Market Overview - A-shares experienced a slight rebound with the Shanghai Composite Index up 0.15% and trading volume around 1.19 trillion yuan[17] - U.S. stocks fell due to concerns over escalating trade tensions, with the Dow Jones down 0.37% and the S&P 500 down 0.33%[10] - European stocks closed weakly, with the Stoxx 600 index down 0.68% amid fears of increased tariffs on imported cars[10] Commodity and Currency Trends - U.S. crude oil inventories decreased by 3.3 million barrels, pushing oil prices to a one-month high, with WTI at $69.92 per barrel[28] - Gold prices reached a new high, closing at $3,061 per ounce, as investors sought safe-haven assets amid economic uncertainty[28] - The U.S. dollar index fell slightly by 0.2% to 104.34, while the euro rebounded 0.44% to 1.08 against the dollar[27] Industrial Profit Data - China's industrial enterprises reported total profits of 9,109.9 billion yuan in January-February, a year-on-year decline of 0.3%, while revenue grew by 2.8% to 20.09 trillion yuan[7] - The profit margin decline was primarily due to lower profitability in upstream mining sectors, influenced by falling coal prices[7] Sector Performance - In the Hong Kong market, the Hang Seng Index rose by 0.41%, driven by strong performances in the biopharmaceutical sector, with stocks like Innovent Biologics up 17.4%[12] - The energy sector in the A-share market showed strength, with chemical stocks benefiting from improved downstream demand[17] Economic Indicators - The U.S. GDP growth for Q4 2024 was revised up to 2.4%, indicating a slight improvement in economic performance[7] - The IMF warned of a slowdown in global economic growth for 2025 but did not foresee an imminent recession[7]

Core Points - The National Health Commission and the State Administration for Market Regulation have released 50 national food safety standards, including updated regulations for prepackaged food labeling [1][2] - The new standards prohibit the use of terms like "no additives" and "zero additives" to emphasize food ingredients, aiming to guide the food industry towards innovation and nutritional upgrades [1][2] - The updated labeling standards include a two-year transition period for compliance [1] Group 1: Labeling Standards - The new prepackaged food labeling standards optimize the display requirements for consumer information [1][2] - The prohibition of "zero additives" is based on the premise that approved food additives are safe when used correctly, and it aims to eliminate misleading marketing practices [2] - The standards enhance quantitative labeling requirements to address industry irregularities and promote correct consumer understanding [2][3] Group 2: Digital Labels - The introduction of digital labels allows for more accessible information regarding ingredients, storage conditions, and nutritional content [3] - Consumers can scan QR codes to access food safety and nutrition information through audio and video formats, improving the reading experience [3] - The expiration date labeling has been standardized to a year-month-day format for easier consumer comprehension [3] Group 3: Nutritional Labeling - The new nutritional labeling standards require mandatory labeling of saturated fats and sugars, emphasizing the need to reduce salt, oil, and sugar intake [4][5] - The standards allow companies to use familiar terms and graphics to explain nutritional information, making it easier for consumers to understand [5] - Specific standards for special medical use infant formula have been updated to include new product categories and nutritional requirements [5]

Core Viewpoint - The article discusses the controversy surrounding the labeling of soy sauce products claiming "zero additives," highlighting the need for clearer regulations on food labeling to protect consumer rights and ensure product safety [3][4]. Group 1: Industry Concerns - Recent media tests revealed heavy metals in several soy sauce products marketed as "zero additives," raising consumer concerns about misleading labeling practices [3]. - The prominent "Qianhe 0" label on Qianhe soy sauce was found to be a trademark rather than a guarantee of no additives, leading to public skepticism about the integrity of food labeling [3][4]. - The article emphasizes that deceptive trademarks can mislead consumers regarding product quality, which is a violation of trademark law [3]. Group 2: Regulatory Implications - Current laws and regulations do not clearly define how "zero additives" should be labeled, indicating a gap in consumer protection [4]. - The upcoming Food Labeling Supervision Management Measures aim to clarify regulations, prohibiting misleading terms like "not added" or "zero added" for substances not present in food products [4][5]. - The article calls for a more scientific and rational approach from consumers towards food choices, urging them not to overly glorify "zero additives" as the sole indicator of health and safety [5]. Group 3: Market Dynamics - The "zero additives" marketing concept has gained traction, with companies like Qianhe leveraging it to differentiate themselves in a competitive market [4]. - However, the article warns that relying solely on marketing gimmicks without ensuring product quality can backfire, as seen in the current controversy [4][5]. - The need for honesty and transparency in food production is emphasized, suggesting that companies should focus on genuine quality rather than marketing hype [5].

深陷争议、业绩失速，千禾味业"零添加"红利还能 吃多久？ 调味品企业千禾味业近期深陷"零添加"争议。针对媒体报道千禾味业"零添加"酱油检出镉并质疑"千禾 0"不是"零添加"产品，千禾味业近日两度作出回应，称相关产品符合国家食品安全标准，使用"千禾 0"商标的相关产品都是"零添加"产品，"千禾0"系列产品仅使用食品原料，不添加食品添加剂。 受"零添加"赛道逐渐拥挤，入局者增加影响，千禾味业2024年前三季度营收、净利双下滑。业内人士指 出，千禾味业此前披露的2024年度经营目标是营收、净利均实现增长超两成，如今看来，这一目标或难 以实现。 随着消费者健康需求上升，千禾味业凭借"零添加"概念逐步受到关注。或是受2022年"海天味业食品添 加剂双标"事件影响，千禾味业2022年、2023年均实现强势增长。2022年实现营收24.36亿元，同比增长 26.55%；实现净利润3.44亿元，同比增长55.35%。2023年营收同比增长31.62%至32.07亿元，净利润同 比增长54.22%至5.30亿元。 进入2024年，海天味业等同行发力"零添加"产品，该赛道逐渐拥挤，千禾味业业绩增长放缓。2024年前 三季度，其营 ...

Core Viewpoint - Qianhe Flavor Industry (千禾味业) has issued a statement regarding the controversy surrounding its "Qianhe 0" trademark, emphasizing that its products meet national standards and contain no harmful additives [3][4]. Group 1: Product Testing and Results - The company announced that the Market Supervision Administration of Meishan City conducted a supervision sampling of 23 batches of its products, confirming that all "Qianhe 0" products met the national standards for brewed soy sauce (GB/T 18186) [3]. - The testing results showed no detection of sodium benzoate, potassium sorbate, sucralose, or acesulfame in the sampled products [3]. - In response to media reports about the detection of cadmium in its soy sauce, the company clarified that the presence of cadmium is due to raw materials, which comply with national safety standards [5][6]. Group 2: Market Performance and Financials - As of March 21, Qianhe Flavor Industry's stock price had fallen for five consecutive days, with a cumulative decline of 8.99%. However, on March 24, the stock showed a slight recovery, increasing by over 2% [3]. - The company reported a revenue of 3.207 billion yuan in 2023, an increase of 771 million yuan year-on-year, with a record net profit of 530 million yuan [6]. - In contrast, the company faced challenges in Q3 2024, with revenue of 2.288 billion yuan, a year-on-year decrease of 1.85%, and a net profit of 352 million yuan, down 9.19% year-on-year [6].

千禾0只是一个商标而不是零添加，董事长喊冤？ 然而，此次 "千禾 0" 被曝出只是一个商标而不是指 0 添加，且产品被检测出镉元素，让千禾味业陷入了舆论的漩涡。 "零添加" 神话破灭？千禾深陷舆论风暴 从品牌形象角度看，千禾长期以 "零添加" 为核心卖点进行宣传，"千禾 0" 商标在消费者心中与 "零添加" 紧密相连。此次事件导致消费者对 "零添加" 概 念的信任度降至冰点，品牌形象严重受损，大量消费者表示不再信任该品牌，甚至不会再购买其产品。在事件曝光后的 3 月 18 日至 21 日，千禾味业股价 连续四日下跌，累计跌幅达 7.3%，市值蒸发超 9.5 亿元。产品退货率飙升，差评如潮，对公司短期业绩造成严重冲击。从长期来看，如果无法恢复消费 者信任，市场份额可能会持续下降，进而影响公司的营收和利润增长。行业竞争层面，海天等竞争对手也在不断布局零添加市场，千禾此次的商标争议事 件，给了竞争对手扩大市场份额的机会，进一步挤压了千禾的生存空间。 公关 "救场" 能否成功？千禾回应遭质疑 在此次舆论危机中，千禾味业采取了一系列公关举措。发布沟通说明、公开道歉承认与消费者沟通不足，还宣布常态化开放工厂参观，推进 " ...

Core Viewpoint - The article discusses the controversy surrounding Qianhe Weiye's "Qianhe 0" soy sauce products, particularly in relation to the "zero additives" claim and the detection of cadmium in some products, emphasizing the company's commitment to transparency and product safety [3][4][6][8]. Group 1: Product and Brand Clarification - "Qianhe 0" is a registered trademark of Qianhe Weiye, indicating products that are free from additives, and the company asserts that all products under this brand are indeed zero-additive [4][14]. - The company acknowledges a communication gap regarding the meaning of "Qianhe 0" and aims to clarify that it is both a brand and a guarantee of zero additives [14][15]. Group 2: Response to Controversy - Following media reports of cadmium detection in soy sauce products, Qianhe Weiye initiated a self-inspection of its products and confirmed that the "Qianhe 0" series complies with production standards and does not contain additives [7][11]. - The company highlighted that the detected cadmium levels were within acceptable limits and attributed the presence of cadmium to raw materials rather than intentional additives [9][10]. Group 3: Regulatory Compliance and Safety Standards - Qianhe Weiye stated that its products meet national safety standards, with cadmium levels in their soy sauce being significantly lower than the limits set by both Chinese and EU regulations [11][12]. - The company emphasized that the cadmium levels found in their products are below the daily intake limits recommended by health organizations [11]. Group 4: Future Actions and Consumer Engagement - Qianhe Weiye plans to enhance consumer trust by inviting more customers to observe the production process, thereby promoting transparency and product safety [16][17]. - The company is committed to maintaining high production standards and has implemented advanced technology in its manufacturing processes to ensure product quality [17].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" trademark, which has been accused of misleading consumers regarding its "zero additives" claim, leading to significant market volatility and a decline in stock price [1][3][6]. Product Testing Controversy - A report indicated that out of 13 soy sauces claiming to be "zero additives," 12 were found to contain cadmium, and 7 contained total arsenic, with Qianhe's product showing 0.0110 mg/kg of cadmium [2]. - The controversy over product testing and trademark misrepresentation has caused Qianhe's stock to drop by 7.3% over four consecutive days, resulting in a market value loss of 9.5 billion yuan [3]. Company Response - Qianhe Flavor Industry issued a statement clarifying that the detected cadmium in their soy sauce is a result of natural sources in water and soil, and that their ingredients comply with national standards [6][8]. - The company emphasized that the "Qianhe 0" trademark is a registered mark that signifies their zero additive products, which are produced under strict regulations without any food additives [6][8]. Market Performance - Qianhe Flavor Industry, established in 1996 and listed in 2016, saw a significant increase in revenue in 2023, reaching 3.207 billion yuan, up by 771 million yuan from 2022, with a record net profit of 530 million yuan [11]. - However, due to intensified market competition and the widespread adoption of the "zero additives" concept, the company reported a decline in both revenue and net profit in the third quarter of 2024, with revenue at 2.288 billion yuan, down 1.85%, and net profit at 352 million yuan, down 9.19% year-on-year [11].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" series, which claims to be additive-free, following media reports of cadmium detection in their soy sauce products. The company asserts that the detected cadmium levels are within safety standards and emphasizes its commitment to consumer health and transparency [2][3][4][6][7]. Summary by Sections Product Quality and Safety - Qianhe Flavor Industry's "Qianhe 0" series is marketed as zero-additive products, with no external food additives used during production. The detected cadmium in their soy sauce is attributed to raw materials, as cadmium is naturally present in water, soil, and various agricultural products [3][4][6]. - The company conducted a self-inspection and confirmed that their production processes comply with zero-additive requirements, and all raw materials meet national safety standards [4][6][7]. Regulatory Standards - According to GB2762, there are no specific limits for cadmium in soy sauce, and the detected levels in Qianhe's products (0.0110 mg/kg) are significantly below the limits set for other food categories, such as fish seasoning [6][7]. - The company highlighted that the cadmium levels in their products are far below the safety standards for similar food items, reinforcing their compliance with food safety regulations [6][7]. Consumer Communication and Brand Management - The controversy has led to misunderstandings regarding the "Qianhe 0" trademark, which the company clarifies is intended to signify its zero-additive products and not to mislead consumers [7][8]. - Qianhe Flavor Industry acknowledges the need for better communication with consumers and expresses a commitment to transparency by inviting consumers to observe production processes [8][9].

Core Viewpoint - The company, Qianhe Flavor Industry, addressed media reports regarding the detection of "cadmium" in its soy sauce products, clarifying that the detected cadmium levels are within national safety standards and originate from raw materials [1][2]. Group 1: Product Safety and Standards - Qianhe Flavor Industry stated that its soy sauce, Qianhe Yucang Benniang 380 Days, contains only water, non-GMO soybeans, wheat, and edible salt, with no external additives [1]. - The company confirmed that the cadmium levels in its soy sauce comply with GB2762 national standards, which specify limits for soybeans (≤0.2 mg/kg), wheat (≤0.1 mg/kg), and edible salt (≤0.5 mg/kg) [1]. - The company expressed regret for any misunderstandings caused by insufficient communication with consumers regarding product safety [2]. Group 2: Market Reaction - Following the media reports, Qianhe Flavor Industry's stock opened down 2.54% at 11.50 CNY per share, with the decline extending to over 5% during trading [3]. - The total market capitalization of Qianhe Flavor Industry was reported at 11.819 billion CNY, with a trading volume of 7974 hands and a turnover rate of 0.08% [4]. Group 3: Testing Results - A report indicated that out of 13 soy sauce brands claiming to be additive-free, 12 showed cadmium presence, with Qianhe's product registering 0.0110 mg/kg of cadmium [5][6].