安井食品集团股份有限公司 关联（连）交易决策制度 （草案） （H 股发行并上市后适用） 第一章 总则 安井食品集团股份有限公司 关联（连）交易决策制度 安井食品集团股份有限公司 关联（连）交易决策制度 公司对关联交易以及关连交易实行分类管理，按照相关法律法规以及 《上交所上市规则》《香港上市规则》的规定认定关联方以及关连人 士范围，并按照相关规定履行关联交易以及关连交易的审批、信息披 露等程序。 公司进行交易时应根据具体情况分别依照《上交所上市规则》和《香 港上市规则》作出考量，并依照二者中更为严格的规定为准判断交易 1 第一条 为保证安井食品集团股份有限公司（下称"公司"）与关联方之间的 关联交易符合公平、公正、公开的原则，提高公司规范运作水平， 确保公司的关联交易行为不损害公司和非关联股东的合法权益，根 据《中华人民共和国公司法》下（称"《公司法》"）、《中华人民共 和国证券法》（下称"《证券法》"）、《上市公司信息披露管理办法》、 《上海证券交易所股票上市规则》（下称"《上交所上市规则》"）、 《香港联合交易所有限公司证券上市规则》（下称"《香港上市规 则》"）、《上海证券交易所上市公司自律监管指引第5 ...

（草案） （H 股发行并上市后适用） 第一章 总则 第二章 人员组成 安井食品集团股份有限公司 董事会审计委员会工作细则 安井食品集团股份有限公司 董事会审计委员会工作细则 1 第一条 为强化董事会决策能力，做到事前审计、专业审计，确保董事会对 经理层的有效监督，完善公司治理结构，根据《中华人民共和国公 司法》（下称"《公司法》"）《上海证券交易所股票上市规则》 《香港联合交易所有限公司证券上市规则》（下称"《香港上市规 则》"）《安井食品集团股份有限公司章程》（下称"《公司章程》"） 及其他有关法律法规及规范性文件的规定，公司特设立董事会审计 委员会（下称"审计委员会"），并制订本工作细则（下称"本细则"）。 第二条 审计委员会是董事会的专门工作机构。审计委员会对董事会负责， 委员会的提案提交董事会审议决定。审计委员会应配合监事会监事 的审计活动。 第三条 审计委员会由三名董事委员组成，由董事会从董事会成员中任命， 且该董事为非执行董事，不在公司担任高级管理人员，其中独立董 事委员占半数以上(至少一名独立董事为符合公司股票上市地证券 监管规则要求专业资格的会计专业人士)。 第四条 审计委员会委员(以下简称" ...

财联社12月2日电，安井食品公告，公司董事会审议通过关于公司发行H股股票并在香港联合交易所有 限公司上市的议案。 公司本次发行H股并上市旨在加快国际化战略及海外业务布局，增强境外融资能力，提高综合竞争力。 本次发行的股票为普通股，以人民币标明面值，以外币认购，每股面值为人民币1.00元。 发行方式为香港公开发售及国际配售，发行规模不超过发行后公司总股本的15%。 募集资金拟用于全球销售网络建设、全球供应链体系建设、产业投资及并购、产品开发和技术提升、提 高自动化及数字化水平、补充流动资金等。 公司将转为境外募集股份有限公司，并在董事会及/或董事会授权人士及承销商（或其代表）决定的日 期，按H股招股说明书所载条款和条件进行发行。 ...

大家好欢迎参加中金公司安景食品线上交流会目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言本次会议为中国国际金融股份有限公司中金公司闭门会议停线受邀嘉宾参会 未经中金公司和演讲嘉宾书面许可任何机构和个人不得以任何形式将会议内容和相关信息对外公布转发转载传播复制编辑修改等如有上述违法行为中金公司保留追究相关方法律责任的权利This meeting is a closed-door meeting of China International Capital Corporation Limited CICCand only invited guests allowed to attend Without the written permission of CICC and the speaker, no organization or individual is allowed to punish, forward, reprint, disseminate, copy, edit or modify the meeting contents and relevant inform ...

Summary of Conference Call for Anjing Foods Company Overview - The conference call was held for Anjing Foods, focusing on their annual strategy and sales performance in the food industry, particularly in the hot pot and processed food segments. Key Points and Arguments Sales Performance - Sales in October were relatively flat due to market competition and environmental factors, but there has been improvement since November, with a slight increase in sales compared to October [1][2]. - The hot pot ingredient segment has shown modest growth, while the noodle segment has experienced a slight decline due to intense competition [2]. - The company is optimistic about the sales performance of new products like sausages and other processed items, expecting to exceed sales targets for these products [2][4]. Market Dynamics - The company has observed a mixed recovery in B2B (restaurant) and B2C (household) channels, with no clear winner in terms of recovery speed [5]. - The company has made significant progress in securing partnerships with major clients like Yum China, which is expected to enhance sales in the B2B segment [5][6]. - The competitive landscape remains challenging, with the need for strategic marketing investments to maintain market share without engaging in destructive price wars [7][8]. Product Development and Innovation - Anjing Foods is focusing on product localization and innovation, with plans to introduce new items that cater to regional tastes [9][10]. - The company has seen a strong performance in its sausage product line, with a growth rate of approximately 20% year-on-year [11]. - The seafood segment, particularly crayfish, has shown double-digit growth despite pricing pressures, indicating a strong market presence [12][13]. Cost Management and Raw Material Prices - Raw material prices for pork, beef, and oils have increased, with pork prices rising by nearly double digits [16][17]. - The company is managing its inventory levels effectively, ensuring sufficient stock during peak seasons [16]. Production Capacity and Expansion - New factories in Shandong and Guangdong are ramping up production, with a focus on balancing orders between old and new facilities to optimize capacity utilization [18][19]. - The company is cautious about expanding production capacity further, preferring to utilize existing facilities efficiently before considering new investments [20][21]. Strategic Outlook - The company is exploring acquisition opportunities in the food sector but remains cautious, focusing on strategic fit and market conditions [32][33]. - The potential for listing on the Hong Kong stock exchange is still being pursued, with ongoing discussions and preparations [34]. Investor Concerns - Investors expressed concerns about the company's financial performance and potential risks related to goodwill impairment, which the management acknowledged but could not provide specific forecasts for [22][24]. Additional Important Insights - The company has maintained a strong marketing push for its products, particularly in the sausage segment, which has contributed to its market share growth despite a challenging consumer environment [25][26]. - The management emphasized the importance of product quality and brand reputation in maintaining customer loyalty, especially in a competitive market [27][28]. - The company is actively engaging in new sales channels, particularly in e-commerce and new retail formats, to capture changing consumer behaviors [29][30]. This summary encapsulates the key discussions and insights from the conference call, highlighting Anjing Foods' current performance, market strategies, and future outlook in the food industry.

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 11 月 6 日 603345.SH 买入 原评级：买入 市场价格:人民币 90.06 板块评级:强于大市 本报告要点 安井食品 2024 年 3 季报业绩点评 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (45%) (33%) (21%) (9%) 2% 14% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Oct-24Nov-24 安井食品 上证综指 绝对 (12.9) (9.3) 13.7 (29.0) 相对上证综指 (27.1) (10.8) (4.4) (39.7) | --- | --- | |----------------------------------------|-----------| | | | | | | | 发行股数 ( 百万 ) | 293.29 | | 流通股 ( 百万 ) | 293.29 | | 总市值 ( 人民币 百万 ) | 26,414.08 | | 3 个月日均交易额 ( 人民币 百万 ) | 411.16 | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 109.63 CNY over the next six months [1][4]. Core Insights - The company reported a revenue of 11.08 billion CNY for the first three quarters of 2024, reflecting a year-on-year increase of 7.8%, while the net profit attributable to shareholders was 1.05 billion CNY, down 6.7% year-on-year. In Q3 2024, revenue reached 3.53 billion CNY, up 4.6% year-on-year, but net profit fell by 36.8% to 240 million CNY [1][2]. Summary by Sections Business Performance - In Q3 2024, the company’s revenue from frozen prepared foods, frozen dishes, and frozen noodles was 1.79 billion CNY, 1.13 billion CNY, and 530 million CNY respectively, showing a year-on-year change of -0.1%, +24.1%, and -9.5%. The growth in the dish segment was attributed to the success of brands like Anjiu Kitchen and Frozen Products [2]. Profitability - The gross margin for Q3 2024 was 22.6%, an increase of 0.6 percentage points year-on-year, while the net profit margin decreased by 4.6 percentage points to 7%. The decline in profitability was mainly due to increased promotional expenses driven by intensified market competition [3]. Future Outlook - The company is focusing on a product strategy of "strengthening staple foods and launching main dishes" and aims to maintain a "high quality, mid-price" pricing strategy. The upcoming cold season is expected to boost performance as the demand for frozen products typically increases [3]. Earnings Forecast - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 4.91 CNY, 5.77 CNY, and 6.73 CNY respectively, with corresponding dynamic price-to-earnings (PE) ratios of 18, 15, and 13. The target price of 109.63 CNY is based on a 19x valuation for 2025 [4][8].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Insights - The prepared food business has become the company's largest segment, showing significant revenue growth. For the first three quarters of 2024, the company achieved revenue of 11.077 billion yuan, a year-on-year increase of 7.84%. In Q3 alone, revenue reached 3.533 billion yuan, up 4.63% year-on-year [1][2]. - The decline in net profit for Q3 is attributed to reduced government subsidies and increased advertising and promotional expenses, alongside rising share-based payment costs. The net profit for the first three quarters was 1.047 billion yuan, down 6.65% year-on-year, with Q3 net profit at 244 million yuan, a decrease of 36.76% [3][4]. Revenue Summary - The company reported a revenue growth rate of 7.34% for its dish products in the first three quarters of 2024. The number of distributors increased by 5.35% compared to the beginning of the year, with growth observed across most regions except for South China and Southwest [2]. Profit Summary - The net profit for the first three quarters of 2024 was 1.047 billion yuan, reflecting a decrease of 6.65% year-on-year. The Q3 net profit was 244 million yuan, down 36.76% year-on-year. The increase in cash flow from operating activities by 32.06% year-on-year was mainly due to higher cash receipts from sales and reduced cash payments for goods [3]. Financial Forecast - The company is expected to see net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.00%, 12.43%, and 11.24% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Insights - The company reported a revenue of 110.77 billion yuan and a net profit of 10.47 billion yuan for the first three quarters of 2024, showing a year-on-year increase of 7.84% in revenue but a decline of 6.65% in net profit. In Q3 2024, revenue was 35.33 billion yuan with a net profit of 2.44 billion yuan, reflecting a year-on-year increase of 4.63% in revenue but a significant decline of 36.76% in net profit. Despite the competitive pressure affecting profitability, the company managed to maintain revenue growth in the current demand environment [2][6]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a revenue of 110.77 billion yuan and a net profit of 10.47 billion yuan, with respective year-on-year changes of +7.84% and -6.65%. In Q3 alone, revenue was 35.33 billion yuan and net profit was 2.44 billion yuan, with year-on-year changes of +4.63% and -36.76% [6]. - The company's gross margin and net margin for the first three quarters were 22.64% and 9.59%, showing a year-on-year increase of 0.58 percentage points and a decrease of 1.51 percentage points, respectively [6]. Revenue Breakdown - Key product revenues in Q3 included frozen prepared foods (17.92 billion yuan), frozen dishes (11.28 billion yuan), and frozen rice and noodle products (5.32 billion yuan), with year-on-year changes of -0.12%, +24.12%, and -9.49%, respectively [6]. - Revenue from key channels in Q3 included distribution (29.78 billion yuan), supermarkets (1.71 billion yuan), specialty stores (1.88 billion yuan), and new retail (1.37 billion yuan), with year-on-year changes of +3.23%, +15.07%, -12.41%, and +95.93%, respectively, with new retail growth primarily driven by increased sales through Hema [6]. Future Projections - The company is projected to achieve revenues of 154.85 billion yuan, 170.15 billion yuan, and 185.48 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.25%, 9.88%, and 9.01%. Net profits are expected to be 14.79 billion yuan, 16.46 billion yuan, and 17.99 billion yuan for the same years, with growth rates of 0.07%, 11.26%, and 9.34%, respectively [6][7].

Investment Rating - The report maintains a "Recommend" rating for the company, citing its strategic adjustments and new business expansion as drivers for long-term performance improvement [4][6] Core Views - The company reported revenue of RMB 11.08 billion in the first three quarters of 2024, a YoY increase of 7.8%, but net profit attributable to shareholders declined by 6.7% YoY to RMB 1.05 billion [2] - In Q3 2024, revenue grew by 4.6% YoY to RMB 3.53 billion, while net profit attributable to shareholders dropped by 36.8% YoY to RMB 240 million [2] - The company's main business, frozen food, showed weak performance, but new businesses, particularly frozen vegetable products, maintained strong growth with a 24.1% YoY increase in Q3 2024 [3] - The company's gross margin in Q3 2024 was 19.9%, down 2.0 percentage points YoY, due to intensified industry competition and a shift to a "high-quality, mid-price" strategy [3] Business Performance Breakdown By Product Category - Frozen prepared foods: -0.1% YoY in Q3 2024 [3] - Frozen vegetable products: +24.1% YoY in Q3 2024 [3] - Frozen rice and flour products: -9.5% YoY in Q3 2024 [3] - Frozen agricultural products: -0.4% YoY in Q3 2024 [3] - Snack foods: -50.6% YoY in Q3 2024 [3] - Other products: -83.2% YoY in Q3 2024 [3] By Sales Channel - Distributors: +3.2% YoY in Q3 2024 [3] - Supermarkets: +15.1% YoY in Q3 2024 [3] - Specialized direct sales: -12.4% YoY in Q3 2024 [3] - E-commerce: +0.4% YoY in Q3 2024 [3] - New retail: +95.9% YoY in Q3 2024, driven by Hema [3] By Region - Northeast: -1.9% YoY in Q3 2024 [3] - North China: -5.4% YoY in Q3 2024 [3] - East China: +0.9% YoY in Q3 2024 [3] - South China: +11.8% YoY in Q3 2024 [3] - Central China: +40.0% YoY in Q3 2024 [3] - Northwest: +10.0% YoY in Q3 2024 [3] - Southwest: +33.8% YoY in Q3 2024 [3] Financial Forecasts - Revenue is expected to grow to RMB 15.20 billion in 2024, RMB 16.76 billion in 2025, and RMB 18.46 billion in 2026, with growth rates of 8.2%, 10.3%, and 10.1% respectively [5] - Net profit attributable to shareholders is projected to be RMB 1.43 billion in 2024, RMB 1.58 billion in 2025, and RMB 1.75 billion in 2026, with growth rates of -3.0%, 10.0%, and 10.7% respectively [4][5] - EPS is forecasted to be RMB 4.89 in 2024, RMB 5.38 in 2025, and RMB 5.95 in 2026 [5] Strategic Adjustments - The company is shifting from a "high-quality, mid-to-high price" strategy to a "high-quality, mid-price" strategy to boost sales and market share [4] - The company is focusing on "BC兼顾、全渠发力" (balancing B2B and B2C, full-channel development) to drive growth through new products and channels [4] - Localized R&D transformation is expected to enhance regional product development and contribute to revenue growth [4] - The company has launched a new round of equity incentives to strengthen core team cohesion and support long-term development [4] Valuation Metrics - The company's PE ratio is projected to be 18X in 2024, 16X in 2025, and 14X in 2026, indicating a clear valuation margin of safety [4][5]