Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry, expecting the industry index to outperform the market index by over 10% in the next six months [53]. Core Viewpoints - The report highlights the focus on liquor sales during the Mid-Autumn Festival and National Day, suggesting that consumer demand remains under pressure, particularly for high-end liquor brands like Kweichow Moutai [4][48]. - The report indicates a structural opportunity in mass-market products, with varying performance across different sub-sectors, emphasizing the importance of monitoring demand and cost indicators in the beer sector and consumption recovery in the condiment sector [4][48]. Summary by Sections Market Review - From September 12 to September 25, 2025, the SW food and beverage industry index fell by 5.76%, underperforming the CSI 300 index by approximately 6.76 percentage points [11]. - All sub-sectors underperformed the CSI 300 index during this period, with the baking sector experiencing the largest decline at -7.80% [13][14]. - Approximately 7% of stocks in the industry recorded positive returns, with notable gainers including Qianwei Yangchu (+21.90%) and Yangyuan Beverage (+16.80%) [15] . Industry Important Data Tracking Liquor Sector - As of September 25, 2025, the price of Feitian Moutai decreased to 1,765 RMB per bottle, while the price of Guojiao 1573 increased to 840 RMB per bottle [22]. Condiment Sector - As of September 25, 2025, the price of soybean meal was 2,988 RMB per ton, down 72 RMB from September 11, while the price of white sugar was 5,780 RMB per ton, down 110 RMB [25]. Beer Sector - As of September 25, 2025, the average price of barley was 2,230 RMB per ton, while the price of aluminum ingots was 20,710 RMB per ton, down 100 RMB [30]. Dairy Sector - The average price of fresh milk remained stable at 3.03 RMB per kilogram as of September 19, 2025 [37]. Meat Products Sector - The average wholesale price of pork was 19.44 RMB per kilogram as of September 25, 2025, down 0.49 RMB from September 11 [39]. Industry News - The report notes a slight decline in the national liquor price index in early September 2025, indicating ongoing market adjustments [41]. - The number of registered beer-related enterprises increased by 10.83% year-on-year from January to August 2025, reflecting a growing market [42]. Weekly Industry Perspective - The report emphasizes the importance of monitoring liquor sales during the upcoming holidays and suggests focusing on high-certainty liquor brands and mass-market products that benefit from policy catalysts [48].

以下文章来源于真故研究室 ，作者龚正 真故研究室 . 真问题，更商业 既然做线下餐饮，如果全无锅气，单凭环境和服务就能实现高溢价吗？ 文 ｜ 龚正 编辑 ｜ 脸叔 来源｜ 真故研究室（ID：zhengulab） 封面来源 ｜ IC photo 罗永浩和西贝创始人贾国龙，围绕预制菜"炒"了一个周末。贾国龙称，西贝不是预制菜，但受言论影响，日营业额骤降百万。罗永浩则在他的B站视频播 客中，连发两个50秒视频，核心诉求是："我不反对预制菜，我是要推动预制菜透明化，维护消费者知情权。" 老罗的诉求，其实是与国家市监局于今年3月发布的相关"通知"要求是一致的。"通知"明确： 大力推广餐饮环节使用预制菜明示，保障消费者的知情权和 选择权。 这个"通知"虽然还不具备法律效力，但得到了很多消费者的拥护："如果餐馆不想受累，告诉一声，我们也不想受罪。" 西贝的后厨，这个周末"开了又关" 过去的这个周末，西贝厨房成了全中国最热门的景点之一。 各路餐饮意见领袖、网红博主，响应贾国龙"厨房大开"号召（西贝最新决定：不再开放厨房），蜂拥进西贝后厨，想要亲自见证：西贝到底是不是做的预 制菜。 从老罗与贾国龙互刚伊始，贾国龙就始终坚持： ...

Core Viewpoint - The recent controversy surrounding pre-prepared dishes at Xibei Restaurant Group has led to public apologies and significant discussions about consumer rights and food safety standards in the restaurant industry [1][3][12]. Group 1: Company Response and Public Perception - Xibei issued an apology regarding the use of pre-prepared dishes, stating intentions to adjust processing methods and switch to non-GMO soybean oil by October [1]. - The initial apology was deleted and later reissued with modifications, indicating a sensitive public reaction and criticism from figures like Luo Yonghao, who questioned the company's stance [1][3]. - Luo Yonghao criticized the marketing consultancy firm Huayi Huayi for its support of Xibei, suggesting that their advice could harm the brand's reputation [6][10]. Group 2: Industry Standards and Regulations - A national standard for pre-prepared dishes is set to be publicly solicited, which will require restaurants to disclose whether they use such dishes and how they are prepared [12]. - The new standards aim to transition the pre-prepared dish industry from unregulated growth to a more compliant framework, focusing on safety and transparency [12][13]. - Experts predict that the implementation of these standards could increase costs by 15% to 30%, potentially leading to market consolidation as smaller firms may struggle to comply [13].

Market Overview - On September 15, A-shares experienced a volatile rise, with the Shanghai Composite Index up by 8.69 points (0.22%) closing at 3879.29 points, the Shenzhen Component Index up by 137.73 points (1.07%) at 13061.86 points, and the ChiNext Index up by 64.26 points (2.13%) at 3084.68 points, briefly surpassing 3100 points during the session [1] - The half-day trading volume in the Shanghai and Shenzhen markets reached 1.52 trillion yuan, a decrease of 146.8 billion yuan compared to the previous day, with over 2000 stocks rising across the market [2] Pre-made Dishes Industry - The pre-made dishes index rose by 1.63% on September 15, with stocks like Delisi (002330) hitting the daily limit and Guolian Aquatic (300094) rising over 7%, as the market reacted to the upcoming national food safety standards for pre-made dishes [3] - The draft national standards, led by the National Health Commission, are set to include the usage of pre-made dishes in restaurant disclosures for the first time, following a notice issued by multiple departments in March 2024 emphasizing the safety regulations for pre-made dishes [3][4] - The pre-made dishes market in China reached 485 billion yuan in 2024, a year-on-year growth of 33.8%, and is expected to exceed 617.3 billion yuan in 2025, with e-commerce sales in 2023 growing by 160%, particularly among the younger demographic [3][4] Industry Growth and Challenges - As of now, there are over 74,000 registered pre-made dish companies in China, with approximately 9,500 new registrations in 2025. The registration trend shows a peak in 2024 after a decline in 2021-2022 [4] - Industry experts highlight that while government policies are promoting pre-made dishes for their standardization and efficiency, consumer trust remains a significant hurdle due to safety and nutritional concerns [4] - The new national standards are expected to reshape the pre-made dishes industry, potentially increasing costs by 15% to 30% due to stricter regulations on preservatives and cold chain logistics, which may lead to consolidation in the market [5] Battery and Energy Storage Sector - CATL (300750) saw a significant rise of 14% in A-shares, reaching new highs, supported by a Morgan Stanley report affirming its strengthened market position in the electric vehicle battery sector [6][7] - The energy storage sector is also gaining traction, with a national plan aiming for 180 million kilowatts of new energy storage capacity by 2027, driving an estimated investment of 250 billion yuan [8] Automotive Industry - Automotive stocks surged on September 15, with companies like Haon Auto (301488) rising nearly 18% following the release of a growth plan targeting 32.3 million vehicle sales in 2025, including 15.5 million electric vehicles [9][10] - The plan emphasizes the integration of smart and connected technologies in the automotive sector, promoting the development of intelligent networked vehicles and enhancing infrastructure for V2X and 5G applications [9][10]

沪深京三市半日成交额1.52万亿元，较上日缩量1468亿元。全市场2000超只个股上涨。 国标落地倒计时，预制菜概念爆发 9月15日，罗永浩与西贝餐饮的"预制菜纷争"余波未平，但资本市场已做出反应。同花顺数据显示，预制菜指数涨1.63%，得利斯开盘涨停，国 联水产涨超7%，多股涨超3%。 记者丨 李益文 黎雨桐 编辑丨叶映橙 曾静娇 9月15日，A股三大指数震荡上涨。 截至上午收盘，上证指数早盘上涨8.69点，涨幅为0.22%，报收3879.29点；深证成指上涨137.73点，涨幅为1.07%，报收13061.86点。 创业板 指上涨64.26点，涨幅为2.13%，报收3084.68点，盘中一度突破3100点。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 3879.29 13061.86 | 1619.71 | | +8.69 +0.22% +137.72 +1.07% +18.83 +1.18% | | | 科创50 创业板指 | 万得全A | | 1349.26 3084.68 | 6250.06 | | +11.24 +0.84% +64.25 +2.13% +29.73 ...

Core Viewpoint - The discussion around pre-prepared meals (pre-cooked dishes) has intensified, particularly following the controversy involving the restaurant chain Xibei and its use of such meals, with calls for clearer regulations in the industry [1][4]. Group 1: Industry Developments - The draft national standards for pre-prepared meals have passed review and are expected to be open for public consultation soon, indicating a move towards formal regulation in this sector [1]. - The controversy surrounding Xibei has highlighted the transparency issues regarding the use of pre-prepared meals in restaurants, with the company claiming all 370 of its locations are open to public scrutiny [4]. Group 2: Company Reactions - Luo Yonghao, a prominent figure in the discussion, expressed his support for pre-prepared meals under certain circumstances, emphasizing the need for consumer awareness regarding their use in restaurants [1]. - Following Luo's criticism of Xibei for its reliance on pre-prepared meals, the company’s representative, Jia Guolong, announced intentions to sue Luo, escalating the public dispute [4].

罗永浩发微博转载第一财经 《独家 | 餐厅预制菜需要明示！国标草案已过审即将公开征求意见》 报 道，并配文称："太好了，万众期待！！！ 再次重申我的立场（以免被讹传和误解）：1 我不反对预制 菜，在某些情况下，我甚至会主动选择预制菜，比如图省事儿，赶时间，没胃口时对付一下等等。2 既 然预制菜合法，餐馆当然有权使用预制菜，但消费者有权知道餐馆是否使用了预制菜。" ...

Core Viewpoint - The controversy surrounding pre-prepared dishes (pre-made meals) highlights the tension between consumer rights to information and the industry's practices, as exemplified by the dispute between entrepreneur Luo Yonghao and the restaurant brand Xibei [1][2]. Group 1: Industry Standards and Consumer Rights - Luo Yonghao criticized Xibei for serving pre-prepared dishes without clear labeling, emphasizing the importance of consumer knowledge regarding the food they purchase [2][6]. - Xibei responded by denying the allegations and announced plans to publicly disclose the preparation processes of their dishes, aiming to enhance transparency [2][3]. - The lack of national standards for pre-prepared dishes in China has led to confusion among consumers regarding what constitutes a pre-prepared dish, with varying interpretations between consumers and brands [4][8]. Group 2: Market Dynamics and Growth - The pre-prepared food industry in China has been growing for over 20 years, with significant acceleration due to the COVID-19 pandemic, which increased consumer demand for convenience [4]. - The market is projected to reach a scale of 10 trillion yuan by 2030, with a potential penetration rate of 15% to 20% for pre-prepared dishes, indicating a compound annual growth rate of 13% [4]. - Despite growth, the market is becoming increasingly fragmented, leading to declining profits for some companies, such as Weizhi Xiang, which has seen a decrease in net profits in recent years [4]. Group 3: Regulatory Developments - Regulatory bodies are beginning to address the need for clearer labeling of pre-prepared dishes, promoting consumer rights and transparency in the food service industry [7]. - The recent joint notice from multiple government departments encourages restaurants to disclose the use of pre-prepared dishes, although no specific law mandates this yet [7]. - Comparisons are drawn with Japan's mature pre-prepared food industry, which benefits from strict regulations and standards, ensuring higher consumer trust and food safety [7]. Group 4: Central Kitchen Model - The central kitchen model is widely adopted in the restaurant industry, allowing for standardized production and distribution, which reduces food waste and operational costs [9]. - This model enhances food safety by controlling the entire process from ingredient sourcing to final product storage, thus minimizing risks associated with traditional kitchen operations [9].

Core Viewpoint - Anjiu Foods reported a "revenue growth without profit growth" in its semi-annual report, with revenue slightly increasing by 0.8% year-on-year to 7.604 billion yuan, while net profit decreased by 15.79% to 676 million yuan [2][3]. Revenue and Profit Performance - The company experienced its first decline in mid-term net profit since its listing, with a significant double-digit drop highlighting profit pressure [3]. - In Q1, revenue was 3.6 billion yuan, down 4.13% year-on-year and 11.11% quarter-on-quarter, with net profit at 395 million yuan, a decline of 10.01% year-on-year [4]. - Q2 saw a revenue recovery to 4.005 billion yuan, but net profit further deteriorated to 281 million yuan, with declines exceeding 20% both year-on-year and quarter-on-quarter [5]. Cost and Margin Analysis - The increase in raw material prices, particularly for crayfish and fish paste, led to a 5.29% rise in operating costs to 6.044 billion yuan, resulting in a gross profit of 1.561 billion yuan, down 13.5% [6]. - The gross margin fell to 20.52%, a decrease of 3.39 percentage points year-on-year [6]. Competitive Landscape and Marketing Strategy - The frozen food industry is highly competitive, prompting Anjiu to increase promotional efforts, which negatively impacted gross margins [7]. - Despite profit pressures, the company maintained a substantial dividend payout of 1.425 yuan per share, totaling 473 million yuan, which accounted for 70.02% of the net profit [7]. Business Segment Performance - Anjiu's business structure showed divergence, with only the prepared dishes segment (frozen dishes) achieving growth, while other categories experienced sluggish sales [10]. - The largest segment, frozen prepared foods, generated revenue of 3.759 billion yuan, down 1.94% year-on-year, while frozen noodle and rice products saw a revenue decline of 3.89% [11]. - The prepared dishes segment grew by 9.4% to 2.416 billion yuan, becoming the sole revenue bright spot [10][11]. Future Growth and Challenges - The growth of the prepared dishes segment, which has been a core driver of Anjiu's performance, is showing signs of slowing down, with growth rates decreasing from over 100% in previous years to 9.4% in the current period [12]. - The lack of national standards for prepared dishes has been identified as a significant constraint on sustainable growth [12]. - Anjiu's recent dual listing on the Hong Kong Stock Exchange aims to accelerate its international strategy, but overseas revenue remains low at 72 million yuan, less than half of last year's total [13].