Group 1 - The recent controversy surrounding the use of pre-prepared dishes in restaurants, particularly highlighted by Luo Yonghao's comments about Xibei, has led to increased public attention on the pre-prepared food sector [1][2] - The National Health Commission has successfully passed the draft of the "National Standards for Food Safety of Pre-prepared Dishes," which will soon be open for public consultation, establishing a unified definition and mandatory disclosure for the use of pre-prepared dishes in restaurants [2][3] - Following the announcement, several A-share pre-prepared dish concept stocks experienced significant gains, with Delisi (002330) hitting the daily limit and closing at 5.45 yuan, up 10.10%, and its pre-prepared dish revenue projected to account for 21.67% of total revenue in 2024 [2][3] Group 2 - The stock of Longda Meishi (002726), a supplier to Xibei, also rose by 5.69% to 6.13 yuan, following a strategic cooperation agreement with Xibei to enhance product supply and brand influence [3] - Industry experts are optimistic about the positive impact of regulatory standards on the pre-prepared dish sector, with expectations that the introduction of these standards will promote industry self-discipline and benefit leading brands [3] - The recent discussions around pre-prepared dishes have emphasized the need for restaurants to disclose their use of such products, which is expected to strengthen industry self-regulation and enhance consumer trust in quality brands [3]

Core Viewpoint - The debate between Luo Yonghao and Xibei highlights the issues within the rapidly growing prepared food industry in China, revealing both challenges and opportunities for healthy industry development [1][2]. Industry Growth - The prepared food industry in China is projected to reach a market size of 485 billion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to exceed 749 billion yuan by 2026 [1]. - The industry plays a crucial role in integrating agriculture and promoting efficiency, increasing farmers' income, standardizing the catering industry, and meeting consumer demand for convenience [1]. Industry Challenges - The industry faces several challenges, including inconsistent standards, food safety concerns, and an incomplete regulatory framework [2]. - The debate over the definition and standards of prepared food reflects the lack of unified standards in the industry, which is essential for resolving misunderstandings [3]. Regulatory Developments - A draft of the "National Standard for Food Safety of Prepared Foods," led by the National Health Commission, has passed review and will soon seek public opinion, aiming to establish a unified definition and mandatory disclosure for the use of prepared foods in restaurants [2]. Market Response - Following the news of the upcoming national standards, related stocks in the prepared food sector saw significant gains, with companies like Delisi hitting the daily limit, and others like Tiankang Biological and Longda Meishi rising over 5% [2]. Quality and Consumer Trust - Quality is identified as the lifeline of the prepared food industry, with consumer anxiety over quality being a central issue. Companies must prioritize quality to gain market respect and consumer choice [3]. - The establishment of standards and transparency is crucial for the healthy development of the industry, enabling consumers to make informed choices and pushing companies to enhance product quality [3].

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core Viewpoints - The company aims to expand its market share through various strategies in different sales channels in 2025, including optimizing and expanding retail stores, improving the distributor system in the wholesale channel, and deepening cooperation in the supermarket channel [24][25]. - The company's gross margin has declined in the past two years due to beef raw material price fluctuations and market environment impacts, and it plans to take measures such as price adjustment, supply - chain management, and supplier optimization to improve profitability [25][26]. - The company is focusing on R & D innovation, launching new products according to consumer habits and shifting the R & D direction from frozen foods to fresh and cooked foods [26]. 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Weizhixiang, belonging to the food and beverage industry. The reception time was September 15, 2025, and the company's reception personnel included the chairman, general manager, financial director, board secretary, and independent director [17]. 3.2 Detailed Research Institutions The research institutions included investors and others, but no specific details were provided [20]. 3.3 Research Institution Proportion No information provided on the research institution proportion. 3.4 Main Content Data - **Business Development Direction**: In the retail channel, the company will optimize and upgrade franchise stores, implement the "Thousand - City, Ten - Thousand - Store" plan, and explore blank markets in third - and fourth - tier cities and townships in East China; in the wholesale channel, it will improve the distributor system and promote the "1 + N" model; in the supermarket channel, it will deepen cooperation and expand the cooperation map [24][25]. - **Gross Margin Issue**: The decline in gross margin is mainly due to beef raw material price fluctuations, and the company will adjust product prices, strengthen supply - chain management, and optimize suppliers to improve profitability [25][26]. - **R & D Innovation**: In the first half of 2025, the company launched various types of products according to consumer habits and shifted the R & D direction from frozen foods to fresh and cooked foods [26].

Core Insights - The company, Weizhi Xiang, reported a total revenue of 343 million yuan for the first half of 2025, representing a year-on-year growth of 4.7%, while the net profit attributable to shareholders decreased by 24.46% to 31.95 million yuan [2] - The decline in profitability is largely attributed to high raw material costs, with operating costs increasing by 10.29% to 271 million yuan, significantly outpacing revenue growth [2] - The company has experienced a continuous decline in net profit for two consecutive years, with a 43.37% drop in mid-2024 [2] Financial Performance - The gross profit margin for the first half of 2025 was 20.83%, down over 4 percentage points compared to the previous year [2] - The company's main product, beef, generated 137 million yuan in revenue, an increase of 8.82%, accounting for over 40% of total revenue [3][4] - Overall revenue from various product categories showed a slight increase of 4.52% compared to the same period last year [4] Market Dynamics - The company is facing challenges in price transmission due to rising raw material costs, with retail price adjustments not fully covering the cost increases [5] - The East China region remains the core market, contributing over 90% of revenue, but growth is limited to 0.54% [5] - Emerging markets in South China, Northwest, and North China have shown significant growth rates of 777.35%, 354.83%, and 235.79%, respectively, although their combined revenue is still under 10 million yuan [5] Industry Outlook - The pre-prepared food industry in China is expected to maintain a high growth trajectory, with a projected CAGR of 19% from 2019 to 2022, and an estimated market size of 475.7 billion yuan by 2025 [6]

Group 1 - The recent events involving Luo Yonghao and Xibei have sparked renewed consumer interest in the "pre-prepared dishes" industry, leading to significant stock price increases for related listed companies [1] - Companies such as Delisi (002330), Huifa Food (603536), and Longda Meishi (002726) saw their stocks hit the daily limit, while Guolian Aquatic (300094) experienced a peak increase of 12.43% during trading [1] - The pre-prepared dishes market in China is projected to reach a scale of 485 billion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to reach 749 billion yuan by 2026 [6] Group 2 - The regulatory framework for the pre-prepared dishes industry has begun to take shape, with various standards and regulations being established to promote high-quality development [4][5] - The National Market Supervision Administration and other ministries issued a notification in March 2024, providing clear definitions and standards for pre-prepared dishes [4] - Despite the rapid growth of the market, challenges such as low entry barriers, product homogeneity, and consumer trust issues have intensified competition, leading to a general decline in profits across the industry [7] Group 3 - Financial reports from several pre-prepared dish companies for the first half of 2025 indicate a decline in net profit, with Guolian Aquatic reporting a loss of 550 million yuan [9] - Most companies have experienced a decrease in gross profit margins, with notable declines in revenue for companies like Longda Meishi and Huifa Food [8][9] - The high-gross-margin companies, such as Anjixin Food and Sanquan Food, are identified as industry leaders, while others like Guangzhou Restaurant and Xianyin Food have restaurant operations that may affect their performance [10] Group 4 - The customer base for pre-prepared dishes includes a wide range of dining establishments, from fast food chains to high-end restaurants, indicating the widespread acceptance of these products in the food service industry [11] - Companies are exploring new profit growth points, with some, like Haodangjia, venturing into the health and wellness sector by developing marine product-based health supplements [11]

Core Viewpoint - The company, Weizhi Xiang, reported a decline in gross margin for two consecutive years, primarily due to fluctuations in beef raw material prices, which significantly impact its revenue structure [1] Summary by Relevant Sections Gross Margin Performance - The company's gross margin has experienced a phase of decline, attributed to the high proportion of beef products in its overall revenue structure and the significant unit value of these products [1] - The rise in raw material prices has not been fully offset by retail price adjustments, leading to pressure on overall gross margin [1] Pricing Strategy and Market Response - The company has implemented partial price adjustments in response to rising raw material costs, but these adjustments have not completely covered the cost increases [1] - The wholesale market has faced challenges in effective price transmission due to the prevailing market environment, resulting in a shift in product selection from high-value to low-value items [1] Measures to Improve Profitability - The company is taking several measures to enhance profitability, including: 1. Quick price transmission for products in response to raw material price increases [1] 2. Strengthening supply chain management by forming dedicated teams to focus on product selection and new product development, with an emphasis on category optimization [1] 3. Implementing stricter supplier admission standards and introducing more competitive bidding mechanisms to break the price inertia formed by reliance on existing partnerships [1]

Core Viewpoint - The recent surge in the stock prices of pre-prepared food companies in A-shares is attributed to the public's renewed interest in the pre-prepared food industry, sparked by the apology from Jia Guolong and the upcoming national food safety standards for pre-prepared foods [1][5]. Group 1: Stock Performance - As of September 15, several companies, including Huifa Food, Guolian Aquatic, and Tiankang Biological, saw stock price increases of over 5%, with Delisi reaching a daily limit increase [2]. - Among the rising stocks, suppliers of pre-prepared food, such as Qianwei Yangchun and Longda Meishi, are also noted [3]. Group 2: Regulatory Developments - The significant stock price increase is linked to the approval of the draft national food safety standards for pre-prepared foods by the National Health Commission on September 13, which will provide a unified "identity certification" and safety baseline for the industry [5]. - The pre-prepared food industry has seen regulatory developments only in the past three years, with standards being gradually established [8]. Group 3: Industry History and Trends - The pre-prepared food industry in China dates back to the 1990s, with significant developments occurring between 2000 and 2005, when many of the currently rising companies were registered [6]. - The rise of pre-prepared foods has been facilitated by the emergence of central kitchens and cold chain logistics since 2008, allowing for standardization and wider adoption across various restaurant types [12]. Group 4: Consumer Perception and Market Dynamics - Consumers express concerns about the safety of pre-prepared foods, reflecting a deeper frustration over the loss of transparency regarding food preparation [10]. - The convenience and cost-effectiveness of pre-prepared foods make them appealing to both large and small restaurants, leveling the playing field in the food service industry [12].

Core Insights - The debate between Luo Yonghao and Xibei highlights significant issues within the prepared food industry, revealing both reputational concerns and opportunities for healthy industry development [1] - The prepared food industry in China is experiencing rapid growth, with a projected market size of 485 billion yuan in 2024, reflecting a year-on-year increase of 33.8%, and expected to exceed 749 billion yuan by 2026 [1] - The lack of standardized definitions and regulations in the prepared food sector is a critical issue, as evidenced by the disagreement between Luo Yonghao and Xibei's founder regarding what constitutes prepared food [1] Industry Challenges - The prepared food industry faces challenges such as inconsistent standards, food safety risks, and an incomplete regulatory framework, which are exacerbated by increasing consumer demand and competition [2] - The upcoming national food safety standards for prepared foods, led by the National Health Commission, aim to address these issues by providing a unified definition and mandatory disclosure requirements for restaurants using prepared foods [2] - The market's positive response to the news of these standards indicates a potential for growth and increased investor interest in the prepared food sector [2] Quality and Consumer Trust - Quality is identified as a vital aspect of the prepared food industry, with consumer anxiety over product quality being a significant concern [3] - Companies must elevate quality to become a core competitive advantage, transitioning from merely fulfilling basic needs to offering value that consumers actively choose [3] - The anticipated introduction of the national food safety standards is expected to gradually resolve long-standing issues in the industry, promoting a more regulated and healthier market environment [3]

Core Viewpoint - The recent events involving Luo Yonghao and Xibei have sparked renewed consumer interest in the "pre-prepared dishes" industry, leading to significant stock price increases for related listed companies on September 15, 2025 [1][10]. Industry Overview - The pre-prepared dishes industry is gradually entering a path of standardized development, with regulations and standards being established in recent years. However, challenges such as low entry barriers and varying consumer perceptions complicate market entry for new players [3][4]. - In March 2024, a joint notification from several government departments outlined clear definitions and standards for pre-prepared dishes, marking the beginning of a standardized development path for the industry [4]. Market Growth - According to iMedia Consulting, the market size of China's pre-prepared dishes reached 485 billion yuan in 2024, reflecting a year-on-year growth of 33.8%. The market is expected to grow to 749 billion yuan by 2026 due to technological advancements and supportive policies [5]. Competitive Landscape - Despite rapid market growth, the industry faces intense competition, characterized by low entry barriers, product homogeneity, and a crisis of consumer trust, leading to declining profits across many companies [6][9]. - Financial reports from various pre-prepared dish companies for the first half of 2025 indicate a general decline in net profits, with several companies reporting losses. For instance, Guolian Aquatic Products reported a loss of 550 million yuan [7][9]. Company Performance - Key financial metrics from several pre-prepared dish companies for the first half of 2025 include: - Longda Meishi: Revenue of 782 million yuan (-19.5% YoY), gross margin of 12.43% (+1.24% YoY) - Guolian Aquatic Products: Revenue of 1.65 billion yuan (-18.36% YoY), net loss of 550 million yuan - Huifa Food: Revenue of 734 million yuan (-17.75% YoY), net loss of 31 million yuan - Aixin Food: Revenue of 7.604 billion yuan (+0.8% YoY), gross margin of 20.52% (-3.39% YoY) [7][9]. Consumer Insights - Consumers express a desire for transparency and choice regarding pre-prepared dishes, indicating that they are not opposed to the concept but seek better information about the products [10].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes, sparked by comments from entrepreneur Luo Yonghao, has led to increased attention on the pre-prepared food sector, particularly with the upcoming national food safety standards set to clarify the definition and disclosure requirements for pre-prepared dishes [2][4] Industry Summary - The National Health Commission has successfully passed the draft of the "National Standards for Food Safety of Pre-prepared Dishes," which will soon be open for public consultation, aiming to establish a unified standard for the industry [2][4] - The introduction of these standards is expected to enhance industry self-regulation and benefit leading brands, allowing them to consolidate their market advantages [3][4] Company Summary - Following the news, several A-share pre-prepared dish concept stocks experienced significant gains, with Delisi reaching a 10.10% increase, closing at 5.45 yuan, and projecting that pre-prepared dish revenue will account for 21.67% of its total revenue in 2024 [3] - Other notable stocks included Weizhi Xiang, which saw a 4.93% increase, and Longda Meishi, a supplier to Xibei, which rose by 5.69% after signing a strategic cooperation agreement with Xibei [3]