一、主要会计数据和财务指标 三、分红送配方案情况 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 5.0800 | 5.0400 | 0.79 | 3.8900 | | 每股净资产（元） | 44.16 | 43.06 | 2.55 | 39.82 | | 每股公积金(元) | 27.77 | 27.42 | 1.28 | 27.36 | | 每股未分配利润(元) | 15.26 | 14.28 | 6.86 | 11.12 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 151.27 | 140.45 | 7.7 | 121.83 | | 净利润(亿元) | 14.85 | 14.78 | 0.47 | 11.01 | | 净资产收益率(%) | 11.48 | 12.10 | -5.12 | 10.72 | 10派10.150元(含税) 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - In March, retail sales showed a month-on-month recovery, increasing consumer demand focus. The retail sales growth rate in March was 5.9% year-on-year, up 1.9 percentage points from January-February, indicating a sustained recovery in consumption driven by previous policy stimuli. Looking ahead, the importance of domestic demand is expected to rise amid external demand disturbances, with consumption policies likely to be further enhanced to boost demand recovery [5][6] - The food and beverage index increased by 1.47% this week, with notable stock performances from Anji Food (+50.00%), Gui Faxiang (+14.58%), and Zuming Shares (+12.00%). The report emphasizes the resilience of essential consumer goods, predicting a sustained increase in attention towards these products due to improving consumer confidence and income [5][11] Summary by Sections Alcohol Industry - The high-end liquor segment remains strong, with recommendations for Kweichow Moutai, Wuliangye, and Luzhou Laojiao. The next tier of liquor, represented by Shanxi Fenjiu, is also recommended as it continues to expand nationally. For real estate liquor, companies like Yingjia Gongjiu and Jiansiyuan are highlighted [5][6] - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, a year-on-year increase of 15.9%. The company aims for a revenue growth of around 9% in 2025 [6][33] - Wuliangye's revenue for Q3 2024 is expected to be 173 billion yuan, with a net profit of 59 billion yuan, reflecting a stable shareholder return strategy [6][33] Food Industry - The food index saw a rise of 1.47% this week, with significant gains in essential consumer goods. The report suggests that the demand for essential goods will continue to grow, supported by policies aimed at boosting consumption and improving household income [5][11] - Anji Food reported a revenue of 110.77 billion yuan for Q1-Q3 2024, with a year-on-year growth of 7.84%. The company is positioned well in the frozen food market, despite facing some pressure from the macroeconomic environment [8][33] - Dongpeng Beverage's revenue for Q1-Q3 2024 reached 125.58 billion yuan, a 45.34% increase year-on-year, indicating strong growth in the functional beverage sector [8][33] Key Company Announcements - Kweichow Moutai is recruiting operators for its products on major platforms, aiming to expand its market presence [16] - Jinhuijiu reported a revenue of 11.1 billion yuan for Q1 2025, a year-on-year increase of 3.0% [17]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-010 安井食品集团股份有限公司 关于全资子公司变更经营范围并完成工商变更登记的公告 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全资子公司无锡安井食品营销有限公司及厦门 安井冻品先生供应链有限公司因业务发展需要变更了公司经营范围，并已完成 工商变更登记手续，详细情况如下： 工、运输、贮藏及其他相关服务；包装服务；会议及展览服务；技术服务、技 术开发、技术咨询、技术交流、技术转让、技术推广；信息技术咨询服务；信 息咨询服务（不含许可类信息咨询服务）；市场营销策划；企业管理咨询（除 依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 二、厦门安井冻品先生供应链有限公司 变更前经营范围： 一般项目：供应链管理服务；销售代理；国内贸易代理；采购代理服务； 摄像及视频制作服务；食用农产品批发；生产线管理服务；水产品批发；农副 产品销售；水产品零售；水产品收购；食用农产品零售；食用农产品初加工； 互联网销售（除销售需要许可的商品）；豆及 ...

金融界4月16日消息，A股三大指数收盘涨跌不一，中证沪港深互联互通中小综合主要消费指数 (沪港深 通中小消费综合，H30472)报5413.36点。 从中证沪港深互联互通中小综合主要消费指数持仓的市场板块来看，深圳证券交易所占比43.43%、上 海证券交易所占比42.32%、香港证券交易所占比14.25%。 从中证沪港深互联互通中小综合主要消费指数持仓样本的行业来看，食品占比36.20%、养殖占比 20.68%、酒占比17.90%、种植占比11.06%、软饮料占比6.05%、家庭用品占比4.46%、美容护理占比 3.66%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 据 ...

凤凰网财经《IPO观察哨》出品 包心鱼丸、小酥肉、手抓饼、火山石烤肠.....这些在海底捞、盒马里随处可见的寻常美食，捧出了一家规模百亿的速冻食品巨头——安井食品集团股份有限 公司（下文简称"安井食品"） 近期，安井食品正式向港交所递交了上市申请，计划实现A+H双重上市，期望于通过布局海外市场，消除速冻食品市场的增长疲软现象。 然而，相比于业绩放缓等问题，安井食品真正的隐忧在于，上市以来其通过资本市场敛积了76亿元资金的同时，控股股东与核心高管已减持套现超50亿 元，叠加其背后资本圈隐秘的股权腾挪，不禁给投资者带来不安：此番港股上市，安井食品的掌舵人是否将其视为新一轮的"抽血"机会？ 01 安井食品的前世今生 作为预制菜品的龙头企业，安井食品是A股市场上少有的所有权与经营权分隔的企业，外界曾戏称老板找了一堆聪明人给自己"打工"，如董事长刘鸣鸣、 总经理张青苗、副总经理黄建联、副总经理黄清松等人，在安井食品任职已有20年左右。 可以说，将安井食品从偏安于福建省一隅的地域性品牌，发展成百亿收入的全国性龙头，这些"老人"功不可没。然而，与稳定的经营人员相比，安井食品 的控股股东则"动荡"得多。 回溯历史，安井食品的 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34] Core Views - The report emphasizes the importance of domestic demand, highlighting that leading companies are reinforcing market confidence through share buybacks and strategic investments [6][7] - The food and beverage sector is expected to show resilience against external risks, with a focus on consumer recovery and investment opportunities in the snack and dining chains [6][9] Summary by Sections Alcohol Industry - The report indicates that the high-end liquor segment remains strong, with recommendations for companies like Kweichow Moutai, Wuliangye, and Luzhou Laojiao [6][7] - The report notes that the overall liquor index has shown a slight decline of -0.40%, with specific stocks like Shede Liquor and Shanxi Fenjiu performing positively [6][8] Food Industry - The food index has increased by +0.80%, with top performers including Pinwo Food and Yike Food [6][9] - The report suggests that consumer staples are less affected by external risks, and there is potential for growth in the snack and dining sectors as consumer confidence improves [6][9] Key Company Insights - Kweichow Moutai is projected to achieve a revenue of 170.6 billion yuan in 2024, with a year-on-year growth of 15.9% [7] - Wuliangye plans to maintain a cash dividend of no less than 70% of its net profit for 2024-2026, reinforcing shareholder confidence [7] - Luzhou Laojiao is expected to see growth driven by its strong brand foundation and strategic market expansion [7] - Shanxi Fenjiu reported a revenue increase of 11.4% in Q3 2024, indicating robust growth potential [8] Food Company Performance - Anjiu Foods reported a revenue of 110.77 billion yuan in Q1-Q3 2024, with a year-on-year growth of 7.84% [9] - Dongpeng Beverage achieved a revenue of 125.58 billion yuan, reflecting a significant growth of 45.34% [9] - Haitian Flavoring's revenue from soy sauce reached 137.58 billion yuan, with a growth of 8.87% [9] - Yanjing Beer reported a revenue of 128.46 billion yuan, with a year-on-year increase of 3.47% [9]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][34]. Core Viewpoints - The report emphasizes a strong focus on domestic demand, highlighting the resilience of leading companies in the food and beverage sector amidst external uncertainties such as fluctuating tariffs [6][7]. - The report identifies three main investment lines: high-end liquor with robust demand, national expansion of mid-to-high-end liquor, and real estate liquor products positioned for price expansion [6][7]. - The food index showed a positive trend with a cumulative increase of 0.80%, indicating strong performance in the consumer goods sector despite external risks [6][12]. Summary by Sections Liquor Industry - The liquor index experienced a slight decline of 0.40%, with notable performers including Shede Liquor (+1.51%) and Shanxi Fenjiu (+1.30%) [6]. - Key recommendations include high-end liquor brands like Kweichow Moutai and Wuliangye, as well as mid-range brands like Shanxi Fenjiu [6][7]. - Kweichow Moutai aims for a revenue of 170.6 billion yuan in 2024, reflecting a 15.9% year-on-year growth [7]. Food Industry - The food sector is characterized by a strong recovery in consumer demand, with a focus on snack foods and the restaurant industry [6][9]. - The report suggests that the snack food sector continues to benefit from channel and product innovations, with companies like Three Squirrels recommended for investment [6][9]. - The restaurant industry is expected to stabilize and show slight recovery, with related sectors such as beer and condiments also recommended for attention [6][9]. Key Company Insights - Kweichow Moutai's revenue for 2024 is projected to reach 170.6 billion yuan, with a focus on high-quality development [7]. - Wuliangye plans to maintain a cash dividend of no less than 70% of its net profit for 2024-2026, reinforcing market confidence [7]. - Yanjing Beer reported a revenue of 128.46 billion yuan for the first three quarters of 2024, with a year-on-year growth of 3.47% [9][10]. Market Trends - The overall food and beverage industry saw a cumulative increase of 0.20% this week, with top gainers including Beiyinmei (+41.43%) and Pinwo Food (+35.23%) [12][15]. - The report notes that the macroeconomic environment remains a concern, but the food and beverage sector is expected to show resilience due to diversified import sources and ongoing consumer recovery policies [6][9].

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

Core Insights - The report emphasizes a strong willingness to boost domestic demand through policy measures, with signs of recovery observed in quality companies, suggesting an active investment strategy [3][4][12]. Group 1: Beer Industry - The beer sector is witnessing a stabilization in demand, with leading companies managing to clear inventory risks early, which positions them favorably for growth [12][14]. - In Q1 2025, beer consumption showed positive growth, driven by the Spring Festival and a low inventory start for major brands, with national sales expected to increase [9][10][12]. - Investment recommendations focus on high-sensitivity beer stocks, such as China Resources Beer and Qingdao Beer, as well as strong individual stocks like Dongpeng Beverage and Haitian Flavoring [6][14][17]. Group 2: Snack Industry - The snack market is characterized by significant differences in product performance, with strong sales in gift boxes during the Spring Festival and notable growth in konjac-based snacks [21][22]. - Leading snack companies are enhancing product quality and competitive pricing to adapt to the current consumer trend towards value [21][22]. - The report suggests focusing on high-growth companies like Weidong and Yanjinpuzi, which are expected to achieve over 20% revenue growth in 2025 [29][26]. Group 3: Dairy Industry - The dairy sector is anticipated to face a supply-demand turning point by the end of 2025, as upstream inventory is expected to clear, leading to improved market conditions [32][41]. - Policies aimed at boosting birth rates are expected to further stimulate dairy consumption, with significant government support for families [38][40]. - Investment focus should be on leading dairy companies that maintain high levels of investor returns, such as Yili and Mengniu, which are expected to stabilize their profit margins [41][45]. Group 4: Beverage Industry - The beverage sector continues to show high growth potential, particularly for companies like Dongpeng Beverage, which is expanding its market presence and product offerings [46][48]. - The report highlights the ongoing trend of consumers favoring functional beverages, with projected growth rates for various beverage categories [48][49]. - Investment recommendations include focusing on companies that are effectively leveraging their distribution networks and product innovation to capture market share [46][48]. Group 5: Restaurant Supply Chain - The restaurant supply chain is experiencing a recovery in demand, supported by government policies aimed at stimulating domestic consumption [51][57]. - The competitive landscape remains intense, with a significant number of restaurant closures indicating a need for efficiency improvements within the supply chain [57][58]. - The report suggests that the restaurant supply chain sector may see profitability improvements as inventory levels normalize and demand stabilizes [58][59].