Core Points - Anjiu Food's stock closed at 73.82 yuan on November 4, 2025, down 1.4% from the previous trading day, with a total market capitalization of 24.603 billion yuan [1] - The stock opened at 74.79 yuan, reached a high of 74.79 yuan, and a low of 73.45 yuan, with a trading volume of 342 million yuan and a turnover rate of 1.57% [1] Company Securities Information - The company announced its monthly securities change report as of October 31, 2025, indicating no change in the legal/registered capital [1] - The legal shares for H-shares (stock code 02648) are 39,994,700 shares, each with a par value of 1 yuan; A-shares (stock code 603345) have 293,294,232 shares, also with a par value of 1 yuan [1] - The total legal/registered capital at the end of the month is 333.288932 million yuan [1] - Issued shares for H-shares are 39,994,700 shares with no treasury stock; A-shares issued (excluding treasury stock) are 292,133,332 shares, with 1,160,900 shares in treasury, totaling 293,294,232 shares [1] - In the stock option plan, 4,294,280 options from the 2023 stock option incentive plan have expired, leaving 6,415,920 options remaining, all of which are A-shares [1]

FF301 | RMB 本月底法定/註冊股本總額： | | --- | | 333,288,932 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 603345 | 說明 | | 於上海證券交易所上市 | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 293,294,232 | RMB | | 1 RMB | | 293,294,232 | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | - ...

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Guizhou Moutai, Wuliangye, and Yili [1]. Core Insights - In October 2025, five out of eight key consumer goods sectors maintained positive growth, while three sectors experienced negative growth. The sectors with single-digit growth included frozen foods, soft drinks, beer, condiments, and catering services. The declining sectors were mid-to-high-end and premium baijiu, mass-market and lower-tier baijiu, and dairy products. Despite the extended holiday period due to the overlap of National Day and Mid-Autumn festivals, consumer spending remained sluggish, with goods consumption growing by 3.9% and services consumption by 7.6% during the holiday [3][29]. Summary by Sector 1. Mid-to-High-End Baijiu - In October, the revenue for mid-to-high-end baijiu was 27.7 billion yuan, a year-on-year decline of 11.7%. Cumulative revenue from January to October was 325.2 billion yuan, down 5.6% year-on-year. The consumption structure is shifting downwards, with products priced between 100-300 yuan accounting for 60% of sales [4][12]. 2. Mass-Market and Lower-Tier Baijiu - The revenue for mass-market and lower-tier baijiu in October was 16.3 billion yuan, a year-on-year decline of 3.0%. Cumulative revenue from January to October was 162.1 billion yuan, down 9.1% year-on-year. The production of baijiu in September was 306,000 kiloliters, a year-on-year decline of 15.0% [5][14]. 3. Beer - The beer sector reported revenue of 10.3 billion yuan in October, a year-on-year increase of 2.0%. Cumulative revenue from January to October was 152.9 billion yuan, up 0.5% year-on-year. The sector is experiencing a mild recovery, although regional performance varies significantly [6][16]. 4. Condiments - The revenue for the condiment sector in October was 37.6 billion yuan, a year-on-year increase of 1.0%. Cumulative revenue from January to October was 371.1 billion yuan, up 1.3% year-on-year. Demand from the catering sector is gradually recovering, but profitability remains under pressure [7][18]. 5. Dairy Products - The dairy sector's revenue in October was 36.5 billion yuan, a year-on-year decline of 4.2%. Cumulative revenue from January to October was 387.5 billion yuan, down 2.0% year-on-year. Demand remains under pressure, and inventory levels are high post-holiday [8][20]. 6. Frozen Foods - The frozen food sector reported revenue of 7.77 billion yuan in October, a year-on-year increase of 5.0%. Cumulative revenue from January to October was 88.2 billion yuan, up 2.0% year-on-year. Demand is supported by catering recovery and stable growth in customized products [9][22]. 7. Soft Drinks - The soft drink sector's revenue in October was 46.7 billion yuan, a year-on-year increase of 2.6%. Cumulative revenue from January to October was 619.5 billion yuan, up 4.3% year-on-year. The competitive landscape has softened post-peak season [10][24]. 8. Catering - The catering sector reported revenue of 16.2 billion yuan in October, a year-on-year increase of 1.2%. Cumulative revenue from January to October was 148.1 billion yuan, down 0.5% year-on-year. The sector is showing signs of stabilization, benefiting from holiday demand [11][26].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [7][55]. Core Views - The liquor sector is experiencing a significant performance decline, with most companies entering a rapid clearing phase, except for Guizhou Moutai and Shanxi Fenjiu, which still show slight growth. The impact of alcohol prohibition policies has led to a decrease in high-end and sub-high-end consumption, resulting in downward price adjustments and increased promotional activities, compressing profit margins across the industry. Despite these challenges, leading companies demonstrate strong risk resistance, with a consensus on inventory reduction and a focus on long-term value stocks such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao [5][53][55]. Summary by Sections Industry News - Jiangsu Wine Association aims for revenue exceeding 100 billion yuan by 2030. Sales of liquor on e-commerce platforms have increased by over 50% since the start of the Double 11 shopping festival. Hebei province reported a more than 10% decline in liquor production from January to September [4][16]. Company News - Guizhou Moutai opened its first cultural experience center in Anhui. Wuliangye reported revenue of 60.945 billion yuan for the first nine months. Luzhou Laojiao launched a new zodiac wine for the Year of the Horse and achieved revenue of 23.127 billion yuan [4][17]. Liquor Sector Insights - The liquor industry is undergoing a significant adjustment, with a focus on inventory reduction and maintaining profitability. The report suggests monitoring high-dividend leaders and flexible stocks that have undergone prior adjustments [5][53]. Consumer Goods and New Consumption - The seasoning sector is under pressure due to restaurant demand but benefits from improved raw material costs. The frozen food sector is facing challenges due to weak demand in restaurants and baking, while the snack food sector is experiencing slower store opening speeds. The beverage sector remains strong, with new consumption opportunities emerging [6][54][55]. Key Company and Profit Forecasts - The report provides a detailed forecast for various companies, indicating a buy rating for several key players, including Luzhou Laojiao, Wuliangye, and Guizhou Moutai, with projected earnings per share (EPS) and price-to-earnings (PE) ratios for the coming years [9][56].

Core Viewpoint - Anjuke Food (02648.HK) experienced a significant increase in stock price, rising over 4% during the morning session, indicating positive market sentiment towards the company [1] Group 1 - The stock price of Anjuke Food rose by 4.27%, reaching 64.65 HKD [1] - The trading volume for Anjuke Food was reported at 48.6163 million HKD [1]

Core Viewpoint - Anjiu Food (603345) reported a positive performance for Q3 2025, with revenue and net profit showing year-on-year growth, indicating a recovery in profitability amid industry price competition [1] Financial Performance - Q3 total revenue reached 3.766 billion yuan, a year-on-year increase of 6.61% [1] - Net profit attributable to shareholders was 273 million yuan, up 11.8% year-on-year [1] - Deducting non-recurring items, net profit was 264 million yuan, reflecting a 15.27% year-on-year growth [1] - The gross profit margin for Q3 was 19.99%, remaining stable year-on-year despite rising procurement costs for crayfish and fresh fish [1] Channel Performance - Revenue from various channels in Q3 included: - Distributors: 2.96 billion yuan, a decrease of 0.6% year-on-year - Direct sales: 317 million yuan, an increase of 68.1% year-on-year - Supermarkets: 220 million yuan, up 28.1% year-on-year - New retail and e-commerce: 270 million yuan, a growth of 38.1% year-on-year [1] - The company is focusing on embracing the customization trend in supermarkets and has made steady progress in expanding large supermarket clients [1] - There is a notable increase in revenue from new retail channels such as Hema [1] Strategic Initiatives - The company is actively seeking changes in both product and channel strategies, emphasizing new product development and upgrades [1] - The industry is experiencing a gradual recovery in profitability as price competition eases [1]

Core Viewpoint - Anjiu Foods (02648) reported a positive performance in Q3 2025, with revenue and net profit showing year-on-year growth, indicating a recovery in profitability and effective channel strategies [1] Financial Performance - Q3 total revenue reached 3.766 billion yuan, a year-on-year increase of 6.61% [1] - Net profit attributable to the parent company was 273 million yuan, up 11.8% year-on-year [1] - Deducting non-recurring items, net profit was 264 million yuan, reflecting a 15.27% increase year-on-year [1] - The gross profit margin for Q3 was 19.99%, remaining stable year-on-year despite rising procurement costs for crayfish and fresh fish [1] Channel Performance - Revenue from various channels in Q3 included: - Distributors: 2.96 billion yuan, down 0.6% year-on-year - Direct sales: 317 million yuan, up 68.1% year-on-year - Supermarkets: 220 million yuan, up 28.1% year-on-year - New retail and e-commerce: 270 million yuan, up 38.1% year-on-year [1] - The company is focusing on customized solutions for supermarkets and has made steady progress in expanding large supermarket clients [1] - The shift towards new retail channels, such as Hema, has also contributed to significant revenue growth [1] Strategic Initiatives - The company is actively pursuing product innovation and channel transformation, emphasizing new product development and customization trends in supermarkets [1] - The industry is experiencing a moderation in price competition, which is aiding the company's recovery in profitability [1]

Summary of Industry and Company Insights from Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points: - The overall performance of the baijiu industry in Q3 was under pressure, with most companies experiencing a decline in net profit, particularly those with significant revenue drops. [1][7] - Moutai maintained a stable performance with a 7% revenue increase, despite a drop in batch prices from 1,760 RMB to around 1,670 RMB, reflecting a more than 20% year-on-year decline. [1][10] - Wuliangye saw a significant revenue decline of 52% and a profit drop of 65%, indicating substantial pressure on its performance. [1][4] - Luzhou Laojiao performed better than expected, with effective strategies in place, although external environmental factors need to be monitored. [1][6] - The second-tier brand Fenjiu showed stable performance, with the Qinghua series growing by 9-10%, while Qinghua 30 experienced a decline of 20-30%. [1][5] - The overall baijiu sector is expected to continue adjustments in Q4 in preparation for the Spring Festival, which is a critical sales period. [1][8] Industry: Dairy Products Key Points: - The dairy sector faced weak terminal demand in Q3, with Yili's liquid milk revenue declining by 8.8%, while New Dairy achieved double-digit growth. [1][12] - The outlook for Q4 remains challenging, with expectations of continued pressure on liquid milk demand due to weak consumer confidence. [1][13] - New Dairy and Miaokelando are expected to maintain good growth through product innovation and market expansion. [1][13][14] Industry: Soft Drinks Key Points: - The soft drink industry showed stable performance in Q3, driven by strong travel demand and the introduction of new products. [1][15] - Dongpeng Beverage reported a 30.4% revenue increase, benefiting from new product launches, while competitors like Master Kong and Uni-President experienced revenue declines. [1][15][16] - Long-term growth prospects for Dongpeng and Nongfu Spring are viewed positively, while Master Kong and Uni-President are considered defensive dividend investment options. [1][18] Industry: Frozen Foods Key Points: - The frozen food sector is showing signs of stabilization, with demand not expected to worsen significantly. [1][20] - Leading companies are reducing expenditure, leading to some profit recovery, although growth rates remain modest. [1][20] - The industry is at a bottom turning point, with expectations for improvement in restaurant demand. [1][20] Industry: Snacks Key Points: - The snack sector saw slight revenue growth but at a slower pace, with rapid growth in bulk snack channels. [1][21] - New retail channels like Sam's Club are contributing significantly to revenue growth, despite some short-term impacts from public sentiment. [1][21] - The performance of key brands like Yanjin and Youyou has improved, indicating better operational efficiency and profitability. [1][25] Industry: Meat Products Key Points: - The meat product sector is considered a defensive dividend segment, with companies like Shuanghui Development and WH Group showing stable performance. [1][22] - Shuanghui's meat product sales remained steady, with a target of 30% growth in new channels for the upcoming year. [1][23] - WH Group's U.S. market performance was stable, with expectations for relatively stable pork prices in 2026. [1][24] Overall Market Performance Key Points: - The food and beverage sector has underperformed compared to the CSI 300 index, with a 5.5% decline as of October 31, 2025. [1][9] - The baijiu sector's valuation has decreased, with a forecasted P/E ratio of 18.9 times, lower than historical averages. [1][9] - Fund holdings in the baijiu sector have decreased, indicating potential for future capital inflow if demand improves. [1][9]

Strategy Overview - The report indicates that the market is currently in a "slow bull" phase, with short-term corrections not altering the overall trend. Key policies and events impacting the market have been implemented, and November marks a performance gap period. Signals of domestic demand recovery show divergence, with significant recovery in corporate revenue and profits in September, but a weakening PMI in October. The focus will shift to the implementation of incremental macro policies as the year-end approaches [5][6][10]. November Stock Picks - The November stock picks from Zhongyin Securities include: China Eastern Airlines (transportation), COSCO Shipping Specialized (transportation), Hualu Hengsheng (chemicals), Yake Technology (chemicals), CATL (electricity), Bairen Medical (pharmaceuticals), Anjuke Food (food and beverage), Lingnan Holdings (social services), Shenghong Technology (electronics), Industrial Fulian (electronics), and iFlytek (computers) [10][12]. Transportation Industry: China Eastern Airlines - China Eastern Airlines is one of the three major state-owned airlines in China, with a focus on passenger transport, which constitutes over 90% of its revenue. The company is expected to achieve a revenue of 132.12 billion yuan in 2024, a year-on-year increase of 16.11%, with a gross profit margin of 4.26% [12][13]. Transportation Industry: COSCO Shipping Specialized - COSCO Shipping Specialized reported a revenue of 16.611 billion yuan in the first three quarters of 2025, a year-on-year increase of 37.92%. The net profit attributable to shareholders reached 1.329 billion yuan, up 10.54%. The company is expanding its fleet and has raised funds through a private placement to support its growth [15][16]. Chemical Industry: Hualu Hengsheng - Hualu Hengsheng's gross profit margin decreased to 18.01% in the first half of 2025, down 3.19 percentage points year-on-year, due to weak market demand. The company is focusing on cost reduction and efficiency improvement, with a significant increase in R&D expenses [17][18]. Chemical Industry: Yake Technology - Yake Technology's revenue grew due to increased sales in LNG and electronic materials. However, net profit growth lagged behind revenue growth due to foreign exchange losses and increased R&D expenses. The company is actively developing new technologies and products in the electronic materials sector [20][21]. Electric Industry: CATL - CATL reported a revenue of 283.072 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.28%, with a profit growth of 36.20%. The company maintains a strong market position, with a global market share of 36.8% in battery installations [24][25]. Pharmaceutical Industry: Bairen Medical - Bairen Medical has seen rapid growth in its revenue and profits, particularly in its heart valve replacement and repair segment, which grew by 64.28% year-on-year. The company is expected to continue its growth trajectory with new product approvals [27][28]. Food and Beverage Industry: Anjuke Food - Anjuke Food's revenue for Q3 2024 was 3.53 billion yuan, a year-on-year increase of 4.6%. The company is focusing on promoting new products, particularly in the frozen food segment, which has shown significant growth [30][31]. Social Services Industry: Lingnan Holdings - Lingnan Holdings achieved a revenue of 2.09 billion yuan in the first half of 2025, a year-on-year increase of 8.52%. The company is expanding its travel agency and hotel operations, with a focus on enhancing its market presence [32][33]. Electronics Industry: Shenghong Technology - Shenghong Technology reported a revenue of 10.731 billion yuan in 2024, a year-on-year increase of 35.31%. The company is leveraging its technological advantages to expand its high-end product offerings [35][36]. Electronics Industry: Industrial Fulian - Industrial Fulian's revenue for the first half of 2025 was 360.76 billion yuan, a year-on-year increase of 35.58%. The company is expected to benefit from the growing demand for AI infrastructure and cloud services [39][40]. Computer Industry: iFlytek - iFlytek's revenue for Q1 2025 was 4.658 billion yuan, a year-on-year increase of 27.74%. The company is focusing on enhancing its cash flow and controlling expenses while investing in R&D for new technologies [42][43].

Core Insights - The company reported a revenue of 11.37 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.7%, while the net profit attributable to shareholders was 0.95 billion yuan, a decrease of 9.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 3.77 billion yuan, up 6.6% year-on-year, and a net profit attributable to shareholders of 0.27 billion yuan, an increase of 11.8% year-on-year [1] Revenue Breakdown - In Q3 2025, revenue from various segments included: - Frozen prepared foods: 1.91 billion yuan (+6.4%) - Frozen dishes: 1.23 billion yuan (+8.8%) - Frozen rice and noodle products: 0.48 billion yuan (-9.1%) - Agricultural products and others: 0.11 billion yuan (+40.1%) [2] - The growth in the dish segment was driven by strong performance in products like shrimp and small fried meat, while the decline in rice and noodle products was attributed to intensified industry competition [2] Channel Performance - Revenue growth by channel in Q3 2025 was as follows: - Distributors: -0.6% - Supermarkets: +28.1% - Direct sales in special channels: +68.1% - New retail and e-commerce: +38.1% [2] - The strong performance in supermarkets and new retail channels was due to ongoing collaborations for customized products [2] Profitability and Cost Management - The gross margin for the first three quarters was 20.3%, a decrease of 2.3 percentage points year-on-year, while Q3 gross margin was 20%, an increase of 0.1 percentage points year-on-year [3] - The sales expense ratio in Q3 2025 remained stable at 6.1%, down 0.3 percentage points year-on-year, due to reduced advertising expenses [3] - The net profit margin for Q3 2025 was 7%, an increase of 0.5 percentage points year-on-year [3] Future Outlook - The company maintains a strong position in the industry, with expectations for growth driven by new channels and products [3] - The strategy includes focusing on high-quality products at competitive prices and expanding into new retail and e-commerce channels [3] - Anticipated demand recovery in Q4 2025, along with active collaborations with emerging channels, is expected to support continued performance growth [3] Earnings Forecast - Projected EPS for 2025-2027 are 4.29 yuan, 4.74 yuan, and 5.27 yuan, corresponding to dynamic PE ratios of 17x, 15x, and 14x respectively, with a maintained "buy" rating [4]