Core Insights - The pre-prepared meal market in China is projected to reach 485 billion yuan in 2024, with a year-on-year growth of 33.8% [1] - The controversy surrounding pre-prepared meals is driven by consumer perceptions and the industry's growing industrialization [1] Consumer Concerns - The primary complaint from consumers is that pre-prepared meals are perceived as "not tasty," as traditional cooking methods are deeply ingrained in Chinese culinary culture [3][9] - Many consumers resort to pre-prepared meals due to time constraints, indicating a demand for convenience despite taste concerns [4][6] - There is a significant issue with transparency, as many restaurants do not disclose that they serve pre-prepared meals, leading to feelings of being overcharged [6][10] Industry Perspectives - Industry experts acknowledge that the taste and quality of pre-prepared meals are often seen as inferior, but they argue that definitions of "delicious" can vary [9][12] - The definition of pre-prepared meals is often misunderstood by consumers, leading to confusion about what constitutes a pre-prepared meal [10] - The market for pre-prepared meals is expected to continue growing, with a potential split in the restaurant industry between freshly cooked and convenient pre-prepared options [13][16] Regulatory Developments - The upcoming national standards for pre-prepared meals aim to clarify definitions and improve food safety regulations, which could enhance consumer trust [14][15] - There is a call for better industry self-regulation and transparency to address consumer concerns about food safety and quality [15] Market Trends - The pre-prepared meal sector is experiencing rapid growth, with approximately 28,000 related companies in China and a 120.43% increase in new registrations last year [13] - The market penetration of pre-prepared meals in China is currently between 10% to 15%, indicating significant room for growth compared to over 60% in developed countries [16]

Core Insights - The pre-prepared food industry is experiencing a resurgence in capital enthusiasm, with the equal-weight index for pre-prepared foods reaching an annual high of 1081.99, reflecting strong performance across all 31 constituent stocks [1][3] - The market structure shows that approximately 70% of the pre-prepared food market share is concentrated in the B-end, while the C-end market faces challenges due to food safety and consumer awareness issues [1][10] - The recent controversies surrounding the industry have prompted the establishment of national food safety standards, which could clarify consumer perceptions and expand the C-end market [1][10] Market Performance - From November 1 to 12, all constituent stocks in the pre-prepared food index showed positive growth, with notable performances from companies like Baba Foods and Huifa Foods, which saw monthly increases of 24.63% and 15.90%, respectively [3][4] - Guangdong-based companies performed steadily, with Guolian Aquatic Products and Guangzhou Restaurant showing increases of 4.82% and 1.59% [3] Company Analysis - Baba Foods, which started with buns, has expanded its franchise model significantly, reaching 5,934 stores by Q3 2025, with a single-store revenue of 67,500 yuan, indicating strong growth potential [5] - Huifa Foods is focusing on international expansion, achieving a 71.77% increase in overseas revenue, amounting to 8.4451 million yuan, and has established a strategic partnership with the University of Malaya [6] - The financial performance of leading companies varies, with Shuanghui Development reporting a net profit of 3.959 billion yuan, while Guolian Aquatic Products faced significant losses of 799 million yuan [7][8] Industry Outlook - The pre-prepared food market in China is projected to reach 485 billion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to grow to 749 billion yuan by 2026 [10] - The C-end market's potential is anticipated to increase as consumer habits evolve, with major players like JD.com establishing dedicated pre-prepared food departments to enhance their market presence [10]

Core Insights - The pre-made food industry must address its trust crisis and technological bottlenecks to transition from quantity explosion to quality evolution [1] - The number of sustainable and profitable companies in the pre-made food sector is expected to decrease significantly from over 68,000 to potentially under 5,000 in the next five years, with only about 1,500 companies likely to have substantial market influence [3] Market Dynamics - **Core Product Sales Landscape** - "Sour Fish" has maintained the top position in sales for four consecutive years, with a market share of 50%, driven by its authentic flavor and competitive pricing [5] - "Buddha Jumps Over the Wall" is emerging as a growth engine in the high-end market, with sales surging by 216% during the Spring Festival [6] - Various meat-based pre-made dishes are gaining traction, with "Braised Pork with Preserved Vegetables" leading in family consumption [7] - **Health-Conscious Trends** - High-protein, low-fat products are seeing a sales increase of 217% in the first half of 2025, appealing to fitness enthusiasts and office workers [8] - Air fryer-specific pre-made dishes are gaining popularity, accounting for 27% of sales in 2025 [8] Consumer Behavior - **Demand Upgrades** - Convenience is a major driver, with 43% of sales coming from the 22-31 age group, and 44.4% purchasing pre-made meals 2-3 times a week [10] - 62% of consumers are concerned about additives and preservation technologies, leading to a 35% growth in low-fat and low-sugar products [10] Supply Chain and Technology - **Logistics and Production Advances** - The national cold storage capacity exceeds 200 million cubic meters, with cold chain transportation rates improving to 45% [11] - Standardized production through central kitchens has reduced costs by 20% compared to traditional dining [11] Policy and Investment - **Regulatory and Financial Support** - The implementation of national food safety standards in 2025 will enforce cold chain transportation and no preservatives, accelerating the exit of smaller brands [12] - Over 10 billion yuan has been invested in the pre-made food sector in 2024, with leading companies expanding capacity through IPOs [12] Regional Market Characteristics - **East Coast: High-End and Diverse** - Guangdong focuses on high-end products like "Buddha Jumps Over the Wall," while Zhejiang emphasizes convenient options like "Sour Fish" [13] - Online sales account for over 50% of the market, with platforms enhancing repurchase rates through quick delivery [14] - **Midwest: Value and Local Flavor** - Regions like Sichuan and Chongqing prefer spicy dishes, with community group buying increasing order volumes by 230% in 2025 [16] - **Northern Market: Large Portions and Bold Flavors** - Northeastern consumers favor hearty dishes, with winter hot pot demand significantly boosting sales [18] Competitive Landscape - **E-commerce Strategies** - Platforms like Pinduoduo focus on value, while JD.com is leaning towards premium products, with sales of high-end pre-made dishes increasing by 250% during the Spring Festival [19][20] - **Offline Channels: Experience and Engagement** - Supermarkets are enhancing conversion rates through tasting events, while convenience stores are bundling fresh food with pre-made options [22] - **B2B Market: Chain Restaurants Lead Procurement** - Chain restaurants have an 80% penetration rate for pre-made dishes, significantly reducing labor costs [23] Future Trends and Challenges - **Growth Opportunities** - The health-focused pre-made food market is projected to exceed 250 billion yuan by 2030, with local specialties gaining traction in international markets [26] - The industry faces challenges from homogenized competition and consumer trust issues, with 32% of consumers doubting the nutritional value of pre-made meals [27][28]

Core Insights - The prepared food industry is rapidly developing due to policy support, industrialization of catering, and the rise of the "lazy economy" [2] - The industry faces challenges such as product homogenization, food safety control, and ensuring consumer rights [2] - There is a lack of a unified national standard system for prepared foods, leading to inconsistent product quality and chaotic competition [2] Market Overview - The B-end market focuses on "cost reduction and efficiency" and "standardization," while the C-end market emphasizes "convenience and taste" [2] - The B-end market accounts for approximately 60%-70% of the overall market structure, while the C-end market is expected to experience explosive growth [2] - The Chinese prepared food market is projected to reach 485 billion yuan in 2024, with a year-on-year growth of 33.8% [2][24] - The industry is characterized by significant regional features and low concentration, with many small and weak players [2][24] Industry Development Stages - The development of the prepared food industry can be divided into three stages: the embryonic stage, the rapid development of the B-end, and the explosive demand of the C-end [14] - The pandemic in 2020 acted as a catalyst for the rapid growth of the prepared food industry, shifting focus from B-end to C-end markets [18] Industry Structure - The prepared food industry has a complete supply chain, with upstream raw material suppliers, midstream production and processing, and downstream consumption markets [20] - The market is divided into B-end (restaurants, catering) and C-end (individual consumers) sales channels [20] Competitive Landscape - The industry is highly fragmented with around 28,000 related companies, and most players are small and weak [43] - Major participants include professional prepared food companies, frozen food companies, catering enterprises, and fresh e-commerce platforms [43] Key Players - Anjiu Food focuses on frozen food and has developed a brand for prepared foods, achieving revenue of 15.127 billion yuan in 2024 [48][49] - Weizhi Xiang is a significant player with over 2,000 stores and a diverse product line, achieving revenue of 672 million yuan in 2024 [50] - Guolian Aquatic Products specializes in aquatic foods and has a comprehensive marketing network, achieving revenue of 3.409 billion yuan in 2024 [51]

Core Insights - The pre-prepared food industry in China is experiencing explosive growth, with the number of related enterprises reaching 28,000, and a significant increase in registrations, with 11,700 new companies expected in 2024, marking a 120.43% year-on-year growth [3] - The core growth drivers for the pre-prepared food industry include the rising chain restaurant rate, changing consumer habits, and advancements in cold chain logistics technology [10] Industry Overview - The pre-prepared food sector is seen as a key engine for the integration of agriculture and consumption, as well as the transformation of the food industry [3] - The Chinese government is actively working on establishing national standards for pre-prepared foods to enhance consumer rights and choices [1] Company Insights - Qianwei Yangchu, a leading player in the pre-prepared food supply chain, has seen its stock price rise by 50.26% since May, positioning it as a top performer in the sector [4] - The company reported a sales revenue of 65.22 million yuan for frozen prepared dishes in the first half of 2025, a 67.31% increase year-on-year, driven by increased sales volume [4] Competitive Positioning - Qianwei Yangchu collaborates closely with major restaurant chains like Yum China and Haidilao, providing customized products that meet high supply chain stability requirements [7] - The company employs advanced freezing technology to preserve food quality without the use of preservatives, addressing common consumer concerns about pre-prepared foods [7] Marketing and Consumer Trust - The company is focused on transparency in its production processes to build consumer trust, showcasing the entire journey from ingredient selection to delivery [8] - Qianwei Yangchu is actively participating in industry standard discussions and has implemented measures to ensure compliance with new regulations, including a 100% temperature-controlled transport system [9] Future Outlook - The expected increase in the chain restaurant rate to over 35% by 2028 will drive demand for standardized pre-prepared foods in the B2B market [10] - Changing consumer demographics are fostering a demand for convenient cooking options, which will boost C2C pre-prepared food consumption [10] - Improvements in cold chain logistics will reduce transportation costs and losses, expanding the market reach for pre-prepared foods [10]

Group 1 - The core viewpoint is that there is a lack of trust in the pre-packaged meal market, as most available products are not from well-known food brands, raising questions about why major food companies are not participating in this rapidly growing market [1] - The public debate around pre-packaged meals has increased transparency discussions within the restaurant industry, particularly following a dispute between a prominent figure and a restaurant chain [2] - A restaurant chain has committed to adjusting its processing methods to enhance transparency, with a deadline set for October 1, 2025, for all locations to complete these changes [2]

Industry Overview - The pre-prepared food sector is experiencing significant growth, with a market size projected to reach 485 billion yuan in 2024, reflecting a year-on-year increase of 33.8%, and expected to reach 749 billion yuan by 2026 [1] - The sector is facing challenges such as low entry barriers, product homogeneity, and consumer awareness issues, which could impact future growth [1] Company Performance - **Delisi**: Achieved revenue of 1.616 billion yuan in the first half of the year, up 17.04% year-on-year, but net profit decreased by 27.24% to 10.303 million yuan. Pre-prepared food contributed 643 million yuan to revenue, a growth of 35.77%, accounting for 39.77% of total revenue [1] - **Huifa Food**: Reported revenue of 735 million yuan, down 17.75% year-on-year, with a net loss of 29.993 million yuan, indicating worsening financial performance despite efforts to diversify product offerings [2] - **Longda Meishi**: Generated revenue of 4.975 billion yuan, a decrease of 1.38% year-on-year, with net profit down 39.52% to 35.169 million yuan. The pre-prepared food segment saw a revenue drop of 19.5% [2] - **Guolian Aquatic Products**: Recorded revenue of 1.651 billion yuan, down 18.36% year-on-year, and a net loss of 54 million yuan, indicating a significant decline in the main pre-prepared seafood business [2] - **Weizhi Xiang**: Achieved revenue of 343 million yuan, up 4.70% year-on-year, but net profit fell by 24.46% to 31.947 million yuan, marking two consecutive years of profit decline [3] - **Qianwei Central Kitchen**: Reported revenue of 886 million yuan, a slight decrease of 0.72%, with net profit down 39.67% to 35.789 million yuan. The fastest-growing segment was frozen prepared dishes, but overall revenue from main and snack categories declined [3] Market Dynamics - The pre-prepared food market is expanding due to improvements in cold chain technology and increased coverage, but companies must find growth points and establish competitive barriers to succeed [1][3]

Core Viewpoint - The dispute between Luo Yonghao and Jia Guolong regarding pre-prepared dishes has concluded, with West Be acknowledging the need for transparency in the use of pre-prepared ingredients in restaurants [1][2] Industry Overview - The pre-prepared dish sector has seen a rise in stock prices despite consumer backlash, with companies like Delisi and established brands such as Weizhi Xiang and Sanquan Foods experiencing significant gains [1][2] - The National Health Commission's draft for national food safety standards for pre-prepared dishes is expected to provide clarity on the definition and usage of these products in the restaurant industry [1][2] Definitions and Concepts - The distinction between central kitchens and pre-prepared dishes is crucial, with pre-prepared dishes being fully cooked and frozen for direct consumption, while central kitchens provide semi-finished products that require further cooking [3][4] - The official definition of pre-prepared dishes by the State Administration for Market Regulation excludes dishes made in central kitchens, highlighting the need for clarity in industry standards [2][3] Market Dynamics - The development of central kitchens is seen as a trend in the restaurant industry, driven by the need for efficiency and quality control in food preparation [4][6] - The pre-prepared dish market in China is still in its early stages, with significant differences compared to Japan, where a well-established market exists with strict food production standards [7][9][10] Future Outlook - The pre-prepared dish industry in China is projected to grow rapidly, with estimates suggesting a market size of 674.9 billion yuan by 2030 and a compound annual growth rate (CAGR) exceeding 10% [12] - Companies are recognizing the challenges in gaining consumer trust and are implementing quality management measures to address food safety and regulatory issues [11][12]

Core Viewpoint - The dispute between Luo Yonghao and Jia Guolong regarding pre-prepared dishes has concluded, with West Be acknowledging the need for transparency in their use of pre-prepared ingredients, while the market for pre-prepared dishes remains resilient despite consumer concerns [1][8]. Industry Summary - The pre-prepared dish sector has seen a rise in stock prices since September 15, with companies like Delisi reaching a limit up, indicating strong market interest [2][3]. - The National Health Commission's draft for national food safety standards for pre-prepared dishes is expected to clarify the definition and usage of these products in the restaurant industry, which may enhance consumer confidence [3][12]. - The controversy highlights a disconnect between industry definitions of pre-prepared dishes and consumer perceptions, with concerns over food safety and ingredient quality being prominent [4][12]. Company Summary - Companies such as Delisi, Longda Meishi, and others have experienced significant stock price increases, reflecting positive market sentiment towards the pre-prepared food sector [2]. - Qianwei Central Kitchen has acknowledged the trust challenges in the pre-prepared dish market and is implementing quality management measures to address these issues [13]. - The market for pre-prepared dishes in China is projected to grow rapidly, with estimates suggesting a market size of 674.9 billion yuan by 2030, driven by various factors including evolving consumer preferences and regulatory developments [13].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding consumer rights and the quality of dining experiences. The discussion emphasizes the need for clearer definitions, reduced information asymmetry, and maintaining food quality while providing convenience [3][25]. Group 1: Definition and Classification of Pre-prepared Dishes - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption. They do not contain preservatives [5][16]. - Foods that do not fall under the category of pre-prepared dishes include simply processed fresh vegetables, frozen staple foods, and meals prepared in central kitchens that comply with food safety regulations [6][7][10]. Group 2: Safety and Regulatory Measures - The regulatory framework emphasizes the importance of strict food safety management, including the establishment of food safety management systems and rigorous quality control of raw materials [11]. - There is a call for enhanced supervision and inspection of pre-prepared dish production, focusing on quality control throughout the supply chain [11][24]. Group 3: Consumer Rights and Transparency - The promotion of transparency regarding the use of pre-prepared dishes in restaurants is crucial to safeguard consumer rights. Consumers should be informed about the nature of the dishes they are purchasing [12][22]. - The discussion highlights the need for a clear labeling system and the establishment of a complaint mechanism for consumers to report misleading practices [24][25]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is recognized as a significant component of the food industry, with calls for standardized regulations and innovative practices to enhance quality and safety [23][24]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [24].