Core Insights - The food processing sector experienced a 0.49% increase on September 15, with Delisi leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Food Processing Sector Performance - Delisi (002330) saw a closing price of 5.45, with a significant increase of 10.10% and a trading volume of 377,200 shares, amounting to a transaction value of 206 million yuan [1] - Longda Meishi (002726) closed at 6.13, up 5.69%, with a trading volume of 1,211,600 shares and a transaction value of 741 million yuan [1] - Huifa Food (603536) closed at 11.40, up 5.56%, with a trading volume of 467,800 shares and a transaction value of 542 million yuan [1] - Other notable performers include Weizhi Xiang (605089) with a 4.93% increase, and Huatong Co. (002840) with a 4.88% increase [1] Capital Flow Analysis - The food processing sector saw a net inflow of 258 million yuan from institutional investors, while retail investors experienced a net outflow of 216 million yuan [2] - The main capital inflow was observed in Huifa Food, with a net inflow of 93.15 million yuan, representing 17.17% of the total [3] - Delisi had a net inflow of 45.21 million yuan, accounting for 21.99% of its trading volume, despite a net outflow from retail investors [3]

Group 1 - The company, Anjii Food Group Co., Ltd., has reduced the registered capital of its subsidiary, Honghu Anjii Food Co., Ltd., from RMB 670 million to RMB 520 million, a total reduction of RMB 150 million [2] - The capital reduction only affects the unpaid registered capital portion, and the shareholding ratio of all shareholders remains unchanged [2] - The capital reduction does not constitute a related party transaction or a major asset restructuring, and it falls within the approval authority of the company's chairman, thus does not require board or shareholder approval [2] Group 2 - Honghu Anjii Food Co., Ltd. was established on March 15, 2022, with a registered capital of RMB 520 million and is located in Hubei Province [3] - The company operates in food production, sales, and related activities, with a focus on pre-prepared dishes as part of its investment project [3] - The capital reduction will not affect the existing asset status or normal operations of Honghu Anjii, nor will it impact the company's consolidated financial statements or current profits significantly [4]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-056 安井食品集团股份有限公司 关于控股子公司减少注册资本并换发营业执照的公告 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。 一、减资事项概述 为进一步提高资金使用效率，安井食品集团股份有限公司（以下简称"公司"） 控股子公司洪湖安井食品有限公司（以下简称"洪湖安井"）注册资本由原人民 币 67,000 万元减少至人民币 52,000 万元，共计减少人民币 15,000 万元。本次减 资仅针对全体股东尚未实缴的注册资本部分，各股东方所持洪湖安井的份额比例 不变。近日，洪湖安井已完成工商变更登记手续并取得洪湖市市场监督管理局换 发的《营业执照》。 根据《上市公司重大资产重组管理办法》《上海证券交易所股票上市规则》 《公司章程》《公司经营投资管理办法》等有关规定，本次洪湖安井减少注册资 本事项不构成关联交易，亦不构成重大资产重组，在本公司董事长办公会审批权 限范围内，无需提交公司董事会及股东会审议批准。 二、减资主体基本情况 7. 注册地址：湖北省洪湖市新堤街 ...

安井食品集團股份有限公司 A N J O Y F O O D S G R O U P C O . , L T D . （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 2648 中期報告 2025 2025 中期報告 安井食品集團股份有限公司 A N J O Y F O O D S G R O U P C O . , L T D . 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論與分析 | 4 | | 企業管治及其他資料 | 26 | | 中期簡明綜合財務報表 | 42 | | －中期簡明綜合損益表 | 42 | | －中期簡明綜合全面收益表 | 43 | | －中期簡明綜合財務狀況表 | 44 | | －中期簡明綜合權益變動表 | 46 | | －中期簡明綜合現金流量表 | 48 | | －中期簡明綜合財務報表附註 | 50 | | 釋義 | 66 | A N J O Y F O O D S G R O U P C O . , LT D . Interim Report 2025 1 公司資料 董事 執行董事 劉鳴鳴先生 張清苗先生 章高路先生 黃建聯先生 非執行董事 鄭 ...

Investment Rating - The report maintains a "Positive" investment rating, emphasizing the resilience of leading companies and the valuation recovery opportunities in the livestock and restaurant chains [5]. Core Insights - The report highlights that national beer companies have shown stable revenue and profit performance, while regional companies exhibit better elasticity in performance. The cost decline has contributed to gross profit growth, and the improvement in expense ratios is gradually releasing profitability [5][24]. - In the snack food sector, the report notes a divergence in channel performance, with emerging channels like bulk snacks and membership supermarkets maintaining high momentum, while traditional channels face challenges. The focus is shifting from revenue growth to profitability logic [25]. - The restaurant chain sector is experiencing a bottoming out of fundamentals and sentiment, with a gradual recovery expected as policies adjust and consumption peaks approach. The report suggests focusing on undervalued companies like Haidilao and Guangzhou Restaurant [29][31]. - The livestock sector is anticipated to see a fundamental reversal as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu [36][45]. Summary by Sections Beer - National beer companies have demonstrated operational resilience, with stable revenue growth driven primarily by volume recovery. Regional companies like Yanjing and Zhujiang Beer have shown stronger revenue performance [12][13]. - Cost improvements from raw material price declines and stable pricing have driven gross margin increases for beer companies. The report anticipates continued upward potential in the beer sector as terminal demand gradually recovers [18][24]. Snack Foods - The snack food sector is characterized by a split in channel performance, with new channels like bulk snacks and membership supermarkets thriving, while traditional channels face challenges. The report emphasizes the importance of profitability over revenue growth moving forward [25][26]. - Companies like Wancheng Group and Yuyuan Foods are highlighted for their strong performance in emerging channels, while others are advised to focus on cost optimization to enhance profitability [25][26]. Restaurant Chains - The restaurant sector has been under pressure due to policies and competition, but a recovery is expected as restrictions ease and consumption peaks. The report suggests focusing on companies with low valuations and potential for recovery, such as Haidilao and Green Tea Group [29][31]. - The report notes that the overall restaurant revenue for H1 2025 was 2.75 trillion yuan, reflecting a 4.3% increase, but with high-end dining facing significant challenges [29][30]. Livestock - The livestock sector is expected to see a turnaround as raw milk prices stabilize and beef prices rise, which could significantly enhance profitability for companies like China Shengmu. The report indicates that the most challenging phase for livestock companies may be over [36][45]. - The report highlights that the decline in raw milk prices has pressured revenue, but a stabilization is anticipated, which could improve the valuation of biological assets and overall profitability [36][38].

Group 1 - The article provides a list of Hong Kong listed companies along with their upcoming shareholder meeting dates and earnings announcement dates [1][2][3] - Companies mentioned include Jiangnan Buyi, Zhongguancun Technology Leasing, Huatai Ruilin, and many others, indicating a diverse range of sectors represented [3][4] - Dividend distribution dates are highlighted for several companies, such as Beijing Waterworks Group and Evergrande Group, which may attract investor interest [3][4] Group 2 - The document outlines specific companies that will have their earnings announced or shareholder meetings scheduled, which is crucial for investors tracking performance [3][4] - The inclusion of dividend payment dates for companies like NetEase and Hong Kong Electric indicates potential income opportunities for shareholders [3][4] - The information serves as a resource for investors to plan their investment strategies based on upcoming corporate events [1][2][3]

Core Viewpoint - The enthusiasm for the prepared food industry appears to be waning, as several leading companies report disappointing financial results, indicating a shift towards a new adjustment phase in the industry [1][4]. Financial Performance - Weizhi Xiang reported a revenue of 343 million yuan in the first half of the year, a year-on-year increase of 4.7%, but its net profit attributable to shareholders fell by 24.5% to 31.95 million yuan, with a gross margin decrease of 4.02 percentage points to 20.83% [3]. - Qianwei Yangchu's revenue decreased by 0.7% to 886 million yuan, with a net profit drop of 39.7% to 35.79 million yuan [3]. - Anjixin's revenue slightly increased by 0.8% to 7.604 billion yuan, but its net profit fell by 15.79% to 676 million yuan, marking the first decline in interim net profit since its listing [3]. - The growth rate of Anjixin's prepared food business slowed to 9.4%, down from previous high growth rates of 29.84% and 10.76% [3]. Industry Challenges - Rising raw material costs and intensified competition are common concerns highlighted by these companies, impacting their profit margins [3][4]. - The competition has led to a decline in sales volume and increased pressure on profit margins due to promotional activities [4][6]. Market Dynamics - Over 85% of prepared food products are sold to B-end customers, primarily chain restaurants and hotels, which are increasingly focused on cost-effectiveness [6]. - Qianwei Yangchu reported a reduction in the number of distributors from 1,953 to 1,591, a net decrease of 362 [6]. - Weizhi Xiang also experienced a net decrease of 160 distributors, bringing the total to 2,917 [6]. Consumer Perception - Despite some consumer awareness of prepared foods, there remains a negative perception regarding taste and convenience, indicating a need for improved brand trust and consumer education [7][8]. Regulatory Environment - The prepared food market is experiencing rapid growth, with a market size of 485 billion yuan in 2024, expected to reach 749 billion yuan by 2026, alongside a significant increase in the number of registered companies [10]. - New regulations have been introduced to enhance food safety standards, which may raise the entry barriers for companies lacking brand recognition and operational scale [11].

Group 1: Key Recommendations - Boya Bio (300294) shows steady growth in plasma collection, with high-concentration immunoglobulin approved for market launch. The company reported a revenue of 1.008 billion yuan in H1 2025, a year-on-year increase of 12.51%, while net profit decreased by 28.68% to 225 million yuan [5][6][8] - The RMB appreciation is driven by market forces rather than policy interventions, with the recent strengthening attributed to a weak dollar and increased attractiveness of RMB assets [9][10][11] - Anjuke Food (603345) faces short-term profit pressure but is expected to see demand improvement. The company achieved a revenue of 7.604 billion yuan in H1 2025, a slight increase of 0.80%, while net profit fell by 15.79% [14][15][19] Group 2: Company Performance Insights - Boya Bio's blood product business generated 852 million yuan in revenue in H1 2025, a year-on-year increase of 7.90%. The company is focusing on its core business after divesting from non-core assets [6][7] - Anjuke Food's core products showed mixed performance, with revenue from prepared foods declining by 1.94% in H1 2025, while dish products increased by 9.40% [16][18] - The gross margin for Anjuke Food decreased to 20.52% in H1 2025, primarily due to rising raw material costs and increased competition [18] Group 3: Market Trends and Economic Indicators - The A-share market is experiencing a downward trend, with the Shanghai Composite Index closing at 3813 points, down 1.16%. The market sentiment remains low, with significant net outflows of large funds [22][24] - The RMB's recent appreciation has not been affected by foreign capital outflows from the bond market, indicating a strategic shift by foreign investors towards equities [12][13] - The food industry is facing challenges from increased competition and rising raw material prices, impacting profit margins across companies [19][20]

Core Viewpoint - The pre-prepared food industry in China, also known as semi-finished or ready-to-eat meals, is characterized by a diverse range of participants, including specialized manufacturers, agricultural enterprises, and restaurant chains, with significant revenue generation and varying growth rates across companies [3][6]. Industry Overview - The pre-prepared food industry in China includes upstream sectors such as agriculture and food processing, midstream processing companies like Yike Food and Anjuke Food, and downstream distribution channels including e-commerce [1]. - Major players in the industry include Shuanghui Development, Guangming Meat, Yike Food, and Anjuke Food, with annual revenues exceeding 10 billion yuan [3][6]. Company Performance - Shuanghui Development leads the market with a revenue of 595.61 million yuan and a market capitalization nearing 100 billion yuan as of April 22, 2025 [4][6]. - Anjuke Food reported a revenue of 110.77 million yuan with a growth rate of 7.84%, while other companies like Longda Meishi and Guolian Aquatic faced revenue declines of 20.70% and 24.14%, respectively [4][6]. - In the first half of 2024, Anjuke Food's frozen prepared food segment achieved a 13.04% year-on-year growth, contrasting with the overall industry trend of declining revenues [6][7]. Revenue Trends - The overall revenue growth for pre-prepared food companies is expected to be below 10% in 2024, with many companies experiencing revenue declines [3][6]. - The revenue from overseas operations is significant for companies like Sanquan Food, which reported 94.23 billion yuan in 2024, with overseas revenue accounting for 42.86% of total revenue [8]. Market Dynamics - The pre-prepared food industry is characterized by a diverse range of participants, including specialized manufacturers and cross-industry players, indicating a competitive landscape [3][6]. - The industry is facing challenges with revenue growth, as many companies reported negative growth rates in 2024, highlighting the need for strategic adjustments [4][6].

Group 1 - The report details the changes in the registered capital and issued shares of Anjuke Food Group Co., Ltd. as of August 31, 2025, indicating no changes in the number of shares or registered capital for both listed securities [1] - The total registered capital at the end of the month is RMB 333,288,932, with 39,994,700 shares for the Hong Kong listed security and 293,294,232 shares for the Shanghai listed security [1] - The number of issued shares (excluding treasury shares) remains unchanged at 39,994,700 for the Hong Kong listed security and 292,133,332 for the Shanghai listed security [1] Group 2 - The report mentions that there are no changes in the number of treasury shares for both securities, with the Hong Kong listed security having 0 treasury shares and the Shanghai listed security having 1,160,900 treasury shares [1] - The report includes details about stock options, indicating that as of the end of the month, there are 10,757,200 A-shares that may be issued or transferred from treasury shares according to the stock option plan [1] - The report confirms that there are no warrants or convertible bonds applicable to the issuer, and no other agreements or arrangements regarding the issuance of shares [1]