千禾味业焕新 加速走出舆情影响

Core Viewpoint - Qianhe Flavor Industry is undergoing a brand renewal and product upgrade following a "zero additive" controversy, with a focus on clean label products and compliance with new industry standards [2][3][5]. Group 1: Company Performance - In the first three quarters, Qianhe Flavor Industry reported a revenue of 1.987 billion yuan, a year-on-year decline of 13.17%, and a net profit of 260 million yuan, down 26.13% [2]. - The chairman acknowledged that the brand's reputation was damaged due to the controversy, estimating a recovery period of 10 to 12 months [2]. - The company began its brand renewal in September, aligning with national regulations and market trends towards clean label products [2][4]. Group 2: Industry Trends - The Chinese soy sauce market is projected to reach 104.1 billion yuan by 2024, shifting from basic demand to quality demand [5]. - The clean label soy sauce market is expected to capture 63.9% of the market share in the next three years, indicating a significant shift in consumer preferences [5][6]. - The introduction of new national standards for soy sauce aims to enhance product quality and safety, phasing out inferior products and promoting pure grain brewing [3][4]. Group 3: Regulatory Environment - New regulations prohibit misleading terms like "zero additives" and provide a two-year transition period for compliance [3]. - The "Soy Sauce Quality Standard" will be implemented by December 2026, emphasizing quality over mere compliance with production metrics [3][4]. - The clean label certification, aligned with EU standards, requires comprehensive risk management throughout the production process, with Qianhe achieving the highest level of certification [6]. Group 4: Future Strategy - Qianhe Flavor Industry plans to focus on four main product categories: soy sauce, vinegar, cooking wine, and oyster sauce, particularly in the clean label segment [6]. - The company is prioritizing international expansion, targeting markets in the US and Europe, while initially focusing on sales rather than production capacity abroad [6].