Core Viewpoint - The ongoing debate surrounding pre-prepared meals (pre-cooked dishes) has escalated into a national discussion, highlighting the industry's struggle with the lack of standardized definitions and regulations for pre-prepared meals [2][4][12] Group 1: Industry Dynamics - The clash between Luo Yonghao and Jia Guolong represents a conflict of understanding regarding pre-prepared meals, with Luo advocating for transparency and consumer rights, while Jia defends the brand's reputation by denying the use of pre-prepared meals [4][5] - The absence of a unified national standard for pre-prepared meals complicates the situation, as businesses are uncertain about labeling and consumers are left confused about the quality and freshness of the food they are purchasing [4][11] - The rise of pre-prepared meals is driven by structural changes in the restaurant industry, including rising labor costs, increasing rent, and the demand for standardization, which has led to a shift towards industrialization and pre-preparation [9][10] Group 2: Consumer Perception - Consumers have a subjective understanding of pre-prepared meals, often associating them with low quality, especially when served in mid to high-end restaurants, where expectations for freshness are high [5][6] - The perception of pre-prepared meals varies significantly between different purchasing environments, with consumers more accepting of pre-prepared items in supermarkets than in restaurants [5][6] - The current lack of clear standards and definitions for pre-prepared meals leads to a disconnect between consumer expectations and industry practices, resulting in a trust deficit [11][12] Group 3: Need for Standardization - The industry is in dire need of a comprehensive national standard for pre-prepared meals to address the confusion and mistrust among consumers, as existing standards are often inadequate and fail to protect consumer rights [11][12] - High-quality pre-prepared meals can offer safety and quality that may exceed that of freshly prepared meals due to stricter controls in centralized kitchens [13] - The resolution of the pre-prepared meal debate requires an upgrade in societal understanding, recognizing that pre-prepared meals are not inherently inferior but rather a necessary evolution in food production [12][13]

Core Viewpoint - The recent surge in the stock prices of pre-prepared food companies in A-shares is attributed to the public's renewed interest in the pre-prepared food industry, sparked by the apology from Jia Guolong and the upcoming national food safety standards for pre-prepared foods [1][5]. Group 1: Stock Performance - As of September 15, several companies, including Huifa Food, Guolian Aquatic, and Tiankang Biological, saw stock price increases of over 5%, with Delisi reaching a daily limit increase [2]. - Among the rising stocks, suppliers of pre-prepared food, such as Qianwei Yangchun and Longda Meishi, are also noted [3]. Group 2: Regulatory Developments - The significant stock price increase is linked to the approval of the draft national food safety standards for pre-prepared foods by the National Health Commission on September 13, which will provide a unified "identity certification" and safety baseline for the industry [5]. - The pre-prepared food industry has seen regulatory developments only in the past three years, with standards being gradually established [8]. Group 3: Industry History and Trends - The pre-prepared food industry in China dates back to the 1990s, with significant developments occurring between 2000 and 2005, when many of the currently rising companies were registered [6]. - The rise of pre-prepared foods has been facilitated by the emergence of central kitchens and cold chain logistics since 2008, allowing for standardization and wider adoption across various restaurant types [12]. Group 4: Consumer Perception and Market Dynamics - Consumers express concerns about the safety of pre-prepared foods, reflecting a deeper frustration over the loss of transparency regarding food preparation [10]. - The convenience and cost-effectiveness of pre-prepared foods make them appealing to both large and small restaurants, leveling the playing field in the food service industry [12].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes, sparked by comments from entrepreneur Luo Yonghao, has led to increased attention on the pre-prepared food sector, particularly with the upcoming national food safety standards set to clarify the definition and disclosure requirements for pre-prepared dishes [2][4] Industry Summary - The National Health Commission has successfully passed the draft of the "National Standards for Food Safety of Pre-prepared Dishes," which will soon be open for public consultation, aiming to establish a unified standard for the industry [2][4] - The introduction of these standards is expected to enhance industry self-regulation and benefit leading brands, allowing them to consolidate their market advantages [3][4] Company Summary - Following the news, several A-share pre-prepared dish concept stocks experienced significant gains, with Delisi reaching a 10.10% increase, closing at 5.45 yuan, and projecting that pre-prepared dish revenue will account for 21.67% of its total revenue in 2024 [3] - Other notable stocks included Weizhi Xiang, which saw a 4.93% increase, and Longda Meishi, a supplier to Xibei, which rose by 5.69% after signing a strategic cooperation agreement with Xibei [3]

Core Viewpoint - The dispute between Luo Yonghao and Xibei highlights the growing consumer concerns regarding the use of pre-prepared dishes in restaurants and the need for clearer regulations in the food industry [1][5]. Group 1: Company Response - Xibei's customer service stated that their signature dishes are freshly prepared daily, denying the use of pre-prepared ingredients [1]. - Xibei's CEO, Jia Guolong, publicly responded to Luo's claims, asserting that no dishes at Xibei are pre-prepared and announced intentions to sue Luo for damaging the brand's reputation [1]. Group 2: Consumer Sentiment - The incident reflects a divide between consumer perceptions and restaurant definitions of "pre-prepared" food, with consumers expressing concerns over food safety and value for money [4]. - Luo Yonghao's previous statements indicate a consistent stance against restaurants selling pre-prepared dishes without proper labeling, which he views as deceptive [2]. Group 3: Industry Trends - The lack of a unified standard for pre-prepared dishes in the industry leads to consumer confusion and negative perceptions, despite regulatory efforts to clarify the definition [5]. - The rise of cooking robots, such as the AI cooking robot from Chip Chef, offers restaurants a way to maintain quality and efficiency while addressing consumer preferences for freshly cooked meals [7]. - The integration of smart cooking technology is seen as a transformative trend in the restaurant industry, providing new opportunities for cost management and competitive advantage [7].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9] Core Viewpoints - The liquor sector has seen companies initiate performance clearing in Q2, with adjustments in channels and product structures. The performance aligns with market expectations, and Q3 shows signs of marginal recovery in sales [6][58] - The prepared food sector is expected to benefit from the upcoming public consultation on food safety standards, which will enhance industry self-regulation and favor leading brands [7][59] - The new consumption sector is supported by initiatives from platforms like Gaode, which aims to boost offline dining through substantial subsidies [8][60] Summary by Sections Industry News - Gaode will distribute over 1 billion yuan in subsidies to encourage in-store consumption [19] - The draft of the national food safety standard for prepared dishes has passed review [19] - Alcohol prices have decreased by 2.0% year-on-year from January to August [19] Investment Insights - Liquor Sector: Companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao are recommended for their high dividend yields and cyclical advantages [6][58] - Prepared Food Sector: The new food safety standards are expected to clarify the definition and scope of prepared dishes, benefiting leading brands like Anjifood and Qianwei Central Kitchen [7][59] - New Consumption Sector: The introduction of Gaode's "Street Ranking" and support plans is anticipated to increase foot traffic in restaurants [8][60] Key Company Focus and Earnings Forecast - The report highlights key companies in the liquor sector, including Luzhou Laojiao, Gujing Gongjiu, and Wuliangye, all rated as "Buy" with projected earnings per share (EPS) growth [11][12] - In the prepared food sector, companies like Anjifood and Longda Meishi are noted for their potential growth due to industry standards [7][59]

Core Viewpoint - The controversy surrounding the use of pre-prepared dishes in the restaurant industry has been ignited by a public complaint from a well-known figure, highlighting consumer demand for transparency and value in dining experiences [1][4][19]. Group 1: Incident Overview - Luo Yonghao criticized the high prices and perceived use of pre-prepared dishes at Xibei, prompting the founder, Jia Guolong, to respond defensively and announce legal action for defamation [2][4]. - Jia Guolong asserted that none of the dishes served were pre-prepared and invited customers to inspect the kitchens, launching a "Luo Yonghao Menu" with a money-back guarantee if the food was unsatisfactory [2][4][11]. Group 2: Consumer Sentiment and Industry Response - The incident has polarized public opinion, with many supporting Luo for voicing consumer concerns, while others criticize him for seeking attention without evidence [4][8]. - A significant portion of consumers (78.1%) reported that restaurants do not adequately inform them about the use of pre-prepared dishes, indicating a strong desire for transparency [18]. Group 3: Definition and Regulation of Pre-prepared Dishes - The definition of pre-prepared dishes has been clarified by regulatory bodies, distinguishing between industrially produced items and those prepared in-house by restaurants [14][15]. - Xibei claims that their dishes, prepared in a central kitchen and then cooked at the restaurant, do not fall under the category of pre-prepared dishes as per the new regulations [14][19]. Group 4: Market Trends and Consumer Expectations - The pre-prepared food market in China is projected to reach 485 billion yuan in 2024, growing at a rate of 33.8%, driven by consumer demand for convenience [18]. - Consumers are increasingly scrutinizing high-priced brands, expecting clear justification for costs, and are more sensitive to perceived value versus price [23][26].

Core Viewpoint - The ongoing dispute between Luo Yonghao and Xibei over the quality and sourcing of pre-prepared dishes has escalated, highlighting consumer rights and industry standards in the pre-prepared food sector [2][11][18]. Group 1: Dispute Details - Luo Yonghao has publicly criticized Xibei's sourcing practices, questioning the freshness of their ingredients and the rationale behind annual procurement [2][4]. - Luo has suggested a live-streamed dialogue with Xibei's founder, Jia Guolong, to clarify the situation and promote transparency in the pre-prepared food industry [6][8]. - Jia Guolong has previously labeled Luo as a "network black mouth," which Luo claims is defamatory and has indicated potential legal action for defamation [8][11]. Group 2: Industry Context - The controversy has drawn attention from major media outlets, emphasizing the importance of consumer rights and the need for clarity in the pre-prepared food market [11][18]. - The definition of pre-prepared dishes has been clarified, indicating that they are made from processed agricultural products and must meet specific storage and preparation standards [16]. - The public discourse surrounding pre-prepared dishes raises critical questions about industry standards, consumer knowledge, and the balance between convenience and food quality [18].

Core Viewpoint - The discussion surrounding pre-prepared meals (pre-made dishes) has stirred public interest, highlighting the importance of consumer awareness and industry health. The focus should be on finding consensus and governance strategies rather than taking sides in the debate [2][3]. Group 1: Industry Challenges - There is a need for clearer standards for pre-prepared meals to reduce information asymmetry and ensure quality while providing convenience [3]. - The main challenge for pre-prepared meals lies not in technology but in establishing consumer trust [3]. Group 2: Consumer Needs - The development of the catering industry must prioritize consumer needs, ensuring that meals are safe and transparent [3]. - The industry should aim for a rational and constructive discussion to optimize the development environment for pre-prepared meals, promoting standardized corporate behavior and informed consumer choices [3].

Core Viewpoint - The discussion surrounding pre-prepared meals (pre-made dishes) has sparked widespread public interest, emphasizing the need for transparency and consumer trust in the industry [2] Group 1: Industry Concerns - The debate on pre-prepared meals is not just about individual companies but also about the healthy development of the industry as a whole [2] - There is a need to clearly define standards for pre-prepared meals to reduce information asymmetry and ensure quality alongside convenience [2] Group 2: Consumer Trust - The main challenge for pre-prepared meals lies in establishing a trust relationship with consumers rather than technical aspects [2] - The development of the catering industry must prioritize consumer needs for safety and clarity in food choices [2] Group 3: Governance and Future Development - The discussion should aim for rational and constructive outcomes, focusing on optimizing governance to enhance the development environment for pre-prepared meals [2] - Promoting standardized corporate behavior and informed consumer choices is essential for gaining public trust and ensuring a positive future for the industry [2]

Core Viewpoint - The debate over pre-prepared dishes (pre-cooked meals) in the restaurant industry highlights differing interpretations among restaurant owners and consumers regarding what constitutes pre-prepared food [2][3][4]. Group 1: Definitions and Standards - According to the 2024 definition by six ministries, pre-prepared dishes are made from one or more food products, using or not using seasonings, without preservatives, and require heating or cooking before consumption [3]. - Chain restaurants like Xibei, if using semi-finished products from a central kitchen or frozen semi-finished products, do not fall under the national definition of pre-prepared dishes unless they are fully cooked beforehand [3]. Group 2: Perspectives from Industry Leaders - Luo Yonghao claims that Xibei's assertion of not using pre-prepared dishes is a complete lie, emphasizing that consumer understanding of freshly made food is clear [4]. - Liu Jingjing, founder of Jiahe Yipin, argues that establishing a central kitchen with quality control ensures food safety, while a Beijing restaurant executive believes that central kitchens are necessary for standardization and hygiene [5]. Group 3: Diverging Opinions on Cooking Methods - Some restaurant owners, like Li Hong of Xiangcunji, prefer fresh cooking over standardization, believing it retains the home-cooked flavor that consumers desire [5]. - The debate continues with varying opinions on the necessity of pre-prepared ingredients versus freshly made dishes, with some suggesting that the essence of food quality lies in the cooking method [6]. Group 4: Consumer Expectations - Consumers prioritize food safety, health, taste, and value for money, indicating that clarity in standards and transparency in information could resolve the ongoing debate [6].