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： ...

每经编辑｜程鹏 潘海福 9月15日中午，西贝餐饮集团就近期预制菜争议发布致歉信（详见刚刚，西贝致歉：尽可能把中央厨房前置加工工艺调整到门店现场加工，改用非转基因 大豆油，10月前全国门店完成调整）。 不过这则道歉信在发布后又被删除，道歉信中称"顾客虐我千百遍"，受到不少网友质疑。不久后，这封道歉信又被发出，区别是"虐"字加了引号。 随后，罗永浩转发了该道歉信，称"顾客虐你什么了？顾客都被你打成网络黑社会了，谁虐谁呢"。 罗永浩称"华与华的老板已道歉" 9月15日，罗永浩发文称，"华与华的老板已经跟我道了歉，这件事可以过去了，毕竟它只是一个跑题的插曲。严肃的主题还是餐饮企业使用预制菜时，为 什么必须给消费者知情权。" 罗永浩直播间说道，"以后别的企业再用华与华，产生的可能就是大家会怀疑那个品牌是不是智力有问题，脑子有问题。" 罗永浩表示，"有人问是不是你们出钱给华与华，让华与华出这个招。那我们出不起，他们服务西贝10年，收了6000万。" 近期，西贝餐饮与罗永浩就预制菜引发的争论在网络上持续发酵。9月14日晚间，贾国龙在某个行业群内的言论截图流出。其中除了提到西贝从今以后要 打明牌、向胖东来学习外，还将罗永浩称 ...

国标落地倒计时，预制菜概念爆发 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。 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（300033）数 据显示，预制菜指数涨1.63%，得利斯（002330）开盘涨停，国联水产（300094）涨超7%，多股涨超 3%。 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。 天眼查专业版数据显示，截至目前我国现存在业、存续状态的预制菜相关企业超7.4万家。其中，2025 年截至目前新增注册相关企业约9500余家，从企业注册数量趋势来看，2020年以前预制菜相关企业的注 册数量逐年增长，在2021-2022年相关企业的注册数量有所降低。但自2023年起逐渐开始回升，并于 2024年达到企业注册数量顶峰，相关企业数量超1万余家。 广东省食品安全保障促进会副会长朱丹蓬向21 ...

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 ...

9月14日晚。罗永浩发文称"西贝的事情可以告一段落了。期待预制菜相关的国家法规尽快出台。我要忙正事了，已经耽误了一些工作。感谢大家的关 心。" 此前，13日下午罗永浩转发媒体关于"预制菜国标草案过审即将公开征求意见"的报道，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。 9月10日，罗永浩发博公开吐槽连锁餐饮品牌西贝几乎全都是预制菜，"西贝"陷入预制菜舆论风波。11日贾国龙在采访中称西贝全国370家店全部开放，向 大众透明。并表示一定会起诉罗永浩。此后双方展开骂战，掀起预制菜舆论风波。 相关报道： 来源：@罗永浩、此前报道 ...

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。" ...

"预制菜"究竟是餐饮工业化的进步，还是对消费者知情权的漠视？近日，由网红企业家罗永浩对餐饮品 牌西贝的质疑所引发的这场巨大风波，正是呈现了这一争论。 一方基于消费体验呼吁强制明示，另一方则从专业角度坚决否认并准备法律维权。在这场"罗生门"背 后，暴露的是当前预制菜行业标准缺失、定义模糊与消费者认知之间难以调和的矛盾。 罗永浩公开指责，西贝"应战" 近日，罗永浩与餐饮集团西贝的"预制菜纷争"仍在持续。 罗永浩在社交账号表示，自己和同事去西贝吃饭，发现几乎全都是预制菜，还那么贵，希望国家尽早推 动立法，强制饭馆注明是否用了预制菜。罗永浩认为，"从市场经济的角度来说，预制菜贵不贵倒是没 那么重要(虽然预制菜卖得贵确实更讨厌），重要的是知情权。" 9月11日，贾国龙在接受媒体采访时表示："罗永浩表达了对预制菜的不满，这对我们造成了伤害。我们 会走法律程序，一定会起诉他。" 9月12日下午，西贝发布致顾客的一封信。信中称，经确认，罗永浩在微博中对西贝的指责不实。西贝 称，针对所涉菜品在门店端的实际制作方式，现将13道菜品具体制作过程的"作业指导书"正式向全社会 公布。 此外，西贝决定向全社会开放后厨参观，顾客可在门店就 ...

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].