Group 1: Company Achievements - Aojinqi has been awarded "National Sales Champion of Meat Silk Sausage" and "China's First Brand of Meat Silk Sausage" by iiMedia Research, a leading third-party data mining and analysis agency [1][5] - Aojinqi has established itself as a representative enterprise in the domestic leisure food industry, with over 100 products achieving full-channel coverage and a network of over 1,000 distributors [7] - The company has received dual certifications for ISO9001 quality management and ISO22000 food safety management systems, indicating a robust quality management mechanism [7] Group 2: Market Trends - The Chinese leisure food market is experiencing significant growth, with the market size projected to reach 1,155 billion yuan in 2024 and 1,237.8 billion yuan by 2027, driven by increasing consumer health awareness [3] - The market is characterized by personalization and diversification, with brands like Aojinqi and Wang Xiaolu quickly rising to meet consumer demands for unique products [5] Group 3: Product Innovation - Aojinqi's Dasi Meat Silk Sausage has gained popularity due to its unique taste and high meat content, achieving a meat content of 80% and a meat silk addition of ≥8% [8] - The Dasi Meat Silk Sausage is available in various flavors and packaging sizes, catering to different consumer preferences and consumption scenarios [8] - The company has also launched the "Xiaoyuan Kuairun" brand focusing on low-fat chicken breast products, which incorporates MCT for enhanced fat-burning effects and meets the health needs of sugar-conscious consumers [9] Group 4: Future Outlook - Aojinqi plans to continue exploring the potential of the health food market and will keep iterating its products to provide consumers with high-quality and diverse food options [11]

Group 1 - Healthy eating is no longer an optional lifestyle choice but a fundamental aspect of pursuing a high-quality life and maintaining physical and mental health [1] - A balanced, moderate, and diverse diet is essential for health, ensuring the intake of proteins, carbohydrates, healthy fats, vitamins, and minerals [1][3] - Overconsumption of any nutrient can lead to health issues such as obesity, cardiovascular diseases, and diabetes, emphasizing the importance of moderation in dietary choices [3] Group 2 - A diverse diet not only ensures comprehensive nutrient intake but also enhances the enjoyment of food, preventing monotony and overeating [3] - The internet provides vast resources for healthy eating, allowing access to nutritional knowledge, dietary plans, and diverse culinary cultures [3] - The application of internet technologies like big data and artificial intelligence is driving the trend towards more precise and personalized healthy eating solutions [5] Group 3 - The industry is witnessing a transformation as companies leverage the internet for marketing and sales, utilizing platforms like mini-programs and social media for targeted outreach [5]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a revenue decline of 0.8% with constant currency revenue growth of 0.7% [28] - Gross margin expanded by 450 basis points year-over-year to 31.6%, marking the best quarterly results since the company went public [28][29] - Adjusted EBITDA loss was €3.7 million, an improvement of €9.5 million compared to the same quarter last year [28][32] Business Line Data and Key Metrics Changes - Volume grew by 9.2% in the quarter, with strong performance in Greater China and solid growth in Europe and International [6][29] - North America segment underperformed due to a change in sourcing strategy at the largest customer and SKU rationalization in frozen items [20][32] - The company continues to outperform both the plant-based milk category and the oat milk category, despite challenges in North America [21][32] Market Data and Key Metrics Changes - The German market saw accelerated growth to nearly 8% in the last twelve weeks, while the UK market is moving from decline to incipient growth [18][19] - The Greater China segment is performing well, with a focus on food service and rebuilding retail presence [23][24] Company Strategy and Development Direction - The company aims for disciplined resource allocation to create value and achieve its first full year of profitable growth as a public company [4][5] - Key priorities include igniting positive momentum globally, pursuing cost efficiencies, and enhancing brand relevance [9][25] - The company plans to roll out its strategy to more European markets and North America in Q2 2025 [26][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in North America but believes investments and action plans will drive positive momentum later in the year [7][20] - The company expects constant currency growth in the range of 2% to 4% for the full year, with adjusted EBITDA projected between €5 million to €15 million [35][36] Other Important Information - The company reduced its cost of goods sold per liter by 15% year-over-year and 6% compared to the previous quarter [25] - Free cash flow improved to a use of cash of €21 million, marking the best quarterly performance as a public company [34] Q&A Session Summary Question: What gives confidence that initiatives in the U.S. will lift the soft oat milk category? - Management acknowledges that while Europe is outperforming, turning around category momentum in the U.S. will take time, but they see significant distribution opportunities [41][44] Question: How is the company thinking about gross margin for the full year? - Management expects gross margin to improve compared to the previous year, driven by supply chain efficiencies and product mix management [46][48] Question: What are the biggest distribution opportunities in North America? - Management sees ample opportunities across all channels, including retail and food service, and emphasizes the importance of executing the new playbook [53][56] Question: What is the outlook for the U.S. consumer and category momentum? - Management notes that while the category is experiencing a paradigm shift, they believe in the long-term fundamentals supporting growth in plant-based products [59][64] Question: What feedback is being received from food service operators regarding plant-based offerings? - Management observes that small to medium food service customers are adapting quickly to trends and adopting the company's offerings, indicating a shift in consumer preferences [78][81] Question: Are there opportunities for plant-based beverages to gain endorsements from health organizations? - Management confirms that they are actively building alliances and engaging in public education to support the plant-based narrative [84][86]

Core Viewpoint - The rise of wild vegetable hotpot reflects a growing consumer trend towards health-conscious eating, driven by nostalgia for natural and local ingredients, and the need for differentiation in a competitive market [30][31][36]. Group 1: Market Trends - Wild vegetable hotpot has gained popularity, with significant attention on social media platforms like Xiaohongshu and Douyin, where related content has seen substantial growth [3][5][30]. - The search volume for "wild vegetables" has increased dramatically, with a reported 23-fold rise since March 2025, indicating a strong consumer interest [5][30]. - The trend is characterized by low-cost offerings, with many hotpot restaurants providing unlimited wild vegetable options at prices ranging from 10 to 18 yuan per person [19][30]. Group 2: Health Consciousness - Increasing health awareness among consumers has led to a shift away from heavy, oily hotpot bases, with a 120% rise in high uric acid detection rates among the 18-35 age group over five years [31][32]. - Wild vegetables are perceived as healthier alternatives, often marketed for their natural growth and nutritional benefits, such as higher calcium content compared to milk [32][33]. - The demand for low-calorie and health-oriented hotpot options has surged, with a 23% increase in interest for low-fat bases among younger consumers [31][32]. Group 3: Industry Competition - The hotpot industry is experiencing intense competition, with over 520,000 establishments nationwide, leading to a net decrease of about 10,000 outlets in the past year [34][36]. - To combat homogenization, brands are innovating with wild vegetables as a key ingredient, enhancing their menu offerings and profit margins, with wild vegetables yielding a gross margin of 60-80% [36][37]. - Major chains like Haidilao and Banu have introduced new wild vegetable dishes, reflecting a broader trend of incorporating unique ingredients to attract customers [28][29][36]. Group 4: Cultural Nostalgia - The popularity of wild vegetables is also tied to a collective nostalgia among urban consumers for traditional, rustic flavors, as urbanization has distanced them from their rural roots [30][37]. - The emotional appeal of consuming wild vegetables is significant, as it allows consumers to reconnect with their childhood memories and the simplicity of nature [30][37]. - The surge in orders for wild vegetable hotpot has been notable, with a 179% increase reported, particularly among the Z generation and older consumers [30][37]. Group 5: Policy Support - Government initiatives, such as the development plan for wild vegetable industries in Guizhou, aim to establish large-scale production bases, enhancing supply chain stability [38][39]. - Local governments are integrating wild vegetables into rural revitalization strategies, promoting economic growth through agricultural and tourism synergies [39]. Group 6: Broader Market Opportunities - Beyond hotpot, various restaurant types are exploring wild vegetables, with establishments in Yunnan and Chengdu featuring them prominently in their menus [40][41]. - New product lines, such as wild vegetable dumplings and teas, are emerging, indicating a growing market for wild vegetable-based offerings across different food categories [41][42].

4月22日，记者获悉，为积极响应"体重管理年"这一行动号召，赛百味（Subway）近日在全国超700家 门店推出6款"237能量碗"，助力消费者通过科学搭配、营养均衡的健康餐品，养成健康生活方式。 顾中一认为："丰富的'食材搭配游戏'，不仅能让健康餐色彩多样，从视觉上带来愉悦的用餐体验，更 让全谷物、粗粮与丰富蔬菜、蛋白质的组合，兼顾了美味与营养。" 4月21日，北京烹饪协会官方微信公众号发布关于餐饮服务单位落实"体重管理年"活动的倡议书。其中 提到，在菜品设计中，要严格遵循科学膳食原则，确保菜品的营养成分符合健康标准；还可根据消费者 反馈，不断丰富并优化主食、菜品，推出健康美味搭配套餐，满足不同人群的健康需求。 在业内人士看来，在"吃得好、吃得对"成为新共识的时代，健康快餐正站上新风口，既满足营养需求又 兼顾味觉体验的产品，正在逐步重构大众对健康饮食的想象边界。 事实上，在产品创新之外，赛百味还在门店设计上进行多次尝试。2024年10月份，赛百味在上海四川北 路开设亚太地区第4000家门店，由赛百味全球CEO约翰·奇德西亲自揭幕，这家以运动为主题的旗舰店 契合了消费者对健康、活力生活方式的追求。2023年， ...

从"纤体瓶"到"超模水"，从"瘦瘦轻畅杯"到"控糖小绿瓶"，最近一段时间以来，多家新式茶饮品牌纷纷 推出了主打瘦身、健康的果蔬饮品，而这些产品的主要原料，均是一款名为羽衣甘蓝的蔬菜。 羽衣甘蓝是一种原产于地中海沿岸的蔬菜，此前由于味道苦涩、口感欠佳而更多作为观赏性的作物。被 新式茶饮品牌"捧红"后，羽衣甘蓝成为"网红"，身价也倍增。有菜农表示，羽衣甘蓝以前的售价仅几毛 钱一斤，如今已经涨到了3.5元一斤，而且"长一茬就能卖一茬"。 其实，羽衣甘蓝的"出圈"和走红，在新式茶饮行业中并非第一次。几年前，一款小众的水果油柑也曾风 靡一时，备受年轻人的喜爱。油柑与羽衣甘蓝一样，口感酸涩，味道不易被大众接受，但在"刮油解 腻""清热降火"等宣传功效的包装下，也迅速成为了各家品牌的热销产品。如今，油柑的热度刚刚退 去，羽衣甘蓝又闪亮登场，变化的是食材品种，不变的是新式茶饮的健康生意经。 羽衣甘蓝等新食材的走红，主要源于消费者的需求变化及对健康饮食的日益推崇。随着生活水平的提 高，人们早已告别了大鱼大肉、高糖高脂的饮食习惯，更加偏好营养均衡、低卡路里、低负担的饮食结 构。羽衣甘蓝富含维生素、膳食纤维等营养要素，主打低热量、 ...

Core Insights - Pumpkin seeds are recognized for their exceptional nutritional value, particularly in protein content, making them a popular snack choice [3][4]. Nutritional Value - Pumpkin seeds, also known as white melon seeds or golden melon seeds, have a protein content of 36%, the highest among common nuts, significantly surpassing sunflower seeds by 1.6 times [3]. - The absorption rate of pumpkin seed protein in the human body ranges from 88% to 97%, with a small serving of about 10 grams providing nearly 4 grams of protein [4]. - They are rich in zinc, with a content of 7.12 grams per 100 grams, which is higher than that of roasted watermelon seeds and sunflower seeds [5]. Health Benefits - Zinc plays a crucial role in the development of the immune system and maintaining normal immune function, as well as supporting appetite and skin health [5]. - Pumpkin seeds contain high levels of potassium (672 mg/100g) and magnesium (376 mg/100g), while being low in sodium (15.8 mg/100g), making them beneficial for blood pressure control [8]. - Regular consumption of pumpkin seeds may help lower "bad cholesterol" levels and improve cardiovascular health due to their polyunsaturated fatty acids [8]. Consumption Recommendations - The Chinese Dietary Guidelines suggest a weekly intake of 50 to 70 grams of nuts, averaging about 10 grams per day, which translates to a small handful of pumpkin seeds [9]. - Pumpkin seeds can be consumed directly or incorporated into various dishes, such as porridge or mixed with flour for making steamed buns [9]. Additional Insights - Pumpkin seed oil is noted for its nutritional benefits, including being a good source of vitamin E and linoleic acid, but its health claims may be exaggerated [10][11]. - The oil is less commonly found in the market and is more expensive compared to other cooking oils, making its cost-effectiveness a consideration for consumers [11].

It's not often that the stock market's cyclicality brings on value deals with the potential of making a life- changing return for investors, yet when those opportunities come about, they can be sure these will likely be short-lived as more capital starts to chase the diminishing opportunities of a value investment. Today, there are three names (big enough in the United States economy) that would fit this description for investors to consider. Representing, in part, the retail sector and directly tied to con ...

Core Viewpoint - The Chinese coffee market is undergoing a significant adjustment period, with a notable decline in the number of stores and a shift towards healthier food options, particularly bagels, as a key product for Tims [2][3][4]. Group 1: Market Dynamics - Over 45,000 coffee shops have disappeared in China in 2024, indicating a market contraction [3]. - The coffee industry is experiencing a price war, particularly with the "9.9 yuan" pricing strategy, but the situation is becoming more rational [28][29]. - The market is transitioning from rapid expansion to refined operations, focusing on new growth points such as lower-tier markets [32]. Group 2: Tims' Strategy - Tims is focusing on brand differentiation and has initiated internal reforms, including the divestment of the Popeyes brand and the closure of underperforming stores [7][26]. - The company has sold over 58 million bagels, which have become its most popular product, and aims to increase sales during lunch hours [15][16]. - Tims' warm food sales now account for over 50% of total orders, with an average transaction value stable at around 30 yuan [17]. Group 3: Product Development - Tims emphasizes the importance of bagels in its product lineup, which aligns with the health-conscious trends in the Chinese market [14]. - The company maintains a new product launch frequency of every 2 to 3 weeks, focusing on core products rather than rapid expansion [21]. - Tims is also exploring new flavors, such as tomato-flavored coffee, to cater to evolving consumer preferences [24][25]. Group 4: Operational Insights - The company has a membership base exceeding 24 million, indicating strong customer engagement [22]. - Tims has a healthy store ratio of 40% franchise to 60% company-owned, with plans to expand its franchise model [36][35]. - The average initial investment for a Tims franchise is between 600,000 to 700,000 yuan, with a payback period of 2 to 3 years for most stores [39]. Group 5: Future Outlook - Tims aims to achieve cash flow profitability by 2025, with a focus on enhancing its breakfast and lunch offerings [46]. - The company is cautious about aggressive expansion, preferring to solidify its presence in first and second-tier cities while exploring franchise opportunities [41][42].