Core Viewpoint - The pre-prepared food industry, once seen as a "trillion-dollar blue ocean," is now facing significant public skepticism and declining consumer interest, leading companies like Anjijia to shift their strategic focus amid increasing competition and market challenges [3][12][16]. Group 1: Industry Trends - The trend of "refusing pre-prepared food" has gained traction on social media, with consumers preferring freshly cooked meals over convenience, impacting the demand for pre-prepared food [4][13]. - Anjijia's pre-prepared food segment reported revenue of 3.643 billion yuan in the first three quarters of 2025, a 9.19% year-on-year increase, but this growth is significantly slower compared to the 112.41% increase in 2021 [4][16]. - The overall market for pre-prepared food is experiencing a decline, with traditional frozen food categories like frozen prepared foods and frozen noodles showing minimal growth or decline [4][24]. Group 2: Competitive Landscape - The competitive environment for pre-prepared food is intensifying, with over 13,000 new companies entering the market within the past year, leading to price wars and reduced profit margins [16][25]. - Anjijia's average selling price for frozen food products decreased from 20.7 yuan/kg in the first three quarters of 2023 to 17.9 yuan/kg in 2024, indicating a downward pricing trend [27]. - Major restaurant chains are increasingly adopting "freshly cooked" and "non-prepared" strategies to enhance their competitive edge, further challenging the pre-prepared food market [14][23]. Group 3: Company Strategy - Anjijia is diversifying its strategy by entering the frozen baking market, with plans to invest in a new baking project, reflecting a shift in focus from traditional frozen food to new product categories [34][36]. - The frozen baking market is projected to grow at a compound annual growth rate of over 25%, with an expected market size of 23 billion yuan by 2025, presenting new opportunities for Anjijia [36]. - Despite the potential for growth in the frozen baking sector, Anjijia faces challenges related to consumer preferences for taste and freshness, which differ from traditional frozen food expectations [38].