Core Viewpoint - Anjiu Food Group Co., Ltd. has revised its draft articles of association following the approval of the fourth extraordinary general meeting of shareholders in 2024, authorizing the board to make adjustments based on regulatory requirements and actual circumstances related to the H-share issuance [1]. Group 1: Revision of Articles of Association - The company has amended the articles to ensure that the shareholder register serves as sufficient evidence of share ownership, with equal rights and obligations for shareholders of the same class of shares [1]. - The company is required to sign a custody agreement with the securities registration and settlement institution to regularly check major shareholder information and changes in shareholding [1]. - The H-share shareholder register must be kept at the company's address and made available for shareholder inquiries, with provisions for suspending shareholder registration as per relevant regulations [1]. Group 2: Shareholder Rights and Representation - Shareholders or their agents have the right to attend and speak at shareholder meetings, as well as exercise voting rights according to relevant laws and regulations [3]. - Shareholders can attend meetings in person or appoint agents to represent them, with the ability to authorize multiple representatives if specified in the authorization document [4]. - The voting rights for each share are one vote per share, and shareholders with multiple votes are not required to cast all votes in the same manner [6].

Group 1 - The company has approved the global offering of H shares and related arrangements for listing on the Hong Kong Stock Exchange [1][2] - The board unanimously agreed to authorize relevant personnel to handle matters related to the H share issuance and listing [2] - The company has received regulatory approval from the China Securities Regulatory Commission for the H share issuance on May 15, 2025 [1] Group 2 - The company has revised its articles of association to comply with the requirements of the Hong Kong Central Clearing and Settlement System for the H share issuance [2] - The board has approved a credit limit application to banks not exceeding 1.2 billion yuan for operational and business development needs [2][3] - The actual financing amount will be determined based on the agreements made with banks within the approved credit limit [3]

| 第十一章 | 修改章程 | 46 | | --- | --- | --- | | 第十二章 | 附则 | 46 | 安井食品集团股份有限公司 章程 （草案） （H 股发行并上市后适用） | 第五章 | 董事会 24 | | --- | --- | | 第七章 | 监事会 35 | | 第八章 | 财务会计制度、利润分配和审计 37 | | 第九章 | 通知和公告 42 | | | 第二节 公告 43 | 安井食品集团股份有限公司章程（草案） 第一章 总则 第一条 为规范安井食品集团股份有限公司（以下简称"公司"）的公司组织和行 为，维护公司、股东和债权人的合法权益，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《境 内企业境外发行证券和上市管理试行办法》《上市公司章程指引》《上海证券交易所 股票上市规则》《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市 规则》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司系由其前身厦门华顺民生食品有限公司（以下简称"厦门华顺民生"）整体 变更 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-034 安井食品集团股份有限公司关于修订H股 发行上市后生效的《公司章程（草案）》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 董 事 会 2025 年 6 月 21 日 | | 股股东名册的副本备置于公司住所；受委 | 应当将 H 股股东名册的副本备置于公司 | | --- | --- | --- | | | 托的境外代理机构应当随时保证 股股东 H | 住所；受委托的境外代理机构应当随时 | | | 名册正、副本的一致性。备置于香港的 H | 保证 H 股股东名册正、副本的一致性。 | | | 股股东名册须可供股东查询，但可容许公 | 备置于香港的 股股东名册须可供股东 H | | | 司按照香港法例第 章《公司条例》第 622 | 查询，但可容许公司按照香港法例第 622 | | | 632 条等同的条款及公司股票上市地证券 | 章《公司条例》第 632 条等同的条款及 | | | 监管规则的规定暂停办理股东登记手续。 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-033 安井食品集团股份有限公司 第五届董事会第十九次会议决议公告 根据公司 2024 年第四次临时股东会的授权，为本次发行上市之目的，董事 会同意根据香港中央结算有限公司的修改意见修订本次发行上市后适用的《安井 食品集团股份有限公司章程（草案）》。 表决结果为：9 票赞成；0 票反对；0 票弃权。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn）发 布的《安井食品关于修订 H 股发行上市后生效的<公司章程（草案）>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（以下简称"公司"）于 2025 年 6 月 20 日在公 司会议室以现场加通讯的方式召开第五届董事会第十九次会议。公司于召开会议 前依法通知了全体董事，会议通知的时间及方式符合国家有关法律、法规及《公 司章程》的规定。会议由董事长刘鸣鸣主持，应出席董事 9 名，实际出席董事 9 名。经与会董事一致同意，形成决议如下： 一、审议 ...

Industry Policies Summary - The pre-prepared food industry in China has shown significant potential, especially during the COVID-19 pandemic, leading to rapid development and increased government focus on management and guidance [1][2] - Key areas of government focus include food safety regulation, industrial park planning, cold chain facility construction, and enhancing consumer consumption and innovation [2][5] National Level Policy Overview - The Chinese government has issued various policies to support and regulate the pre-prepared food industry, addressing food safety management, production base construction, and cold chain logistics [5][10] - Policies from multiple departments, including the State Council and Ministry of Commerce, emphasize the importance of food safety and the establishment of standards for pre-prepared food [5][10] Key National Policies and Interpretations - Policies include strict food safety regulations, the establishment of a unified national standard for pre-prepared food production, and the promotion of technological innovation in the industry [11][12] - The government aims to enhance the quality and safety of pre-prepared food through improved supervision and the establishment of a comprehensive food safety management system [11][12] Local Level Policy Overview - Various provinces have implemented specific policies to promote the development of the pre-prepared food industry, focusing on building production bases, enhancing quality, and fostering innovation [13][15] - For example, Shandong aims to cultivate over ten leading enterprises with a market value of over 10 billion yuan by 2025, while Anhui targets a pre-prepared food industry scale exceeding 120 billion yuan [13][15] Future Development Goals - The government has set ambitious goals for the pre-prepared food industry, including the establishment of a robust cold chain logistics network and the promotion of high-quality development through technological advancements [8][10] - By 2025, the aim is to create a competitive and sustainable pre-prepared food industry that meets consumer demands and contributes to economic growth [8][10]

Core Viewpoint - The "Su Super" football league has gained significant popularity in a short time, with average attendance increasing from 7,745 to 25,802 in just one month, and related topics on Douyin reaching over 7 billion views by June 16, 2025 [3][5][15]. Sponsorship Expansion - The number of sponsors for the "Su Super" has tripled from the first to the fourth round, reaching 19 sponsors, indicating a surge in interest and brand engagement [5][7]. - Notable sponsors include major brands like JD.com, Ideal, and Heineken, reflecting the event's growing prestige [7][15]. - The sponsorship fees have skyrocketed to 3 million RMB, compared to the initial total season sponsorship of 8 million RMB by Jiangsu Bank [15][25]. Sponsorship Dynamics - "Karma Sports," the previous official partner, has been replaced by "Wuqiku Sports," highlighting a competitive sponsorship landscape [8][10]. - The official partnership structure has specific limitations, with only two official partners remaining, indicating a selective sponsorship approach [8][12]. - The shift in sponsorship reflects a deeper connection to local enterprises, as "Wuqiku" is a Jiangsu-based company, while "Karma" is a foreign brand [12][13]. Regional Brand Engagement - The event has attracted local brands, with three out of six fixed sponsors being Jiangsu-based companies, emphasizing regional representation [15][16]. - Other sponsors, while not local, maintain strong ties to Jiangsu, showcasing a blend of local and national brands [16][18]. - The local cultural context and humor have played a significant role in the event's popularity, with social media engagement driving interest [20][23]. Comparison with Other Events - The "Su Super" has been compared to the grassroots "Village Super" league, which also gained massive online traction, but "Su Super" has a more professional feel due to its corporate sponsorship [24][25]. - The success of "Su Super" is attributed to its entertainment value and local engagement, contrasting with the more restrained commercial approach of "Village Super" [24].

Overview - The demand for frozen buns in China is projected to reach 474,900 tons by 2024, with a market size of 11.872 billion yuan, and an average product price of approximately 25,000 yuan per ton. The increasing income levels and consumer preferences for convenient and high-quality frozen foods are expected to drive market expansion, particularly in urban areas [1][11]. Market Policy - Recent food safety regulations in China have become increasingly stringent, impacting various stages of the frozen bun supply chain, including raw material procurement, production, packaging, storage, and sales. These regulations aim to standardize market practices and protect consumer rights, promoting sustainable industry development in the long term [4]. Industry Chain - The frozen bun industry consists of upstream suppliers of raw materials (flour, meat, vegetables, etc.), midstream production processes, and downstream sales channels (supermarkets, convenience stores, e-commerce, and restaurants). Consumer preferences for convenience, taste, and health are driving innovation and product upgrades across the industry chain [7][9]. Competitive Landscape - The frozen bun market in China is highly competitive, with key players including Anjijia Food Group, Sanquan Food, Guangzhou Restaurant Group, and others. In 2024, Anjijia Food is expected to achieve total revenue of 15.13 billion yuan, followed by Sanquan Food with 6.632 billion yuan, and Babi Food with 1.671 billion yuan [13][16]. Development Trends - Future trends in the frozen bun market will focus on health-conscious products, including low-fat, low-sugar, and additive-free options. There will be an emphasis on diverse flavors and the incorporation of local specialties into frozen products, catering to the evolving tastes of consumers [21].

Core Insights - The "Su Super" league has seen a significant increase in sponsorship, growing from 6 sponsors at the start to 19 sponsors by June 13, indicating strong commercial interest and engagement in the league [1][3]. Sponsorship Growth - The initial sponsors included Jiangsu Bank as the main title sponsor, with strategic partners and other sponsors totaling 6 [1]. - By the fourth round of matches, the number of sponsors had expanded to 19, with new strategic partners such as Longpan Technology, Ideal Auto, and KFC joining the league [1]. - The league's official sponsors increased to 5, with new additions like Nubia and Yili, while the number of official suppliers rose to 4 [1]. Comparison with Other Leagues - The number of sponsors for "Su Super" has surpassed that of the 2025 Chinese Super League (CSL), which had fewer than 10 sponsors listed [4]. - Despite the higher number of sponsors, the sponsorship fees for "Su Super" are significantly lower than those for the CSL, with the entire season's sponsorship price reaching 3 million yuan, while the CSL's title sponsorship can exceed 100 million yuan [4][5].

Core Viewpoint - Anjiu Food (603345.SH), known as the "first stock of frozen food," is pursuing an IPO in Hong Kong, facing skepticism from shareholders regarding the motives behind the listing, with a significant portion of minority shareholders opposing the move [1][3]. Shareholder Voting Results - In the shareholder vote regarding the Hong Kong listing, 70.63% of shareholders supported the proposal, while 28.77% opposed it, with 60.51% of minority shareholders holding less than 5% of shares voting against [1][2]. Company Strategy and Rationale - The company aims to enhance its long-term strategic development, broaden financing channels, optimize capital structure, improve international brand image, and strengthen overall risk resistance through the Hong Kong listing [3]. - The company believes that the current macroeconomic environment and policy support favor the internationalization of quality Chinese enterprises, positioning the Hong Kong market as a crucial platform for global fundraising and development [3]. Financial Performance - Anjiu Food's revenue and profit growth has slowed over the past three years, with revenues of 12.106 billion, 13.965 billion, and 15.030 billion yuan for 2022 to 2024, reflecting year-on-year growth rates of 31.39%, 15.29%, and 7.70% respectively [5]. - Net profits for the same period were 1.101 billion, 1.487 billion, and 1.485 billion yuan, with corresponding growth rates of 61.37%, 34.24%, and 0.46% [5]. - In Q1 2025, the company reported a revenue decline of 4.13% to 3.600 billion yuan and a net profit decline of 10.01% to 395 million yuan [5]. Market Competition and Strategy - The company acknowledges the ongoing challenges in the market due to macroeconomic conditions affecting consumer sentiment, but it has managed to maintain positive growth in revenue and profit over the past two years [5]. - Anjiu Food plans to continue its channel strategy and product development to respond to market competition and leverage potential opportunities for industry consolidation [5]. International Expansion - The company has signed agreements with local distributors in Southeast Asian countries such as the Philippines, Cambodia, Myanmar, and Thailand, exporting a range of frozen products and establishing a multi-category collaborative output capability [6].