Group 1 - The core point of the news is that Anjuke Foods has announced the final offering price for its overseas H-share listing, set at HKD 60 per share, which corresponds to RMB 54.76, representing a discount of approximately 30% compared to the A-share closing price of RMB 78.74 on July 1 [1] - The total number of shares to be issued is 39,994,700, with a dilution ratio of about 13.65%. The market capitalization of A-shares is RMB 231 billion, corresponding to a 16.5x PE for 2025, while the H-share PE is approximately 11.5x [1] - The funds raised from the H-share issuance will be used for global sales network construction, supply chain system development, industrial investment and acquisitions, product development, technological upgrades, and working capital supplementation [1] Group 2 - The company is focusing on upgrading its C-end offerings and differentiating its products by embracing new retail channels and driving innovation in product development [2] - New product launches include four single and combination products for grilled sausages, six new specialty products for dough, and an upgraded "live fish fresh fish ball" for hot pot ingredients, aimed at attracting younger consumers [2] - The company has signed a share acquisition agreement with Dingwei Thai, marking a transition from being a frozen food leader to providing comprehensive dining solutions, while also accelerating international and overseas channel expansion [2]

Core Viewpoint - The company reported a revenue of 15.127 billion yuan for 2024, representing a year-on-year growth of 7.70%, with a net profit of 1.485 billion yuan, a slight increase of 0.46% [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 3.6 billion yuan, a decrease of 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% [1] - The company’s revenue from frozen prepared foods, frozen dishes, frozen noodles, and agricultural products was 7.839 billion, 4.349 billion, 2.465 billion, and 449 million yuan respectively, with year-on-year growth rates of 11.41%, 10.76%, -3.14%, and -11.74% [1] Group 2: Sales Channels - Revenue from distributors, supermarkets, direct sales, e-commerce, and new retail reached 12.382 billion, 827 million, 1.023 billion, 313 million, and 582 million yuan respectively, with year-on-year growth rates of 8.91%, -2.35%, -4.54%, -2.29%, and 32.97% [2] - The number of distributors increased to 2,017 by year-end, a net increase of 53 [2] - Revenue from various regions showed growth, with East China being the core market, and significant growth in Southwest, Northwest, and overseas regions [2] Group 3: Profitability Metrics - The company achieved a gross margin of 23.30% and a net margin of 9.82% in 2024, with a slight increase in gross margin but a decrease in net margin by 0.71 percentage points [3] - The expense ratio was 10.03%, an increase of 0.67 percentage points year-on-year, with specific changes in sales, management, R&D, and financial expense ratios [3] Group 4: Strategic Outlook - The company is implementing a "three-pronged" strategy to enhance its product matrix and optimize its product structure, focusing on both B2B and B2C channels [4] - The company signed a share acquisition agreement with Dingwei Thai, marking a transition from a frozen food leader to a comprehensive dining solution provider [4] - Revenue projections for 2025-2027 are 16.068 billion, 17.498 billion, and 19.677 billion yuan, with net profits of 1.618 billion, 1.778 billion, and 2.038 billion yuan respectively [4] Group 5: Valuation Metrics - The company’s price-to-earnings ratios are projected at 13.96, 12.70, and 11.08 for the years 2025, 2026, and 2027 [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][15]. Core Insights - The report highlights that Anjuke Foods is strategically expanding into the frozen baking sector and enhancing its supply chain collaboration through the acquisition of a 70% stake in Dingweitai for 444.5 million RMB. This acquisition aims to fill the high-end seafood gap, supplement the frozen baking segment, deepen B-end channel cooperation, and support international expansion [5][7]. Summary by Sections Company Overview - Anjuke Foods (603345) is positioned as a leading player in the frozen food industry, with a market capitalization of 23.141 billion RMB and a recent closing price of 78.9 RMB [2]. Historical Performance - The company's stock performance has shown fluctuations, with a historical decline of 23% over the past year compared to the CSI 300 index [3]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 155.91 billion RMB, 176.14 billion RMB, and 199.46 billion RMB, respectively, reflecting year-on-year growth rates of 11.01%, 12.98%, and 13.24% [7][10]. - Expected net profits for the same years are 14.97 billion RMB, 16.78 billion RMB, and 19.19 billion RMB, with growth rates of 1.29%, 12.07%, and 14.40% [7][10]. Strategic Initiatives - The acquisition of Dingweitai is seen as a pivotal move to enhance Anjuke's product offerings and market reach, particularly in high-end seafood and frozen baked goods, while also leveraging existing B-end customer relationships [5][6].