Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth in certain product lines [1][5]. Financial Performance - In 2025 H1, the company achieved revenue of 7.604 billion yuan, a year-on-year increase of 0.80%, while net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% [1]. - The company's Q2 results showed total revenue of 4.005 billion yuan, up 5.69% year-on-year, but net profit fell by 22.74% to 281 million yuan [1]. Product Matrix and Diversification - The company has a diverse product matrix, with revenue from frozen prepared foods, frozen dishes, frozen noodles, and frozen agricultural products amounting to 3.759 billion, 2.416 billion, 1.241 billion, and 181 million yuan respectively in H1 2025 [2]. - The company completed acquisitions of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., expanding into the frozen bakery segment [2]. B-end Performance and Strategy - The B-end business showed strong performance, with revenue from distributors, supermarkets, direct sales, and e-commerce reaching 6.043 billion, 423 million, 555 million, and 583 million yuan respectively in H1 2025 [3]. - The company is focusing on deepening partnerships with large B clients and new retail customers, enhancing channel potential through customized product offerings [3]. Sales Network and Market Expansion - The company reported revenue across various regions, with East China leading at 3.183 billion yuan, despite a year-on-year decline of 3.34% [4]. - The company has increased its number of distributors to 2,026 and is actively pursuing international market opportunities following its listing on the Hong Kong Stock Exchange [4]. Profitability and Cost Control - The company's gross margin and net margin for H1 2025 were 20.52% and 8.88%, reflecting a slight decline compared to the previous year [5]. - The company managed to reduce its expense ratios, particularly in sales and management, contributing to improved cost control [5]. Future Outlook - The company anticipates revenue growth to 15.317 billion, 16.553 billion, and 18.217 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.511 billion, 1.637 billion, and 1.883 billion yuan [5].

Group 1 - The core viewpoint of the news is that Anjii Food (603345.SH) has reported its semi-annual results for 2025, highlighting significant institutional investor holdings and changes in share ownership [1] Group 2 - As of August 25, 2025, a total of 69 institutional investors hold shares in Anjii Food, with a combined holding of 138 million shares, representing 47.16% of the total share capital [1] - The top ten institutional investors account for 41.30% of the total shares, with a decrease of 1.00 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, 8 funds increased their holdings, while 24 funds decreased their holdings, with the latter accounting for a reduction of 1.07% [2] - A total of 26 new public funds were disclosed this period, while another 26 funds were not disclosed compared to the previous quarter [2] Group 4 - From the perspective of social security funds, one fund increased its holdings, while another decreased, with the latter showing a reduction of 0.33% [2] Group 5 - In the pension fund category, one fund decreased its holdings slightly, indicating a minor decline [3]

Investment Rating - The report maintains a "Recommended" rating for Anjoy Food (603345.SH) with a current stock price of 77.06 CNY [1]. Core Views - The company's profitability is under short-term pressure, awaiting improvement during the peak season [1]. - In H1 2025, Anjoy Food achieved a revenue of 7.604 billion CNY, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 676 million CNY, a year-on-year decrease of 15.79% [4]. - The report highlights that only frozen dishes recorded positive growth, while the company has made strategic acquisitions to enter the frozen baking sector, which is expected to provide growth opportunities [7][8]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue projections for 2025-2027 are 16.045 billion CNY, 17.294 billion CNY, and 18.668 billion CNY, respectively, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% [6][10]. - Net profit forecasts for the same period are 1.532 billion CNY, 1.644 billion CNY, and 1.811 billion CNY, with corresponding year-on-year growth rates of 3.2%, 7.3%, and 10.1% [6][10]. - Profitability Metrics: - The gross margin is projected to remain stable at around 23.3% for the next few years, while the net margin is expected to slightly decline to 9.5% by 2026 [6][10]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is expected to decrease from 16.8 in 2025 to 14.2 by 2027, indicating a potentially attractive valuation [6][10]. Product and Channel Performance - Product Segmentation: - In H1 2025, revenue from frozen prepared foods was 3.759 billion CNY (down 1.94%), while frozen dishes grew to 2.416 billion CNY (up 9.40%) [7]. - Channel Development: - The new retail and e-commerce channels showed significant growth, with a revenue increase of 20.92% to 583 million CNY in H1 2025 [8].

Core Viewpoint - Anjoy Foods Group Co., Ltd. reported a slight increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in maintaining profitability amidst rising costs and market competition [2][3]. Financial Performance - Revenue for the first half of 2025 reached approximately RMB 7.60 billion, a 0.80% increase compared to RMB 7.54 billion in the same period last year [3]. - Total profit decreased by 16.51% to RMB 886.31 million from RMB 1.06 billion year-on-year [3]. - Net profit attributable to shareholders fell by 15.79% to RMB 675.94 million from RMB 802.65 million [3]. - The net cash flow from operating activities was negative at RMB -162.92 million, a decline of 132% compared to the previous year [3]. - The company's net assets increased by 2.98% to RMB 13.34 billion, while total assets decreased by 1.65% to RMB 17.09 billion [3]. Industry Overview - The Chinese frozen food industry is projected to reach a market size of approximately RMB 221.2 billion in 2024, making it the second-largest frozen food market globally [3]. - The frozen prepared food segment is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029, driven by diverse dining preferences and increasing demand for quality products [3]. - The frozen dish segment is anticipated to grow at a CAGR of 16.1% during the same period, as industry standards improve and consumer demand for convenient, high-quality meals rises [3]. - The frozen noodle and rice products market is projected to reach RMB 77.1 billion in 2024, with traditional products maturing and new offerings gaining traction [3]. Business Operations - Anjoy Foods specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, establishing a significant marketing network centered in East China [3][4]. - The company offers over 500 products, including fish tofu, fish balls, and various frozen dishes under multiple brands [4][5]. - The company has adopted a multi-brand strategy to cater to different market segments and enhance its product offerings [5]. Strategic Initiatives - Anjoy Foods is focusing on product innovation and market expansion, with a strategy to develop 3-5 strategic flagship products annually [5][13]. - The company is enhancing its supply chain efficiency through digitalization and AI integration, aiming to improve procurement, production, and sales processes [15][18]. - Recent acquisitions, including a 70% stake in Jiangsu Dingweitai Food Co., Ltd., are aimed at expanding into the frozen baking sector and enhancing product offerings [15][16]. Market Positioning - The company is actively pursuing opportunities in both domestic and international markets, with plans to leverage its recent Hong Kong listing to expand its global footprint [16]. - Anjoy Foods is adapting to changing consumer preferences by focusing on high-quality, customized products and enhancing its online and offline sales channels [12][14].

Core Points - Anjoy Food Group Co., Ltd. proposed a cash dividend of RMB 1.425 per share, totaling RMB 473,282,445.60, which represents 70.02% of the company's net profit for the first half of 2025 [1] - The company reported a slight increase in operating revenue of 0.80%, amounting to RMB 7,604,440,456.71 compared to the same period last year [2] - However, the total profit decreased by 16.51% to RMB 886,314,036.22, and the net profit attributable to shareholders fell by 21.85% to RMB 603,315,082.42 [2] Company Overview - The total assets of Anjoy Food at the end of the reporting period were RMB 17,088,970,245.97, reflecting a decrease of 1.65% from the previous year [2] - The company had a total of 35,400 shareholders by the end of the reporting period [3] - The major shareholders include Fujian Guoli Minsheng Technology Development Co., Ltd. and several other institutional and individual investors [3] Important Events - The company held its 21st meeting of the 5th Board of Directors on August 25, 2025, to approve the half-year profit distribution plan [1] - There were no significant changes in the company's operational situation or any major events that would impact future operations reported during the period [4]

Core Points - The company plans to distribute a cash dividend of RMB 1.425 per share (including tax) to all shareholders [1] - The total cash dividend to be distributed amounts to RMB 473,282,445.60 (including tax), which represents 70.02% of the company's net profit attributable to shareholders for the first half of 2025 [1][2] - The profit distribution plan was approved by the board of directors and does not require further approval from the shareholders' meeting [2] Profit Distribution Plan - As of June 30, 2025, the company's undistributed profits amounted to RMB 1,026,038,093.14 [1] - The distribution will be based on a total share count of 332,128,032 after deducting shares held in the repurchase account [1] - The company will not implement a capital reserve transfer to increase share capital or issue bonus shares in this distribution [1] Decision-Making Process - The profit distribution plan was authorized by the shareholders' meeting held on May 21, 2025, allowing the board to determine the distribution based on profitability and funding needs [2] - The board meeting on August 25, 2025, approved the profit distribution plan, ensuring compliance with the company's articles of association [2] - The supervisory board confirmed that the plan considers the company's profitability, cash flow, and funding needs, supporting sustainable development and reasonable shareholder returns [2]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-048 安井食品集团股份有限公司 第五届董事会第二十一次会议决议公告 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。 安井食品集团股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日在公 司会议室以现场加通讯的方式召开第五届董事会第二十一次会议。公司于召开会 议前依法通知了全体董事，会议通知的时间及方式符合国家有关法律、法规及《公 司章程》的规定。会议由董事长刘鸣鸣主持，应出席董事 10 名，实际出席董事 一、审议通过《公司 2025 年半年度报告及其摘要》 根据《公开发行证券的公司信息披露内容与格式准则第 3 号——半年度报告 的内容与格式》《公开发行证券的公司信息披露编报规则第 15 号——财务报告 的一般规定》的要求，公司组织编制了《2025 年半年度报告》及其摘要。根据 《香港联合交易所有限公司证券上市规则》的相关规定并结合公司实际情况，公 司编制了《2025 年中期报告》。 具体内容详见公司同日在上海证券交易所网站（http://www ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-049 本公司监事会及全体监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 第五届监事会第十六次会议决议公告 安井食品集团股份有限公司（以下简称"公司"）第五届监事会第十六次会议 于 2025 年 8 月 25 日以现场加通讯的方式召开，会议由监事会主席张光玺主持， 会议应出席监事 3 人，实际出席 3 人。会议的通知、召开及审议程序符合《中华 人民共和国公司法》等法律法规及《公司章程》的规定，所作决议合法有效。 经与会监事一致同意，形成决议如下： 一、审议通过《公司 2025 年半年度报告及其摘要》 经审核，公司监事会认为：《公司 2025 年半年度报告及其摘要》编制和审 核程序符合相关法律、法规和股票交易所在地的监管规定，所包含的信息能够从 各个方面真实地反映公司当年度的经营管理和财务状况等事项，不存在虚假记载、 误导性陈述或者重大遗漏。 具体内容详见公司同日在上海证券交易所网站（http://www.sse.com.cn）披 露的《2025 年半年 ...

安井食品8月25日披露半年报，公司上半年实现营业收入76.04亿元，同比增长0.80%；归属于上市公司 股东的净利润6.76亿元，同比下降15.79%；基本每股收益2.31元。公司拟向全体股东每股派发现金红利 人民币1.425 元（含税）。 ...

Group 1 - The core viewpoint of the article highlights that Anjuke Foods is focused on the research, manufacturing, and sales of frozen and refrigerated food products, including various types of noodles and prepared foods [1] - In the semi-annual report, Anjuke Foods announced that it achieved an operating income of 7.6 billion yuan, representing a year-on-year increase of 0.8% [2] - The company reported a net profit attributable to shareholders of 676 million yuan, which reflects a year-on-year decrease of 15.8% [2] Group 2 - Anjuke Foods plans to enhance its business by acquiring 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., which will be included in the consolidated financial statements in the second half of the year [1] - The acquisition is expected to positively impact future performance by adding a frozen baking business segment [1] - The company continues to promote product innovation and market expansion in multiple business areas, including frozen prepared foods, frozen dishes, and frozen noodle products [1]