Bei Jing Shang Bao·2025-09-04 14:40Core Viewpoint - The enthusiasm for the prepared food industry appears to be waning, as several leading companies report disappointing financial results, indicating a shift towards a new adjustment phase in the industry [1][4]. Financial Performance - Weizhi Xiang reported a revenue of 343 million yuan in the first half of the year, a year-on-year increase of 4.7%, but its net profit attributable to shareholders fell by 24.5% to 31.95 million yuan, with a gross margin decrease of 4.02 percentage points to 20.83% [3]. - Qianwei Yangchu's revenue decreased by 0.7% to 886 million yuan, with a net profit drop of 39.7% to 35.79 million yuan [3]. - Anjixin's revenue slightly increased by 0.8% to 7.604 billion yuan, but its net profit fell by 15.79% to 676 million yuan, marking the first decline in interim net profit since its listing [3]. - The growth rate of Anjixin's prepared food business slowed to 9.4%, down from previous high growth rates of 29.84% and 10.76% [3]. Industry Challenges - Rising raw material costs and intensified competition are common concerns highlighted by these companies, impacting their profit margins [3][4]. - The competition has led to a decline in sales volume and increased pressure on profit margins due to promotional activities [4][6]. Market Dynamics - Over 85% of prepared food products are sold to B-end customers, primarily chain restaurants and hotels, which are increasingly focused on cost-effectiveness [6]. - Qianwei Yangchu reported a reduction in the number of distributors from 1,953 to 1,591, a net decrease of 362 [6]. - Weizhi Xiang also experienced a net decrease of 160 distributors, bringing the total to 2,917 [6]. Consumer Perception - Despite some consumer awareness of prepared foods, there remains a negative perception regarding taste and convenience, indicating a need for improved brand trust and consumer education [7][8]. Regulatory Environment - The prepared food market is experiencing rapid growth, with a market size of 485 billion yuan in 2024, expected to reach 749 billion yuan by 2026, alongside a significant increase in the number of registered companies [10]. - New regulations have been introduced to enhance food safety standards, which may raise the entry barriers for companies lacking brand recognition and operational scale [11].