Core Insights - The soy sauce market in China is experiencing a cooling trend, with significant performance differentiation among leading companies [2][4] Group 1: Company Performance - Haitian Flavor Industry (海天味业) is the only company to achieve both revenue and net profit growth in the first three quarters, with revenue of 21.628 billion yuan, up 6.02%, and net profit of 5.322 billion yuan, up 10.54% [2][3] - Zhongju High-tech (中炬高新) reported its largest revenue decline since 2016, with revenue of 3.156 billion yuan, down 20.01%, and net profit of 380 million yuan, down 34.07% [2][3] - ST Jiajia (ST加加) remains in a loss position, with revenue of 1.009 billion yuan, down 2.65%, and a net loss of 18.0368 million yuan [3][5] Group 2: Market Trends - The soy sauce market is projected to reach 104.1 billion yuan by 2024, with a five-year compound annual growth rate of only 2.3%, lower than the overall seasoning industry growth rate of 4.5% [3][4] - The industry is facing a "Matthew Effect," where stronger companies continue to dominate, making it challenging for others to find new growth points in a saturated market [1][4] Group 3: Strategic Initiatives - Haitian Flavor Industry plans to use 20% of its fundraising for overseas market expansion, starting with Southeast Asia, where a production base in Indonesia is under construction [4][5] - Zhongju High-tech is enhancing its marketing efforts by signing celebrity endorsements and increasing the number of distributors, although this has led to rising sales expenses [4][5] - ST Jiajia is focusing on a "low-salt strategy" and has developed new low-salt products, but its recent change in ownership structure adds uncertainty to its future [5]

Core Insights - The seasoning and fermentation sector saw a 0.37% increase on November 6, with Angel Yeast leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Stock Performance - Angel Yeast (600298) closed at 38.44, up 2.97% with a trading volume of 93,800 shares and a turnover of 360 million yuan [1] - Tianwei Food (603317) closed at 12.40, up 2.06% with a trading volume of 81,800 shares and a turnover of 101 million yuan [1] - Qianhe Flavor (603027) closed at 65.6, up 1.37% with a trading volume of 182,500 shares and a turnover of 176 million yuan [1] - ST Jiajia (002650) closed at 7.06, up 0.57% with a trading volume of 49,900 shares and a turnover of 35.3 million yuan [1] - Other notable stocks include: - Jialong Co. (002495) at 2.82, up 0.36% [1] - Fuling Pickles (002507) at 13.32, up 0.30% [1] - Zhongju Gaoxin (600872) at 18.18, up 0.22% [1] - Hengshun Vinegar (600305) at 8.15, up 0.12% [1] - Haitian Flavor (603288) at 37.71, up 0.05% [1] - Anji Food (603696) at 13.36, down 0.15% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 142 million yuan from institutional investors, while retail investors saw a net inflow of 124 million yuan [2] - The detailed capital flow for key stocks includes: - Anji Food (603696) saw a net inflow of 6.38 million yuan from institutional investors [3] - ST Jiajia (002650) had a net inflow of 5.95 million yuan from retail investors [3] - Tianwei Food (603317) experienced a net outflow of 5.04 million yuan from institutional investors [3] - Angel Yeast (600298) had a net outflow of 8.27 million yuan from institutional investors [3]

东兴证券股份有限公司 关于加加食品集团股份有限公司 详式权益变动报告书 之 2025 年第三季度 持续督导报告 二零二五年十月 释义 | 除非另有说明，以下简称在本持续督导报告中的含义如下： | | --- | | 加加食品、上市公司、公司 | 指 | 加加食品集团股份有限公司 | | --- | --- | --- | | 信息披露义务人、中国东方、东方资产 | 指 | 中国东方资产管理股份有限公司 | | 中国东方天津分、中国东方天津市分公司 | 指 | 中国东方资产管理股份有限公司天津市分 | | | | 公司 | | 东兴证券、财务顾问 | 指 | 东兴证券股份有限公司 | | 中国证监会 | 指 | 中国证券监督管理委员会 | | 财政部 | 指 | 中华人民共和国财政部 | | 深交所 | 指 | 深圳证券交易所 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | 《收购管理办法》、《收购办法》 | 指 | 《上市公司收购管理办法》 | | 《详式权益变动报告书》 | 指 | 《加加食品集团股份有限公司详式权益变 | | | | 动报告书》 | | | | 东兴证券股份有限公司关于加 ...

Core Insights - The seasoning and fermentation sector saw a rise of 0.94% on October 31, with Richen Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Richen Co., Ltd. (603755) closed at 38.40, up 10.00% with a trading volume of 37,300 lots and a transaction value of 141 million [1] - Qianhe Flavor & Fragrance (603027) closed at 9.27, up 5.82% with a trading volume of 404,500 lots and a transaction value of 371 million [1] - Tianwei Food (603317) closed at 11.94, up 4.65% with a trading volume of 132,500 lots and a transaction value of 158 million [1] - Other notable stocks include Baoli Food (603170) at 15.12 (+3.14%), Jialong Co., Ltd. (002495) at 2.70 (+2.66%), and Anji Food (603696) at 11.90 (+2.41%) [1] Capital Flow - The seasoning and fermentation sector experienced a net inflow of 65.31 million from retail investors, while institutional funds saw a net outflow of 65.96 million [2] - The main capital flow data indicates that Hai Tian Flavor & Fragrance (603288) had a net outflow of 42.64 million from institutional investors [3] - Richen Co., Ltd. (603755) saw a net inflow of 23.27 million from institutional investors, while Qianhe Flavor & Fragrance (603027) had a net inflow of 19.03 million [3]

Core Insights - The company reported a significant improvement in its financial performance, with Q3 revenue reaching 276 million yuan, a year-on-year increase of 11.43%, and a reduction in net loss by approximately 12.1 million yuan compared to the same period last year [1] - For the first three quarters, the company's revenue was 1.009 billion yuan, remaining stable year-on-year, while net loss decreased by 73.34%, amounting to 18.0368 million yuan, a substantial reduction of nearly 50 million yuan compared to the previous year [1] - The improvement in performance is attributed to the company's commitment to product health and high-end transformation, aligning with China's "Healthy China 2030" strategy [1] Financial Performance - Q3 revenue: 276 million yuan, up 11.43% year-on-year [1] - Q3 net loss: 26.3886 million yuan, a reduction of approximately 12.1 million yuan from the previous year [1] - Year-to-date revenue: 1.009 billion yuan, stable compared to last year [1] - Year-to-date net loss: 18.0368 million yuan, down 73.34%, a reduction of nearly 50 million yuan from the previous year [1] Product Strategy - The company has been proactive in promoting a "reduced salt" strategy, launching a series of low-salt products such as low-salt soy sauce and organic low-salt options [1] - The company has developed core technology for reducing salt by over 35% while maintaining essential nutritional components, supported by four national invention patents [1] - Continuous investment in R&D has allowed the company to establish a comprehensive technological barrier covering strain selection, process innovation, preparation methods, and quality flavor [1] Market Development - The company is focusing on deepening the promotion of reduced salt products and creating flagship products in this category [2] - There is an ongoing adjustment of product structure, reducing SKU numbers to promote high-margin products [2] - The company is strengthening traditional channels while also expanding into e-commerce and industrial catering, enhancing overall sales capabilities through targeted market initiatives [2]

证券代码：002650 证券简称：ST 加加 公告编号：2025-086 加加食品集团股份有限公司 关于关联方被拍卖的资产中涉及公司委托加工的部分资产的进展公告 1 / 3 卖对氨基苯甲酸、L-苏氨酸和硫酸亚铁、第 12 次拍卖工业盐酸、第 14 次拍卖 硫酸锰和豆粕水解液，上述拍卖均竞价失败。 三、风险提示 本公司及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。 一、关联方被拍卖的资产中涉及公司委托加工部分资产事项概述 加加食品集团股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日披露 了《关于关联方被拍卖的资产中涉及公司委托加工的部分资产的风险提示性公 告》，公司关联方宁夏可可美生物工程有限公司、宁夏玉蜜淀粉有限公司及宁 夏沃野肥业有限公司（以下简称"三家公司"）管理人在京东拍卖破产强清平台 （网址：https://pmmall.jd.com/assets/17932755?publishSource=10）公开拍卖三家 公司的资产中涉及公司委托加工的部分资产。具体内容详见公司在巨潮资讯网 披露的《关于关联方被拍卖的资产中涉及公司委托加工的部分资产 ...

Market Overview - The seasoning and fermentation sector increased by 0.37% compared to the previous trading day, with Zhu Laoliu leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Zhu Laoliu (code: 920726) closed at 19.28, up 3.54% with a trading volume of 18,300 lots and a transaction value of 34.45 million yuan [1] - Richen Co., Ltd. (code: 603755) closed at 34.71, up 2.30% with a trading volume of 19,300 lots and a transaction value of 65.70 million yuan [1] - Angel Yeast (code: 600298) closed at 41.00, up 2.27% with a trading volume of 75,000 lots and a transaction value of 306 million yuan [1] - Other notable stocks include Zhongjing Food (code: 300908) up 1.46%, ST Jiajia (code: 002650) up 1.14%, and Tianwei Food (code: 603317) up 1.06% [1] Capital Flow - The seasoning and fermentation sector experienced a net outflow of 60.96 million yuan from institutional investors, while retail investors saw a net inflow of 48.05 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongjing Food saw a net inflow of 10.29 million yuan from institutional investors, while retail investors had a net outflow of 6.36 million yuan [3] - Angel Yeast experienced a net inflow of 0.64 million yuan from institutional investors, with retail investors also seeing a net outflow of 0.48 million yuan [3] - Other stocks like Fuling Pickles and Baoli Food also showed varied capital flows, indicating differing investor sentiments across the sector [3]

证券代码：002650 证券简称：ST 加加 公告编号：2025-085 公司分别于 2023 年 7 月 13 日、2023 年 8 月 12 日、2023 年 9 月 12 日、 2023 年 10 月 12 日、2023 年 11 月 11 日、2023 年 12 月 12 日、2024 年 1 月 1 2 日、2024 年 2 月 8 日、2024 年 3 月 12 日、2024 年 4 月 12 日、2024 年 5 月 13 日、2024 年 6 月 1 日、2024 年 7 月 12 日、2024 年 8 月 13 日、2024 年 9 月 13 日、2024 年 10 月 12 日、2024 年 11 月 12 日、2024 年 12 月 12 日、202 5 年 1 月 11 日、2025 年 2 月 12 日、2025 年 3 月 12 日、2025 年 4 月 12 日、 2025 年 5 月 12 日披露了《关于公司控股股东被申请破产审查的进展公告》（公 告编号：2023-028/029/032/033/038/052、2024-003/007/010/015/031/038/046/ ...

Core Insights - ST加加 reported a total operating revenue of 1.009 billion yuan for Q3 2025, with a net profit attributable to shareholders of -18.0368 million yuan, an increase of 49.6146 million yuan compared to the same period last year [1] - The company achieved a net cash inflow from operating activities of 84.6177 million yuan, marking a 63.76% increase year-on-year and representing three consecutive years of growth [1] Financial Performance - The latest debt-to-asset ratio stands at 14.85%, a decrease of 0.44 percentage points from the previous quarter and a reduction of 4.82 percentage points year-on-year [3] - The gross profit margin is reported at 28.37%, an increase of 3.84 percentage points compared to the same period last year, achieving three consecutive years of growth [3] - The return on equity (ROE) is -0.97%, which is an improvement of 2.38 percentage points year-on-year [3] - The diluted earnings per share are -0.02 yuan, an increase of 0.05 yuan compared to the same period last year [3] Efficiency Metrics - The total asset turnover ratio is 0.45 times, reflecting a year-on-year increase of 12.17% with an increase of 0.05 times compared to the same period last year [3] - The inventory turnover ratio is 2.36 times, which is an increase of 0.34 times year-on-year, representing a 16.80% increase compared to the same period last year [3] Shareholder Structure - The number of shareholders is reported at 16,900, with the top ten shareholders holding a total of 568 million shares, accounting for 49.27% of the total share capital [3] - The largest shareholder is China Orient Asset Management Co., Ltd., holding 23.4% of the shares [3]

Core Insights - The company, 加加食品, reported a continued growth trend in its performance for the third quarter of 2025, with a revenue of 276 million yuan, representing a year-on-year increase of 11.43% [1] - The net profit attributable to shareholders was a loss of 26.39 million yuan, which is an improvement of approximately 12.1 million yuan compared to the same period last year [1] - For the first three quarters, the company achieved a revenue of 1.009 billion yuan, remaining stable compared to the previous year, while the net profit loss decreased significantly by 49 million yuan, showing a 73.34% improvement [1] Company Strategy - 加加食品's performance improvement is attributed to its commitment to product health and high-end transformation, aligning with China's "Healthy China 2030" strategy [1] - The company has been proactive in promoting a "reduced salt" concept since 2018, launching a series of low-salt products, including reduced salt soy sauce variants [1] - 加加食品 has developed core technology for physical salt reduction, achieving over 35% salt reduction while maintaining essential nutritional components [1] Product Development and Market Strategy - In 2023, 加加食品 continued to innovate around its "reduced salt strategy," launching new products such as "reduced salt pure brewed soy sauce" and "reduced salt organic soy sauce" [2] - The company is focusing on refining its product structure by reducing SKU numbers and promoting high-margin products [2] - 加加食品 is enhancing its sales capabilities through the development of new channels, including e-commerce and industrial catering, while solidifying traditional distribution channels [2] Corporate Governance - Recently, 加加食品 made significant adjustments at the board level, completing the election of two non-independent directors and one independent director [2] - The board changes were approved during the second extraordinary general meeting of shareholders held on September 16, with two directors recommended by the largest shareholder, 东方资产, successfully elected [2]