food and beverage sector saw a 1.05% increase last week, with liquor experiencing a slight decline of 0.58% [7]. - The report ranks the food and beverage sector 13th among 31 sub-industries in terms of performance [7]. 2. Market Performance of Food and Beverage Sectors - The report provides detailed price updates for major liquor brands, noting Moutai's bottle price at 1545 RMB, a week-on-week increase of 45 RMB, and Wuliangye's price remaining stable at approximately 780 RMB [9][35]. - The report emphasizes the need for liquor companies to optimize their product matrices and channels to adapt to external pressures [9]. 3. Industry Matters - The report discusses the anticipated improvement in food CPI due to structural demand changes and a shift from price competition to quality competition among companies [3][8]. - It highlights the expected gradual recovery in the dairy sector, with recommendations for Yili and New Dairy [10][11]. 4. Valuation Table - The report notes the current dynamic PE for the food and beverage sector at 20.10x, with a premium rate of 24%, and for liquor at 18.49x, with a premium rate of 14% [35].

Group 1 - The core viewpoint of the news is that Anjuke Foods has shown a positive stock performance with a 6.89% increase year-to-date and a significant rise in recent trading days, indicating investor interest and market confidence [1][3]. - As of December 19, Anjuke Foods' stock price reached 83.48 yuan per share, with a market capitalization of 27.823 billion yuan and a trading volume of 293 million yuan [1]. - The company has experienced a net inflow of main funds amounting to 5.9767 million yuan, with significant buying activity from large orders [1]. Group 2 - Anjuke Foods, established on December 24, 2001, and listed on February 22, 2017, specializes in the research, production, and sales of frozen foods, including various types of fish products and frozen dishes [2]. - The company's revenue composition includes 49.43% from frozen prepared foods, 31.77% from frozen dishes, and 16.32% from frozen noodle and rice products, indicating a diverse product range [2]. - As of September 30, the number of shareholders increased to 63,200, while the average circulating shares per person decreased significantly [3]. Group 3 - Anjuke Foods has distributed a total of 3.219 billion yuan in dividends since its A-share listing, with 2.521 billion yuan distributed over the past three years [4]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Zhonggeng Value Pioneer Stock, with notable changes in their holdings [4].

Market Overview - The food processing sector increased by 0.15% on December 18, with Chunxue Food leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] Individual Stock Performance - Chunxue Food (605567) closed at 10.96, up 2.81% with a trading volume of 55,100 shares and a transaction value of 60.24 million yuan [1] - Sanyuan Food (002216) closed at 11.65, up 2.46% with a trading volume of 101,400 shares and a transaction value of 118 million yuan [1] - Jiaoda Onl (600530) closed at 6.43, up 2.39% with a trading volume of 102,700 shares and a transaction value of 66.03 million yuan [1] - Xiwang Food (000639) closed at 3.29, up 2.17% with a trading volume of 846,100 shares and a transaction value of 278 million yuan [1] - Other notable performers include Babi Food (605338) at 28.48 (+2.08%), Xianle Health (300791) at 24.27 (+2.02%), and Zhihe Co. (603102) at 42.16 (+1.54%) [1] Capital Flow Analysis - The food processing sector experienced a net outflow of 210 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - Notable stocks with significant capital flow include Haixin Food (002702) with a net outflow of 43.94 million yuan from institutional investors and a net inflow of 70.96 million yuan from retail investors [3] - Shuanghui Development (000895) had a net outflow of 35.49 million yuan from institutional investors but a net inflow of 33.17 million yuan from retail investors [3]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **large consumption sector**, highlighting the emergence of new consumer demands that drive growth in the sector through new products (personalized, green, low-carbon), new channels (snack chains, discount formats), and new business models (diverse consumption scenarios) supported by the "14th Five-Year Plan" [1][2]. Core Insights and Arguments - **Traditional Consumption Recovery**: The traditional consumption sector is expected to recover by 2026, driven by the release of residents' purchasing power and policy measures aimed at boosting employment and income stability. The food and beverage industry is stabilizing, with the liquor sector showing signs of fundamental stability and dairy products expected to recover quickly [1][5]. - **Commodity Market Trends**: The commodity market has shown a trend of high followed by low prices, with the government implementing various promotional policies to stimulate service consumption and domestic demand. The Ministry of Commerce has issued opinions to expand service consumption, aiming to enhance residents' quality of life and stimulate domestic demand potential [1][6][7]. - **Emerging Consumer Demands**: New consumer demands are impacting the large consumption sector through three main directions: the development of new products that meet diverse and personalized needs, the optimization of new channel structures, and the promotion of new business models that foster diverse consumption scenarios [2][4]. Important but Overlooked Content - **Social Services Sector Changes**: The social services sector is evolving to meet changing consumer demands, with slight increases in beauty care and retail sectors. Key areas of investment include outdoor sports, gold and jewelry, and cultural and trendy IPs, with recommendations for companies like Anta Sports and Lao Pu Gold [8][22]. - **Tourism Market Trends**: The tourism market is gradually recovering, with leading companies like Ctrip and Huazhu Group adapting through technological innovation and marketing to meet the new demands of both young and elderly consumers. China Duty Free's Hainan business has benefited significantly from new duty-free policies [9][10]. - **Food and Beverage Sector Stability**: The food and beverage sector is stabilizing, with the liquor market facing challenges but showing resilience in mass consumption. The snack sector is experiencing performance differentiation, while dairy product demand is steady and supply is gradually clearing [12][17]. - **Investment Opportunities in Agriculture**: The agriculture, forestry, animal husbandry, and fishery sectors present investment opportunities, particularly in pig farming and the pet industry, which is growing due to demographic changes and emotional needs [3][13][19]. - **Household Appliance Sector**: The household appliance industry is seeking structural highlights amid steady growth, with a focus on high-dividend white goods and improving profit margins in black goods. The market for robotic vacuum cleaners is also expected to grow due to technological advancements [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the large consumption sector and its various components, along with potential investment opportunities and market trends.

Group 1 - The food processing sector increased by 0.84% compared to the previous trading day, with Anyi Food leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up by 1.19%, while the Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - A detailed table of individual stock performance in the food processing sector is provided [1] Group 2 - In terms of capital flow, the food processing sector experienced a net outflow of 56.69981 million yuan from main funds, while retail investors contributed a net inflow of 56.7995 million yuan [2] - The net outflow from speculative funds was 0.1014 million yuan [2] - A detailed table of capital flow for individual stocks in the food processing sector is provided [2]

Core Insights - The frozen baking industry is experiencing rapid growth and differentiation, with various players entering the market, leading to increased competition and potential market reshuffling due to rising cost pressures and price wars [1][19]. Company Strategies - Leading companies like Lihigh Foods and Nanjiao Foods have established strong positions in the frozen baking sector by focusing on product quality, channel strength, and capital investment [2][5]. - Lihigh Foods has expanded its business into frozen baking through acquisitions, with its frozen baking segment accounting for approximately 55% of its revenue in the first three quarters of the year [4][5]. - Nanjiao Foods has shifted its focus to pre-baked products, with its pre-baked product revenue reaching 380 million yuan in 2024, reflecting a strategic emphasis on this segment [5][6]. Market Dynamics - The frozen baking market in China is projected to grow at a compound annual growth rate (CAGR) of over 25%, potentially reaching a market size of 23 billion yuan by 2025 [19]. - Despite market growth, companies are facing shrinking profit margins due to rising raw material costs and intense competition, leading to significant profit declines for some players [20][21]. Competitive Landscape - New entrants, particularly from the frozen food sector, are leveraging their existing supply chains and distribution networks to penetrate the frozen baking market, creating a competitive environment [11][17]. - Companies like Anjiyuan and Qianwei Central Kitchen have made significant investments in frozen baking, with Qianwei's baking segment revenue growing from 188 million yuan in 2020 to 355 million yuan in 2023 [13][14]. Challenges Ahead - The industry is facing challenges such as product homogenization and fierce competition for premium retail channels, which may hinder future growth for existing players [21][22]. - Companies must balance industrial efficiency with the artisanal quality of baked goods to meet consumer expectations, as flavor and quality remain critical factors for customer purchasing decisions [21].