近日，新希望于投资者关系平台就近期舆论所关注的焦点问题进行了集中回应。 从上海绿捷食品安全事件，到河北千喜鹤涉嫌串通投标事宜，再到养猪成本承压以及社会责任履行情况，投资者的密集提问，充分反映出公众对于农业龙 头企业在产业链关联、食品安全管控以及周期应对能力等方面的高度关注。 新希望：上市公司与绿捷无股权管理业务联系 （一）高频提问背后的信任危机 投资者针对新希望与上海绿捷的关联关系进行了多次追问，其中核心矛盾在于：绿捷作为上海500余所学校的供餐单位，因"发臭虾仁炒蛋"事件被立案调 查。 登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：博亚和讯） 企查查数据显示，在河北千喜鹤饮食的股权结构中，国坤世纪持股78.1%，李国库为法定代表人，与新希望公开披露的子公司体系的确不存在直接关联。 经股权穿透显示，新希望创始人家族通过KGF间接控制绿捷，且前新希望高管陶煦曾担任绿捷董事长。对此，新希望董秘反复强调"上市公司与绿捷不存 在股权、管理及业务联系"，然而投资者对"关联关系是否通过家族信托或非公开渠道存在"表示质疑。 （二）社会责任与品牌反噬风险 上海绿捷食品安全舆论持续发酵，其已对新希望品牌造成了连带负 ...

Core Insights - The group meal industry is a crucial pillar of China's catering market, catering to the large-scale dining needs of enterprises, schools, and hospitals, directly impacting public service efficiency and food safety [1] - The industry is evolving towards digitization, standardization, and intensification, driven by digital transformation and supply chain upgrades, with leading companies integrating central kitchens, cold chain logistics, and digital management systems to enhance operational efficiency [1] - The social value of the group meal industry is increasingly recognized, contributing to rural revitalization efforts [1] Policy Drivers - The rural revitalization strategy encourages the integration of primary, secondary, and tertiary industries, allowing the group meal industry to penetrate lower-tier cities through government collaboration [4] - Recent policies from the State Council and the Ministry of Agriculture promote the development of rural industries, emphasizing the importance of food safety and quality management [7][9] Demand Drivers - High food expenditure among Chinese residents supports a stable daily consumption base for group meals, with projected per capita consumption of grains at 124.4 kg, fruits and vegetables at 176.1 kg, and dairy products at 92.4 kg by 2024 [13] Supply Drivers - The proliferation of online food delivery platforms is driving supply upgrades in the group meal industry, with 590 million online food delivery users expected by 2024 [15] - The group meal industry is under pressure to innovate menu offerings due to increased competition from diverse food supply options [15] Capital Drivers - The group meal industry has attracted significant capital investment, focusing on projects related to the integration of primary, secondary, and tertiary industries, digital supply chain construction, and cross-regional expansion [17] - Major funding is directed towards building central kitchen infrastructure and enhancing digital capabilities [19] Technological Drivers - Leading social dining brands are leveraging digital technologies to enhance operational capabilities, which group meal companies can adopt to overcome data silos and improve supply chain transparency [20] Market Size and Growth - The group meal market is projected to reach approximately 2.7 trillion yuan by 2024, with expectations to exceed 3.5 trillion yuan by 2026, indicating stable growth despite market challenges [29] Customer Segmentation - The primary customer segments for group meals include schools (52.7% revenue share), enterprises (26.3%), government institutions (10.8%), and hospitals (9.6%), each with distinct demand characteristics [34] Operational Models - The group meal industry features three main operational models: the contracted service model, collective meal distribution model, and platform model, each with unique revenue structures and operational efficiencies [38][40][42] Profitability Challenges - The average profit margin for the top 100 group meal companies has declined from 6.3% to 5.2%, indicating a shift towards a low-margin environment due to increased competition and rising operational costs [48] Market Concentration - The concentration of the group meal market in China is relatively low, with the top 100 companies holding only 6.7% of the market share, suggesting opportunities for consolidation among leading firms [60]

欢迎关注，顺义国资 导读 Introduction 行业专家授课明晰发展路径 近日，顺招公司组织开展"强翼领航"系列培训，首期培训聚焦"求变突围"与"绩效考核"核心主题，来自各职能部室及所属企业的18名骨干成员参加。 深度对话赋能实战能力 聚焦公司主营业务及经营管理中的难点问题，特邀全国知名团餐企业——西安亿阳餐饮管理团队开展专项培训，围绕经营策略、管理架构、考核机制等领 域进行深入交流研讨，参训人员实地走访亿阳餐饮3个标杆项目，汲取标准化运营经验。 顺招公司党总支副书记、副经理刘继东介绍了区属国有企业发展历程，提出了党建业务融合发展的相关要求，并对即将推行的部室和二级公司负责人过渡 期考核办法进行详细讲解。 供稿：顺招公司 实践研学环节突出"业态全覆盖、模式深解析"特点，组织学员深入探访陕西新东方烹饪学校，实地考察职业教育机构在产教融合、技能培训体系搭建方面 的创新做法，重点学习其标准化课程设计与市场化运营逻辑；走进"永兴坊"非遗文化商业街区，解码特色商业体如何通过文化IP打造、场景化消费体验实 现传统业态创新，为公司商业项目运营提供思路借鉴。 为精准对接公司即将推行的绩效考核改革，邀请原华为考核中心资深专 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：抱朴财经） 转自：抱朴财经 清流工作室 作者：王晓悦 2018年，KGF在香港的全资子公司GreenExpress Foods Limited开始收购绿捷实业，到2020年已获得绿捷实业100%股权。而KGF 由Ananta信托持有45.44%股权，该信托以新希望创始人刘永好女儿刘畅为设立人；另一家hosen capital持有KGF的38.95%股权， 该公司由厚生资本的张天利、王航控制。 上海"臭虾仁"事件点燃了家长的怒气，也揭开盘踞在学生餐盘上的资本局。 近期，在中国最发达的城市上海，50多所学校的餐桌上出现了生虫发臭的虾仁。现已查明，供餐企业上海绿捷实业发展有限公 司（下称"绿捷实业"）涉嫌瞒报食品安全相关信息，目前公安机关已立案侦查，并控制相关人员。 随着事件发酵，家长们发现这家炮制臭虾仁的供餐企业，包揽了全市600所中小学、幼儿园的餐食供应。而绿捷实业隶属于境外 公司Kilcoy Global Foods, Ltd.（下称"KGF"），其背后复杂的股权链条，最终指向饲料巨头新希望集团及其创始人刘永好家族。 这家餐饮企业已颇具规模，在港上市折 ...

Core Viewpoint - The article discusses the intricate relationship between capital investment and the food service industry, particularly focusing on the case of GreenExpress Foods, Ltd. (Green捷) and its parent company Kilcoy Global Foods (KGF), emphasizing the need for responsible capital management in sectors impacting public health and trust [2][48][49]. Group 1: Company Background - Hosen Capital (Cayman), Ltd. was established in October 2011 as a private equity investment management firm, initially taking minor stakes in various food consumption projects [3]. - In 2013, Hosen made a significant move by acquiring a controlling stake in Kilcoy Pastoral Company, an Australian beef processing firm, which later transformed into KGF [3][4]. - KGF expanded its operations globally, with a notable acquisition of Green捷 in 2018 for $170 million, which specializes in providing meal solutions for schools in Shanghai [3][12]. Group 2: Financial Performance - Green捷 reported a revenue of $84.71 million in 2017, with a gross margin of 24.4% and a net profit margin of 15.7%, showcasing its profitability in the school meal sector [28]. - The company received $952,000 in government subsidies in 2017, contributing to its financial stability [33]. - KGF's overall revenue grew from $1.071 billion in 2018 to $2.195 billion in 2024, indicating significant growth and expansion in its market presence [40]. Group 3: Ownership Structure - KGF's ownership is complex, with major shareholders including Ananta Trust (45.44%) and Hosen Capital (38.95%), indicating a deep connection with New Hope Group and its family trust [21][25]. - The ownership structure involves multiple offshore entities, complicating the transparency of the capital network [23]. - New Hope Group has been instrumental in KGF's growth, leveraging its financial resources and expertise in the food sector [26][27]. Group 4: Market Impact and Challenges - The acquisition of Green捷 has positioned KGF as a significant player in the Chinese meal solutions market, with a reported revenue increase of $38.3 million in just three months post-acquisition [36]. - Despite its profitability, KGF faces scrutiny regarding the quality and safety of its meal solutions, particularly in the context of recent controversies surrounding school meals [12][47]. - The article highlights the importance of balancing capital growth with social responsibility, especially in sectors that directly affect public health [48][49].

面对学生餐的强制安排，私下偷偷带饭进校园，是许多上海家长的现实选择。与不好吃的校餐周旋，成为一场旷日持久的攻防战。 几位上海家长与学生讲述了他们的亲身经历。 校园餐的地下战争 清晨六点的上海静安区，天光未亮，李豆厨房里的灯就亮起来。 她系着围裙，站在灶台前，把煮好的咖喱牛肉盛进保温杯，拧紧，再迅速放进儿子的餐包———那个原来用来放汤碗的位置。初二的孩子就读的这所中学 不允许带饭，她不能明目张胆。 几乎同一时刻，上海闵行区的赵南也在偷偷给孩子备餐。她从冰箱里取出一个冻得结实的保温杯，再拆开新鲜的纸盒牛奶倒入杯中。 午餐时间，在黄浦区一所高中的教室里，高一学生钱小熙也有自己的加餐方式。学校的饭菜难以下咽，但不得不吃。她和周围关系好的同学会来回走动， 互相分享自己偷偷带来的零食，比如辣条。曾有男生带泡面来泡，老师也只是"睁一只眼闭一只眼"，唯一的底线是"别把包装袋乱扔"。 2024年冬天，上海家长李晨逸也开始每天早上给儿子张宇准备午餐：一份蛋炒饭加点蔬菜，或者烧点荤菜，盛到保温杯里。 张宇在静安区一所初中读书。"地下行动"有时也会被攻破。一个半月后，张宇的一个同学在教室里吃可乐鸡翅，"吃得太张扬"，被老师发现。几个 ...

Core Viewpoint - The article discusses the controversy surrounding Shanghai Green Express, a major player in the school meal market, highlighting issues of food safety, management transparency, and the complex capital structure behind the company [4][5][8]. Group 1: Company Background and Controversy - Shanghai Green Express provides 500,000 meals daily and controls nearly 30% of the school meal market in Shanghai [5][34]. - The company faced backlash from parents due to food safety issues, particularly concerning the quality of shrimp in meals, leading to a police investigation [8][9]. - The company's apology was vague and did not address specific concerns raised by parents [5][8]. Group 2: Management and Ownership Structure - The real decision-maker behind the company is a previously unknown actual controller, Zhang, rather than the publicly listed general manager, Ge [11][12]. - Ge has connections to multiple companies, including those in the food supply chain, raising questions about potential conflicts of interest [14][16]. - The ownership structure involves a Hong Kong company that serves as the sole shareholder, which obscures the true beneficiaries and decision-makers [31][26]. Group 3: Market Position and Financial Dynamics - Green Express has been expanding rapidly, winning numerous contracts and maintaining a strong cash flow due to a prepayment model from parents [34][35]. - The company has a significant market share, providing meals to approximately one-third of Shanghai's 1.82 million school students [33][34]. - The cost structure reveals a discrepancy between the actual meal cost and what parents are charged, raising concerns about transparency and profit margins [36][37].

校园餐必须经得起审视，因为它关系到孩子健康成长的切身利益，且涉及面非常之广。中国目前中小学 和幼儿园数量超过46万所，涉及学生超过2.37亿人，校园配餐不是一件小事。 （原标题：校园餐要经得起审视 | 经观社论） 9月15日，上海多所学校午餐中的虾仁炒蛋被紧急撤换，学生收到饼干和面包作为替代。供餐企业"上海 绿捷"的解释是虾仁里有细沙，但学生家长表示，孩子反馈这道菜有臭味。上海市教委9月18日通报称， 已会同市场监督管理部门赴现场调查，相关菜品留样及原料已送检，一周内会出具检验结果。 在许多家长看来，这不是一起偶然事件。长期以来他们对校园餐不太满意：菜品质量差、油炸食品过 多、孩子吃不饱、吃不好。尽管多次向管理部门反映，问题也没得到有效解决。罗永浩吐槽西贝"贵且 难吃"，上海家长却说：让西贝来竞标校园餐吧。 虽说众口难调，但当很多家长反馈同样的问题，他们的诉求应当被重视；此次虾仁炒蛋被撤换的真正原 因究竟如何，公众也期待一个基于检测结果的明确回应。 其一是公开。公开的表层含义是对每日食谱及食材信息的公示、对食品加工关键环节的展示，但它还有 一个更深层的含义：开放——包括将食堂有序向家长开放，也包括在前置环节， ...

鼎馨私厨总公司近日宣布，正式重启并深耕食堂团餐业务，核心聚焦"放心饭菜"。 搜狐号©鼎昌私厨企业身里犬 搜狐号@鼎喜私厨企业号 t 据悉，此举旨在联合合作方打破行业乱象，共赢高品质团餐市场，目前已有多家企业达成合作意向。 一是将"米其林品质"下沉至团餐，把米其林的食材标准、品控逻辑落地到企业日常供餐；依托团餐供应 链能力，覆盖企业员工婚宴需求；三是借2000家企业高管资源优势，从食材直采、品控监管到服务优化 全链条赋能合作企业食堂。 ...

Group 1 - The incident involving the school lunch provided by Shanghai Green Express Industrial Development Co., Ltd. (Green Express) has raised concerns about food safety and quality in school catering services [1][2] - Green Express stated that not all batches of the shrimp and egg dish were problematic and committed to enhancing food safety supervision [1][2] - The Shanghai Minhang District Market Supervision Administration has initiated an investigation into the matter [2] Group 2 - Starting from the fall semester of 2024, Shanghai will implement an AB meal system for students, offering at least two meal combinations daily, which has already been largely adopted across primary and secondary schools in the city [2] - The price for each lunch is set at 18 yuan, with the menu including shrimp and egg dishes [2][4] Group 3 - Parents have expressed dissatisfaction with the quality of school lunches, often finding them unappetizing and preferring alternatives from fast-food restaurants [5] - Analysts suggest that the issues stem from a lack of stringent oversight and enforcement of regulations in the school catering industry [5] Group 4 - Green Express is linked to New Hope Liuhe Co., Ltd., with its actual controller being a Hong Kong company, GreenExpress Foods, Limited [6][7] - The company has faced multiple lawsuits related to health and safety disputes in the past [8] Group 5 - The campus catering industry in China is significant, covering over 46,000 schools and serving more than 237 million students, making it a key area for regulatory focus [11] - The introduction of the national standard for campus catering services, effective December 1, aims to standardize and improve food safety practices in this sector [12][13] Group 6 - The new guidelines require catering companies to have dedicated food safety personnel, implement centralized procurement for major food items, and ensure traceability of food safety inspections [13][14] - The implementation of these guidelines is expected to reduce irregularities in campus catering services and prompt necessary changes among catering companies [14]