| | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 路演活动 | | | ■现场参观 □其他 一、活动主题 | | | 深交所"踔厉奋发新征程 投教服务再出发"活动走进三全食品 | | | 二、参加人员 | | 参与单位名称及 | 田凤林；赵格妞；郭晓冬；王改英；李勉；王鑫；李晶晶；中鼎开源； | | 人员姓名 | 邵锦华；黄暄；马嘉俊；李建婷；吴谦；王宏强；刘志鹏；朱肖义；钱 | | | 立峰；范龙德；于乃旺；吴彦；周文明；刘雨航；陈羽佳；霍丛伟；陈 | | | 丝创；王斐；李天蕊；张晓枫；赵传林；李浩铭；吕明浩；宋冠宇；刘 | | | 振江；刘奕；贾庆；徐飞宇；王桂兰；周景红。 | | 时间 | 2025 年 11 月 11 日 15:00-16:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：刘铮铮 | | 员姓名 | 证券事务代表：徐晓 1、公司经营情况的介绍。 | | | 答：公司始终专注主业，通过产品升级及创新驱动业绩改善。公司精准 | | | 把握消费趋势，跟随消费趋 ...

从资金流向上来看，当日食品加工板块主力资金净流出1.59亿元，游资资金净流入5843.59万元，散户资 金净流入1.0亿元。食品加工板块个股资金流向见下表： 证券之星消息，11月11日食品加工板块较上一交易日上涨0.37%，盖世食品领涨。当日上证指数报收于 4002.76，下跌0.39%。深证成指报收于13289.0，下跌1.03%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920826 | 盖世食品 | 15.86 | 4.89% | 27.02万 | 4.19亿 | | 920429 | 康比特 | 18.92 | 4.65% | 5.34万 | 9955.02万 | | 605338 | 巴比食品 | 32.08 | 4.43% | 16.75万 | 5.30亿 | | 002702 | 海欣食品 | 5.29 | 3.12% | 39.73万 | 2.08亿 | | 002330 | 得利斯 | 5.29 | 2.12% | 17.27万 | 9045 ...

格隆汇11月10日丨三全食品(002216.SZ)在投资者互动平台表示，公司十分重视定制化产品趋势，通过 持续提升产品品质及客户需求响应速度，目前已与多家主流商超系统开展深度产品定制合作，并且定制 产品数量还在迅速增加。 ...

格隆汇11月10日丨三全食品(002216.SZ)在投资者互动平台表示，公司十分重视定制化产品趋势，通过 持续提升产品品质及客户需求响应速度，目前已与多家主流商超系统开展深度产品定制合作，并且定制 产品数量还在迅速增加。 ...

□本报记者 王宇露 短期关注市场情绪波动 展望后市，星石投资表示，市场对今年经济表现预期相对稳定。考虑到临近年末部分资金有保收益需 求，市场整体或维持震荡，基本面因素对股市结构的影响可能会减弱，情绪波动可能是短期更需要关注 的因素。 从中长期角度看，星石投资认为，当前市场风险溢价处于历史中位水平，权益类资产估值仍在合理区间 内，企业业绩底部基本已经得到确认，随着政策发力带动国内经济企稳，业绩驱动会逐步增强，市场有 望由估值驱动转为基本面驱动，上行空间将进一步打开。 淡水泉投资认为，当前A股与港股估值虽有所回升，但并未出现系统性泡沫，资本市场会受到阶段性扰 动，不过出现系统性风险的可能性很小。后续板块效应可能减弱，但个股效应将增强。可重点聚焦那些 具备结构性增长潜力的领域，主要围绕两条主线展开布局：一是新兴成长领域，包括AI科技创新和能 源基建、半导体、消费新趋势等；二是周期领域，关注"反内卷"政策带来的结构性机会以及一些积极开 拓海外市场的龙头公司。 上周市场震荡上行，上证指数上涨1.08%，深证成指上涨0.19%，创业板指上涨0.65%，沪深300指数上 涨0.82%，品牌工程指数下跌0.40%，报2021 ...

Core Insights - The Chinese quick-frozen food industry is undergoing a structural transformation while maintaining continuous growth, with the market size approaching 600 billion RMB in 2024 and expected to grow at a compound annual growth rate (CAGR) of 8%-10% over the next five years [1][13][15] - The industry is characterized by a clear differentiation in product categories, with traditional quick-frozen rice and noodle products stabilizing in growth but still holding nearly 50% market share in the consumer segment [1][14] - Quick-frozen hot pot ingredients are experiencing rapid growth driven by the booming hot pot industry, while quick-frozen dishes (the core form of prepared dishes) are emerging as a key growth driver due to demand for convenience and cost efficiency in both B2B and B2C segments [1][14] Market Size and Structure - The overall market size of the quick-frozen food industry in China was approximately 420 billion RMB in 2018, growing to over 550 billion RMB by 2023, with projections nearing 600 billion RMB in 2024 [33][34] - The market growth is driven by both B2B and B2C structural demands, with B2B demand for standardized products in the restaurant sector being particularly strong [33][38] - The consumer segment is increasingly focused on convenience, with trends such as the "lazy economy" and smaller household sizes driving demand for quick-frozen foods [33][38] Industry Chain Analysis - Upstream raw materials account for 60%-70% of total costs, making price fluctuations a direct influence on company profits [2] - Midstream processing relies on automation, fresh-lock technology, and nationwide capacity layout as core competitive advantages [2] - Downstream cold chain logistics face challenges such as high costs and uneven development, but are improving with policy support and the rise of third-party logistics [2] Competitive Landscape - The market exhibits a "one strong, many strong" and highly fragmented structure, with Anjuke Foods leading the B2B channel and brands like Sanquan and Si Nian dominating the C2C rice and noodle market [2][14] - Core competitive barriers are concentrated in supply chain efficiency, channel coverage, and brand R&D capabilities, with new entrants and cross-industry players enriching the competitive landscape [2][14] Consumer Behavior Insights - The primary consumer demographic includes Generation Z and young professionals, with 1-2 person households being the main consumption unit [2] - Consumer motivations have shifted from mere sustenance to convenience, quality, and situational needs, with health consciousness and ingredient quality becoming significant purchasing factors [2] - O2O instant retail and community group buying have emerged as mainstream purchasing channels [2] Future Development Trends - The industry is expected to evolve towards four major trends: product structure high-end and health-oriented, deep integration of prepared dishes, B/C channel collaboration and differentiation, and intelligent supply chain upgrades [2][15] - Companies that can seize opportunities in prepared dishes, balance B/C development, and build efficient supply chains will gain advantages in the industry transformation [2][15]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Insights - The report highlights that the liquor sector is actively releasing pressure on financial statements, with the industry gradually bottoming out. The frozen food sector is witnessing a turning point, while the soft drink and snack sectors maintain high levels of prosperity [3][4][30] Summary by Sections 1. Liquor - The liquor sector's total revenue for the first three quarters of 2025 was CNY 319.23 billion, a year-on-year decrease of 5.76%, with net profit down 6.85% to CNY 122.67 billion. In Q3 alone, revenue fell 18.38% to CNY 78.48 billion, and net profit dropped 22.00% to CNY 28.09 billion [14][28] - High-end liquor brands like Moutai showed stable growth, while others like Wuliangye and Luzhou Laojiao faced significant declines. Moutai's revenue grew by 9.28% year-on-year, while Wuliangye's fell by 10.26% [17][19] - The second-tier liquor brands, such as Fenjiu, showed resilience with a revenue increase of 5.00%, while others like Shui Jing Fang and Shede experienced declines [26][22] 2. Soft Drinks - The soft drink sector saw significant growth, with companies like Dongpeng Beverage reporting a 34.13% increase in revenue year-on-year. The energy drink segment, particularly, showed robust growth [30][31] - The introduction of new flavors and products, such as Dongpeng's summer limited edition, contributed to the sustained high growth rates in this sector [30] 3. Dairy Products - The dairy sector, led by Yili, maintained stable performance despite high base effects, with significant growth in milk powder and cold drink products. New Dairy's low-temperature products continued to show double-digit growth [4][31] 4. Frozen Foods - The frozen food industry is experiencing a turning point, with companies noting that the price war has peaked. The focus is shifting towards rational competition and value [7][30] 5. Snacks - The snack sector is undergoing strategic adjustments, with member stores and instant retail becoming key growth channels. The overall consumption environment remains weak, but the snack sector is adapting with targeted strategies [7][30]

Core Insights - The article emphasizes the emergence of Henan as a significant player in China's food supply chain, transforming it into a vital hub for food production and distribution, often referred to as the "kitchen of the nation" [1][17] - Henan's food supply chain is characterized by a comprehensive and efficient network that supports local brands and facilitates their growth on a national scale [1][8] Group 1: Key Players in Henan's Food Industry - Notable food brands from Henan, such as Sanquan, Si Nian, Shuanghui, and Baixiang, have successfully penetrated national markets, showcasing the effectiveness of the local supply chain [2][3] - Sanquan Foods, established in 1992, has become a leader in China's frozen food industry, leveraging Henan's agricultural resources and transportation networks for rapid expansion [2][3] - Si Nian Foods has developed a sustainable agricultural supply chain model, establishing order-based agricultural bases that enhance the quality and standardization of local produce [5][7] Group 2: Supply Chain Advantages - Henan's food industry benefits from a complete supply chain ecosystem, with over 7,800 small and medium-sized enterprises supporting the frozen food sector [3][10] - The region's population of 100 million provides a vast market and diverse consumer demands, contributing to the competitive edge of local brands like Sanquan [3][10] - The success of the acid-spicy noodle industry in Tongxu County exemplifies Henan's ability to create a full-cycle industrial ecosystem, integrating production, logistics, and retail [8][10] Group 3: Retail and Distribution Innovations - The local supermarket chain, Pang Dong Lai, exemplifies the integration of local agricultural production with retail, achieving significant cost reductions and quality control through direct sourcing [13][14] - Pang Dong Lai's collaboration with local suppliers has led to the development of customized products, enhancing its market position and supporting local businesses [14][16] - The establishment of logistics bases, such as the JD Logistics Supply Chain Base in Xuchang, further strengthens the efficiency of Henan's food supply chain [14][16] Group 4: Government Support and Infrastructure - The Henan provincial government prioritizes the development of the food industry, aiming to build a trillion-level modern food cluster by 2025 [16] - Continuous improvements in transportation infrastructure, including a comprehensive high-speed rail and highway network, facilitate efficient logistics and distribution [16][17] - The Zhengzhou Airport Economy Comprehensive Experimental Zone enhances the region's capability to export products nationally and internationally, supporting the growth of Henan's food supply chain [16][17]

Market Overview - The Shanghai Composite Index closed at 3976.52 points, above the annual line, with a gain of 0.55% [1] - The total trading volume of A-shares reached 21,329.04 million yuan [1] Stocks Breaking Annual Line - A total of 110 A-shares have surpassed the annual line today, with notable stocks including: - Deer Chemical with a deviation rate of 14.65% - Yabao Chemical at 11.35% - Fushi Holdings at 10.87% [1] Top Stocks by Deviation Rate - The following stocks had the highest deviation rates from the annual line: - Deer Chemical: 20.75% increase, latest price 16.06 yuan, deviation rate 14.65% [1] - Yabao Chemical: 11.98% increase, latest price 8.13 yuan, deviation rate 11.35% [1] - Fushi Holdings: 13.39% increase, latest price 5.76 yuan, deviation rate 10.87% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Meirui New Materials: 19.99% increase, latest price 18.97 yuan, deviation rate 9.48% [1] - Intercontinental Oil and Gas: 10.13% increase, latest price 2.61 yuan, deviation rate 9.37% [1] - Tianjin Pulin: 10.00% increase, latest price 22.23 yuan, deviation rate 7.84% [1]

Market Overview - The Shanghai Composite Index closed at 3976.52 points, above the six-month moving average, with an increase of 0.55% [1] - The total trading volume of A-shares reached 21,329.04 million yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 222 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Baose Co., Ltd. (300402) with a deviation rate of 16.81% and a price increase of 19.99% [1] - Meirui New Materials (300848) with a deviation rate of 11.80% and a price increase of 19.99% [1] - Deer Chemical (920304) with a deviation rate of 10.57% and a price increase of 20.75% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Zhuhai Port, Tianhong Shares, and New Energy Tai Shan [1] - The table lists various stocks with their respective trading performance, including: - Academic shares (300261) with a deviation rate of 9.21% and a price increase of 11.98% [1] - Dahongli (300865) with a deviation rate of 7.54% and a price increase of 11.29% [1]