Investment Rating - The report maintains a "Strong Buy" rating for Anjijia Food (603345) with a target price of 100 CNY [2][7]. Core Insights - The company is shifting its strategy from a channel-driven approach to a product-driven approach, focusing on capturing new consumer trends and launching new products starting from Q2 2025 [7][8]. - The company has a robust pipeline of new products, including various types of sausages, dumplings, and hot pot ingredients, which are expected to drive growth [7][8]. - The management has acknowledged past challenges due to an overemphasis on B-end products and is now focusing on creating explosive products for the C-end market [7][8]. Financial Performance Summary - Total revenue is projected to grow from 15,127 million CNY in 2024 to 19,282 million CNY by 2027, with a CAGR of approximately 8.5% [3][19]. - Net profit attributable to the parent company is expected to increase from 1,485 million CNY in 2024 to 1,875 million CNY in 2027, reflecting a growth rate of 12.0% in 2027 [3][19]. - Earnings per share (EPS) is forecasted to rise from 5.06 CNY in 2024 to 6.39 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 16 to 13 over the same period [3][19]. Market Position and Strategy - The company aims to enhance its distribution channels by focusing on large distributors and embracing customized solutions for supermarkets and community e-commerce [7][8]. - Anjijia Food is positioned as a leader in the frozen food sector, with a strong management capability and operational efficiency, which are expected to support its growth potential and profit recovery [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 CNY [2][7]. Core Views - The company is shifting its strategy from a channel-driven approach to a focus on new product development, aiming to capture new consumer trends and enhance product offerings [7]. - New products are expected to be launched starting from Q2 2025, with a strong pipeline of innovations across various categories [7]. - The company is emphasizing the potential of all-channel development and aims to strengthen its distribution network, particularly in supermarkets and community e-commerce [7]. - The management has acknowledged past challenges in product innovation and is now committed to a more balanced approach between B-end and C-end product strategies [7]. - The report anticipates gradual improvement in the company's fundamentals throughout the year, supported by new product launches and a low base effect [7]. Financial Summary - Projected total revenue for 2024 is 15,127 million CNY, with a year-on-year growth rate of 7.7% [3]. - Expected net profit attributable to the parent company for 2024 is 1,485 million CNY, reflecting a modest growth of 0.5% [3]. - Earnings per share (EPS) is forecasted to be 5.06 CNY for 2024, with a price-to-earnings (P/E) ratio of 16 [3]. - The company’s total market capitalization is approximately 237.04 billion CNY, with a debt-to-asset ratio of 18.7% [4].

一、 会议召开和出席情况 (一) 股东会召开的时间：2025 年 5 月 21 日 证券代码：603345 证券简称：安井食品 公告编号：临 2025-026 安井食品集团股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 (二) 股东会召开的地点：福建省厦门市同安区观洲路 7 号，厦门特房波特 曼酒店 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 出席会议的股东和代理人人数 1. | 353 | | --- | --- | | 2. 出席会议的股东所持有表决权的股份总数（股） | 154,507,558 | | 出席会议的股东所持有表决权股份数占公司有表决权股份总数的 3. | 52.89 | | 比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情 况等。 本次股东会由公司董事会召集，董事长刘鸣鸣先生主持本次股东会。会议采 用现场投票与网络投票相结合的表决方式。本次股东会的召 ...

FANGDA PARTNERS http://www.fangdalaw.com 䛞᭯㕆⸱˖200041 Ր ⵏ Fax: 86-21-5298-5599 ѝഭк⎧ᐲ⸣䰘а䐟 288 ਧ ⭥ᆀ䛞Ԧ E-mail: email@fangdalaw.com ޤъཚਔ≷俉ޤъѝᗳҼᓗ 24 ᾬ ⭥ 䈍 Tel.: 86-21-2208-1166 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai 200041, PRC к⎧ᐲᯩ䗮ᖻᐸһ࣑ᡰ ޣҾᆹӅ伏૱䳶ഒ㛑ԭᴹ䲀ޜਨ 2024 ᒤᒤᓖ㛑ьՊⲴ⌅ᖻ㿱Җ к⎧ᐲᯩ䗮ᖻᐸһ࣑ᡰ˄ԕлㆰ〠"ᵜᡰ"˅ᱟާᴹѝॾӪ≁ޡ઼ഭຳ⌅ᖻ ᢗъ䍴ṬⲴᖻᐸһ࣑ᡰDŽṩᦞޣ⌅ᖻ亮䰞ॿ䇞ˈᵜᡰᤷ⍮ᖻᐸࠪᑝᆹӅ伏૱䳶 ഒ㛑ԭᴹ䲀ޜਨ˄ԕлㆰ〠"ޜਨ"˅2024 ᒤᒤᓖ㛑ьՊ˄ԕлㆰ〠"ᵜ⅑㛑ьՊ"˅ˈ ᒦቡᵜ⅑㛑ьՊⲴਜ䳶઼ਜᔰ〻ᒿǃ৲о㺘ߣ઼ਜ䳶Պ䇞ӪઈⲴ䍴Ṭǃ㺘ߣ〻ᒿ ઼㺘ߣ㔃᷌ㅹᴹޣһᇌࠪާᵜ⌅ᖻ㿱ҖDŽ ᵜ⌅ᖻ㿱ҖᦞljѝॾӪ≁ޡ઼ഭޜਨ⌅NJljѝॾӪ≁ޡ઼ഭ䇱ࡨ⌅NJljк ᐲޜਨ㛑ьՊ㿴ࡉNJ৺ަ ...

Investment Rating - The report maintains a "Buy" rating for the food and beverage sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][33]. Core Insights - The restaurant industry is expected to gradually recover, with a slow recovery trend observed in Q1 2025 compared to the entire year of 2024, as indicated by an increase in store numbers and market heat [1][13]. - The first quarter of 2025 saw a slight decline in restaurant market sentiment compared to the previous quarter, likely influenced by the Spring Festival holiday, but remains in a recovery phase compared to the full year of 2024 [1][13]. - The report highlights a significant increase in restaurant store numbers in first-tier cities, with a 3.6% increase from Q4 2024 to Q1 2025, driven by the issuance of dining vouchers [2][16]. - The trend towards affordable dining continues, with restaurants priced under 50 yuan per person accounting for 70% of the total store count as of Q1 2025, reflecting a shift towards low-cost, high-value dining options [3][26]. Summary by Sections Restaurant Industry Recovery - Q1 2025 shows a slow recovery in the restaurant market, with a 1.8% increase in store numbers compared to Q4 2024, despite a competitive environment [1][13]. - The overall restaurant income growth rate has improved, with March 2025 showing a year-on-year increase of 5.6% in total retail dining income [1][13]. First-tier City Performance - First-tier cities have seen an increase in restaurant heat since Q4 2024, with a 3.6% increase in store numbers in Q1 2025, aided by government policies [2][16]. - The report notes a mixed performance in second and third-tier cities, with store numbers remaining relatively stable [2][16]. Consumer Trends - The report emphasizes the continued expansion of low-cost dining options, with a notable increase in stores priced under 50 yuan, while mid-range dining options have seen a slight decline [3][26]. - The opening rates for affordable dining categories such as noodle shops and snacks remain high, indicating strong consumer demand for budget-friendly options [2][21]. Investment Recommendations - The report suggests focusing on upstream supply chain-related companies, highlighting specific firms such as Lihigh Food, which reported a 14% year-on-year revenue growth in Q1 2025 [4][31]. - Other recommended companies include Anjii Food and Qianwei Central Kitchen, both of which are adapting to market conditions and focusing on product innovation [4][31].

Group 1 - The "Measures for Promoting and Managing the Catering Industry" will be implemented on June 15, 2025, with significant enhancements in industry promotion, including support for digital development and local特色餐饮 cultivation [1] - The revised measures provide practical guidance for catering service operators, aiming to improve service quality and competitiveness in the industry [1] - Analysts predict a recovery opportunity for the catering industry in 2025, driven by increased demand for banquets, ongoing subsidy policies like dining vouchers, and a potential rise in business dining as economic activity picks up [1][2] Group 2 - Following the announcement of the new measures, companies like Baba Food and Tianwei Food saw significant stock price increases, indicating positive market sentiment towards the catering sector [2] - Key companies in the catering supply chain include Hai Tian Wei Ye, Tian Wei Food, and An Qi Yeast, with projected revenue growth rates varying across the sector [5][6] - The core companies in the catering industry chain encompass various segments, including basic and compound condiments, as well as small dining chains [6]

引言：从速冻巨头到预制菜领军者，安井食品紧紧抓住预制菜复苏和海外拓展的机会华丽转身，为进一步加快全球化战略步伐，提高境外融资能 力，安井食品将在香港交易所挂牌上市。不过Q1营收下滑，或给赴港上市蒙上阴影。 数据显示，安井2024 年境外收入增长 30.76%，东南亚和北美这些潜力市场，人口多、需求旺，是速冻食品和预制菜蓝海市场。同时，安井在 2024 年 39 款单品营收过亿，但小龙虾预制菜等部分品类增速放缓。全球化战略布局很有前瞻性，但不同市场的 "口味偏好" 和预制菜品类的 "优 化升级"，都是接下来安井需要攻克的关卡。 5月16日，安井食品正式吹响港股上市的冲锋号。中国证监会国际合作司发布一则安井食品集团股份有限公司境外发行上市备案通知书，据备案通 知书披露，安井食品拟在香港联合交易所上市，计划发行 5952.14 万股 H 股，这场上市募资将为企业全球化拓展和供应链升级 "补血"。 按理说，安井正值迈向国际市场的高光时刻，可再翻翻安井食品 2025 年 Q1 财报，却让人忍不住捏把汗 —— 营收下滑、利润缩水、现金流波 动，怎么有点不给力？安井食品到底该如何在新征程里披荆斩棘？ 2025 年 Q1，安 ...

Core Viewpoint - Anjiu Food Group Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of up to 59,521,400 overseas listed ordinary shares, marking a significant step in the company's internationalization strategy [2] Group 1: Company Overview - Anjiu Food is a leading player in China's frozen food industry, holding a 6.2% market share in 2023, making it the industry leader [3] - The company has a market share of 12.7% in the frozen prepared food segment, which is four times that of the second-place competitor, and leads the frozen dish products market with a 4.9% share, surpassing the combined share of the second to fourth competitors [3] Group 2: Competitive Advantages - The company has established a comprehensive multi-channel sales network with over 2,000 distributors, covering traditional distribution, supermarkets, catering, and e-commerce [4] - Anjiu Food offers a diverse product matrix with over 400 SKUs across four main categories: frozen fish products, frozen meat products, frozen noodle and rice products, and frozen dish products [4] - The company has a strong focus on research and development, possessing a national-level enterprise technology center and holding 150 international management system certifications [4] Group 3: Strategic Significance of H-Share Listing - The H-share listing will provide multiple development opportunities, including expanding international financing channels and optimizing the capital structure [5] - It will enhance the company's international brand influence and support overseas market expansion [5] - The listing is expected to attract international strategic investors, improving corporate governance and laying the groundwork for future cross-border mergers and acquisitions [5] Group 4: Future Outlook - The frozen food industry is anticipated to experience broader growth due to ongoing consumption upgrades and the trend of restaurant chain expansion [6] - Anjiu Food aims to leverage its comprehensive product matrix, strong R&D capabilities, and extensive sales network to further enhance its leading position as industry concentration increases [6]

Core Viewpoint - Anjiu Food is accelerating its international expansion and has received approval for overseas listing, aiming to enhance its global presence and competitiveness [2][3]. Group 1: International Expansion Strategy - Anjiu Food plans to issue up to 59.52 million shares for overseas listing on the Hong Kong Stock Exchange, with a focus on expanding into high-growth international markets [2][3]. - The company aims to build a global supply chain platform to optimize costs and ensure a stable supply of quality raw materials such as fish paste and shrimp [2][8]. - The overseas revenue is projected to reach 168 million yuan in 2024, representing a year-on-year growth of 30.76%, becoming a new growth point for the company [2][8]. Group 2: Financial Performance - Anjiu Food's revenue for 2022, 2023, and 2024 was 12.183 billion yuan, 14.045 billion yuan, and 15.127 billion yuan, with year-on-year growth rates of 31.39%, 15.29%, and 7.70% respectively [5]. - The net profit for the same years was 1.101 billion yuan, 1.478 billion yuan, and 1.485 billion yuan, with growth rates of 61.37%, 34.24%, and 0.46% respectively, indicating a slowdown in growth [5]. - In Q1 2025, the company reported a revenue of 3.6 billion yuan, a decline of 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year [6]. Group 3: Market Development and Partnerships - Anjiu Food is enhancing its distribution network by empowering distributors and collaborating with chain restaurants to develop customized products [4]. - The company plans to expand its sales coverage in overseas markets through brand building and marketing activities, targeting local supermarkets and restaurants [4]. - As of 2024, Anjiu Food has 249 overseas distributors, a year-on-year increase of 10.18%, reflecting its growing international footprint [8].

Group 1 - Huang Zitao's sanitary napkin brand "Duo Wei" officially launched with a total investment of 275 million yuan, offering various product types including mini pads, day use, night use, and sleep pants [1] - The pricing of "Duo Wei" is slightly lower than competitors like Sofy and Hengan, indicating a competitive strategy in a crowded market [1] - The success of "Duo Wei" will depend on converting celebrity influence into consumer trust and repeat purchases based on safety, comfort, and authenticity [1] Group 2 - Anjiu Food has received approval from the China Securities Regulatory Commission for its IPO, planning to issue up to 59.52 million shares in Hong Kong [2] - The IPO reflects a trend of high-quality Chinese consumer goods companies expanding internationally, aiming to enhance brand influence and optimize capital structure [2] Group 3 - Dick's Sporting Goods announced a $2.4 billion acquisition of North American retailer Foot Locker, with an enterprise value of approximately $2.5 billion [3] - This acquisition highlights the industry's trend towards achieving scale and synergy, allowing Dick's to expand its market share in the athletic footwear and apparel sector [3] - Foot Locker will operate as an independent business unit, preserving its brand and loyal customer base [3] Group 4 - Walmart, as a major retail player, has increased prices on certain products, reflecting a broader trend among U.S. companies responding to tariff pressures [3] - Other companies like Microsoft and Whirlpool have also raised prices, indicating that tariff policies are impacting multiple industries and consumer costs [3] - This price increase trend underscores the significant effects of international trade policy changes on global supply chains and consumer economics [3]