Group 1 - The leisure food sector increased by 0.74% on September 25, with Yan Jin Pu Zi leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Key stocks in the leisure food sector showed varied performance, with Yan Jin Pu Zi closing at 70.15, up 2.56% [1] Group 2 - The leisure food sector experienced a net outflow of 8.28 million yuan from main funds, while retail investors saw a net inflow of 22.61 million yuan [2] - Major stocks like Wan Chen Group had a net inflow of 34.23 million yuan from main funds, but a net outflow from retail and speculative funds [3] - The overall trend indicates a mixed sentiment among different types of investors within the leisure food sector [2][3]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The report highlights that the sales of liquor are expected to face pressure during the upcoming Mid-Autumn Festival and National Day, but there are opportunities for bottom recovery in the sector [5] - The overall performance of the food and beverage sector has lagged behind the Shanghai Composite Index, with a decline of 1.48% over the past two weeks [14] - The report emphasizes the importance of monitoring the recovery of the liquor market and suggests that the worst phase for the industry has passed [5] Summary by Sections Recent Trends - In August, the retail sales of tobacco and liquor fell by 2.3% year-on-year, while restaurant income increased by 2.1%, indicating a gradual recovery in dining consumption [5] - The price of Feitian liquor has shown weakness, with a decline in wholesale prices [5] Market Performance - The food and beverage sector's performance over the last month was 1.3%, 4.6% over three months, and 20.8% over the past year, compared to the Shanghai Composite Index's performance of 6.6%, 17.1%, and 40.9% respectively [3] Key Recommendations - The report recommends several liquor companies for investment, including Luzhou Laojiao, Shanxi Fenjiu, and Kweichow Moutai, among others [5][25] - For consumer goods, it suggests focusing on companies like Bai Run Co., Wei Long, and Salted Fish [8][25] Valuation Insights - As of September 19, 2025, the dynamic price-to-earnings (PE) ratio for the food and beverage sector is 21.1x, indicating a relatively low valuation compared to other sectors [22] - The report notes that the liquor sub-sector has the highest valuation at 50.42x [22] Focused Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, including Kweichow Moutai with an expected EPS of 74.19 yuan for 2025 and a PE ratio of 19.79 [28]

Core Viewpoint - The company, Jinzhai Food, held a performance briefing on September 19, 2025, discussing various aspects such as channel development, R&D progress, and operational planning [1] Group 1: Channel Development and Marketing - The company adheres to a "big single product, all-channel" strategy, reinforcing traditional distribution channels while enhancing modern channel management and developing suitable products for emerging channels [1] - Marketing expenses are focused on improving core channel displays and brand recognition through offline efforts, while online strategies emphasize consumer communication [1] Group 2: R&D Progress and New Product Planning - The company maintains high R&D investment and has established multiple research platforms, launching several health snacks such as nitrogen-packed deep-sea anchovies rich in DHA [1] - New products are developed based on channel demands to support channel growth [1] Group 3: Operational Planning for the Second Half of the Year - The company plans to strengthen channel and brand development, enhance product quality, organizational capability, and supply chain efficiency [1] - Emphasis will be placed on increasing channel penetration and service capabilities, reinforcing the positioning of "delicious and healthy snacks" through word-of-mouth marketing [1] Group 4: Raw Material Costs and Supply Chain Management - The company leverages its geographical advantages for strategic inventory during the fishing season and expands global quality raw material bases for anchovies [1] - For quail eggs, the company optimizes the upstream supply chain to cultivate high-quality egg sources [1] Group 5: Volume Channel Development - The company collaborates with major snack specialty systems, experiencing rapid growth in volume channels in the first half of the year [1] - The focus remains on sustainable health development through product innovation, category upgrades, and deepened cooperation to enhance market expansion and profitability [1] Group 6: Overseas Market Planning - The company has established an international trade department, with products sold in over 30 countries and regions, employing a strategy that focuses on key areas, markets, and categories for overseas market development [1] Group 7: Performance and Stock Price Relationship - The company believes in a stable fundamental base with steady growth in major categories, aiming to enhance market scale through channel development and product innovation in the second half of the year [1] Group 8: Differentiated Upgrades in Poultry Products - The company plans to upgrade all products to "antibiotic-free" quail eggs, with the "seven doctors" soft-boiled quail eggs currently primarily available through online self-operated channels, with future plans for broader channel coverage [1]

Group 1: Marketing and Sales Strategy - The company adheres to a "big product, all-channel" development strategy, focusing on differentiated strategies for traditional and emerging channels to enhance terminal coverage [2] - Marketing expenses will be directed towards core channel displays and brand recognition, both online and offline, to adapt to changing consumer trends [3] - The company aims to strengthen channel construction and enhance service capabilities to ensure sustainable development across various channels [3] Group 2: Financial Performance - In the first half of the year, the company achieved revenue of CNY 1.124 billion and a net profit of CNY 112 million [7] - The company is implementing a share repurchase plan to stabilize stock prices amid market fluctuations [3] - The company’s gross margin is under pressure due to rising raw material costs, particularly for anchovies and quail eggs [4] Group 3: Research and Development - The company maintains high R&D investment, focusing on health-oriented products such as low-salt and preservative-free snacks [3] - New product launches include DHA-rich deep-sea fish and antibiotic-free quail eggs, aimed at enhancing market competitiveness [3] - The company is developing differentiated products to meet channel demands, including popular items like "Jingmen Explosive Belly" and "Zhou Shuangshuang" crispy marinated peanuts [3] Group 4: International Expansion - The company has established an international trade department to expand into over 30 countries, including Japan, Korea, and Southeast Asia [6] - The overseas revenue growth rate exceeded 40% in the first half of the year, although the base remains small [6] - The company is focusing on key regions and product categories for market development in international markets [6] Group 5: Competitive Positioning - The company is addressing industry competition in poultry products by upgrading to high-end, differentiated products like antibiotic-free quail eggs [7] - The market feedback for these new products is positive, with plans to expand their reach across more channels [7] - The company aims to leverage its core channels to enhance market scale and counteract negative impacts from industry price wars [7]

Core Viewpoint - The company, Jinzhai Food Group Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 1.0 yuan per 10 shares for all shareholders, excluding shares held in the repurchase account [1][2][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved during the third extraordinary shareholders' meeting on September 12, 2025, with a total share capital of 450,894,159 shares, from which 11,124,000 shares in the repurchase account are excluded, resulting in a base of 439,770,159 shares for the cash dividend distribution [2][3]. - The total cash dividend to be distributed amounts to 43,977,015.90 yuan (including tax) [1][3]. Exclusion of Repurchased Shares - Shares held in the company's repurchase account (11,124,000 shares) will not participate in the profit distribution, as per regulations [2][6]. - The distribution will be adjusted based on the number of shares eligible for profit distribution, ensuring that the per-share distribution remains consistent [2][3]. Dividend Payment Details - The cash dividend will be distributed on September 25, 2025, to shareholders registered by the close of trading on September 24, 2025 [5][7]. - The cash dividend for different types of shareholders will vary based on tax regulations, with specific rates for Hong Kong investors and domestic investors [3][4]. Calculation of Ex-Dividend Price - The ex-dividend price will be calculated by subtracting the cash dividend per share (0.0975329 yuan) from the closing price on the registration date [9]. - The total cash dividend amount is derived from the actual participating share capital multiplied by the distribution ratio [9].

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 1.0 yuan per 10 shares to all shareholders [2] - The total share capital for the dividend calculation is 450,894,159 shares, with 11,124,000 shares deducted from the repurchase account, resulting in a base of 439,770,159 shares [2] - The record date for the dividend distribution is set for September 24, 2025, and the ex-dividend date is September 25, 2025 [2]

Core Viewpoint - The company Jinzhai Food (stock code: 003000) announced the implementation of its 2025 semi-annual equity distribution plan, detailing cash dividends to shareholders [1] Summary by Relevant Sections - **Equity Distribution Details** - The distribution is based on a total share capital of 450,894,159 shares, minus 11,124,000 shares held in the repurchase account, resulting in a base of 439,770,159 shares for the cash dividend distribution [1] - The company will distribute a cash dividend of 1.0 yuan (including tax) for every 10 shares held, totaling a cash payout of 43,977,015.90 yuan [1] - **Key Dates** - The record date for shareholders is set for September 24, 2025, while the ex-dividend date is September 25, 2025 [1] - **Dividend Payment Process** - The company has entrusted China Securities Depository and Clearing Corporation Limited Shenzhen Branch to distribute cash dividends to A-share shareholders, with some being self-distributed [1] - The ex-dividend price is calculated as the closing price on the record date minus 0.0975329 yuan per share [1]

本次权益分派方案实施后，根据股票市值不变原则，实施权益分派前后公司 总股本保持不变，现金分红总额分摊到每一股的比例将减小。本次权益分派实施 后除权除息价格计算时，每 10 股现金红利应以 0.975329 元/股计算，每股现金 红利以 0.0975329 元/股计算（每股现金红利=现金分红总额/总股本，即 0.0975329 元/股=43,977,015.90 元÷450,894,159 股）。因此，本次权益分派实施后的除权 除息价格=股权登记日收盘价-0.0975329 元/股。 一、股东会审议通过利润分配方案的相关情况 证券代码：003000 证券简称：劲仔食品 公告编号：2025-068 劲仔食品集团股份有限公司 2025 年半年度权益分派实施公告 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、劲仔食品集团股份有限公司（以下简称"公司"）回购专用证券账户中 的股份 11,124,000 股不参与本次权益分派。公司 2025 年半年度权益分派方案为： 以本次权益分派股权登记日的总股本 450,894,159 股，扣除回购账户 11,124 ...

Group 1 - The company, Jinzhai Food, has commenced operations at its Beihai base in July, which is expected to enhance production capacity and ensure product supply [1]

Group 1 - The company has established an international trade department to focus on expanding its overseas market [2] - The company anticipates a growth of over 90% in its overseas business in 2024 [2] - The company is actively developing key regional markets to drive the growth of its overseas operations [2]