Investment Rating - The industry investment rating is "Increase" [4][32]. Core Viewpoints - The frozen food industry is expected to see demand recovery, with product innovation playing a crucial role in overcoming challenges [6][29]. - The revenue from the downstream catering sector is anticipated to maintain a recovery trend in 2026, while profit margins are expected to gradually improve due to cost control and product innovation [6][29]. - The market size of China's frozen food sector is projected to reach 213.1 billion by 2025, up from 168.8 billion at the end of 2022 [8]. Summary by Sections Industry Overview - The frozen food industry faced a slowdown in growth during the first three quarters of 2025 due to fluctuations in catering demand and other adverse factors, but signs of recovery were noted in Q4 [6][29]. - The total market value of the industry is approximately 45,795.07 billion [1]. Market Trends - The national catering revenue from January to October 2025 reached 46,188 billion, showing a year-on-year growth of 3.3% [7]. - The chain rate in the catering industry is expected to rise to 25% in 2025, indicating significant room for growth compared to the U.S. and Japan [8]. Product Performance - In the first half of 2025, the frozen food category in supermarkets grew by 5%, contrasting with a decline of 9.5% in the same period last year [9]. - There is a structural shift in the market, with traditional staple categories under pressure while snack categories like pizza and frozen dim sum show strong growth potential [9]. Channel Development - The frozen food companies are actively responding to the demand from large chain supermarkets, leading to an increase in sales through these channels [15]. - New retail channels are also showing significant growth, contributing to the overall performance of the industry [15]. Cost and Profitability - The prices of most food raw materials have decreased, alleviating some cost pressures for frozen food companies, although packaging costs remain high [21]. - The combined revenue growth of key companies in the frozen food sector was 3.0% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 [29]. Company-Specific Insights - Anjiu Foods is expected to benefit from the gradual recovery in catering and the continuous expansion of new customers, leading to a potential increase in profitability [31]. - Qianwei Yangchu is focusing on product innovation and expanding its market presence through both B2B and B2C channels, indicating strong long-term growth potential [31]. - Lihai Foods is actively developing new products and strengthening partnerships with key clients, positioning itself well for future growth in the baking sector [31].

Core Viewpoint - Anjiu Food (603345.SH) shows stable fundamentals despite stock price adjustments, with a focus on expanding its product offerings and market presence in the frozen food industry [3][24]. Financial Performance - In the first three quarters of 2025, the company's revenue reached 11.4 billion, a slight increase of 2.7% year-on-year, indicating a continued slowdown [4]. - Net profit was 949 million, down 9.35% year-on-year, with a non-recurring net profit decline of 13.36%, primarily due to rising raw material costs and increased operational expenses [6]. - The gross margin decreased by 3 percentage points compared to the previous year [7]. - In Q3 alone, revenue was 3.77 billion, up 6.61% year-on-year, with net profit increasing by 11.80% to 270 million [10]. Industry Growth and Trends - The frozen food industry in China is projected to reach a scale of approximately 221.2 billion RMB in 2024, making it the second largest globally, with a compound annual growth rate (CAGR) of 9.4% expected from 2024 to 2029 [12]. - The demand for standardized ingredients is expected to rise due to the low chain restaurant penetration in China, which is only half of that in mature markets [14]. - The per capita consumption of frozen food in China is only 10.0 kg, significantly lower than in the US (62.2 kg) and Japan (25.3 kg), indicating substantial growth potential [14]. Business Strategy - Anjiu Food employs a "three-pronged approach" focusing on frozen prepared foods, frozen dishes, and frozen noodle products, with a particular emphasis on the rapidly growing frozen dish segment [16]. - The company has developed a "big single product" strategy, focusing on 3-5 strategic products each year, with 39 products generating over 100 million in annual revenue, including 4 products exceeding 500 million [17][26]. - The company has established 12 production bases nationwide, achieving a capacity utilization rate of 92.24% in 2022, and is planning to launch new projects in 2024 [18]. Market Expansion and Innovation - Anjiu Food is accelerating its internationalization and capital operations, with plans to list on the Hong Kong Stock Exchange in July 2025, becoming the first A+H listed frozen food company in China [24]. - The company is entering the frozen baking sector, having acquired stakes in Jiangsu Dingwei and Dingyifeng, and plans to invest 361 million in a new baking project [25]. - The company is also enhancing its product offerings, with the launch of the "Meat More Grilled Sausage Series" in 2025 [26]. Shareholder Dynamics - In 2023, the company experienced a change in actual control, with the new controllers promising not to reduce their holdings within 18 months [27]. - Prior to this change, the former controlling shareholder reduced their stake by 5% over four months, raising nearly 2.3 billion [27].

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].

Core Viewpoint - The article narrates the inspiring journey of Zang Jianhe, who transformed her struggles as a single mother into a successful frozen dumpling brand, "Wanchai Ferry," which generates annual sales of 6 billion yuan [12][30]. Group 1: Background and Early Struggles - Zang Jianhe moved to Hong Kong in the 1970s with only 500 HKD, starting her journey by selling dumplings at Wanchai Pier [3][4]. - Initially, she faced significant challenges, including unfamiliarity with cooking and the stigma of being a street vendor [6][20]. - Despite her hardships, she worked tirelessly, sometimes selling 1,000 dumplings in just six hours, showcasing her resilience and dedication [24][12]. Group 2: Business Development - In 1985, Zang Jianhe established her first factory with the help of a Japanese department store, marking the official formation of the Wanchai Ferry brand [30]. - The brand expanded its product line from fresh dumplings to frozen dumplings, wontons, and tangyuan, becoming a market leader in Hong Kong [35][38]. - By 1983, Wanchai Ferry had captured a significant market share, holding 30% of the frozen dumpling market in Hong Kong [38]. Group 3: Strategic Partnerships - Zang Jianhe was cautious in selecting partners, ensuring that her brand identity remained intact during collaborations, such as with the Japanese department store [38]. - In 2001, Wanchai Ferry attracted investment from Pillsbury, which later became part of General Mills, providing the brand with advanced production technology and funding [39][40]. - The partnership allowed Wanchai Ferry to expand into mainland China and develop products tailored to local tastes, such as fried rice and noodles [43]. Group 4: Legacy and Impact - Zang Jianhe's story is a testament to perseverance and innovation in the food industry, inspiring future entrepreneurs [44][56]. - Her commitment to quality and customer feedback helped establish Wanchai Ferry as a benchmark in the frozen food sector, influencing competitors and setting industry standards [55][50]. - Despite her passing in 2016, Zang Jianhe's legacy continues to resonate, highlighting the challenges and triumphs of building a successful brand from humble beginnings [56][58].

Core Viewpoint - The article narrates the inspiring journey of Zang Jianhe, who transformed her life from a struggling single mother to the founder of a successful frozen dumpling brand, "Wanchai Ferry," achieving an annual revenue of 6 billion yuan [3][14]. Group 1: Background and Early Struggles - Zang Jianhe moved to Hong Kong in the 1970s with only 500 HKD, raising two daughters alone after her husband abandoned them [4][17]. - She initially worked multiple jobs to support her family, living in a cramped 4-square-meter apartment [22]. - After receiving encouragement about her dumplings, she decided to sell them at a street stall, despite her initial hesitations and challenges [25][30]. Group 2: Business Development - Zang Jianhe's dumplings quickly gained popularity, leading her to sell 1,000 portions in just six hours [26]. - In 1985, she established her first factory with the help of a Japanese department store, marking the official start of "Wanchai Ferry" [35]. - By 1983, her dumplings captured a significant market share, becoming the leading brand in Hong Kong's frozen food sector, with 30% of the frozen dumpling market [41]. Group 3: Strategic Partnerships and Expansion - Zang Jianhe was cautious in selecting partners, ensuring that her brand identity remained intact during collaborations [42]. - The entry of international companies, such as Pillsbury, provided financial backing and advanced production techniques, facilitating the brand's expansion into mainland China [46][47]. - The brand's success was also attributed to its focus on high-quality ingredients and customer feedback, which helped refine product offerings [56][58]. Group 4: Legacy and Impact - Zang Jianhe's story is seen as a testament to resilience and entrepreneurship, inspiring many in the food industry [48][49]. - Her approach to business emphasized customer relationships and quality, setting a standard for the frozen food sector in China [61]. - Despite her passing in 2016, her legacy continues to influence the industry, with "Wanchai Ferry" remaining a prominent brand [62].