精选本周内平台、行业、品牌动态与热点趋势，让您十分钟读懂餐饮供应链领域的最新动向。 牧原股份H股上市已举行聆讯 涪陵榨菜：餐饮渠道增速达20% 安井食品：虾滑品类已成为公司新品中增长最强劲的大单品 嘉美包装控股股东筹划控制权变更 大窑饮品注销内蒙子公司 越秀农牧食品与汉德柯斯种猪签署合作备忘录 库迪咖啡全球供应链基地月产首破万吨 美鑫餐调推出姜黄姜汁火锅汤底 国联水产上新傣味香茅烤鱼 三全食品上新低GI蓝莓桑葚汤圆 南侨食品推出稀奶油新品 美国农业部下调牛价预期 食品价格拉动CPI同比涨幅创近21个月新高 牧原股份H股上市已举行聆讯 近日，牧原股份发布公告称，公司正在进行申请境外上市外资股发行并在香港联合交易所有限公司主板挂牌上市的相关工作。 本次发行并上市的联席保荐人已于2025年12月5日收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅牧原股份的上市申请，但该信 函不构成正式的上市批准，香港联交所仍有对牧原股份的上市申请提出进一步意见的权力。 据悉，今年11月，牧原股份收到中国证监会境外发行上市备案通知书，拟发行不超过约5.46亿股境外上市普通股，并在香港联合交易所主板上市。 若此次港股发 ...

Core Viewpoint - The food and beverage index in November shows continued recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate, with pre-processed foods, baked goods, and dairy products leading the gains [1] Group 1: Market Trends - The food and beverage sector experienced a 0.8% increase in November, with an excess return of 3.1% compared to the Wind All A index, ranking 11th among 31 sub-industries [4] - Five out of ten sub-sectors achieved positive monthly returns, with pre-processed foods, dairy, and baked goods showing significant increases of +9.1%, +6.6%, and +4.2% respectively [4] Group 2: Investment Opportunities - The report highlights opportunities in the retail and dining supply chain, with a focus on developing private labels in supermarkets, which could see a growth potential of 2-3 times, translating to a market increment of approximately 100 billion [2] - The dining channel is expected to recover as competition stabilizes, with pre-processed food net profit growth showing improvement in Q3 2025, driven by the easing of price competition and the gradual lifting of alcohol bans [2] Group 3: Price Tracking - As of November 30, 2025, the price of premium liquor has decreased compared to the previous month and year, with specific prices for various brands noted [3] - Packaging material prices have shown mixed trends, with glass and PET prices down year-on-year, while aluminum and cardboard prices have increased [3] - Raw material prices for sugar, flour, palm oil, and pork have decreased significantly year-on-year, while quail eggs and soybean prices have increased [3]

Core Viewpoint - Shanghai Houxu Asset Management Co., Ltd. plans to reduce its stake in Baoli Food by up to 12,000,300 shares, representing no more than 3% of the total share capital, due to its own funding needs [2][3] Group 1: Shareholder Actions - This is the fourth time Shanghai Houxu has reduced its stake in Baoli Food, having previously completed a reduction of 1,316,400 shares in February 2024 [2][3] - After the current reduction, Shanghai Houxu will hold 6.25% of Baoli Food's shares, which may drop below 5% if the reduction is successful [3] Group 2: Company Performance - Baoli Food reported a revenue of 2.133 billion yuan for the first three quarters of the year, a year-on-year increase of 10.50%, with a net profit of 192 million yuan, also up by 10.59% [5] - The company’s net profit margin for the first three quarters was 10.03%, a slight decrease from the previous year [6] Group 3: Market Position and Strategy - Baoli Food has expanded its business from a restaurant supply chain to include beverage and dessert ingredients, serving major clients like KFC and McDonald's [6] - The company aims to deepen its presence in the C-end market through its brand "Kongke Yimian," which is positioned as a leading product in the light cooking segment [7][8] - The competitive landscape in the C-end market is intensifying, necessitating Baoli Food to innovate in marketing and product offerings [8]

Investment Rating - The report maintains a positive investment rating for the restaurant supply chain sector, suggesting increased attention due to signs of demand recovery and growth potential for quality companies [2][38]. Core Insights - The restaurant supply chain sector is experiencing a shift where companies are transitioning from being mere supporters to active drivers of innovation and demand, highlighting the importance of R&D and innovation capabilities [10][22]. - The industry is witnessing a structural opportunity as the chain restaurant rate continues to rise, with expectations for further growth in the coming years [18][10]. - Current valuations in the sector are at historically low levels, indicating potential for recovery as demand improves [30][34]. - The report emphasizes the importance of mergers and acquisitions as companies seek to enhance their competitive positions and bind key customers [22][24]. Summary by Sections Industry Status - Overall demand in the restaurant sector remains weak, but signs of recovery are evident, particularly during holiday periods [10][11]. - The restaurant supply chain industry is projected to maintain a compound annual growth rate of over 15% in the next three years, outperforming the broader restaurant market [14][10]. Company Changes - Companies are increasingly focusing on R&D and innovation to meet the evolving demands of chain restaurants, which require standardized and stable supply [22][10]. - Mergers and acquisitions are being utilized to strengthen customer relationships and enhance resource capabilities [24][22]. - New retail channels are being explored to drive growth, with companies expanding into high-end and online markets [25][10]. Valuation Analysis - The current valuation of the sector is below the 20th percentile of the past decade, suggesting significant upside potential as demand recovers [34][30]. - The report notes that the valuation decline over the past five years has been primarily due to reduced demand and high initial valuations [30][34]. Investment Recommendations - The report suggests increasing focus on specific companies such as Haidilao, Angel Yeast, and others, which are expected to benefit from demand recovery and improved operational performance [38][39].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company's total revenue for Q1-Q3 2025 is 1.378 billion yuan, showing a year-on-year increase of 1.00%. However, the net profit attributable to the parent company is 53.7755 million yuan, a decrease of 34.06% year-on-year. The Q3 2025 revenue is 492 million yuan, reflecting a year-on-year growth of 4.27%, while the net profit for Q3 is 17.9855 million yuan, down 19.08% year-on-year [2][4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported total revenue of 1.378 billion yuan, with a net profit of 53.7755 million yuan and a non-recurring net profit of 53.599 million yuan, both showing significant declines year-on-year [2][4] - In Q3 2025, the revenue reached 492 million yuan, marking a 4.27% increase year-on-year, while the net profit was 17.9855 million yuan, down 19.08% year-on-year [2][4] Market and Competitive Landscape - Revenue performance has shown a quarter-on-quarter improvement, indicating that the operational bottom has been reached. The revenue growth rates for Q1 to Q4 2025 are projected to be +1.50%, -3.12%, and +4.27%, respectively, with expectations for continued recovery in Q4 due to a lower comparative base [10] - The competitive landscape remains intense, with the company's net profit margin declining by 2.08 percentage points to 3.9% for Q1-Q3 2025, and gross margin decreasing by 1.52 percentage points to 22.73% [10] Investment Projects and Future Outlook - Some investment projects have been delayed to adapt to new market trends. The company has adjusted the construction timeline for the "Wuhu Baifuyuan Project" and "Hebi Baishun Project" to January 2027 due to changes in market demand and economic conditions [10] - Profit forecasts for the company indicate net profits of 72 million yuan, 97 million yuan, and 111 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.74, 1.00, and 1.14 yuan, suggesting a PE ratio of 57, 42, and 36 times at the current stock price [10]

Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [1] Core Insights - Supply and demand are rebalancing, with capital expenditure peaks passing and demand gradually recovering under policy and consumption recovery [5][10] - New growth drivers are emerging through product innovation and channel expansion, breaking the price competition [5][36] - The industry logic is strengthening, with the standardization of prepared dishes and an increase in chain rates driving industry concentration [5][36] - Investment recommendations focus on the supply chain opportunities in the restaurant sector, highlighting major companies and smaller firms with growth potential [5][36] Summary by Sections Supply and Demand Rebalancing - Capital expenditure in the industry has significantly declined after 2023, with a focus on improving capacity utilization [5][10] - The price war is gradually coming to an end, and the third quarter of 2025 may mark an operational turning point for the industry [5][22] - Demand is stabilizing, with restaurant openings and closures balancing out, and consumption showing resilience during peak holiday periods [5][26][27] New Growth Drivers - Companies are shifting focus from price competition to product innovation and channel expansion, with retail trends becoming more pronounced [5][36] - Major companies are launching new products and optimizing channels to adapt to the changing market landscape [5][44] Strengthening Industry Logic - Recent regulatory developments in prepared dishes are expected to raise industry entry barriers, benefiting compliant leading companies [5][36] - The chain rate in the restaurant sector is projected to increase from 19% in 2021 to 23% in 2024, indicating a trend towards consolidation [5][36] Investment Recommendations - The report suggests focusing on major companies like Anjuke Food, Angel Yeast, and Haitian Flavoring, as well as smaller firms like Baoli Food and Lihigh Food for potential growth [5][36] - The overall market is expected to improve with a favorable chip structure and policy expectations [5][36]

Industry Overview - The consumption policies' impact is gradually weakening, leading to a recovery phase in the restaurant supply chain demand, with positive signals emerging from the supply side, such as frequent mergers and acquisitions among leading companies, which enhance industry concentration [1] - The competition in the industry has not intensified further, and market spending is becoming more rational, indicating a potential improvement in the industry outlook [1] - Historical experience suggests that the fourth quarter will see concentrated macro policies, and any changes in supply and demand could catalyze stock price increases due to low baseline fundamentals and low institutional holdings [1] Market Performance - As of October 17, 2023, the condiment index has decreased by 6.1% since the beginning of 2025, underperforming the CSI 300 index by 24.3 percentage points and the food and beverage sector by 3.5 percentage points [1] - The pre-processed food index has dropped by 6.4%, also underperforming the CSI 300 index by 24.6 percentage points and the food and beverage sector by 3.8 percentage points [1] - Since August, the food and beverage sector has risen by 3.0%, with the condiment sector showing similar trends, primarily driven by large-cap stocks like Haitian Flavoring and Food [1] Key Companies - Haitian Flavoring and Food (603288): Demonstrates self-innovation and highlights its leading advantages [2] - Baba Food (605338): Driven by both store expansion and group meal services, enhancing its operational capabilities [2] - Anjuke Food (603345): Maintains stable core operational capabilities with clear product and channel strategies [2] - Qianwei Central Kitchen (001215): Optimizes channel structure, with new channel potential expected to drive growth [2] - Yihai International: Maintains a solid foundation with related parties and a high dividend rate, with clear new growth points [2]

Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" [1] Core Viewpoints - The industry shows clear signs of bottoming out, with low valuation levels. As of October 17, the condiment index has decreased by 6.1% since the beginning of 2025, underperforming the CSI 300 index by 24.3 percentage points [2][6] - The restaurant supply chain is experiencing a notable bottoming trend, with leading companies in the condiment sector showing improvement. Institutional holdings are at a low level, indicating a lower valuation center [2][12] - The report suggests that the industry is likely to enter a recovery phase, driven by improving demand and supply-side signals, including frequent mergers and acquisitions among leading companies [2][4] Industry Summary - The industry is currently in a phase of bottoming out, with valuation levels at a low point. The condiment and pre-processed food indices have both underperformed the broader market significantly [6][14] - The overall performance of the restaurant supply chain industry has been stable, with opportunities for growth, but it is essential to monitor signals of demand recovery [9][12] Key Stocks Summary - **Haitian Flavor Industry**: Demonstrates strong self-reform capabilities, with a notable recovery in operational status expected in H2 2024. The company has maintained steady growth across various product categories [17][21] - **Babi Food**: Achieved significant improvements in store efficiency and revenue growth, with a focus on expanding its product offerings and enhancing operational capabilities [25][30] - **Anjuke Food**: Focuses on product innovation and has opened up growth opportunities in the prepared food sector, despite facing challenges in the traditional frozen food market [35][40] - **Qianwei Central Kitchen**: Underwent a strategic adjustment to enhance channel quality and profitability, stabilizing its stock price after a period of decline [43][47]

Core Viewpoint - In the first half of 2025, Qianwei Yangchun faced significant challenges in the restaurant supply chain industry, reporting a revenue decline of 0.7% year-on-year to 886 million yuan and a net profit drop of 39.7% to 35.79 million yuan, indicating stagnation in core business growth and shrinking profit margins [1] Group 1: Product Iteration Challenges - The company's reliance on traditional product lines, particularly staple and snack categories, has led to a decline in sales as core products like fried dough sticks and sesame balls lose market appeal [2] - Efforts to develop new products in baking and prepared dishes have not yielded significant results, with these segments still too small to drive substantial revenue growth [2] - The shift towards lower-margin products has further pressured overall profitability, revealing a gap in product transition between old and new offerings [2] Group 2: Channel Distribution Pressures - The company maintains a weak recovery in its direct sales channel, primarily due to strong ties with major clients like Yum China and Hema, but faces pressure as these clients demand better pricing [3] - The decline in the distribution channel is more alarming, with over 300 channel partners lost in six months, leading to a significant drop in sales from distributors [3] - Rising costs of raw materials, such as flour and oils, have made it difficult for the company to pass on these costs to customers, resulting in profit erosion [3] Group 3: Trust Crisis and Industry Transparency - The prepared food industry is experiencing a trust crisis, with increasing consumer scrutiny over ingredient processing, compelling restaurant clients to enforce stricter supply chain standards [4] - The company must invest more in quality control, traceability, and transparency, but these efforts are unlikely to yield immediate financial returns [4] Group 4: Need for Strategic Reform - The company's performance reflects the broader challenges faced by restaurant supply chain businesses during industry adjustments, with traditional business pressures and new business investment pains [5] - To regain balance, the company needs to focus on three areas: product innovation, optimizing distribution channels, and developing dynamic cost adjustment capabilities [5] - However, market patience is waning due to regulatory changes, shifting consumer preferences, and capital valuation adjustments, necessitating urgent internal reforms [5]

Core Viewpoint - The overall recovery of the domestic catering industry in the first half of the year was weaker than expected, significantly impacting Qianwei Yangchu (001215.SZ), which reported a nearly flat revenue and a substantial decline in profit [2][3]. Group 1: Financial Performance - Qianwei Yangchu's revenue for the first half of the year was 886 million yuan, a slight decrease of 0.72% year-on-year, while the net profit attributable to shareholders fell by 39.67% to 35.79 million yuan [2][3]. - The company's gross profit margin decreased by 1.62 percentage points to 23.59%, indicating pressure on profitability [5]. - The revenue from staple foods, which contributed over 40% of total income, declined by 9.1% to 413 million yuan, while snack food revenue fell by 6.57% to 197 million yuan [3][4]. Group 2: Market Challenges - The catering industry is experiencing a slowdown, with national catering revenue growth dropping to 4.3% in the first half of the year from 7.9% in the same period last year [3]. - Qianwei Yangchu faces challenges from increased competition in the B-end market, with a net reduction of 362 distributors in the first half of the year, leading to a 6.4% decline in revenue from the distribution model to 445 million yuan [6][7]. - The company is also dealing with rising raw material costs, which have a significant impact on operating profits, despite some product prices decreasing compared to the previous year [7]. Group 3: Strategic Adjustments - In response to market pressures, Qianwei Yangchu is expanding into new retail channels and has seen a 5.31% increase in revenue from direct sales to 434 million yuan, although this growth rate has slowed compared to previous years [5][6]. - Online sales revenue increased by 44.87% to 44.70 million yuan, but this growth has come with a significant rise in marketing costs, which surged by 80.91% to 17.33 million yuan [5][6]. - The company is focusing on empowering key distributors and exploring new channels such as group meals and breakfast services to mitigate the impact of declining distributor numbers [7].