Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, prompting them to explore new business avenues to establish a "second growth curve" amidst a challenging market environment [1]. Group 1: Industry Performance - The marinated food market has shown signs of weakness in the first half of the year, with major players like Juewei Food experiencing a 15.57% decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [2]. - Huangshanghuang reported a 7.19% decrease in revenue to 984 million yuan, while net profit increased by 26.9% to approximately 76.92 million yuan, attributed to cost-cutting measures despite a decline in main business segments [2]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, but net profit surged by 228% to 108 million yuan, driven by improved single-store efficiency and the closure of underperforming outlets [3]. Group 2: Cost Management - The decline in raw material prices has helped some marinated food companies maintain or even increase net profits, with Huangshanghuang noting a 2.23 percentage point increase in gross margin for its marinated meat products due to lower production costs [4]. - The overall market dynamics indicate that the marinated food sector is facing significant challenges due to decreased consumer willingness and confidence, leading to a need for companies to balance cost reduction and innovation [4]. Group 3: New Business Initiatives - Zhou Hei Ya has launched a coconut water brand and is collaborating with Sichuan Shentang Food to develop compound seasonings and convenience food products, transitioning to a dual business model [5]. - Huangshanghuang is entering the freeze-dried food market by acquiring a 51% stake in Fujian Lixing Food Co., investing 495 million yuan to leverage complementary products and sales channels [6]. - Juewei Food has opened a new concept store, "Juewei Plus," in Changsha, expanding into the casual dining sector with offerings like fried marinated dishes and desserts [7].

证券之星消息，9月12日休闲食品板块较上一交易日下跌1.33%，煌上煌领跌。当日上证指数报收于 3883.69，上涨0.22%。深证成指报收于12996.38，上涨0.13%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出2.49亿元，游资资金净流入1.05亿元，散户资金净 流入1.44亿元。休闲食品板块个股资金流向见下表： | 代码 名称 | | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300972 万辰集团 | | 1875.02万 | 4.01% | 2583.32万 | 5.52% | -4458.34万 | -9.53% | | 002847 | 盐津铺子 | 566.85万 | 2.24% | 635.39万 | 2.51% | -1202.24万 | -4.75% | | 002991 | 甘源食品 | 359.33万 | 4.59% | -17.98万 | -0.23% | -34 ...

（文章来源：证券日报） 证券日报网讯煌上煌9月11日在互动平台回答投资者提问时表示，截至2025年9月10日公司股东人数为 41，249人。 ...

Group 1 - The core point of the article is that the company Huang Shang Huang is expanding into the pet industry by acquiring a 51% stake in Lixing Food for 494.7 million yuan, which is a strategic move to diversify its product offerings and tap into the growing pet food market [1][2] - Lixing Food, established in 2006, is a leading manufacturer of freeze-dried foods with a production capacity of nearly 6,000 tons of various freeze-dried products annually, positioning it among the top in the industry [2][3] - The acquisition is seen as a way for Huang Shang Huang to leverage Lixing Food's sales channels and market resources to reach a broader consumer base, particularly in the pet food sector, which is gaining popularity due to the nutritional benefits of freeze-dried products [2][3] Group 2 - Numerous listed companies have entered the pet market, including Three Squirrels, Lai Yi Fen, and others, through establishing subsidiaries or making investments [4][5] - For instance, Three Squirrels has set up two wholly-owned subsidiaries focused on pet food, with one brand, "Golden Dad," already gaining traction on e-commerce platforms [4][5] - The global pet industry is projected to grow from approximately $207 billion in 2024 to $270.8 billion by 2029, with a compound annual growth rate of 5.5%, indicating a robust market opportunity [7][8]

Core Viewpoint - The acquisition of a 51% stake in Lixing Food by Huangshanghuang for 494.7 million yuan highlights the growing interest of food companies in the pet food market, particularly in freeze-dried products, which are gaining popularity due to their nutritional value and convenience [2][5][6]. Group 1: Acquisition Details - Huangshanghuang announced the acquisition of 51% of Lixing Food for 494.7 million yuan, with the transaction still in progress [2][4]. - Lixing Food, established in 2006, specializes in freeze-dried food production, boasting 37 production lines and an annual output capacity of nearly 6,000 tons of freeze-dried products and 10,000 tons of plant extracts and concentrates [4][5]. - The projected revenues for Lixing Food are 229 million yuan in 2023, 415 million yuan in 2024, and 251 million yuan in the first half of 2025, with net profits expected to turn positive in 2024 [4][6]. Group 2: Market Trends - The pet food market is seeing an influx of companies, including well-known brands like Three Squirrels, Laifen, and Yili, entering the sector through subsidiaries and investments [2][9]. - Three Squirrels has established two subsidiaries focused on pet food, with one brand, "Gold Medal Dad," already gaining traction on e-commerce platforms [9][10]. - Other companies, such as Babbi Foods and Beiyinmei, are also exploring the pet food market, with Babbi forming a subsidiary for pet food and Beiyinmei focusing on pet dairy products [10][11]. Group 3: Strategic Implications - Huangshanghuang views the acquisition as a strategic move to diversify its product offerings and tap into new consumer segments, particularly in the pet food market [5][6]. - The freeze-dried food segment is particularly appealing due to its high nutritional value and convenience, making it a popular choice among pet food brands [6][12]. - The collaboration between various companies in the pet food sector indicates a trend towards innovation and addressing market needs, such as improving the quality and stability of freeze-dried pet food products [12].

卤制品和休闲零食大军正涌入宠物赛道。 近日，卖酱卤鸭和粽子的卤制品企业煌上煌（002695.SZ）宣布斥资4.947亿元收购福建立兴食品股份有 限公司（简称"立兴食品"）51%股权。 21世纪经济报道记者朱艺艺 杭州报道 对于交易进展，9月8日，21世纪经济报道记者致电煌上煌证券部人士了解到，"目前交易还在进行中， 具体进度等后续公告披露。" 若交易最终完成，立兴食品将成为煌上煌控股子公司，正式纳入上市公司合并报表范围。 作为国内冻干食品制造龙头，立兴食品拥有37条冻干生产线，8000平方米的冻干炉设备，年产各种冻干 产品近6000吨、植物萃取粉及浓缩液近10000吨的能力。煌上煌在互动易上回复投资者提问时也提 到，"目前，立兴食品已有部分冻干产品如冻干益生菌酸奶块、冻干果蔬，冻干肉类等产品被应用于宠 物食品品牌企业。" 据21世纪经济报道记者不完全统计，除了煌上煌，三只松鼠、来伊份、巴比食品（605338.SH）、伊利 股份（600887.SH）、贝因美（002570.SZ）、得利斯（002330.SZ）、汇隆新材（301057.SZ）等数十家 上市公司跨界入局宠物赛道。 近5亿元控股 被煌上煌青睐的立兴食 ...

证券之星消息，9月8日休闲食品板块较上一交易日上涨1.13%，煌上煌领涨。当日上证指数报收于 3826.84，上涨0.38%。深证成指报收于12666.84，上涨0.61%。休闲食品板块个股涨跌见下表： 从资金流向上来看，当日休闲食品板块主力资金净流出2351.24万元，游资资金净流出1842.59万元，散户 资金净流入4193.83万元。休闲食品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300972 万辰集团 | | 3399.23万 | 4.49% | 116.47万 | 0.15% | -3515.69万 | -4.64% | | 002695 | 煌┣煌 | 1685.47万 | 6.58% | 1000.68万 | 3.91% | -2686.15万 | -10.49% | | 002557 | 治治食品 | 801.84万 | 3.51% | -988.49万 | -4. ...

Market Overview - The leisure food sector increased by 0.16% on September 5, with Laiyifen leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Key Performers - Laiyifen (603777) closed at 14.78, up 3.07% with a trading volume of 290,800 shares and a turnover of 421 million yuan [1] - Other notable performers include: - Huangshanghuang (002695) at 12.33, up 1.40% [1] - Guangzhou Restaurant (603043) at 17.61, up 1.32% [1] - Yuanzu Co. (603886) at 13.34, up 1.14% [1] Underperformers - Salted Fish (002847) closed at 72.17, down 1.65% with a trading volume of 58,900 shares and a turnover of 420 million yuan [2] - Other underperformers include: - Ximai Food (002956) at 21.25, down 1.62% [2] - Youyou Food (603697) at 12.58, down 0.94% [2] Capital Flow - The leisure food sector experienced a net outflow of 80.43 million yuan from institutional investors, while retail investors saw a net inflow of 72.85 million yuan [2] - Notable capital flows include: - Laiyifen had a net inflow of 11.73 million yuan from institutional investors [3] - Yuanzu Co. saw a net inflow of 12.58 million yuan from institutional investors [3]

Company Overview - Jiangxi Huangshanghuang Group Food Co., Ltd. is located in Nanchang, Jiangxi Province, and was established on April 1, 1999. The company was listed on September 5, 2012. Its main business involves the development, production, and sales of marinated meat products and quick-consumption cold dishes [2] - The revenue composition of the company includes: fresh products 60.71%, rice products 31.67%, slaughter processing 4.12%, packaging products 1.97%, others 1.49%, and testing services 0.04% [2] - The company belongs to the food and beverage industry, specifically in the leisure food and cooked food sector, and is associated with concepts such as small-cap, leisure food, new retail, cold chain logistics, and prepared dishes [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.19%. However, the net profit attributable to the parent company was 76.92 million yuan, reflecting a year-on-year increase of 26.90% [2] - Since its A-share listing, the company has distributed a total of 518 million yuan in dividends, with 169 million yuan distributed over the past three years [3] Stock Market Activity - As of September 4, the company's stock price increased by 2.08%, reaching 12.28 yuan per share, with a total market capitalization of 6.87 billion yuan [1] - Year-to-date, the stock price has risen by 45.84%, but it has seen a decline of 2.46% over the last five trading days and a 15.54% drop over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 12, where it recorded a net buy of -36.98 million yuan [1] Shareholder Information - As of August 29, the number of shareholders for the company was 36,300, an increase of 0.59% from the previous period. The average circulating shares per person decreased by 0.59% to 14,099 shares [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 1.4452 million shares as a new shareholder [3]

Market Overview - The leisure food sector experienced a decline of 1.24% on September 2, with Ziyan Food leading the drop [1][2] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Ziyan Food's stock price fell by 6.72% to 23.75, with a trading volume of 66,300 shares and a transaction value of 162 million yuan [2] - Other notable declines include: - Ximai Food down 2.82% to 21.40 - Guifaxiang down 2.81% to 12.82 - Three Squirrels down 2.43% to 26.11 [2] Trading Volume and Capital Flow - The leisure food sector saw a net outflow of 262 million yuan from main funds, while retail investors contributed a net inflow of 253 million yuan [2][3] - The trading volume for various stocks included: - Taoli Bread with a closing price of 5.69 and a trading volume of 250,700 shares [1] - Yanzhu Co. with a closing price of 13.17 and a trading volume of 44,400 shares [1] Capital Inflow Analysis - Main funds showed a net inflow in stocks like Taoli Bread (10.27 million yuan) and Youyou Food (3.91 million yuan) [3] - Conversely, stocks like Black Sesame and Maiqu'er experienced net outflows of -20.11 million yuan and -203.98 million yuan, respectively [3]