Anjoy food(SH:603345) Zhi Tong Cai Jing·2025-08-28 03:24Core Viewpoint - Anjiu Foods' first half-year report post "A+H" listing reveals a new growth logic amidst a mixed competitive landscape in the frozen food industry, with revenue of 7.604 billion yuan, a 0.80% year-on-year increase, and a net profit of 676 million yuan, down 15.79% year-on-year [1] Financial Performance - The decline in profit is attributed to both external and internal factors, including a 5.8% increase in sales costs due to rising raw material prices, which impacted the gross margin, decreasing by 3.5 percentage points to 19.9% [2] - Strategic adjustments and investments in product iteration and channel development have also pressured profits, indicating a transitional phase for the company [2][3] Industry Context - The frozen food industry, valued at over 100 billion yuan, is transitioning from high-speed growth to a mature competitive phase, with a projected global CAGR of 6.0% from 2024 to 2029 [2] - Competition is shifting from price wars to a focus on product strength, channel effectiveness, and brand power [2] Strategic Initiatives - Anjiu Foods is proactively adjusting its strategy, focusing on product innovation and channel expansion, including partnerships with major retailers like Walmart and new retail channels [4][5] - The company is diversifying its product line to reduce reliance on single categories and enhance brand value, which is expected to improve long-term profitability [5] Growth Drivers - The company's frozen dish products generated 2.416 billion yuan in revenue, a 9.4% increase, driven by strong performance in shrimp products [6] - New retail and e-commerce channels contributed 581 million yuan in sales, a 21.5% increase, while direct sales to special customers reached 548 million yuan, up 9.3% [6] Strategic Acquisitions and International Expansion - Anjiu Foods' strategic acquisitions, including a 70% stake in Jiangsu Dingwei Thai Foods and a 100% stake in Dingyifeng Foods, aim to enter the frozen baking sector and enhance market presence [7][8] - The recent "A+H" listing on the Hong Kong Stock Exchange is expected to boost international visibility and facilitate future global expansion efforts [8] Summary - Anjiu Foods is undergoing a strategic transformation, prioritizing long-term growth over short-term profits, with notable achievements in product expansion, channel development, and strategic acquisitions [9]