好的尊敬的各位投资者大家下午好我是华创证券的彭俊明欢迎大家参加2025华创证券年度策略会深圳场那么本次呢我们也是也是这个安景驰品的一个线上交流我们也是非常荣幸邀请了安景驰品的董秘梁总来给大家做一个分享和交流梁总您好秦勇老师您好尊敬的各位投资者大家下午好 好的好的那那最开始就我们就直接进行这个交流吧就是最开始就麻烦梁总我们有几个贡献问题可能一起交一下就第一呢相信大家也比较关心就四季度以来因为确实呢有一些这个天气因素包括当然同时呢也能看到政策端呢也有一些发力不知道怎么咱们怎么来展望和理解四季度的一个销售情况包括这个旺季的备货情况 也请梁总最开始帮我们做一些近况的一些分享和更新谢谢好那个这个事件的情况呢大家都比较关心关注的 刚刚提到的消费啊还有天气民宿我就不再多去说这些了大家都情况比较了解包括现在仍然都是一个持续暖冬的这么一个状况那我们看到就是因为现在年报啊包括季报都还没披露所以我把大的方向 跟大家也描述一下从整体上我们看到比如说就经销商的牟利这边来看全年的状况来讲分成比如说这个一二三四的四个季度的表现总体来讲肯定那今年的一到三月份也就是第一季度双手的增长率和牟利增长率在我们看到经销商的数字里面肯定是最可观的 那从 ...

Summary of Conference Call for Anjing Foods Company Overview - The conference call was held for Anjing Foods, focusing on their annual strategy and sales performance in the food industry, particularly in the hot pot and processed food segments. Key Points and Arguments Sales Performance - Sales in October were relatively flat due to market competition and environmental factors, but there has been improvement since November, with a slight increase in sales compared to October [1][2]. - The hot pot ingredient segment has shown modest growth, while the noodle segment has experienced a slight decline due to intense competition [2]. - The company is optimistic about the sales performance of new products like sausages and other processed items, expecting to exceed sales targets for these products [2][4]. Market Dynamics - The company has observed a mixed recovery in B2B (restaurant) and B2C (household) channels, with no clear winner in terms of recovery speed [5]. - The company has made significant progress in securing partnerships with major clients like Yum China, which is expected to enhance sales in the B2B segment [5][6]. - The competitive landscape remains challenging, with the need for strategic marketing investments to maintain market share without engaging in destructive price wars [7][8]. Product Development and Innovation - Anjing Foods is focusing on product localization and innovation, with plans to introduce new items that cater to regional tastes [9][10]. - The company has seen a strong performance in its sausage product line, with a growth rate of approximately 20% year-on-year [11]. - The seafood segment, particularly crayfish, has shown double-digit growth despite pricing pressures, indicating a strong market presence [12][13]. Cost Management and Raw Material Prices - Raw material prices for pork, beef, and oils have increased, with pork prices rising by nearly double digits [16][17]. - The company is managing its inventory levels effectively, ensuring sufficient stock during peak seasons [16]. Production Capacity and Expansion - New factories in Shandong and Guangdong are ramping up production, with a focus on balancing orders between old and new facilities to optimize capacity utilization [18][19]. - The company is cautious about expanding production capacity further, preferring to utilize existing facilities efficiently before considering new investments [20][21]. Strategic Outlook - The company is exploring acquisition opportunities in the food sector but remains cautious, focusing on strategic fit and market conditions [32][33]. - The potential for listing on the Hong Kong stock exchange is still being pursued, with ongoing discussions and preparations [34]. Investor Concerns - Investors expressed concerns about the company's financial performance and potential risks related to goodwill impairment, which the management acknowledged but could not provide specific forecasts for [22][24]. Additional Important Insights - The company has maintained a strong marketing push for its products, particularly in the sausage segment, which has contributed to its market share growth despite a challenging consumer environment [25][26]. - The management emphasized the importance of product quality and brand reputation in maintaining customer loyalty, especially in a competitive market [27][28]. - The company is actively engaging in new sales channels, particularly in e-commerce and new retail formats, to capture changing consumer behaviors [29][30]. This summary encapsulates the key discussions and insights from the conference call, highlighting Anjing Foods' current performance, market strategies, and future outlook in the food industry.

具体情况跟大家再做一个汇报整体的大数大家都看到了我们也不再去再读了我说一下2024年半年度的主要的销售情况从整体的渠道来分经销商渠道的半年度的营业收入61亿元占比仍然达到了81%这个比例还是比较稳定的相比来讲我们经销商渠道的增长也达到12.42%的比例 那特通直营渠道半年度的营业收入呢5.18个亿下降了一个亿降幅呢这个有15.27%这个呢主要有几个原因造成的大家也都众所周知今年的餐饮连锁受到影响包括一些这个小龙虾的这个价格受到影响所以呢在这个渠道里面我们新鸿雁就是我们那个控股子公司啊 他的在这个特通的直营渠道里面减少了大概有1个亿到1.5亿元的相对的收入其中包括一些这个鸭脖子的这个连锁餐厅包括一些这个红烧猪的那些餐厅都有减少另外呢还有包括 农夫产品的相应的减少其中这个鱼粉的销售大概是下降了3000到3500万之间这一块也会受到影响那新流五这个渠道是增加的这也大概是增加了5000万左右的一个金额所以这个有两个情况主要造成跟小龙虾有很大的一个关系那商超渠道在今年上半年的整体的经营过程中一共取得了4.3亿的营业收入这里面大概是上半年下降了三个点 那到了今年的单二季度商超呢比之前略微有上涨的大概有四个点到五个点之间这 ...

Summary of Conference Call Records Company Overview - **Company**: Anjijia Food (安井食品) - **Industry**: Frozen food and processed food industry Key Points and Arguments Sales and Revenue Performance - **Distributor Channel**: Revenue reached 6.1 billion yuan, accounting for 81% of total sales, a year-on-year increase of 12.42% [1] - **Special Channel**: Revenue decreased by 15.27% year-on-year, particularly in the catering chain and crayfish segments [1] - **Supermarket Sales**: Experienced a decline of 3% [1] - **E-commerce Channel**: Main business generated 123 million yuan, a year-on-year increase of 35%, while Liu Wu contributed over 30 million yuan, with a halt in business during Q2 [1] - **New Retail**: Revenue of 150 million yuan, a year-on-year increase of 17%, mainly driven by Hema expansion [1] - **Frozen Products**: Slight decline of 1.5% year-on-year, but Q2 showed a growth of 1.36% [1] Product Performance - **Small Crispy Meat**: Revenue of 260 million yuan in the first half, a year-on-year increase of 85% [1] - **Lock Fresh Packaging**: Revenue exceeded 700 million yuan, a growth of 20-30% compared to last year [1] - **Crayfish Segment**: Revenue for shrimp tails was 538 million yuan, down 25-30% from 750 million yuan last year, with a gross margin below 6% [1] - **Whole Shrimp**: Revenue of 373 million yuan, slightly up from 353 million yuan last year, maintaining a gross margin of 7-8% [1] - **Agricultural Products**: Revenue of 190 million yuan, down from 260 million yuan last year [1] Profitability and Costs - **Q2 Net Profit Margin**: Slight decline due to increased promotional efforts and price wars in the catering sector [1] - **Share-based Payment Expenses**: Increased by 57 million yuan, with Q2 expenses at 28 million yuan [1] - **Overall Gross Profit**: Increased by 75 million yuan in Q2, but operating expenses rose due to share-based payments and reduced interest income [1] - **Tax Expenses**: Increased by 25 million yuan [1] Market Trends and Future Outlook - **Market Competition**: The company is facing intense competition, particularly in the crayfish and processed food segments [2] - **Product Strategy**: Focus on lock fresh packaging, grilled sausages, and lamb rolls as key growth areas [3] - **Capacity Utilization**: Currently at 91%, with plans for cautious capital expenditure and increased dividends [3] - **Raw Material Costs**: Expected to rise in the second half of the year, but overall impact on gross margin is anticipated to be minimal [3][4] Regional Performance - **Regional Revenue Variability**: Different growth rates across regions, with crayfish being a strong performer in East and North China [5] Financial Management - **Dividend Policy**: Committed to a dividend payout ratio of 40%, with actual payouts reaching 50% [5] - **Government Subsidies**: Anticipated recovery of missing subsidies in Q3 [5] Challenges and Risks - **Catering Sector Impact**: The overall catering environment remains challenging, affecting sales and profitability [5] - **Credit and Asset Impairment**: Notable fluctuations in credit impairment due to increased accounts receivable [3] Conclusion - The company is navigating a competitive landscape with a focus on maintaining market share while managing costs and profitability. Future growth is expected to come from strategic product offerings and regional expansion, despite challenges in the broader market environment.

证券代码:603345 证券简称:安井食品 安井食品集团股份有限公司 投资者调研记录表 | --- | --- | --- | |-----------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------| | 投资者关系 \n活动类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n团现场参观 | □分析师会议 \n□业绩说明会 \n口路演活动 \n团其他 | | 时间 | | 2024 年 6 月 | | 上市公司接 待人员姓名 | | 总经理:张清苗 董事会秘书:梁晨 | | | | 1、请介绍一下第二季度的公司经营情况。 | | | | 六月初公司召开了集团高管述职暨总结大会,进一步明确今年 | | | | 营销拓新渠道重点,主动拥抱大 B。大 B 合作的难度主要在前期的 | | | | 产品研发和市场导入，下一步重点开发的大 ...