Investment Rating - The industry rating is maintained as "Positive" [5] Core Views - The food and beverage sector is focusing on three new consumer investment opportunities: "category dividends in the food sector," "new channel drivers such as snack companies in membership supermarkets," and "new hotspots in health products." Traditional consumption is expected to see performance bottoming out and potentially rising [1][2] - The report emphasizes the importance of focusing on leading companies in the industry during this phase, particularly in the liquor sector, which may experience a transition year in 2025 [1][2] - The report continues to recommend leading stocks in the food and beverage sector, highlighting companies such as Jin Zai Food and Yan Jin Pu Zi, while also paying attention to You You Food [1][2] Summary by Sections Food and Beverage Sector - The report highlights the focus on "category dividends," "new channel drivers," and "health product hotspots" as key investment opportunities [1][2] - Recommended stocks include Jin Zai Food, Yi Li, Yan Jin Pu Zi, Dong Peng Beverage, and others, with a focus on leading companies [2][24] Liquor Sector - The liquor sector is currently at a low point, with the first quarter potentially being the lowest for the year. The report recommends focusing on brands with strong momentum and reasonable growth targets [2][16] - High-end liquor recommendations include Guizhou Moutai and Wuliangye, while mid-range and regional brands include Gu Qing Gong Jiu and Shanxi Fen Jiu [2][17] - The report notes that the liquor sector may enter a structural bull market due to policy stabilization and real estate recovery [16][17] Market Performance - From May 19 to May 23, the Shanghai Composite Index fell by 0.18%, while other liquor categories rose by 8.69% and frozen foods by 3.89% [3][29] - The report indicates that the liquor sector experienced a decline of 2.78% during the same period, with specific brands showing varied performance [4][29] Company Updates - Jin Zai Food is highlighted as a leading snack brand with a clear growth path, driven by its main product line and new channel expansions expected to boost revenue and profits [19][20] - Guizhou Moutai is focusing on five key areas for development, including maintaining brand value and enhancing international market presence [7][8] - Liquor companies like Luzhou Laojiao and Shanxi Fen Jiu are also focusing on expanding their market presence and improving brand strength [10][12]

Summary of the Conference Call for Jin Zai Food Industry Overview - The snack industry remains vibrant, with mainstream snack companies projected to maintain over 20% revenue and profit growth in 2025, indicating overall industry health [4][5] - The industry is entering a quality improvement phase, with new channels and product categories providing investment opportunities [4][7] Company Insights: Jin Zai Food - Jin Zai Food is positioned as a leading player in the leisure snack sector, with a relatively low valuation and potential for performance improvement [2][6] - The company has a clear growth path for its major products, including flavored fish products, quail eggs, tofu, and konjac, which are expected to drive revenue and profit growth through new channels [2][6] Key Product Performances - **Flavored Fish Products**: Achieved double-digit growth in Q1 2025, with expectations for further growth through product upgrades and channel expansion [2][8] - **Quail Eggs**: As the second-largest category, product upgrades like selenium-enriched and soft-boiled quail eggs are performing well, with improved profitability expected as competition eases in 2025 [2][10] - **Tofu**: The market potential is significant, with Jin Zai leveraging 35 years of production experience to introduce innovative short-shelf-life products, aiming for rapid growth in 2025 [2][11] - **Konjac**: While not as large as competitors, it is expected to grow quickly due to category benefits and new flavor introductions [2][11][20] Financial Projections - Revenue forecasts for Jin Zai Food from 2025 to 2027 are projected at 2.89 billion, 3.434 billion, and 4.1 billion yuan, reflecting year-on-year growth rates of 19.82%, 19%, and 20% respectively [3][21] - The company is expected to achieve a profit growth rate of around 18% in 2025, surpassing market expectations of 13% [21] Strategic Initiatives - Jin Zai Food is adopting an omnichannel strategy, with significant potential for offline channel expansion, including entry into membership-based supermarkets like Sam's Club [2][12] - The company aims for a revenue growth rate of approximately 20% in 2025, with continuous improvement in profitability [12][13] Investment Rationale - Jin Zai Food is recommended due to its low valuation and potential for performance improvement, supported by a clear growth path for major products and expansion into new channels [6][22] - The company is expected to leverage high-potential channels and premium membership supermarkets to enhance revenue, with a target price of 19 to 23 yuan based on a PE ratio of 25 to 30 times [3][21] Conclusion - The investment logic for Jin Zai Food centers on growth driven by new channels and significant potential in product categories, positioning it as a compelling investment opportunity in the snack industry [22]

关于 2023 年限制性股票激励计划首次授予部分 第二个限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：003000 证券简称：劲仔食品 公告编号：2025-38 劲仔食品集团股份有限公司 3、2023 年 4 月 12 日，公司对 2023 年限制性股票激励计划内幕信息知情人 及激励对象买卖公司股票情况进行了自查，并披露了《关于 2023 年限制性股票 激励计划内幕信息知情人及激励对象买卖公司股票情况的自查报告》。 劲仔食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二个解除限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》及公司《2023 年限制性股票激励计划》的 相关规定，公司已经办理完成了 2023 年限制性股票首次授予部分第二个解除限 售期涉及的股份上市流通手续，符合解除限售条件的 24 名激励对象可解除限售 股份共计 1,540,000 股，占目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leading brand in the snack food sector, with a clear growth path for its major products. Fish products provide a stable foundation, while quail eggs are expected to create a second growth curve. Potential categories like tofu and konjac have significant growth opportunities, and the expansion into new channels in 2025 is anticipated to drive revenue and profit beyond expectations [1][2][4] Summary by Sections Major Product Growth - The company's major product, deep-sea fish, has shown double-digit growth in Q1 2025 despite a high base from the previous year. The company expects rapid growth in fish products due to channel deepening and breakthroughs in new high-potential channels [2] - Quail eggs are positioned as the second growth curve, with ongoing product upgrades such as selenium-enriched and soft-boiled quail eggs. The company aims to enhance profitability and gross margin through differentiated products and brand innovation [2] - Potential products like tofu and konjac are in a rapid cultivation phase, with innovative offerings like short-shelf-life tofu and new flavors of konjac sauce expected to drive significant growth [2] New Channel Expansion - The company has a clear omnichannel strategy, with successful offline channel expansion and stable growth in distribution channels. High-potential channels like membership-based supermarkets are progressing well, and the snack wholesale channel is expected to maintain rapid growth in 2025 [3] - Although online channels saw a decline in Q1 2025, they are entering a recovery phase, with expectations for future growth. The entry into new high-potential channels is expected to further enhance profitability [3] Revenue and Profit Forecast - The market anticipates the company will achieve mid-double-digit revenue growth in 2025, with profit growth lagging behind revenue due to adjustments in online channels and competition in the quail egg sector. However, the company is expected to exceed market expectations for revenue and slightly improve net profit margins [4] - The revenue projections for 2025-2027 are estimated at 28.9 billion, 34.34 billion, and 41.04 billion yuan, with year-on-year growth rates of 19.82%, 18.83%, and 19.51% respectively. Net profit is projected to be 3.43 billion, 4.18 billion, and 5.15 billion yuan, with growth rates of 17.85%, 21.82%, and 23.18% respectively [11]

Group 1: Market Performance - The three major indices showed fluctuations, with the Shanghai Composite Index closing flat, the Shenzhen Component down 0.08%, and the ChiNext Index down 0.33%. Over 3,300 stocks rose in the two markets, with a total trading volume of approximately 1.09 trillion yuan [2] Group 2: Shipping and Port Sector - The port and shipping sector saw significant gains, with Lianyungang (601008.SH), Nanjing Port (002040.SZ), and Ningbo Maritime (600798.SH) rising by 10%. Ningbo Ocean Shipping (601022.SH) also experienced a substantial increase [2] - Huayuan Securities noted that the 90-day US-China tariff window has triggered a surge in shipping demand on US routes, which is expected to boost both volume and price. Additionally, Asian route shipping rates may benefit from spillover effects, positively impacting related companies' performance [2] Group 3: Real Estate Sector - The real estate sector strengthened, with Shahe Co. (000014.SZ) rising by 10%, and Vanke A (000002.SZ), Poly Developments (600048.SH), Tianbao Infrastructure (000965.SZ), and Shibei Hi-Tech (600604.SZ) also seeing increases [2] - The National Bureau of Statistics indicated that the real estate market stabilized in April due to various policies aimed at promoting recovery. Future demand for green, smart, and safe housing is expected to grow, with significant prospects for upgrading old residential areas and improving real estate construction quality [2] Group 4: Mergers and Acquisitions - Mergers and acquisitions concept stocks showed strong movements, with Guangzhi Technology (300489.SZ) and Jinlihua Electric (300069.SZ) rising by 20%, and Zongyi Co. (600770.SH), Binhai Energy (000695.SZ), and Jinhongshun (603922.SH) increasing by 10% [3] - The China Securities Regulatory Commission recently announced amendments to the "Management Measures for Major Asset Restructuring of Listed Companies," encouraging private equity funds to participate in mergers and acquisitions, establishing simplified review procedures, and introducing a phased payment mechanism [3] Group 5: Food Processing Sector - The food processing and manufacturing sector performed well, with Three Squirrels (300783.SZ), Liangpinpuzi (603719.SZ), Jinzhai Food (003000.SZ), and Maiqu'er (002719.SZ) all seeing increases [4] - The Ministry of Commerce and the National Development and Reform Commission jointly released the "Measures for Promoting and Managing the Catering Industry," which will take effect on June 15, 2025. The measures include 25 provisions aimed at promoting the industry, including support for international cooperation, digital development, and local specialty catering cultivation [4]

Investment Rating - The report maintains a positive outlook on the food and beverage sector, indicating that leading companies in the sector have mid-term allocation value, with consumer staples showing stronger defensive characteristics and liquor exhibiting greater cyclical elasticity [5][9]. Core Insights - The report emphasizes the importance of monitoring new products and channel changes within the food and beverage industry, as overall demand remains subdued. It highlights the potential for recovery in the liquor sector if economic conditions improve in the second half of 2025, alongside necessary industry adjustments [5][9]. - Key recommendations include focusing on leading companies in the liquor sector such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as consumer staples like Yili and Qingdao Beer, which are expected to benefit from cost advantages and new retail trends [5][9][11]. Summary by Sections 1. Market Performance of Food and Beverage Sectors - The food and beverage sector underperformed the Shenwan A index by 0.16 percentage points during the period from May 12 to May 16, 2025. Sub-sectors such as food processing and beverage dairy outperformed the index, while liquor and other categories lagged behind [33]. 2. Liquor Sector Insights - The report notes that Kweichow Moutai's bottle price remains stable at 2080 RMB, with Wuliangye around 920-930 RMB. Despite a slight recovery in demand during the May holiday, overall consumption in the liquor sector is expected to remain flat, with pressures anticipated in the second quarter [10][11]. - Liquor companies reported positive revenue growth in Q1 2025, but the growth rate has slowed significantly compared to previous years, indicating a trend of increasing differentiation among brands [10]. 3. Consumer Staples Sector Insights - The report forecasts a flat demand outlook for consumer staples in the second quarter and second half of 2025, with a continued cost advantage expected to support profitability. The dairy sector is highlighted for its potential revenue and profit improvement due to supply-demand rebalancing and supportive policies [11]. - Specific companies such as Yili and Qingdao Beer are recommended for their strong performance and growth potential in the context of new product launches and channel innovations [11]. 4. Key Company Updates - Companies like Zhou Hei Ya are focusing on enhancing store quality and expanding distribution channels, while Huazhi Wine is targeting mid-to-high-end consumers through its retail strategies [14][15]. - Gu Yue Long Shan is concentrating on high-end and youthful product lines, with a focus on maintaining price stability and enhancing brand appeal [15].

证券代码：003000 证券简称：劲仔食品 公告编号：2025-037 劲仔食品集团股份有限公司 关于选举职工董事的公告 林锐新，男，中国籍，无境外永久居留权。1990 年 10 月出生，本科学历。 2013 年至 2016 年就职于湖南日报报业集团任记者；2016 年至 2017 年就职于湖 南腾湘科技有限公司任记者；2017 年至 2018 年就职于深圳前海华人金融控股集 团有限公司任媒介主管；2018 年至 2020 年就职于长沙远大住宅工业集团股份有 限公司任品推经理；2020 年加入劲仔食品集团股份有限公司，现任公司职工董 事、高级公共事务经理。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 劲仔食品集团股份有限公司（以下简称"公司"）为完善公司治理结构，依 据《公司法》等法律法规、规范性文件及《公司章程》等有关规定，于 2025 年 5 月 16 日召开职工代表大会，会议审议通过选举林锐新（简历附后）为公司第 三届董事会职工董事，任期至公司第三届董事会任期届满之日止。 林锐新先生具备相关任职条件，不存在《公司法》《公司章程》中规定的不 得担任董事 ...

证券代码：003000 证券简称：劲仔食品 公告编号：2025-036 劲仔食品集团股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有否决议案的情形； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开情况 1、会议召集人：公司董事会 2、会议时间： 现场会议时间：2025 年 5 月 15 日（星期四）下午 15:00； 网络投票时间：2025 年 5 月 15 日，其中： A、通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 15 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00。 B、通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 15 日（现场股东会召开当日）上午 9:15 至当日下午 15:00。 3、会议主持人：董事长周劲松先生。 4、现场会议召开地点：湖南省长沙市开福区万达广场 A 座写字楼 46 楼公司 会议室。 5、会议召开方式：现场表决与网络投票相结合的方式。 6、本次股东会的召集 ...

Group 1 - The core opinion of the legal opinion letter states that the convening and holding procedures of the shareholders' meeting, the qualifications of the convener and attendees, the voting procedures, and the voting results are in compliance with the Company Law, Shareholders' Meeting Rules, and the company's articles of association, thus deemed legal and valid [22][50]. Group 2 - The shareholders' meeting was convened by the company's board of directors, with the meeting held on May 15, 2025, at 15:00 in Changsha, Hunan Province [3][26]. - A total of 156 shareholders and their representatives attended the meeting, representing 215,114,948 shares, which accounts for approximately 48.0949% of the total shares with voting rights [7][31]. - The meeting utilized a combination of on-site voting and online voting, with specific time slots for each voting method [4][29]. Group 3 - The voting results for the proposal to amend the company's articles of association showed that 214,888,148 shares (99.8946%) were in favor, while 191,700 shares (0.0891%) opposed, and 35,100 shares (0.0163%) abstained [10][36]. - All proposed amendments, including revisions to the articles of association, meeting rules, and various management systems, were approved with significant majority votes, all exceeding the required two-thirds majority [11][39][48].

证券代码：003000 证券简称：劲仔食品 公告编号：2025-036 一、会议召开情况 1、会议召集人：公司董事会 2、会议时间： 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有否决议案的情形； 2、本次股东会不涉及变更前次股东会决议。 现场会议时间：2025 年 5 月 15 日（星期四）下午 15:00； 劲仔食品集团股份有限公司 出席本次会议的股东及股东代表共 156 人，代表股份数量 215,114,948 股， 占公司有表决权股份总数的 48.0949％。公司董事会秘书、部分董事、监事、高 级管理人员出席了本次会议，湖南启元律师事务所律师对本次会议进行了现场见 证。 网络投票时间：2025 年 5 月 15 日，其中： A、通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 15 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00。 B、通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 15 日（现场股东会召 ...