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].

Core Viewpoint - Anjuke Foods is pursuing a dual listing on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout, despite facing skepticism from the market and shareholders regarding potential valuation discrepancies between A-shares and H-shares [4][11]. Group 1: Listing and Market Reaction - Anjuke Foods has officially passed the listing hearing on the Hong Kong Stock Exchange, aiming to issue up to 59.52 million shares [6]. - The company's stock price was 77.41 yuan per share as of June 17, continuing a downward trend, indicating a lack of market confidence in the listing news [4][9]. - Over 60% of minority shareholders opposed the Hong Kong listing, citing concerns about lower liquidity and potential pricing discounts compared to A-shares [10][11]. Group 2: Business Strategy and Fund Utilization - The company aims to use the funds raised from the listing for expanding sales and distribution networks, enhancing procurement capabilities, optimizing supply chains, digitalizing operations, and product development [7]. - Anjuke Foods plans to focus on brand building and marketing in key markets such as Southeast Asia, Australia, North America, and Europe, where the frozen food market is expected to grow significantly [7]. Group 3: Financial Performance and Market Position - In 2024, Anjuke Foods reported revenue of 15.127 billion yuan, a year-on-year increase of 7.7%, with a net profit of 1.485 billion yuan, up 0.46% [16]. - The company holds a 6.6% market share in the frozen food sector, making it the largest in China, with specific shares of 13.8%, 5.0%, and 3.2% in frozen prepared foods, frozen dishes, and frozen rice and noodle products, respectively [15]. - However, the company has faced challenges, including intensified market competition and fluctuations in raw material prices, leading to a decline in revenue for its frozen rice and noodle products [17].

Core Viewpoint - Anjiu Foods is preparing for a dual listing on the Hong Kong Stock Exchange, despite facing significant opposition from shareholders, particularly small shareholders, amid declining market performance and growth rates in the frozen food sector [2][3][17]. Financial Performance - Anjiu Foods maintained revenue growth over the past three years, with revenues of 121.06 billion RMB, 139.65 billion RMB, and 150.30 billion RMB, corresponding to year-on-year growth rates of 31.39%, 15.29%, and 7.70% respectively [5][6]. - Net profits for the same period were 11.01 billion RMB, 14.87 billion RMB, and 14.85 billion RMB, with year-on-year growth rates of 61.37%, 34.24%, and 0.46% [5][6]. - In Q1 of this year, Anjiu Foods experienced negative growth, with revenues declining by 4.13% to 36.00 billion RMB and net profits down by 10.01% to 3.95 billion RMB [6]. Market Position - Anjiu Foods holds the largest market share in the frozen food sector at 6.6%, significantly ahead of competitors such as Si Nian Foods and San Quan Foods [6][7]. - The company has a strong portfolio with 39 products generating over 100 million RMB in annual revenue, including several exceeding 500 million RMB [7]. Shareholder Sentiment - Approximately 28.77% of shareholders voted against the Hong Kong listing proposal, with over 60% of small shareholders expressing opposition [3][4]. - The company received 70.63% support for the listing, indicating a divided opinion among shareholders [3][4]. Strategic Initiatives - The motivation behind the Hong Kong listing includes accelerating internationalization, enhancing overseas business development, and improving financing capabilities [3][17]. - Anjiu Foods plans to leverage strategic acquisitions and partnerships to expand its international presence, although specific targets have not yet been identified [17]. Sales Channels - The majority of Anjiu Foods' revenue comes from distribution channels, accounting for 81.9% of total revenue, with significant contributions from key accounts and direct sales [13][15]. - The company has seen a decline in revenue from key account customers due to reduced foot traffic and store closures [15]. Regional Performance - Anjiu Foods' domestic market revenue was 148.62 billion RMB, representing 98.9% of total revenue, with the East China region contributing the most [16]. - Overseas revenue remains low, with figures of 1.08 billion RMB, 1.28 billion RMB, and 1.67 billion RMB from 2022 to 2024, accounting for only 0.9% to 1.1% of total revenue [16].

Group 1 - Several A-share companies have made progress in their plans to list in Hong Kong since June, including Haitai Flavor Industry and Sanhua Intelligent Control, which have initiated their IPO processes [1] - As of June 15, 2023, five A-share companies have successfully listed in Hong Kong this year, raising a total of 56 billion HKD [1] - Over 50 A-share companies have officially announced their intentions to list in Hong Kong, indicating a growing trend [1] Group 2 - The "A+H" dual listing model is gaining popularity among leading A-share companies, driven by the need for overseas expansion and efficient foreign currency financing [2] - The China Securities Regulatory Commission has expedited the approval process for companies seeking to list in Hong Kong, particularly for those with a market capitalization exceeding 10 billion HKD [2] - Listing in Hong Kong not only meets the overseas business expansion needs of A-share companies but also increases the proportion of international investors [2] Group 3 - Foreign institutional ownership in some A-share companies is already significant, with Midea Group and CATL having over 24% and 22% of their free-floating shares held by foreign investors, respectively [3] - The total foreign ownership of A-shares is capped at 30% for any single company, which encourages companies to seek additional international investment through Hong Kong listings [4] Group 4 - The return of international long-term capital is a major driver for A-share companies to list in Hong Kong, with many international institutions participating in the H-share international placement lists of companies like CATL and Heng Rui Pharmaceutical [4] - International long-term investors prefer industry leaders and companies with clear profit paths and lower risks, which aligns with the profiles of many A-share companies seeking Hong Kong listings [4] Group 5 - The liquidity of the Hong Kong market has significantly improved, with the Hang Seng Index and Hang Seng Tech Index both showing over 15% gains year-to-date [5] - The average daily trading volume in the Hong Kong market has increased by 120% year-on-year, indicating heightened investor interest [5] - The Hong Kong Securities and Futures Commission is implementing strategies to enhance market attractiveness and competitiveness [5] Group 6 - There has been a notable return of international capital to both A-share and Hong Kong markets, suggesting a potential restructuring of global asset allocation [6] - Hong Kong is positioned as a key financing platform for mainland companies looking to expand internationally, especially in response to global supply chain challenges [6]

Listing Dynamics - Anjiu Food has passed the Hong Kong Stock Exchange listing hearing and has initiated a pre-roadshow for its IPO [3] - The funds raised from the IPO will be allocated to five areas: expanding sales and distribution networks, enhancing procurement capabilities and optimizing the supply chain, digitalizing business operations, product development and technological innovation, and working capital and general corporate purposes [3] - The expansion of sales and distribution networks includes strengthening overseas sales channels and brand building in international markets [3] Brand Dynamics - Gucci's new creative director Demna will launch his first collection using an "see now, buy now" model, with products available immediately after the show in about 50 selected stores globally [8][9] - Nestlé is launching a new AI internal service to create high-quality product content for e-commerce and digital media channels, developed in collaboration with Microsoft and Accenture [14] - The new service aims to scale Nestlé's internal technology and enhance its marketing capabilities across various brands [14] Joint Ventures - China Feihe and Lihigh Food have established a joint venture named Helili (Inner Mongolia) Dairy Co., Ltd., focusing on dairy product production and technology services [12] - This partnership is expected to enhance resource integration, business expansion, and market competitiveness, potentially driving industry innovation [12] Personnel Changes - Procter & Gamble announced that Colin Walsh will step down, with John Brownlee taking over while continuing his role as Senior Vice President for North America Hair Care [19] - Chanel appointed Krzysztof Lukasik as the creative director for small leather goods, accessories, and eyewear, bringing extensive design experience from previous roles [21][22] - Akris has hired Bonnie Abraham, a former executive from Balenciaga, as the new CEO for its Americas region, focusing on retail growth [25]

Core Viewpoint - Anjiu Food is seeking to list on the Hong Kong Stock Exchange to raise funds for international expansion, as domestic growth in the frozen food market slows down [2][8]. Group 1: Company Overview - Anjiu Food is the leading company in China's frozen prepared food market, holding a market share of 13.8% as of 2024 [2]. - The company reported a revenue of 121.06 billion yuan in 2022, with projections of 139.65 billion yuan in 2023 and 150.30 billion yuan in 2024 [3]. - Anjiu Food has over 500 SKUs across three product lines: frozen prepared foods, frozen dishes, and frozen rice and noodle products [3]. Group 2: Financial Performance - In Q1 2025, Anjiu Food's revenue was 36.00 billion yuan, a decrease of 4.13% year-on-year, with a net profit of 3.95 billion yuan, down 10.01% [6]. - The gross margin for the prepared dishes segment was significantly lower than that of frozen prepared foods, with margins of 9.9%, 10.8%, and 11.1% from 2022 to 2024 [6]. - The average selling price of prepared dishes declined from 20,300 yuan per ton in 2022 to 17,600 yuan in 2024, attributed to increased competition in the market [6]. Group 3: Market Strategy - Anjiu Food aims to expand its international market presence, with plans to use funds from the IPO for enhancing sales networks and supply chain systems [8]. - The company has established a production base in Vietnam to penetrate Southeast Asian markets, with overseas revenue projected at 1.67 billion yuan in 2024, accounting for 1.1% of total revenue [8]. - The company has faced challenges with its prepared dishes segment, which has seen a decline in performance, but experts believe there is still potential for growth in this market [7][9]. Group 4: Industry Insights - The frozen food market in China is experiencing a slowdown, prompting companies like Anjiu Food to seek growth opportunities abroad [2][8]. - Industry experts emphasize the importance of having a strong domestic foundation before pursuing international expansion, highlighting the need for strategic and tactical planning [9].

Group 1: Company Announcements - *ST Bosen's proposed board election is unrelated to the "Xifeng Liquor backdoor listing" rumors [1] - Anjiu Food Group has passed the listing hearing at the Hong Kong Stock Exchange [2] - Haitian Flavor Industry plans to globally issue 263,237,500 H-shares, with a price range of HKD 35.00 to HKD 36.30 [2] - Unilever (China) has undergone several business changes, with Roland Polaroid Hutabarat becoming the new legal representative [3] Group 2: Industry Developments - Laiyifen has expanded its distribution business to local chain supermarkets in South Korea, Vietnam, and Thailand, increasing its export SKU count to over 30 [1] - Starbucks China has reduced prices on dozens of products, with an average price drop of around 5 yuan for large cups [4] - The average monthly after-tax income for over 8,000 employees at Pang Donglai is approximately 9,000 yuan, with an estimated net profit of 1.5 billion yuan [7] Group 3: Product Testing Results - The collagen content in Kefu Beauty's collagen stick 1.0 was found to be only 0.02%, consistent with previous testing results [6]

Group 1 - The core viewpoint of the news is that Anjuke Foods is facing significant challenges as it attempts to go public in Hong Kong, particularly due to ongoing food safety controversies that threaten its brand trust and market performance [2][11]. - Anjuke Foods has achieved cumulative revenue exceeding 41 billion yuan over the past three years, with 39 products generating over 100 million yuan annually, but it is currently under pressure from food safety issues [2][11]. - The company's stock price fell by 4.34% on June 13, 2025, reaching 78.93 yuan, resulting in a total market capitalization of 23.15 billion yuan [2]. Group 2 - The Hong Kong IPO process for Anjuke Foods began in January 2025, with the company submitting its application on January 20 and receiving approval from the China Securities Regulatory Commission on May 21 [3]. - The company plans to use the funds raised from the IPO to expand production capacity, optimize the supply chain, and explore international markets, particularly in Southeast Asia and Europe [3][10]. - Anjuke Foods' revenue growth has slowed, with income increasing from 5.267 billion yuan in 2019 to 15.03 billion yuan in 2024, but the growth rate has declined since 2021 [3][10]. Group 3 - The company has faced multiple consumer complaints regarding product quality, including issues with foreign objects and spoilage, which have raised concerns about its production quality control [6][9]. - The first quarter of 2025 saw a further slowdown in net profit growth to below 5%, with stock prices declining by 1.31% on May 28 [8][10]. - The competitive landscape in the frozen food industry is intensifying, with new brands using low-price strategies to capture market share, putting pressure on Anjuke Foods to maintain its price-performance advantage while investing in high-end product development [10]. Group 4 - The Hong Kong Stock Exchange has indicated that the hearing results do not constitute formal approval, and further regulatory scrutiny may arise, particularly concerning food safety compliance [5]. - Anjuke Foods' A-share price-to-earnings ratio is 14.67, lower than the industry average, reflecting cautious investor sentiment regarding growth prospects in the frozen food sector [10]. - The company is attempting to address these challenges through strategic adjustments, including a dual focus on B2B and B2C markets and investing in production line upgrades [10][11].

Core Viewpoint - Anjiu Food Group Co., Ltd. is in the process of applying for the issuance of H-shares and listing on the Hong Kong Stock Exchange, with the application submitted on January 20, 2025 [1][2]. Group 1: Application Process - The company submitted its application for H-share issuance and listing to the Hong Kong Stock Exchange on January 20, 2025, and published the application materials on the same day [1]. - On May 15, 2025, the China Securities Regulatory Commission confirmed the company's H-share issuance and listing filing [2]. - A listing hearing was held by the Hong Kong Stock Exchange Listing Committee on June 5, 2025, to review the company's application [2]. Group 2: Information Disclosure - The company published a post-hearing information package on the Hong Kong Stock Exchange website, which is intended solely for public information and may be updated [3]. - The company will not publish the post-hearing information package on domestic stock exchanges but provides links for domestic investors to access the information [3]. - The announcement clarifies that the information provided does not constitute an offer or invitation to purchase any securities [3]. Group 3: Regulatory Approval - The issuance and listing of H-shares are subject to final approval from relevant regulatory bodies, including the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [4].

证券代码：603345 证券简称：安井食品 公告编号：临 2025-032 安井食品集团股份有限公司 关于刊发H股发行聆讯后资料集的公告 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"）正在进行申请发行 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。 2025 年 1 月 20 日，公司向香港联交所递交了本次发行 H 股并上市的申请， 并于同日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 1 月 21 日在上海证券交易所网站（www.sse.com.cn）及指定媒体披露的《安井食品集 团股份有限公司关于向香港联交所递交 H 股发行上市的申请并刊发申请资料的 公告》（公告编号：临 2025-003）。 2025 年 5 月 15 日，中国证券监督管理委员会（以下简称"中国证监会"） 出具《关于安井食品集团股份有限公司境外发行上市备案通知书》（国合函 [2025]855 号），中国证监会对公 ...