Investment Rating - The report assigns a "Buy" rating for Anjuke Foods (603345.SH) as the initial coverage [2]. Core Views - The report highlights that Anjuke Foods, as a leading player in the frozen food sector, is expected to benefit from the recovery in dining consumption, the implementation of national standards for prepared dishes, and the expansion of new products, leading to performance growth [6][7]. - The frozen food industry in China is projected to maintain steady growth, with a market size of approximately 210 billion yuan in 2024 and a CAGR of about 6.5% from 2019 to 2024 [6]. - The company’s revenue for 2025, 2026, and 2027 is forecasted to be 157.3 billion yuan, 168.3 billion yuan, and 182.5 billion yuan, respectively, with year-on-year growth rates of 4.0%, 7.0%, and 8.5% [6]. Summary by Sections Market Data - Closing price: 81.52 yuan - Market capitalization: 23,909 million yuan - Price-to-earnings ratio (PE): 17.6X for 2025 [2]. Financial Performance - Revenue for 2023 is projected at 14,045 million yuan, with a year-on-year growth rate of 15.3% [8]. - The net profit for 2025 is expected to be 1,359 million yuan, reflecting a decline of 8.4% compared to the previous year [8]. - Gross profit margins for various product lines are forecasted to improve, with frozen prepared food margins expected to reach 27.5% by 2025 [6][7]. Product and Innovation Strategy - The company is focusing on innovation in frozen dishes, with significant revenue growth in this segment, which accounted for 32.0% of total revenue in the first three quarters of 2025 [6][7]. - The acquisition of Dingwei Tai is expected to enhance the company's capabilities in the frozen baking segment, which is one of the fastest-growing areas in the frozen food industry [7]. Competitive Positioning - Anjuke Foods is positioned to benefit from the increasing standardization and regulation in the prepared food industry, which is expected to raise entry barriers and favor leading companies [6][7]. - The company has established strategic partnerships with major retailers and restaurant chains, enhancing its market presence and customer loyalty through customized product offerings [7].

站在2025年的尾巴上回望过去这一年，餐饮行业如履薄冰、如临深渊，"确定性"变得越来越稀缺，紧张而非从容的情绪贯穿全年。这一年行业发生了许多 大事，其中一些不光在当时产生了巨大的反响，更对未来有着深远的影响，一些变革正在发生。NCBD（餐宝典）选取了10个关键词来总结餐饮业的 2025，以更好地迎接2026。以下是详细介绍（排名不分先后）。 不过，未来几年餐饮行业或将不会再出现2025年这样的热潮。餐宝典分析师认为有两点原因：一是头部企业能上市的都上得差不多了，剩下的企业需要时 间去成长；二是港交所作为内地餐企上市的首选目的地，不久前明确表示必须维护香港新上市申请的质量与标准，不能因市场火热而忽视质量，这意味着 赴港IPO的门槛将提高。 2、外卖大战 半年烧掉800亿，这句话被许多媒体用来形容2025年外卖大战的极度疯狂。但实际上，"疯狂"并不足以概括这场大战，至少还应该加上"惨烈"才是。外卖 平台付出了巨大的代价，同时餐饮内卷进一步加剧，无数商家被裹挟着卷生卷死。那么这场外卖大战是可以避免的吗？ 从时间线来看，外卖大战可以分为两个阶段：4—7月，主角是京东和美团；7月以后，"0元购"开始满天飞，主角是淘宝闪 ...

Core Insights - The frozen baking industry is experiencing rapid growth and differentiation, with various players entering the market, leading to increased competition and potential market reshuffling due to rising cost pressures and price wars [4][5][26]. Group 1: Industry Overview - The frozen baking market in China is expanding at a compound annual growth rate (CAGR) of over 25%, with projections indicating the market size will reach 23 billion yuan by 2025 [26]. - The industry is characterized by a mix of established players and new entrants, with significant competition emerging from both traditional baking companies and cross-industry players, particularly frozen food companies [24][25]. Group 2: Key Players - Leading companies such as Lihigh Foods and Nanjiao Foods have established strong positions in the frozen baking sector, with Lihigh's frozen baking segment accounting for approximately 55% of its revenue in the first three quarters of the year [8][10]. - Nanjiao Foods has seen its revenue from pre-baked products grow to 380 million yuan in 2024, with production capacity reaching 23,000 tons [10]. - Enxi Village, focusing on high-end frozen baking, has partnered with major retailers and reported a net income contribution of 288 million yuan to its parent company in the first three quarters of the year [12]. Group 3: Competitive Dynamics - The market is witnessing a significant influx of frozen food companies entering the frozen baking space, leveraging their existing supply chains and distribution networks to gain a competitive edge [17][24]. - Companies like Anjixin and Qianwei Central Kitchen have made strategic acquisitions to enhance their product offerings in frozen baking, with Anjixin planning to invest in new baking projects to create a new growth curve [18][20]. Group 4: Financial Performance and Challenges - Despite revenue growth, companies are facing shrinking profit margins due to rising raw material costs and intense competition, as seen in Nanjiao Foods' net profit decline of 80.82% in the first three quarters [29]. - Qianwei Central Kitchen's baking segment has also experienced a decrease in gross margin, dropping to 20.93% in the first half of the year [29]. Group 5: Market Trends and Future Outlook - The frozen baking sector is increasingly facing challenges related to product homogeneity and price wars, necessitating continuous innovation and cost management to maintain market share [30]. - The industry's leading players must balance industrial efficiency with the artisanal quality of baked goods to meet consumer expectations for both convenience and flavor [30][31].

为落实《中华人民共和国公司法（2023年修订）》、中国证监会《关于新公司法配套制度规则实施相关 过渡期安排》的相关工作要求，公司已取消监事会，由公司董事会审计委员会行使《公司法》规定的监 事会职权。 公司已于近日完成工商变更、备案登记手续，并取得厦门市市场监督管理局换发的《营业执照》，相关 信息如下： 1. 名称：安井食品集团股份有限公司 2. 统一社会信用代码：913502007054909195 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"）于2025年8月1日、2025年11月10日、2025年11月28日分 别召开第五届董事会第二十次会议、第五届董事会第二十四次会议及2025年第一次临时股东会，审议通 过了《关于变更公司注册资本及修订〈公司章程〉的议案》《关于取消监事会及修订〈公司章程〉的议 案》。公司因在香港联合交易所有限公司主板上市并发行了39,994,700股H股股份，总股本由 293,294,232股增加至333,288,932股，注册资本由293,294,232元 ...

Core Viewpoint - Different consumer sectors exhibit both differences and commonalities in recovery rhythms, with ROA being a leading indicator for operational recovery in consumer enterprises [1][2] Group 1: Recovery Rhythm Analysis - The recovery rhythm of various consumer sectors is influenced by industry supply and demand, as well as supply chain structures, with a focus on stock market competition as a mainstream phenomenon [2] - The stages of enterprise and channel adjustments are outlined, starting from oversupply to a new balance in supply and demand, with ROA serving as a key indicator throughout these stages [2] - Current recovery sequences indicate that soft drinks and snacks are leading, followed by food supply chains, condiments, dairy products, beer, and finally, liquor [2][3] Group 2: Investment Strategy - Emphasis on sectors where ROA stabilizes, indicating potential valuation recovery opportunities, with a preference for sectors that still show price or volume growth [3] - Price logic suggests that rising CPI may drive valuation recovery in traditional industries with high penetration rates, such as liquor, beer, and dairy products, which are likely to attract incremental capital [3][4] - Recommended companies in the liquor sector include Kweichow Moutai, Luzhou Laojiao, and Shanxi Fenjiu, while in dairy, focus on Yili and Mengniu [3] Group 3: Volume Logic - In the context of cost-effective consumption, companies with high supply chain efficiency are expected to gain volume, with specific recommendations for companies in the food supply chain and soft drinks [4] - Industries with low penetration rates may withstand economic cycles, with recommendations for low-alcohol beverages and functional foods that can enhance brand premium through specialization [4] - Companies benefiting from overseas market expansion include Angel Yeast and Bailong Chuangyuan [4]

Summary of Key Points from the Conference Call Industry Overview - The food and beverage industry is experiencing systemic opportunities driven by policies aimed at expanding domestic demand and increasing residents' income levels, which are expected to enhance consumption capabilities [1][2] - The liquor industry is undergoing a deep adjustment, with expectations of entering an EPS killing phase by 2025, while high-end liquor brands like Moutai and Lao Jiao are recommended for investment [1][4] - The dairy industry has completed supply-demand adjustments, with anticipated increases in demand for milk powder and liquid milk due to fertility and income policies, highlighting companies like Yili and New Dairy as potential recovery opportunities [1][5] - The snack food sector is benefiting from the "lipstick effect," new channels, and health trends, with recommendations for companies such as Salted Fish, Wei Long, Wan Chen Food, and Qiaqia Food [1][6] - The beverage sector is seeing a clear trend towards health, with non-traditional channels gaining market share, making high-growth companies like Dongpeng Beverage noteworthy [1][7] Key Insights and Arguments - The central economic work conference in 2026 will prioritize expanding domestic demand, which is expected to lead to a series of policies stimulating consumption, positively impacting the food and beverage industry [2] - The food and beverage sector has faced significant changes in volume, price, and channel structure over the past six years, with varying performances across sub-sectors [3] - The liquor sector is expected to see marginal improvements in 2026, driven by policies aimed at boosting business and government consumption [4] - The dairy sector is projected to enter a recovery phase, with increased demand anticipated due to supportive policies [5] - The snack food market is expected to gradually recover, supported by rising incomes and new retail channels [6] Additional Important Content - Cost fluctuations are a significant factor affecting the performance of consumer goods companies, with some agricultural product costs declining, providing investment opportunities [9] - The planting area for sunflower seeds is expected to recover, leading to a projected 10% decrease in the cost of sunflower seeds, which will positively impact Qiaqia Food's gross margin [10][11] - The konjac market is facing supply-demand imbalances, with high prices expected to ease in 2026, alleviating cost pressures for companies like Wei Long and Salted Fish [12] - The sugar molasses market is currently at low prices, providing strong support for Angel Yeast's profitability [13] - Innovative companies are leveraging product and channel innovations to drive growth, with notable examples including Nongfu Spring and Uni-President [14] - Efficient supply chain management is crucial for companies, with Dongpeng Beverage demonstrating strong performance in this area [15] Future Outlook - Dongpeng Beverage is expected to achieve double-digit growth in 2026 through strategic measures and product innovations [16] - Wan Chen is enhancing store quality and accelerating store openings, which is expected to improve profitability in the snack food sector [17][18] - Hai Tian Flavoring has implemented efficiency improvements under new management, resulting in revenue and profit growth exceeding industry averages [19] - The restaurant industry is expected to see a mild recovery, with companies like Yihai International and Tianhe Flavoring showing potential for improvement [20][21] - In the liquor sector, companies like Yanghe and Budweiser are expected to benefit from product and channel improvements, leading to potential breakthroughs in performance [22][23][25] - Gan Yuan Food is focusing on expanding e-commerce and high-end membership stores, with a stable development outlook [26][27] - Overall, companies in the food and beverage sector are expected to experience gradual recovery and growth, making them worthy of investor attention [28]

Group 1: Core Insights - The report emphasizes the recovery stage of consumer spending, highlighting that different sectors exhibit both commonalities and differences in their recovery rhythms, driven by supply-demand dynamics and industry structure [4][5] - ROA (Return on Assets) is identified as a leading indicator for the operational recovery of consumer companies, with a focus on analyzing various sub-sectors [4][13] Group 2: Sector Performance - The current recovery sequence indicates that soft drinks and snacks are leading, followed by the catering supply chain, condiments, dairy products, beer, and finally, liquor [5][25] - The report draws parallels with Japan's 1990s consumption differentiation, noting that sectors addressing consumer pain points and with low penetration rates are likely to succeed [5][6] Group 3: Investment Strategy - The report suggests focusing on sectors where ROA is stabilizing, indicating potential valuation recovery opportunities, particularly in traditional sectors like liquor, beer, and dairy [6][8] - It recommends identifying sub-sectors with either price or volume growth, with a preference for price-driven strategies [6][8] Group 4: Detailed Sector Analysis - The frozen food sector is showing signs of marginal improvement, with leading companies enhancing operational efficiency through product innovation and channel reforms [27][28] - The snack sector is experiencing high demand, driven by new channel developments, although competition is intensifying [33][35] - The beer industry is under pressure, with a focus on high-end products, but overall growth is slowing due to external economic factors [39][41] - The dairy sector is nearing the end of its adjustment phase, with expectations of improved performance as raw milk prices rise [41][42] - The liquor sector is currently in a phase of inventory reduction, with performance risks gradually clearing as channels stabilize [43][48]

格隆汇12月24日丨安井食品(02648.HK)公告，为落实《中华人民共和国公司法(2023年修订)》、中国证 监会《关于新公司法配套制度规则实施相关过渡期安排》的相关工作要求，公司已取消监事会，由公司 董事会审计委员会行使《公司法》规定的监事会职权。公司已于近日完成工商变更、备案登记手续，并 取得厦门市市场监督管理局换发的《营业执照》。 ...

格隆汇12月24日丨安井食品(02648.HK)公告，为落实《中华人民共和国公司法(2023年修订)》、中国证 监会《关于新公司法配套制度规则实施相关过渡期安排》的相关工作要求，公司已取消监事会，由公司 董事会审计委员会行使《公司法》规定的监事会职权。公司已于近日完成工商变更、备案登记手续，并 取得厦门市市场监督管理局换发的《营业执照》。 ...

为落实《中华人民共和国公司法（2023 年修订）》、中国证监会《关于新 公司法配套制度规则实施相关过渡期安排》的相关工作要求，公司已取消监事 会，由公司董事会审计委员会行使《公司法》规定的监事会职权。 公司已于近日完成工商变更、备案登记手续，并取得厦门市市场监督管理 局换发的《营业执照》，相关信息如下： 证券代码：603345 证券简称：安井食品 公告编号：临 2025-078 安井食品集团股份有限公司 关于完成工商变更、备案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。 安井食品集团股份有限公司（以下简称"公司"）于 2025 年 8 月 1 日、 2025 年 11 月 10 日、2025 年 11 月 28 日分别召开第五届董事会第二十次会议、 第五届董事会第二十四次会议及 2025 年第一次临时股东会，审议通过了《关于 变更公司注册资本及修订<公司章程>的议案》《关于取消监事会及修订<公司 章程>的议案》。公司因在香港联合交易所有限公司主板上市并发行了 39,994,700 股 H 股股份，总股本 ...