Core Insights - Delisi (002330.SZ) and Jiajiayue (603708.SH) have signed a strategic cooperation agreement to enhance supply chain efficiency and market competitiveness through resource sharing and complementary advantages [1][2] Group 1: Strategic Cooperation - The partnership aims to create a high-efficiency, safe, and stable supply chain system to maximize operational efficiency and brand influence [1] - The collaboration will focus on product supply, market promotion, central kitchen coordination, joint bidding, technical exchanges, and co-development of products [1][3] Group 2: Company Profiles - Jiajiayue is a leading supermarket chain and integrated food processing group, known for its fresh food operations and extensive logistics capabilities across key cities in China [1][2] - Delisi is recognized as a national leader in meat products, with a robust supply chain and production capabilities, including five major production bases across the country [2] Group 3: Operational Synergies - Delisi will prioritize the supply of fresh pork, beef, and frozen processed products to Jiajiayue under equal conditions, while Jiajiayue will promote Delisi's products through new introductions and co-branded offerings [3] - Both companies plan to execute joint promotional activities to enhance brand visibility and sales, and explore centralized processing and unified distribution models for meal supply [3]

Core Insights - The strategic cooperation agreement was signed between Delisi Group and Jiajiayue Group, focusing on product supply, channel empowerment, B-end market expansion, central kitchen collaboration, product innovation, and marketing [2][3] - The partnership aims to leverage both companies' strengths in the supply chain to provide safer, higher quality, and more convenient food options for consumers, setting a new benchmark for "production and sales cooperation" in the food industry [2][3] Group 1 - The agreement includes regular introduction of new products, development of customized products, and channel traffic support for Jiajiayue to ensure efficient product reach at the terminal [2] - Joint marketing efforts will be implemented to enhance brand preference and consumer repurchase rates through shared membership data and promotional activities [2][3] Group 2 - The visit by Delisi's chairman provided valuable insights into market demand and product supply optimization, further deepening collaboration in sales management, consumer insights, and scenario-based marketing with Jiajiayue [3] - Both companies plan to continuously integrate resources and explore innovative cooperation models to respond to market changes and enhance overall supply chain efficiency and market competitiveness [3]

Core Insights - Delisi Group has evolved from a village flour mill to a leading national agricultural enterprise over 40 years, focusing on modern agricultural development and technology transfer [1][2]. Group 1: Company Overview - Delisi Group is a leader in the meat processing industry, expanding its operations from pig slaughtering and meat processing to include beef products and prepared dishes [2]. - The company has established five production bases across Beijing, Jilin, Shandong, Shaanxi, and Jiangxi, and operates in multiple sectors including agriculture, food processing, and biotechnology [2]. - The current production capacity for prepared dishes has reached 180,000 tons, reflecting the growing demand for food safety, timeliness, and taste among younger consumers [2]. Group 2: Agricultural Modernization Efforts - Delisi Group has been actively involved in agricultural modernization since its inception in 1984, addressing local agricultural challenges such as grain and pig sales [2]. - The company is recognized as an exemplary case in the national "Ten Thousand Enterprises Revitalizing Ten Thousand Villages" initiative, focusing on industrial revitalization and enhancing the agricultural product processing chain [2]. Group 3: Innovation and Competitiveness - Continuous innovation is identified as a key factor for maintaining long-term competitiveness in the market [4]. - Delisi Group has prioritized technological innovation for over 40 years, receiving multiple national and provincial awards for its advancements [4]. - The company emphasizes the importance of investing in technology and talent to stimulate employee initiative and drive development [5].

Core Viewpoint - The company is actively exploring emerging markets and consumer scenarios, focusing on product innovation and optimizing product competitiveness through digital tools and data analysis [2] Group 1: Company Strategy - The company is committed to building a green industrial system centered on deep processing of meat products [2] - Future plans include stabilizing slaughtering operations, expanding deep processing of meat products, and rapidly developing the scale and market layout of prepared dishes [2] Group 2: Product Development - The company has launched several new products, including "Good Meat" old ham, fragrant water-fried chicken, and juicy grilled sausages, which have received positive market responses [2] - Mainstream products are also well-received by consumers, indicating strong market acceptance [2] Group 3: Operational Focus - The company aims to enhance its food and health business segments by focusing on industry chain collaboration, brand upgrading, digital transformation, and international market expansion [2] - Continuous improvement of operational levels is a key objective for the company moving forward [2]

Core Viewpoint - The company achieved a 14.95% year-on-year increase in revenue for the first three quarters of the year through product innovation and optimization of product competitiveness, focusing on both B2B and B2C sales channels [2] Group 1: Revenue Growth - The company reported a revenue growth of 14.95% compared to the same period last year [2] Group 2: Strategic Focus - The company aims to build a comprehensive green industry system centered on deep processing of meat products [2] - The company plans to stabilize its slaughtering business, expand deep processing of meat products, and rapidly develop the scale and market layout of prepared dishes [2] Group 3: Future Initiatives - The company will focus on enhancing its food and health business segments through industry chain collaboration, brand upgrading, digital transformation, and international market expansion [2] - Continuous improvement of operational levels is a key objective for the company moving forward [2]

Core Viewpoint - The stock price of Delisi Foods has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 10.76% [1] Financial Performance - For the period from January to September 2025, Delisi achieved a revenue of 2.393 billion yuan, reflecting a year-on-year growth of 14.95%. However, the net profit attributable to shareholders decreased by 18.50% to 5.4038 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 102 million yuan, with 6.3538 million yuan distributed over the past three years [3] Stock Market Activity - As of October 29, the stock price was 4.84 yuan per share, with a total market capitalization of 3.075 billion yuan. The trading volume was 11.1279 million yuan, with a turnover rate of 0.36% [1] - The number of shareholders increased to 40,100, while the average circulating shares per person decreased by 0.42% to 15,846 shares [2] Business Overview - Delisi Foods, established on June 20, 2003, and listed on January 6, 2010, is primarily engaged in the slaughtering of pigs and the production and sale of chilled and frozen meat products. The main revenue sources include chilled and frozen meat (41.41%), beef trading (17.27%), and various other meat products [1] - The company operates within the food and beverage industry, specifically in the meat processing sector, and is associated with concepts such as cold chain logistics and prepared dishes [1]

Core Insights - The report indicates that as of October 27, 2025, institutional investors hold a total of 304 million shares of Delisi (002330.SZ), accounting for 47.78% of the company's total equity, with a slight decrease of 0.19 percentage points from the previous quarter [1] Institutional Holdings - A total of seven institutional investors have disclosed their holdings in Delisi, including Zhucheng Tongluren Investment Co., Ltd., Panghai Holdings Co., Ltd., Shandong Sangsha Garment Group Co., Ltd., Xinjiang Zhongtai Agricultural Development Co., Ltd., China Minsheng Bank Co., Ltd. - Jinyuan Shun'an Flexible Allocation Mixed Securities Investment Fund, J.P. Morgan Securities PLC - proprietary funds, and CITIC Securities Co., Ltd. [1] - Among public funds, only one fund, Jinyuan Shun'an Flexible Allocation Mixed, increased its holdings, while 46 public funds were not disclosed in this period, including Guojin Quantitative Multi-Factor A, Guojin Quantitative Selected A, Huatai-PineBridge CSI 500 Index Enhanced A, Invesco Great Wall CSI 300 Index Enhanced A, and Baoying New Star Mixed A [1] Foreign Investment - In terms of foreign investment, one new foreign institution, J.P. Morgan Securities PLC - proprietary funds, has disclosed its holdings this quarter, while BARCLAYS BANK PLC and CITIC Securities Asset Management (Hong Kong) Co., Ltd. - client funds were not disclosed in this period [2]

Group 1 - Company Deli's announcement on October 27 indicates plans to acquire 100% equity of Shandong Yufenghe Food Co., Ltd. from Zhucheng Youli Garment Co., Ltd. to meet operational needs and control long-term costs [1] - The transaction price for the acquisition is approximately 32.32 million yuan (including tax), as per the asset evaluation report by Beijing Zhuoxin Dahuazheng Asset Appraisal Co., Ltd. [1] - The acquisition was approved by the company's board with a unanimous vote of 7 in favor, and it does not constitute a related party transaction or a major asset restructuring as per relevant regulations [1] Group 2 - For the first half of 2025, Deli's revenue composition shows that the food processing industry accounts for 97.53%, while the electricity and steam industry accounts for 1.87%, and the color printing and packaging industry accounts for 0.6% [2] - As of the latest report, Deli's market capitalization stands at 3.1 billion yuan [3]

Core Viewpoint - The company, Delisi (得利斯), plans to acquire 100% equity of Shandong Yufenghe Food Co., Ltd. for 32.32 million yuan, which will enhance its operational stability and long-term development by owning the production facilities currently leased [1][2]. Company Summary - Delisi announced the acquisition of Yufenghe, which was established in December 2020 with a registered capital of 30 million yuan. The core assets include production facilities located in Zhaocheng, Shandong [1]. - As of August 31, 2025, Yufenghe's total assets are 40.97 million yuan, total liabilities are 12.68 million yuan, and net assets are 28.29 million yuan. For the first eight months of 2025, it reported revenue of 3.30 million yuan and a net loss of 471,600 yuan [1]. - The assessed net asset value of Yufenghe is 46.12 million yuan, reflecting a 63.06% increase primarily due to the revaluation of fixed and intangible assets. The final transaction price is approximately 30% lower than the assessed value, considering prior investments in facility upgrades and future repair needs [1]. Industry Summary - In the context of a declining cycle in the livestock industry, meat processing companies are facing performance pressures. The industry is navigating between recovering demand and fluctuating costs [2][3]. - Since August, the wholesale price of pork has decreased for ten consecutive weeks, with a significant drop following the National Day and Mid-Autumn Festival, leading to widespread losses across the industry [2]. - Analysts predict that the livestock sector will continue to experience differentiation, with an oversupply situation due to the recovery of pig production capacity, while consumer demand has not shown strong growth [3].

Core Points - The company, Delisi (002330), announced the election of Mr. Zheng Yungang as the employee representative director of the sixth board of directors during the employee representative meeting held on October 27, 2025 [1] Summary by Category - **Company Announcement** - Delisi held an employee representative meeting on October 27, 2025, where Mr. Zheng Yungang was elected as the employee representative director [1]