证券代码：603345 证券简称：安井食品 公告编号：临 2025-040 安井食品集团股份有限公司 关于为控股子公司担保的进展公告 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： 被担保人名称及是否为上市公司关联人：湖北新柳伍食品集团有限公司 （以下简称"新柳伍"）为安井食品集团股份有限公司（以下简称"公司"）合并 报表范围内的控股子公司，不属于关联人。 本次担保金额及已实际为其提供的担保余额：本次为上述被担保人提供 的担保金额为人民币 10,000.00 万元。截至本公告披露日，公司已实际为其提供 的担保余额为人民币 10,000.00 万元。 一、担保情况概述 公司控股子公司新柳伍因收购小龙虾原料等业务需向银行申请贷款等综合 授用信业务，为保证新柳伍授信额度的履行，公司与招商银行股份有限公司荆州 分行（以下简称"招商银行荆州分行"）签订了《最高额保证合同》，为新柳伍 提供担保金额 10,000.00 万元，担保方式为公司与新柳伍少数股东共同承担连带 保证责任。 1. 名称：湖北新柳伍食品集团有限公司 2. ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-042 安井食品集团股份有限公司 关于合并报表范围增加主体的公告 （一）基本信息 1. 统一社会信用代码：91320583087989738N 2. 名称：江苏鼎味泰食品股份有限公司 3. 类型：股份有限公司(非上市) 4. 注册地址：江苏东海经济开发区渭河路 1 号 5. 法定代表人：牟霏 6. 注册资本：5,784.8608 万人民币 7. 成立日期：2014 年 3 月 6 日 8. 经营范围：速冻食品、水产制品、调味品、肉制品生产、销售；初级农 产品加工、销售；餐饮服务；自营和代理各类商品及技术的进出口业务，但国家 限定企业经营或禁止进出口的商品和技术除外。（依法须经批准的项目，经相关 部门批准后方可开展经营活动）*** 一般项目：技术服务、技术开发、技术咨询、 技术交流、技术转让、技术推广；非居住房地产租赁（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动） 9. 股权结构： | 序号 | 股东名称 | 认缴出资额（万元） | 持股比例 | | --- | --- | --- | --- | | 1 | 安井食品集团股份有限 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-041 安井食品集团股份有限公司 关于控股子公司变更经营范围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。 安井食品集团股份有限公司控股子公司洪湖安井食品有限公司因业务发展 需要，对其经营范围进行了变更，已于近日取得由洪湖市市场监督管理局换发的 《营业执照》。本次变更具体情况如下： | 变更 事项 | 原登记内容 | 变更后登记内容 | | --- | --- | --- | | | 许可项目：食品生产；食品销售； 食品互联网销售（依法须经批准 | 许可项目：食品生产，食品销售，食品互联网销 售。（依法须经批准的项目，经相关部门批准后 方可开展经营活动，具体经营项目以相关部门批 准文件或许可证件为准） 一般项目：食用农产 | | 经营 范围 | 的项目，经相关部门批准后方可 开展经营活动，具体经营项目以 | 品初加工，初级农产品收购，食品进出口，机械 设备销售，低温仓储（不含危险化学品等需许可 | | | 相关部门批准文件或许可证件为 | ...

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry, particularly highlighting opportunities in the liquor sector and food products [1] Core Insights - The liquor industry is undergoing extreme pressure testing, with a significant focus on inventory clearance and bottoming out of financial reports. The second quarter has shown weak demand due to seasonal factors and regulatory impacts, leading to a notable decline in sales and pricing pressures [5][10] - High-end liquor brands like Moutai are expected to maintain growth, while mid-tier brands face challenges with declining revenues and profits. The overall industry is in a deep clearance phase, with potential for recovery as regulations stabilize [5][12] - The consumer goods sector shows mixed performance, with snacks and beverages remaining strong, while other segments like frozen foods and chain restaurants face ongoing demand pressures [20][25] Summary by Sections 1. Liquor Sector - The liquor industry is experiencing extreme pressure, with weak demand in the second quarter and significant inventory levels. Major brands like Moutai and Wuliangye are expected to show modest growth, while others like Yanghe and Luzhou Laojiao are facing declines [5][11][12] - Moutai's revenue is projected to grow by 7% in Q2, while Wuliangye is expected to see a 1% increase. In contrast, brands like Yanghe and Luzhou Laojiao are forecasted to decline by 35% and 8% respectively [11][12] 2. Consumer Goods - The overall demand for consumer goods remains weak, but segments like snacks and beverages are performing well. For instance, East Peak is expected to see a 33% increase in revenue, while other snack brands are also showing positive trends [20][25] - The beverage sector is projected to see positive growth, with major brands like Qingdao Beer and Yanjing expected to report increases in revenue and profit [25][26] 3. Investment Recommendations - The report suggests focusing on high-performing stocks in the short term while considering long-term investments in liquor brands that are currently at their bottom. Brands like Moutai and Gujing are recommended for their lower risk profiles [7][8] - For consumer goods, companies like Anqi and East Peak are highlighted for their growth potential, while traditional dairy brands like Yili and Mengniu are suggested for a bundled investment approach [7][8]

Investment Rating - The report maintains an "Outperform" rating for the food and beverage sector [2][6]. Core Views - The liquor sector is experiencing a valuation recovery, with some companies releasing mid-year performance forecasts that are expected to alleviate demand pressure. The overall sentiment in the liquor market is improving due to positive policy expectations, leading to a rebound in stock prices for major players [3][12]. - The beer and beverage segments are entering a peak season, with a focus on mid-year performance. Major beer companies are expected to maintain high profit growth due to cost reduction and efficiency improvements [4][15]. - The report highlights three main investment themes in the liquor sector: resilient leaders like Kweichow Moutai, Shanxi Fenjiu, and Wuliangye; companies like Luzhou Laojiao that are showing signs of valuation recovery; and brands like Jinsiyuan and Yingjiagongjiu that have potential for market share growth [3][14]. Summary by Sections Liquor - The liquor sector's revenue for the first half of the year reached 331.6 billion yuan, a year-on-year increase of 5.5%. However, production has decreased by 5.8% [3][12]. - The report recommends focusing on companies with strong anti-risk capabilities and those that are actively engaging in digital transformation [3][14]. Consumer Goods - The beer segment is expected to see significant profit growth, with Yanjing Beer and Zhujiang Beer forecasting net profits to increase by 40% to 50% year-on-year [15][16]. - The snack food sector is under pressure, with companies like Ganyuan Food and Qiaqia Food predicting substantial declines in net profits due to high raw material costs and increased marketing expenses [17][18]. Seasonality and Market Trends - The report notes that the beverage industry is entering a peak consumption period, with expectations for continued growth in segments like sugar-free tea and energy drinks [21][22]. - The dairy sector is anticipated to recover gradually, with policies stimulating demand and improving supply dynamics [20][21]. Key Data Tracking - The food and beverage sector saw a 1.02% increase in stock prices, outperforming the Shanghai Composite Index by 0.33 percentage points during the week of July 14 to July 18, 2025 [22].

Core Viewpoints - The white liquor industry is currently under pressure, with high-end and mid-range products affected by economic and policy influences, leading to a decline in prices from approximately 2200 yuan to around 1850 yuan since the Spring Festival of 2025 [4][29] - The beer industry is expected to benefit from a low base effect in 2025, with a recovery in overall demand as the summer approaches, supported by favorable weather conditions and government consumption incentives [4][42] - The dairy industry is in a transitional phase, with prices expected to stabilize as demand improves and production levels off, leading to enhanced profitability for upstream and downstream companies [4][58] - The seasoning industry is experiencing steady demand, with a focus on high-end products and a resilient consumer base, despite short-term pressures from the restaurant sector [4][76] White Liquor - The high-end liquor segment remains a long-term investment opportunity, with leading brands maintaining market share despite current pressures [4][34] - The mid-range liquor market is facing intensified competition and declining sales, particularly in the business dining sector [4][36] - The overall valuation of leading white liquor companies is currently at historical lows, with expected valuations between 13-19 times for 2025 [4][4] Beer - The beer market is showing signs of recovery, with a notable increase in production and sales during the summer months, particularly benefiting national brands [4][42] - The industry is moving towards a high-end product strategy, with significant growth in premium beer segments [4][47] - The overall market structure is becoming more concentrated, with the top five companies controlling over 90% of the market [4][47] Dairy Products - The dairy sector is expected to see a rebound in profitability as raw milk prices stabilize and consumer demand for high-quality products increases [4][58] - The long-term growth potential for dairy products remains strong, driven by rising disposable incomes and changing consumer preferences [4][63] - The industry is witnessing a shift towards premium products, with a focus on high-end milk and cheese offerings [4][74] Seasoning Products - The seasoning industry is characterized by stable demand, with a focus on health and premiumization trends [4][76] - The restaurant sector's recovery is anticipated to positively impact seasoning sales, particularly in the B2B market [4][76] - Cost reductions in raw materials are expected to support profitability in the seasoning industry [4][76] Frozen Foods - The frozen food sector is projected to maintain strong growth, driven by the increasing chain restaurant market and consumer demand for convenience [4][41] - Leading companies in the frozen food industry are expected to capture market share from smaller competitors due to their scale and distribution advantages [4][41] Food Additives - The food additives market is experiencing significant growth potential, with a trend towards natural and healthy ingredients [4][41]

Group 1 - The core viewpoint of the report indicates that the fund, Guotai Agricultural Stock A, achieved a profit of 25.351 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0881 yuan, and a net value growth rate of 5.49% during the reporting period [2] - As of July 18, 2025, the fund's unit net value was 1.716 yuan, and the fund manager, Cheng Zhou, oversees 9 funds, all of which have positive returns over the past year [2] - The fund's performance in terms of net value growth rates places it in the following rankings among comparable funds: 9th out of 41 for the last three months (6.24%), 17th out of 41 for the last six months (8.37%), 14th out of 41 for the last year (13.70%), and 28th out of 37 for the last three years (-29.55%) [3] Group 2 - The fund's maximum drawdown over the last three years was 46.17%, ranking 8th out of 37 comparable funds, with the largest single-quarter drawdown occurring in Q1 2021 at 15.53% [11] - The fund maintained an average stock position of 91.65% over the last three years, compared to the industry average of 87.67%, reaching a peak of 93.73% at the end of Q1 2025 [14] - As of the end of Q2 2025, the fund's total assets amounted to 475 million yuan [16] Group 3 - The top ten holdings of the fund as of the end of Q2 2025 include Muyuan Food, Dongpeng Beverage, Wens Foodstuff Group, Haida Group, Salt Lake Industry, Xinyangfeng, Yili Group, Haitian Flavoring and Food, Shuanghui Development, and Anjixin Food [18] Group 4 - The fund management anticipates that support from export and consumption policies for the economy may weaken in Q3, but GDP is expected to remain above 5%. The macroeconomic environment is characterized by limited downside risks, with the A-share market expected to have some upward potential [2]

Core Insights - The article discusses how certain industries are thriving despite the prevailing narrative of economic hardship, highlighting eight sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - The second-hand economy is booming, with companies like Dabaiku in Japan and Hongbulin in China seeing substantial revenue growth as consumers turn to second-hand luxury goods [8][6]. - The pet economy is flourishing, with brands like Inaba and Guobao experiencing strong stock performance, as consumers prioritize spending on pet products over traditional family expenses [9][10]. - The adult care market, exemplified by Unicharm's success in Japan, is projected to grow significantly in China, driven by an aging population [14][16]. - Health food and beverage sectors are expanding, with brands like Dongfang Shuye and Jianchun capitalizing on the rising health consciousness among consumers [19][20]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices achieving high sales, indicating a persistent demand for beauty solutions [23]. - Outdoor and leisure products are gaining traction, with brands like Snow Peak and Kailas seeing increased sales as consumers seek outdoor experiences [25]. - The emotional economy is on the rise, with brands like Labubu and Rio catering to consumers' desires for comfort and enjoyment [27][28]. - The convenience economy is thriving, with frozen food brands and smart home appliances addressing the needs of younger generations who prioritize time-saving solutions [32][33]. Group 2: Market Trends - The article emphasizes that even in a low-desire period, there are significant opportunities for companies that can identify and invest in counter-cyclical sectors [36]. - The upcoming seminar aims to provide insights into the methodologies of successful consumer giants in Japan and China, focusing on efficiency, demand reconstruction, and capital strategies [37].

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]