Core Viewpoint - Anjiu Food Group Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of up to 59,521,400 overseas listed ordinary shares, marking a significant step in the company's internationalization strategy [2] Group 1: Company Overview - Anjiu Food is a leading player in China's frozen food industry, holding a 6.2% market share in 2023, making it the industry leader [3] - The company has a market share of 12.7% in the frozen prepared food segment, which is four times that of the second-place competitor, and leads the frozen dish products market with a 4.9% share, surpassing the combined share of the second to fourth competitors [3] Group 2: Competitive Advantages - The company has established a comprehensive multi-channel sales network with over 2,000 distributors, covering traditional distribution, supermarkets, catering, and e-commerce [4] - Anjiu Food offers a diverse product matrix with over 400 SKUs across four main categories: frozen fish products, frozen meat products, frozen noodle and rice products, and frozen dish products [4] - The company has a strong focus on research and development, possessing a national-level enterprise technology center and holding 150 international management system certifications [4] Group 3: Strategic Significance of H-Share Listing - The H-share listing will provide multiple development opportunities, including expanding international financing channels and optimizing the capital structure [5] - It will enhance the company's international brand influence and support overseas market expansion [5] - The listing is expected to attract international strategic investors, improving corporate governance and laying the groundwork for future cross-border mergers and acquisitions [5] Group 4: Future Outlook - The frozen food industry is anticipated to experience broader growth due to ongoing consumption upgrades and the trend of restaurant chain expansion [6] - Anjiu Food aims to leverage its comprehensive product matrix, strong R&D capabilities, and extensive sales network to further enhance its leading position as industry concentration increases [6]

Core Viewpoint - Anjiu Food is accelerating its international expansion and has received approval for overseas listing, aiming to enhance its global presence and competitiveness [2][3]. Group 1: International Expansion Strategy - Anjiu Food plans to issue up to 59.52 million shares for overseas listing on the Hong Kong Stock Exchange, with a focus on expanding into high-growth international markets [2][3]. - The company aims to build a global supply chain platform to optimize costs and ensure a stable supply of quality raw materials such as fish paste and shrimp [2][8]. - The overseas revenue is projected to reach 168 million yuan in 2024, representing a year-on-year growth of 30.76%, becoming a new growth point for the company [2][8]. Group 2: Financial Performance - Anjiu Food's revenue for 2022, 2023, and 2024 was 12.183 billion yuan, 14.045 billion yuan, and 15.127 billion yuan, with year-on-year growth rates of 31.39%, 15.29%, and 7.70% respectively [5]. - The net profit for the same years was 1.101 billion yuan, 1.478 billion yuan, and 1.485 billion yuan, with growth rates of 61.37%, 34.24%, and 0.46% respectively, indicating a slowdown in growth [5]. - In Q1 2025, the company reported a revenue of 3.6 billion yuan, a decline of 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year [6]. Group 3: Market Development and Partnerships - Anjiu Food is enhancing its distribution network by empowering distributors and collaborating with chain restaurants to develop customized products [4]. - The company plans to expand its sales coverage in overseas markets through brand building and marketing activities, targeting local supermarkets and restaurants [4]. - As of 2024, Anjiu Food has 249 overseas distributors, a year-on-year increase of 10.18%, reflecting its growing international footprint [8].

Group 1 - Huang Zitao's sanitary napkin brand "Duo Wei" officially launched with a total investment of 275 million yuan, offering various product types including mini pads, day use, night use, and sleep pants [1] - The pricing of "Duo Wei" is slightly lower than competitors like Sofy and Hengan, indicating a competitive strategy in a crowded market [1] - The success of "Duo Wei" will depend on converting celebrity influence into consumer trust and repeat purchases based on safety, comfort, and authenticity [1] Group 2 - Anjiu Food has received approval from the China Securities Regulatory Commission for its IPO, planning to issue up to 59.52 million shares in Hong Kong [2] - The IPO reflects a trend of high-quality Chinese consumer goods companies expanding internationally, aiming to enhance brand influence and optimize capital structure [2] Group 3 - Dick's Sporting Goods announced a $2.4 billion acquisition of North American retailer Foot Locker, with an enterprise value of approximately $2.5 billion [3] - This acquisition highlights the industry's trend towards achieving scale and synergy, allowing Dick's to expand its market share in the athletic footwear and apparel sector [3] - Foot Locker will operate as an independent business unit, preserving its brand and loyal customer base [3] Group 4 - Walmart, as a major retail player, has increased prices on certain products, reflecting a broader trend among U.S. companies responding to tariff pressures [3] - Other companies like Microsoft and Whirlpool have also raised prices, indicating that tariff policies are impacting multiple industries and consumer costs [3] - This price increase trend underscores the significant effects of international trade policy changes on global supply chains and consumer economics [3]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-025 安井食品集团股份有限公司 关于发行境外上市股份（H股）获得中国证监会备案的公告 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。 公司本次境外发行上市尚需取得香港证券及期货事务监察委员会和香港联 合交易所等相关监管机构、证券交易所的批准，该事项仍存在不确定性。公司将 根据该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注意投资风 险。 特此公告。 安井食品集团股份有限公司 董 事 会 一、公司拟发行不超过 59,521,400 股境外上市普通股并在香港联合交易所上 市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 四、公司自备案通知书出具之日起 12 个月内未完成境外发行上市，拟继 ...

Core Insights - The demand for Tangyuan in China is projected to reach 2.626 million tons in 2024, with a market size of 44.64 billion yuan, and an average product price of approximately 17.0 yuan per kilogram [1][9]. Market Policy - The Chinese government has implemented various policies to enhance food safety and quality management in the Tangyuan industry, creating a favorable environment for its development [4][6]. Industry Chain - The Tangyuan industry consists of upstream suppliers of raw materials (glutinous rice, fillings), midstream production and processing, and downstream consumers including restaurants, schools, and households [7]. Competitive Landscape - The Tangyuan market is highly competitive with key players including Sanquan Foods, Zhengzhou Si Nian Foods, and Anjij Foods, which hold significant market shares due to their strong brand presence and diverse product lines [14][16][18]. Development Trends - Future trends in the Tangyuan market indicate a diversification of flavors, with innovative options such as chocolate and fruit, as well as healthier products with low sugar and high fiber content gaining popularity [20].

Core Insights - The frozen food industry is entering a new era focused on quality-price ratio as companies respond to consumer preferences for cost-effectiveness and increased competition [1][2][3] Group 1: Market Trends - There is a noticeable shift towards value-for-money consumption, leading many brands in the restaurant industry to lower prices [2] - The frozen food sector is experiencing a decline in net profits for several companies, with Anjuke Food's net profit growth slowing to 0.46%, ending an eight-year streak of double-digit growth [3][4] - The market for frozen food is becoming increasingly competitive, with many emerging brands putting pressure on established companies [2][3] Group 2: Product Strategy - Companies are adjusting their product strategies to focus on high cost-performance products, with Anjuke Food emphasizing "extreme cost-performance" for B-end products and "upgrading" for C-end products [2][3] - Pre-prepared dishes remain a key growth driver, with Anjuke Food reporting a 10.76% increase in revenue from frozen dishes to 4.349 billion yuan [5][6] - The focus on pre-prepared dishes is supported by recent regulatory clarity from the government, which is expected to enhance industry standards and growth potential [6][7] Group 3: Channel Innovation - Companies are increasingly investing in customized products for retail channels, with Anjuke Food planning to fully embrace channel customization [9][10] - The rise of new retail formats, such as membership-based supermarkets, is prompting companies to adapt their product offerings to meet consumer demands for differentiation and quality [11] - Traditional supermarkets are restructuring their product categories to enhance consumer appeal, creating new opportunities for frozen food companies [10][11]

Group 1 - Over 170 consumer sector stocks have received "buy" ratings from brokerages since May, with Shanxi Fenjiu, Anjijia Food, Midea Group, and Hailan Home being the most frequently recommended [1][2] - The investment value in the consumer sector is supported by the belief that the liquor industry is at a fundamental bottom, and there is potential for growth in related industries such as beer, condiments, and frozen foods [1][4] Group 2 - Two main factors are driving the increased attention on the consumer sector: the ongoing promotion of consumption policies and the upcoming Dragon Boat Festival holiday following the May Day holiday [2][3] - The People's Bank of China has announced measures to enhance financial support for key service consumption sectors, which is expected to stimulate market activity in the consumer sector [3] Group 3 - Analysts recommend focusing on premium liquor brands and leading white goods companies, suggesting that investors should increase allocations in liquor stocks and consider sectors benefiting from channel reforms and new product categories [4] - The home appliance sector is expected to see continuous improvement in performance due to the "trade-in" policy, with leading companies benefiting from strong cost control and product upgrades [4] Group 4 - The hotel and tourism-related sectors are also highlighted, with analysts suggesting that the hotel industry is experiencing a positive trend in RevPAR (Revenue Per Available Room) and recommending investments in leading companies with strong operational efficiency [5]

Core Insights - The frozen food industry in 2024 is experiencing widespread revenue declines and losses, with only a few companies showing growth [2][3] - Despite the challenges, there are still positive factors within the industry, such as the rise of new retail channels and group meal services [14] Revenue and Profit Trends - Among 28 listed companies, only 8 achieved both revenue and net profit growth in 2024 [3] - In the frozen food sector, only three companies—Anjuke Foods, Lihigh Foods, and Babi Foods—reported growth in both revenue and net profit [5][6] - The meat and seafood sector showed better performance, with 13 out of 18 companies reporting net profit growth, driven by lower raw material prices [7][8] Company Performance - Anjuke Foods led the frozen food sector with revenue of 151.27 billion, a 7.70% increase, and a net profit of 14.85 billion, up 0.46% [4] - In the meat sector, Muyuan Foods reported revenue of 1379.47 billion, a 24.43% increase, and a net profit of 178.81 billion, up 519.42% [5] - Lihigh Foods achieved a remarkable net profit growth of 266.94% despite a revenue increase of 9.61% [4][5] Channel Dynamics - Traditional supermarkets are struggling, with several companies reporting declines in revenue from this channel [15] - New retail channels are thriving, with Anjuke Foods generating 5.82 billion from new retail partnerships, a 32.97% increase [15][18] - Group meal services are becoming a significant growth area, with companies like Babi Foods generating 3.8 billion from this channel, a 19.47% increase [22][24] Product Category Insights - The frozen vegetable and dish segment is experiencing growth, with Anjuke Foods reporting 43.49 billion in revenue from this category, a 10.76% increase [25] - The frozen rice and noodle category is showing signs of maturity, with revenue declines reported by major players like Sanquan Foods and Anjuke Foods [30][32] Market Outlook - The overall growth rate of the frozen food industry is slowing, with many leading companies seeing growth rates below 10% [29][33] - Despite the challenges, 21 out of 28 listed companies managed to achieve profitability, indicating resilience in the face of uncertainty [33]

Core Viewpoint - The price of crayfish in China has significantly dropped, with reports indicating a decline of nearly 50% in recent weeks, raising concerns about the industry's profitability and market dynamics [1][2][3]. Price Trends - In the first four months of the year, the wholesale price of crayfish peaked at over 70 yuan per kilogram, but by May, it had fallen to 38 yuan per kilogram, with expectations of further declines [2]. - In Hubei Province's Qianjiang City, crayfish sales have surged, with daily sales increasing from approximately 2,000-3,000 jin to 30,000-50,000 jin [4]. - The price of mid-sized crayfish has dropped from around 42-43 yuan per jin at launch to approximately 13 yuan per jin [4]. Market Dynamics - The crayfish trading center in Qianjiang is experiencing peak season activity, with daily trading volumes stabilizing at around 2,000 tons, distributed to over 600 cities nationwide [10]. - In Hunan Province's Yiyang City, daily crayfish supply is about 2,500 tons, primarily sold to over 50 cities including Beijing and Guangzhou [12]. Industry Challenges - The crayfish processing sector is diversifying, with products gaining popularity in overseas markets such as the EU and Southeast Asia. Since 2012, China's crayfish production has entered a rapid growth phase, with expected production reaching over 3 million tons by 2024 [14]. - Two A-share listed companies have reported that their crayfish businesses are negatively impacting overall performance. Guolian Aquatic Products reported a revenue of 3.409 billion yuan in 2024, a year-on-year decline of 26.16%, with a net loss of approximately 742 million yuan [20]. - Guolian Aquatic Products announced the termination of a project aimed at expanding crayfish processing capacity due to changing market conditions and declining demand [21]. - Another company, Anjins Food, reported a revenue of 15.13 billion yuan in 2024, a slight increase of 7.7%, but noted significant pressure from the crayfish market, with inventory of frozen products down by 31.7% [21][22].

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].