Core Viewpoint - The trend of companies offering "physical dividends" to shareholders is increasing, with over 30 listed companies implementing various shareholder reward activities this year, particularly in the tourism and food sectors [1][3][10]. Group 1: Company Initiatives - Qianwei Yangchu announced a shareholder reward activity where shareholders holding 100 shares or more can receive a product gift package worth 200 yuan, while corporate shareholders can receive three packages [3]. - Emei Mountain A has launched a shareholder reward program allowing shareholders holding 500 shares or more to enjoy free admission to the scenic area and other benefits from December 1 to January 31, 2026 [5]. - Xiangyuan Cultural Tourism initiated the "Xiangyuan Cultural Tourism 2025 Shareholder Reward" program, offering multiple benefits including free access to key scenic spots and hotel stay discounts [6][8]. Group 2: Market Analysis - Market analysts suggest that these shareholder benefits serve as a marketing and communication innovation, emphasizing the importance of focusing on the company's long-term value rather than short-term rewards [10]. - The nature of these physical or rights-based rewards differs fundamentally from the ongoing cash dividends advocated by regulators, often leading to short-term stimulation effects [10]. - Investors are advised to maintain a rational perspective on these activities, as they may create emotional trading opportunities but lack sustainability in driving long-term company performance [10].

Investment Rating - The industry investment rating is "Increase" [4][32]. Core Viewpoints - The frozen food industry is expected to see demand recovery, with product innovation playing a crucial role in overcoming challenges [6][29]. - The revenue from the downstream catering sector is anticipated to maintain a recovery trend in 2026, while profit margins are expected to gradually improve due to cost control and product innovation [6][29]. - The market size of China's frozen food sector is projected to reach 213.1 billion by 2025, up from 168.8 billion at the end of 2022 [8]. Summary by Sections Industry Overview - The frozen food industry faced a slowdown in growth during the first three quarters of 2025 due to fluctuations in catering demand and other adverse factors, but signs of recovery were noted in Q4 [6][29]. - The total market value of the industry is approximately 45,795.07 billion [1]. Market Trends - The national catering revenue from January to October 2025 reached 46,188 billion, showing a year-on-year growth of 3.3% [7]. - The chain rate in the catering industry is expected to rise to 25% in 2025, indicating significant room for growth compared to the U.S. and Japan [8]. Product Performance - In the first half of 2025, the frozen food category in supermarkets grew by 5%, contrasting with a decline of 9.5% in the same period last year [9]. - There is a structural shift in the market, with traditional staple categories under pressure while snack categories like pizza and frozen dim sum show strong growth potential [9]. Channel Development - The frozen food companies are actively responding to the demand from large chain supermarkets, leading to an increase in sales through these channels [15]. - New retail channels are also showing significant growth, contributing to the overall performance of the industry [15]. Cost and Profitability - The prices of most food raw materials have decreased, alleviating some cost pressures for frozen food companies, although packaging costs remain high [21]. - The combined revenue growth of key companies in the frozen food sector was 3.0% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 [29]. Company-Specific Insights - Anjiu Foods is expected to benefit from the gradual recovery in catering and the continuous expansion of new customers, leading to a potential increase in profitability [31]. - Qianwei Yangchu is focusing on product innovation and expanding its market presence through both B2B and B2C channels, indicating strong long-term growth potential [31]. - Lihai Foods is actively developing new products and strengthening partnerships with key clients, positioning itself well for future growth in the baking sector [31].

Core Insights - The trend of "shareholder rewards" has significantly increased in 2025, with over 30 A-share companies participating, marking a nearly 90% growth compared to 18 companies in 2024 [2][3] - The primary sectors driving this trend are food and beverage, tourism services, and other consumer-facing industries, which aim to enhance investor relations and brand influence [2][3][6] Company Activities - Companies like Jiahua Food and Emei Mountain A have initiated various shareholder reward activities, including free product giveaways and exclusive access to services [4][5] - Jiahua Food, for instance, offered free coffee products to shareholders to enhance their understanding of the brand and gather feedback [4] - Emei Mountain A provided free access to scenic spots and discounts at hotels for shareholders, aiming to deepen their connection with the company's offerings [5] Market Reactions - Announcements of shareholder rewards often attract market attention and can lead to short-term stock price increases, as seen with Emei Mountain A and Qianwei Central Kitchen [6][7] - While these events can create temporary trading opportunities, they are not expected to have a lasting impact on the company's overall performance [6][7] Strategic Implications - The shareholder reward activities serve as a novel communication method between companies and shareholders, transforming shareholders into product "experience officers" [6] - Companies aim to strengthen brand recognition and gather genuine user feedback through these initiatives, fostering a more robust investor relationship [6][7]

Group 1 - Qianwei Central Kitchen announced a shareholder gift plan, offering frozen product gift packages worth 200 yuan to shareholders holding 100 shares or more, clarifying that this is a seasonal reward and not a stock clearance effort [3][4] - Former Wahaha Group executive Pan Jiajie has joined Guming as Senior Vice President of Supply Chain, focusing on new business incubation, which is expected to enhance the company's supply chain and production management [3][4] - Country Garden Services has formed a strategic partnership with Mengniu Group to collaborate on various dairy products, aiming to reduce delivery costs and improve service efficiency in community logistics [6][7] Group 2 - Lu Hua Group signed a strategic cooperation agreement with NetEase Yanxuan to leverage each other's strengths in channel capabilities and product quality to expand online market reach [6][7] - Zilin Vinegar's main products have received EU organic certification, allowing them to use the EU organic logo and access the EU market [6] - COFCO Technology plans to invest 880 million yuan to build a new starch sugar project in Pingliang, with a capacity of 250,000 tons per year, aiming to fill a gap in the northwest region [6][7] Group 3 - Gai Shi Food launched a new black gold gift box featuring rare seafood, inspired by "Seven Swords Descend from the Sky," targeting various gifting scenarios [7] - Jiangzhong Shiliao introduced a new series of vegetarian noodles, emphasizing high protein and low fat, suitable for health-conscious consumers [7] - The market has seen a rise in discussions around "hormone eggs," with misinformation spreading about their characteristics, highlighting the public's concern for food safety [10][11] Group 4 - Chilean cherry exporters have officially launched the 2025/26 cherry season in China, with over 546,000 tons imported in the previous season, amounting to approximately 3.3 billion USD [12] - Beijing's government has proposed to enhance the modern logistics system, focusing on food safety in key sectors and promoting cold chain logistics for fresh food [12]

Group 1 - The consumer sector experienced a significant surge on December 5, with Yuanzu Co., Ltd. hitting the daily limit up, following similar performances from Hai Xin Food and An Ji Food, which also reached their daily limit up [1] - Other companies that saw increases include Qianwei Yangchu, Hongmian Co., Jinzi Ham, and Huifa Food, indicating a broader rally in the consumer sector [1] Group 2 - Hai Xin Food's current price is 9.55, reflecting a 10.02% increase [2] - An Ji Food's current price is 19.47, with a 10.00% rise [2] - Yuanzu Co., Ltd. is priced at 13.99, showing a 9.98% increase [2] - Other notable price increases include Xiwang Food at 3.76 (9.94%), Huabao Co. at 18.48 (6.70%), and Qianwei Yangchu at 37.55 (4.57%) [2][3]

Core Viewpoint - The consumer sector experienced a significant surge on December 5, with multiple companies, including Yuanzu Co., Ltd., hitting the daily limit up, indicating strong market interest and potential investment opportunities in this sector [1]. Group 1: Company Performance - Yuanzu Co., Ltd. saw its stock price rise to 13.99, reflecting a 9.98% increase [2]. - Hai Xin Food's stock price reached 9.55, with a notable increase of 10.02% [2]. - Anji Food's stock price was reported at 19.47, marking a 10.00% rise [2]. - Other companies that followed suit included Qianwei Central Kitchen, with a price of 37.55 and a 4.57% increase, and Red Cotton Co., Ltd., priced at 3.60 with a 4.05% rise [2]. Group 2: Market Trends - The overall trend in the consumer sector indicates a strong upward movement, with several companies achieving significant price increases, suggesting a bullish sentiment among investors [1].

Core Insights - A new trend in the A-share market is emerging where companies are offering "physical dividends" to shareholders, enhancing the shareholder experience beyond traditional cash dividends and stock price appreciation [3][4][10] Group 1: New Trends in Investor Relations - The A-share market is witnessing a transformation in investor relations management, shifting from cash dividends to product-based rewards for shareholders [3] - Companies like Emei Mountain A and Qianwei Yangchun are leading this trend, with Emei Mountain A offering free admission to shareholders holding over 500 shares, and Qianwei Yangchun providing product gift packages worth 200 yuan to shareholders holding over 100 shares [3][4] Group 2: Strategic Considerations Behind Physical Dividends - The trend of physical rewards is not merely about providing benefits; it represents an upgrade in investor relations management to brand experience marketing, creating a low-cost yet innovative approach [4][5] - For tourism companies, offering free admission and discounts can lead to significant secondary consumption, enhancing overall revenue [4][10] Group 3: Industry-Specific Approaches to Shareholder Engagement - Different industries are adopting unique strategies to engage shareholders: - In the tourism sector, Emei Mountain A offers comprehensive benefits including free tickets and discounts on various services [7][10] - In the food industry, Qianwei Yangchun provides product gift packages, while other companies like Wufangzhai and Zhongjing Foods also offer food gifts without strict holding requirements [7][8] Group 4: Case Study of Qianwei Yangchun - Qianwei Yangchun's shareholder reward strategy aligns with its broader market expansion goals, allowing shareholders to experience products directly and potentially become loyal customers [8][9] - The company is strategically timing its rewards to coincide with its efforts to penetrate the consumer market [8] Group 5: Emei Mountain A's Unique Offerings - Emei Mountain A's rewards program is designed to counteract a 7.9% decline in visitor numbers, showcasing an innovative approach to attract more visitors [10] - The program includes not just free admission but also discounts for family members, creating a holistic consumer experience [10] Group 6: Balancing Aspirations and Realities - While the trend of physical dividends is gaining traction, companies must ensure product quality and sustainability of these initiatives to avoid damaging their reputation [13][15] - Market reactions to these initiatives can lead to short-term stock price increases, but without solid performance fundamentals, there may be risks of price corrections [15]

（文章来源：证券日报） 证券日报网讯 12月4日，千味央厨在互动平台回答投资者提问时表示，截至2025年11月30日，公司股东 人数为9555户。 ...

Core Viewpoint - The article discusses the recent trend of companies offering physical gifts to shareholders as a form of "dividend," questioning whether this truly benefits shareholders or merely masks underlying business performance issues [1] Group 1: Company Actions - Qianwei Yangchun announced that individual shareholders holding over 100 shares can receive a gift package of prepared dishes valued at 200 yuan, while corporate shareholders can receive three packages [1] - This follows a similar initiative by Emei Mountain A, which offered free admission tickets to shareholders holding 500 shares, indicating a growing trend among listed companies to engage in "physical dividends" [1] Group 2: Market Reaction - The market responded positively to Emei Mountain A's announcement, resulting in a trading halt due to a surge in stock price, suggesting that investors are receptive to these creative promotional strategies [1] Group 3: Shareholder Expectations - The article argues that shareholders primarily seek capital appreciation through solid business growth, stable cash dividends, and sustained stock price increases, rather than small gifts [1] - It emphasizes that while occasional perks can enhance shareholder relations, relying on such tactics as a primary means to attract investors is misguided and detracts from core business performance [1]

特别提示： 郑州千味央厨食品股份有限公司（以下简称"公司"）首次公开发行股票募 集资金投资项目"总部基地及研发中心建设项目"已达到预定可使用状态，为提 高募集资金使用效率，公司对该募集资金投资项目结项，并将节余资金 2,880,020.25 元（含利息等）全部转入自有资金账户，用于永久性补充流动资金。 证券代码：001215 证券简称：千味央厨 公告编号：2025-073 郑州千味央厨食品股份有限公司 关于首次公开发行股票募集资金专项账户销户的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》等关于募集资金管理的规定，单个或者全部募集资金投资项目完成后，节 余资金（包括利息收入）低于五百万元或者低于项目募集资金净额 1%的，可以 豁免履行董事会审议及保荐机构发表同意意见等程序。 一、首次公开发行股票募集资金基本情况 经中国证券监督管理委员会《关于核准郑州千味央厨食品股份有限公司首次 公开发行股票的批复》（证监许可[2021]2669 号）核准，郑州千味央厨食品股份 有限公司首次 ...