Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Viewpoints - The industry shows clear signs of bottoming out, with low valuation levels. As of October 17, the condiment index has decreased by 6.1% since the beginning of 2025, underperforming the CSI 300 index by 24.3 percentage points [2][6] - The restaurant supply chain is experiencing a notable bottoming trend, with leading companies in the condiment sector showing improvement. Institutional holdings are at a low level, indicating a lower valuation center [2][12] - The report suggests that the industry is likely to enter a recovery phase, driven by improving demand and supply-side signals, including frequent mergers and acquisitions among leading companies [2][4] Industry Summary - The industry is currently in a phase of bottoming out, with valuation levels at a low point. The condiment and pre-processed food indices have both underperformed the broader market significantly [6][14] - The overall performance of the restaurant supply chain industry has been stable, with opportunities for growth, but it is essential to monitor signals of demand recovery [9][12] Key Stocks Summary - **Haitian Flavor Industry**: Demonstrates strong self-reform capabilities, with a notable recovery in operational status expected in H2 2024. The company has maintained steady growth across various product categories [17][21] - **Babi Food**: Achieved significant improvements in store efficiency and revenue growth, with a focus on expanding its product offerings and enhancing operational capabilities [25][30] - **Anjuke Food**: Focuses on product innovation and has opened up growth opportunities in the prepared food sector, despite facing challenges in the traditional frozen food market [35][40] - **Qianwei Central Kitchen**: Underwent a strategic adjustment to enhance channel quality and profitability, stabilizing its stock price after a period of decline [43][47]

Core Viewpoint - Schroders PLC has reduced its stake in Anjoy Foods (02648.HK) by selling 292,800 shares at an average price of HKD 58.6522 per share, resulting in a total transaction value of approximately HKD 17.1734 million. Following this transaction, Schroders PLC's shareholding decreased from 7.04% to 6.31% [1][2]. Group 1 - Schroders PLC sold 292,800 shares of Anjoy Foods at an average price of HKD 58.6522 per share [1][2]. - The total value of the shares sold by Schroders PLC amounts to approximately HKD 17.1734 million [1]. - After the sale, Schroders PLC's total shareholding in Anjoy Foods is now 2.523 million shares, representing 6.31% of the company [1][2].

安井食品集團股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司 將於2025年10月28日（星期二）舉行董事會會議，藉以（其中包括）審議及批准 本公司及其附屬公司截至2025年9月30日止九個月之季度業績及其發佈，以及 處理其他事項（如有）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 董事會會議召開日期 承董事會命 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年10月16日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先 生、章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii) 獨立非執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 ...

格隆汇10月16日丨安井食品(02648.HK)宣布，本公司将于2025年10月28日（星期二）举行董事会会议， 藉以（其中包括）审议及批准本公司及其附属公司截至2025年9月30日止九个月的季度业绩及其发布， 以及处理其他事项（如有）。 ...

Market Overview - The food processing sector increased by 0.49% on October 16, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - *ST Chuntian (600381) closed at 4.88, up 4.95% with a trading volume of 89,600 shares and a turnover of 43.38 million yuan [1] - Quandawei (002626) closed at 21.90, up 3.01% with a trading volume of 239,000 shares and a turnover of 52.5 million yuan [1] - Tangchen Beijian (300146) closed at 12.46, up 2.81% with a trading volume of 570,200 shares and a turnover of 714 million yuan [1] - Shuanghui Development (000895) closed at 25.40, up 0.99% with a trading volume of 108,000 shares and a turnover of 274 million yuan [1] - Other notable stocks include Jiaoda Anli (600530) and Chunxue Food (605567), with minor increases of 0.84% and 0.20% respectively [1] Capital Flow - The food processing sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 69.89 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anjiu Food (603345) had a net inflow of 18.59 million yuan from institutional investors, while retail investors had a net outflow of 34.42 million yuan [3] - Jiaoda Anli (600530) saw a net inflow of 16.91 million yuan from institutional investors, but retail investors had a net outflow of 9.50 million yuan [3] - *ST Chuntian (600381) had a net inflow of 11.76 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Core Viewpoint - Anjiu Food (603345) announced a cash dividend distribution of approximately RMB 473 million for the first half of 2025, representing 70.02% of the company's net profit attributable to shareholders for the same period [1] Group 1 - The cash dividend distribution will be completed on October 17, 2025, for the H-shares, following the completion of various preconditions such as tax payment and foreign exchange procedures [1] - The A-share portion of the dividend distribution was implemented on September 23, 2025 [1]

Core Insights - The food processing sector experienced a rise of 1.39% on October 15, with Jindawei leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Summary by Category Stock Performance - Jindawei (002626) closed at 21.26, with a significant increase of 7.92% and a trading volume of 223,800 shares, amounting to a transaction value of 466 million yuan [1] - Other notable performers included: - Baba Foods (605338) at 25.96, up 5.10% [1] - Tangchen Beijian (300146) at 12.12, up 3.68% [1] - Xianle Health (300791) at 23.80, up 2.54% [1] Capital Flow - The food processing sector saw a net inflow of 70.52 million yuan from institutional investors, while retail investors experienced a net outflow of 86.83 million yuan [2] - The main capital inflow and outflow for selected stocks included: - Jindawei had a net inflow of 33.91 million yuan from institutional investors, but a net outflow of 35.84 million yuan from retail investors [3] - Tangchen Beijian had a net inflow of 33.86 million yuan from institutional investors, with a slight net inflow from retail investors [3] Trading Volume and Value - The trading volume for Jindawei was 223,800 shares, contributing to a transaction value of 466 million yuan [1] - Baba Foods had a trading volume of 59,200 shares, with a transaction value of 152 million yuan [1] - The overall trading activity in the food processing sector indicates a healthy interest from institutional investors despite the outflow from retail investors [2][3]

Core Points - Schroders PLC reduced its stake in Anjoy Foods (02648.HK) by selling 211,700 shares at an average price of HKD 58.2707 per share, amounting to approximately HKD 12.336 million [1] - Following the sale, Schroders PLC's total shareholding decreased to 3.1098 million shares, representing a reduction in ownership from 8.30% to 7.78% [1] Summary by Category Shareholding Changes - Schroders PLC sold 211,700 shares of Anjoy Foods at an average price of HKD 58.2707 per share [1] - The total investment from this transaction was about HKD 12.336 million [1] - Post-transaction, Schroders PLC's shareholding in Anjoy Foods is now 3.1098 million shares, which is 7.78% of the total shares [1]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][5]. Core Views - The food and beverage sector is experiencing a divergence in fundamentals, with beverages outperforming food and alcoholic beverages. The report emphasizes the importance of monitoring third-quarter performance [2][3]. - The report highlights the potential for stock price increases due to low expectations and the possibility of demand recovery, particularly in the snack, beverage, and frozen food segments [3][4]. Summary by Sections 1. Sector Overview - The food and beverage sector saw a slight decline of 0.16% this week, with A-shares down 0.20% and H-shares up 0.42%, indicating defensive allocation demand [1]. - The top performers in the sector included Zhuangyuan Pasture (21.07%), Yangyuan Beverage (16.80%), and Guangming Meat Industry (6.48%) [1]. 2. Alcoholic Beverages - The report notes that the liquor sector is still in a bottoming phase, with a focus on changes in the industry as the autumn sugar market approaches. Recommendations include Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu for their strategic advantages and growth potential [2][10]. - The report anticipates a 15-20% decline in sales volume during the upcoming holiday season, with a shift towards mass-market consumption [10]. 3. Beverages - The beverage sector is experiencing stable demand recovery, with leading companies like Nongfu Spring and Dongpeng Beverage showing strong performance. The report suggests focusing on the growth of sugar-free tea and energy drinks [2][15]. - The beverage sector's revenue increased by 18% year-on-year in the first half of 2025, despite entering the off-season [15]. 4. Snacks - The report emphasizes the importance of selecting strong alpha stocks in the snack sector, particularly in the konjac snack category, where leading companies like Weilong and Yanjinpuzi are expected to perform well [3][12]. - The snack industry is transitioning from channel-driven growth to category-driven growth, increasing competition among brands [12]. 5. Dairy Products - The dairy sector is seeing a gradual recovery in demand, with a focus on leading companies like Yili, which are expected to benefit from supply-demand improvements by 2025 [14]. - The report highlights the importance of monitoring inventory clearance and new product performance in the dairy supply chain [13][14]. 6. Investment Recommendations - The recommended investment portfolio includes Baba Food, Dongpeng Beverage, Weilong, and Luzhou Laojiao, which have shown strong performance and positive earnings expectations [3][16]. - The report suggests that any changes in supply and demand dynamics could catalyze stock price increases, particularly in segments with high growth potential [3][4].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]