FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 公司名稱: 安井食品集團股份有限公司（於中華人民共和國註冊成立的股份有限公司, 「本公司」） 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02648 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 39,994,700 | RMB | | 1 RMB | | 39,994,700 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 39,994,700 | RMB | | 1 RMB | | 39,994,700 | | 2. 股 ...

Market Overview - The food processing sector experienced a decline of 0.25% on August 6, with *ST Chuntian leading the drop [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Notable gainers included: - Weizhi Xiang (605089) with a closing price of 26.37, up 2.17% [1] - Chunxue Food (605567) at 11.15, up 1.00% [1] - Kangbiter (833429) at 22.70, up 0.53% [1] - Major decliners included: - *ST Chuntian (600381) at 4.57, down 3.79% [2] - Xianle Health (300791) at 23.45, down 1.68% [2] - Baba Food (605338) at 19.56, down 1.21% [2] Trading Volume and Capital Flow - The food processing sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 146 million yuan [2] - The trading volume for major stocks included: - Jindaiwei (002626) with a trading volume of 75,500 lots and a transaction value of 153 million yuan [1] - Jinzi Ham (002515) with a trading volume of 296,300 lots and a transaction value of 210 million yuan [1] Capital Flow Analysis - Major stocks with significant capital flow included: - Shuanghui Development (000895) with a net inflow of 11.11 million yuan from institutional investors [3] - Chunxue Food (605567) with a net inflow of 6.68 million yuan from institutional investors [3] - Wufangzhai (603237) with a net inflow of 2.34 million yuan from institutional investors [3]

Group 1 - The latest stock price of Anjuke Foods is 74.13 yuan, with a slight increase of 0.08 yuan from the previous trading day [1] - The stock reached a high of 74.63 yuan and a low of 73.92 yuan during the trading session, with a total transaction volume of 290 million yuan [1] - Anjuke Foods primarily engages in the research, production, and sales of frozen food, including frozen fish paste products and frozen meat products, and is part of the food and beverage sector [1] Group 2 - On August 5, a block trade occurred for Anjuke Foods, involving 88,500 shares with a transaction value of 5.903 million yuan at a price of 66.70 yuan, which is a 10.02% discount compared to the closing price of that day [1] - This block trade accounted for 2.03% of the total transaction amount on that day [1] - The net outflow of main funds for Anjuke Foods on that day was 13.7565 million yuan, with a cumulative net outflow of 34.6874 million yuan over the past five days [1]

| | | | | | 中信证券股份有限 | 中信证券股份有限 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 2025-08-05 | 证券简称 安井食品 | 证券代码 603345 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 66.7 590.3 | 8.82 | 公司河北分公司 | 公司河北分公司 | 卖出营业部 | 8月5日，安井食品大宗交易成交8.85万股，成交额590.3万元，占当日总成交额的1.99%，成交价66.7元，较市场收盘价74.13元折价10.02%。 ...

Group 1 - Anjiu Foods has successfully listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed company in the frozen food industry, marking a significant milestone for the industry [1][4] - The company is known for its high-quality frozen products, including fish paste, meat products, and rice and flour products, catering to diverse consumer needs [4] - The listing will provide Anjiu Foods with broader financing channels, helping to expand production scale and enhance brand influence, while attracting more international investors [4][7] Group 2 - The listing also imposes higher market demands and stricter regulations on Anjiu Foods, prompting the company to improve management and operational efficiency [4][7] - Anjiu Foods plans to increase investment in research and development to launch new products that meet consumer demands for health and convenience, such as low-fat and high-protein frozen foods [7] - The successful listing serves as a model for other companies in the frozen food industry, encouraging them to strengthen their capabilities and seek support from capital markets [7]

Investment Rating - The report maintains an "Increase" rating for the food and beverage industry, indicating a positive outlook for the sector [5]. Core Insights - The implementation of the childcare subsidy policy is expected to stimulate growth in the food and beverage sector, particularly benefiting the infant formula and dairy product markets [4]. - The report highlights three main investment themes in the liquor segment: strong leading brands, sustained regional advantages, and recovery-driven elastic stocks [1][2]. - In the beer and beverage segment, Budweiser faces sales pressure but is seeing price recovery, while the sugary tea category is gaining market share during peak seasons [3]. Summary by Sections Liquor Industry - Leading brands such as Moutai, Wuliangye, and Luzhou Laojiao dominate the global rankings, with Moutai valued at $58.4 billion, maintaining its position as the most valuable liquor brand globally [2]. - The liquor sector is transitioning from scale growth to high-quality development, with a focus on brand strength and market positioning [2]. Beer and Beverage Sector - Budweiser's Q2 2025 results show a revenue decline of 3.9% and a profit drop of 31.1%, with a notable 6.2% decrease in sales volume [3]. - The sugary tea segment is experiencing a resurgence, with brands like Kang Shifu and Uni-President maintaining leading positions, and sales of Yuanqi Forest's iced tea growing by 53.9% year-on-year [3]. Food Sector - The national childcare subsidy program, effective from January 1, 2025, is projected to enhance birth rates and subsequently increase demand for dairy products [4]. - New product launches by companies like Qiaqia and Ximai are aimed at expanding market presence and tapping into health-oriented consumer trends [4][7].

Core Points - The company held its 20th meeting of the fifth board of directors on August 1, 2025, where several resolutions were passed regarding capital changes and financial management [1][9]. Group 1: Capital Changes - The company approved a proposal to change its registered capital and amend its articles of association, resulting in an increase in total shares from 293,294,232 to 333,288,932 and registered capital from 293,294,232 yuan to 333,288,932 yuan [1][9]. - A total of 39,994,700 H-shares were issued and listed on the Hong Kong Stock Exchange on July 4, 2025, with the overallotment option expiring on July 30, 2025 [1][9]. Group 2: Cash Management - The company plans to use up to 3.5 billion yuan of temporarily idle self-owned funds for cash management, investing in low-risk, highly liquid financial products over a period of 12 months [4][11]. - The board approved the cash management proposal on August 1, 2025, and this matter does not require shareholder meeting approval [11][15]. Group 3: Financial Management System - A proposal to establish a "Trustee Financial Management System" was approved to regulate the company's entrusted financial management activities and enhance fund operation efficiency [6][7]. - The company will select qualified financial institutions with good credit and financial conditions for managing the entrusted funds, ensuring clear contracts are established [16][17]. Group 4: Board Committee Adjustments - The board approved adjustments to the members of the Sustainable Development Committee, adding independent director Liu Xiaofeng to enhance the committee's functions [8].

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the consumer staples sector, including Guizhou Moutai, Wuliangye, Luzhou Laojiao, and others [1]. Core Insights - The report highlights that most baijiu wholesale prices have stabilized, with specific price changes noted for various brands. For instance, the price of Feitian Moutai (case) is 1915 yuan, down by 35 yuan from the previous month, and down 665 yuan year-on-year [3][9]. - Discounts on liquid milk and beer have decreased compared to previous months, indicating a shift in pricing strategies within the consumer goods market [5][22]. Summary by Sections Baijiu Pricing - Guizhou Moutai's prices for different products have shown a decline, with Feitian Moutai (case) at 1915 yuan, down 35 yuan month-on-month and 665 yuan year-on-year [3][9]. - Wuliangye's eighth-generation price is 930 yuan, stable compared to last month and unchanged year-on-year [4][9]. - Luzhou Laojiao's Guojiao 1573 remains at 860 yuan, unchanged from last month and down 40 yuan year-on-year [4][9]. Consumer Goods Discounts - The average discount rate for liquid milk has decreased to 79.1% from 73.8% at the end of June, while the median discount rate increased to 80.3% [5][22]. - Beer discounts have also seen a slight increase, with average and median rates at 83.6% and 87.0%, respectively, compared to 81.1% and 84.6% in late June [5][22]. - Discounts for infant formula and instant foods have remained stable, with average rates at 93.0% and 94.3%, respectively [7][22].

Core Viewpoint - Anjiu Food announced the approval of several proposals, including changes to the company's registered capital and amendments to the company’s articles of association during the 20th meeting of the 5th Board of Directors [2]. Group 1 - The company held its 20th meeting of the 5th Board of Directors on August 1 [2]. - The board approved a proposal regarding changes to the registered capital [2]. - The company also approved amendments to its articles of association [2].

Core Viewpoint - Anjuke Foods is one of the largest frozen food companies in China, with a designed production capacity of 113.71 million tons for the fiscal year 2024 and a capacity utilization rate of 97.15% [1] Group 1 - The company has maintained a stable capacity utilization rate above 90% over the past three years [1] - The company actively adjusts its production capacity release pace based on macroeconomic changes and market demand [1] - Investors are advised to monitor the company's subsequent annual reports for updates on capacity utilization rates for the current fiscal year [1]