Core Viewpoint - Anjiu Food's stock price fell below its IPO price on the first day of trading, reflecting market skepticism about the company's capital raising efforts and financial health [1][6]. Group 1: IPO and Market Response - Anjiu Food officially listed on the Hong Kong Stock Exchange on July 4, with an opening price that declined nearly 5%, closing at HKD 57.00 per share, below the IPO price of HKD 60.00 [1]. - The global offering involved nearly 40 million H-shares, priced at a 30% discount compared to its A-share closing price of CNY 78.74 on July 1 [1]. Group 2: Shareholder Concerns - During the 2024 shareholder meeting, the proposal for H-share listing received 70.63% approval, but over 28% of votes were against it, with 60.51% of dissenting votes coming from minority shareholders holding less than 5% [3]. - Since reaching a peak of CNY 105.5 on October 8, 2024, Anjiu Food's A-share price has dropped to CNY 76.40, marking a cumulative decline of 19% [3]. Group 3: Financial Health - As of September 2024, Anjiu Food reported cash and cash equivalents of CNY 2.57 billion and trading financial assets of CNY 3.122 billion, with consistent net inflows from operating cash flow [3]. - The company has a low debt level, with short-term borrowings of only CNY 111 million and no long-term debt, resulting in an asset-liability ratio of 20.7%, significantly below the industry average [3]. Group 4: Performance and Management Issues - Anjiu Food's revenue growth has sharply declined from 31.39% in 2022 to 7.7% in 2024, with net profit growth plummeting from 61.37% to just 0.46% [5]. - In contrast to the declining shareholder value, executive compensation has increased significantly, with total compensation rising from CNY 12.08 million in 2022 to CNY 19.73 million in 2024, a 63.4% increase [5]. Group 5: International Expansion Challenges - Anjiu Food's international revenue remains minimal, accounting for only CNY 39.8 million in Q1, representing 1% of total revenue and a 3.1% decline year-on-year [6]. - The company faces challenges in international expansion due to varying dietary preferences and competition from domestic peers in overseas markets [6].

Core Viewpoint - Anjiu Food Group Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed frozen food company in China and the first in Fujian Province [1] Group 1: Company Performance - Anjiu Food has demonstrated strong growth, achieving a revenue of 15.127 billion yuan in 2024, with a compound annual growth rate (CAGR) of 22.6% over the past 15 years [2] - The company's net profit attributable to shareholders has a CAGR of 32.2%, indicating robust financial health [2] - Anjiu Food has distributed over 1 billion yuan in dividends in 2024, with a cumulative dividend payout ratio of 70.05%, ranking among the top 10 in terms of dividend yield in the A-share food and beverage sector [2] Group 2: IPO Details - The global offering of H-shares totaled 39,994,700 shares, with 11,998,500 shares allocated for public offering in Hong Kong, representing 30% of the total [5] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately 2.302 billion HKD [5] - The public offering was oversubscribed by 44.2 times, attracting six major cornerstone investors, reflecting strong confidence in the company's long-term prospects [5] Group 3: Strategic Expansion - Following the acquisition of UK-based Kung Fu Foods in 2021, Anjiu Food aims to enhance its international market presence, focusing on Southeast Asia, Europe, and North America [6] - The company plans to utilize part of the funds raised from the Hong Kong listing to strengthen its overseas sales and distribution network [6] - Anjiu Food intends to collaborate with local distributors and develop new products tailored to overseas consumer demands, aiming for sustainable growth and increased brand influence [6]

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（以下简称"公司"）正在进行发行 H 股股票并 在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下简称"本 次发行 H 股并上市"）的相关工作。 公司本次全球发售 H 股总数为 39,994,700 股（行使超额配售权之前），其中， 香港公开发售 11,998,500 股，约占全球发售总数的 30.00%（行使超额配售权之 前）；国际发售 27,996,200 股，约占全球发售总数的 70.00%（行使超额配售权之 前）。根据每股 H 股发售价 60 港元计算，经扣除全球发售相关承销佣金及其他 估计费用后，并假设超额配售权未获行使，公司将收取的全球发售所得款项净额 估计约为 23.02 亿港元。 证券代码：603345 证券简称：安井食品 公告编号：临 2025-039 安井食品集团股份有限公司 关于境外上市外资股（H股）挂牌并上市交易的公告 经香港联交所批准，公司本次发行的 39,994,700 股 H 股股票（行使超额配 售权之前）于 2 ...

Core Viewpoint - Anjoy Food has announced the issuance of H-shares and their listing on the Hong Kong Stock Exchange, marking a significant step in its capital market activities [1] Group 1: H-share Issuance Details - The total number of H-shares being globally offered is 39.9947 million shares [1] - Of the total, 11.9985 million shares (30.00%) are allocated for public offering in Hong Kong, while 27.9962 million shares (70.00%) are for international offering [1] - The offering price for each H-share is set at 60 HKD, with estimated net proceeds from the global offering amounting to approximately 2.302 billion HKD [1] Group 2: Post-Listing Capital Structure - Following the completion of the H-share issuance and listing, the total share capital of the company will increase to 33.92881 million shares [1]

Core Viewpoint - Anjuke Food Group Co., Ltd. successfully listed on the Hong Kong Stock Exchange, becoming the first frozen food leader in China to achieve "A+H" listing, with an issue price of HKD 60.00 per share [1][4]. Group 1: IPO Details - The global offering of H-shares involved a base issuance of approximately 39.99 million shares, raising around HKD 23.9968 billion (approximately RMB 21.91 billion) [4]. - The company received significant interest from cornerstone investors, with total subscriptions amounting to USD 90 million (approximately HKD 7.06 billion or RMB 6.45 billion) [6]. - The funds raised will be allocated to five areas: 35% for expanding sales and distribution networks, 35% for enhancing procurement capabilities and optimizing the supply chain, 15% for digitalizing operations, 5% for product development and innovation, and 10% for working capital and general corporate purposes [6][7]. Group 2: Market Position and Financial Performance - Anjuke Food is the largest frozen food company in China, holding a market share of 6.6% as of 2024, with a strong position in various segments, including being the top player in frozen prepared foods and frozen dishes [7][10]. - The company reported revenues of approximately RMB 121.06 billion, RMB 139.65 billion, and RMB 150.30 billion for the years 2022, 2023, and 2024, respectively, with adjusted net profits of RMB 11.51 billion, RMB 15.20 billion, and RMB 16.15 billion during the same period [13][14]. - The gross profit margins for the years 2022, 2023, and 2024 were 21.2%, 22.6%, and 22.7%, respectively [13][14]. Group 3: International Expansion Strategy - Anjuke Food aims to enhance its international strategy, with overseas sales accounting for only 1.1% of total revenue in 2024 [15]. - The company plans to strengthen overseas sales channels and distribution networks, focusing on markets in Southeast Asia, Australia, North America, and Europe [16]. - The overseas expansion strategy includes global procurement and supply chain development, as well as establishing production facilities in overseas markets [18][19]. Group 4: Research and Development Capabilities - The company has established a nationwide R&D capability centered in Xiamen and Wuxi, with a focus on market-driven and technology-innovative strategies [20]. - Anjuke Food's R&D center is recognized as a national enterprise technology center, and it has a team of 508 professionals with 419 patents in China [21][23]. - The company plans to consolidate its leading position in the frozen food industry while enhancing profitability and expanding into overseas markets [25].

Core Viewpoint - Anjiu Food has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its global strategy and highlighting the strong appeal of Chinese consumer brands in the global capital market [1][8] Company Overview - Anjiu Food Group Co., Ltd. was established in December 2001 and is headquartered in Fujian, focusing on the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products [3] - The company has built a comprehensive production and sales network across China, with 12 production bases and 60 marketing institutions [3] - Anjiu Food holds a 6.6% market share in the Chinese frozen food industry, leading in various segments, including a 13.8% share in frozen prepared foods [3] Industry Growth Potential - The Chinese frozen food industry is in a rapid growth phase, with a projected compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [4][5] - In 2023, China's per capita consumption of frozen food was only 10.0 kg, significantly lower than that of the US (62.2 kg), UK (45.9 kg), and Japan (25.3 kg) [4] Financial Performance - Anjiu Food achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year growth of 7.70% [5] - The company has consistently delivered double growth in net profit and revenue for ten consecutive years [5] - In 2024, Anjiu Food distributed a cash dividend of 1.015 yuan per share, totaling approximately 296.52 million yuan [6] Strategic Initiatives - The listing on the Hong Kong Stock Exchange signifies Anjiu Food's transition from a national leader to a global player, supported by its dual capital platform [8][9] - The company aims to enhance its domestic and international market presence, focusing on customized products and partnerships with retail and restaurant chains [8] - Anjiu Food plans to restructure its global supply chain and improve production capabilities through new facilities and strategic acquisitions [9] Innovation and R&D - The company is committed to product innovation and plans to invest in new product development and upgrading existing formulations [9] - Anjiu Food's focus on intelligent production and digital tools aims to enhance its manufacturing capabilities and regional R&D [9]

Group 1 - Shougang Longze has delayed its global offering and listing due to a civil lawsuit filed against it, which requires the company to provide more information to investors [1] - The company plans to issue a supplementary prospectus to update the listing timeline and related information [1] Group 2 - Hong Kong Stock Exchange has launched an order transmission service for its Integrated Fund Platform (IFP) to enhance efficiency in the fund distribution ecosystem [2] - The service integrates order processing for fund subscriptions and redemptions, welcoming 33 initial participants including distributors and fund companies [2] Group 3 - Eye care biotech company Bokan Vision Cloud-B saw its stock price drop significantly on its first trading day, closing down 38.61% from its IPO price of 10.1 HKD [3] - The decline may be attributed to market skepticism regarding its valuation and the current market environment for new listings [3] Group 4 - Anjoy Foods had a lackluster performance in the dark market, with its H-shares priced at 60 HKD and a total global offering of approximately 39.99 million shares [4] - Despite being the largest frozen food company in China with a market share of 6.6%, investor concerns about growth prospects and market competition may have impacted its initial reception [4]

Group 1 - Tencent Games and NetEase Games have implemented a summer gaming limit for minors, allowing a maximum of 27 hours of gameplay from July 1 to August 31, with specific time slots on weekends [1] - The initiative aims to promote healthy gaming habits among minors, requiring collaboration between policy regulation, corporate responsibility, and family guidance to create a more rational digital entertainment environment [1] Group 2 - Three Squirrels has announced an investment of up to 200 million yuan to enhance its snack supply chain and centralized base construction in three regions: East China (Wuhu), North China (Tianjin), and Southwest (Jianyang) [2] - The company has established three subsidiaries in the Anhui Nanling snack park, focusing on the production of convenient fast food and Sachima, aiming to increase the self-produced ratio of snack products [2] - This investment is a key move to implement the company's "high-end cost-performance" strategy, enhancing supply chain autonomy and optimizing regional production capacity [2] Group 3 - Anjuke Foods has set the final price for its H-share issuance at 60 HKD per share, with its listing on the Hong Kong Stock Exchange scheduled for July 4 [3] - Anjuke Foods is recognized as the largest frozen food company in China by revenue, holding a market share of 6.2% as of 2023 [3] - The company plans to use the funds raised from the listing to build a global supply chain, with a focus on expanding into the Southeast Asian market [3]

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]

Group 1 - The core point of the news is that Anjuke Foods has announced the final offering price for its overseas H-share listing, set at HKD 60 per share, which corresponds to RMB 54.76, representing a discount of approximately 30% compared to the A-share closing price of RMB 78.74 on July 1 [1] - The total number of shares to be issued is 39,994,700, with a dilution ratio of about 13.65%. The market capitalization of A-shares is RMB 231 billion, corresponding to a 16.5x PE for 2025, while the H-share PE is approximately 11.5x [1] - The funds raised from the H-share issuance will be used for global sales network construction, supply chain system development, industrial investment and acquisitions, product development, technological upgrades, and working capital supplementation [1] Group 2 - The company is focusing on upgrading its C-end offerings and differentiating its products by embracing new retail channels and driving innovation in product development [2] - New product launches include four single and combination products for grilled sausages, six new specialty products for dough, and an upgraded "live fish fresh fish ball" for hot pot ingredients, aimed at attracting younger consumers [2] - The company has signed a share acquisition agreement with Dingwei Thai, marking a transition from being a frozen food leader to providing comprehensive dining solutions, while also accelerating international and overseas channel expansion [2]