丘比社长高宫满 我们在中国工作了30多年，虽然是日本企业，但我认为已经变得像当地企业一样。我们有为餐厅和便利 店开发和提供菜单的历史和技术经验，因此能够很好地应对。 记者： 也有一些日本企业因为在与中国国内后起之秀的竞争中苦苦挣扎，最后选择退出。 高宫满： 中国的发展速度非常快。许多日本制造商在这里都遭遇了困难。我们相比其他日本企业有先 发优势，但也要进一步提升产品，推进合理化。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 高宫满：我们并不是单纯为了在中国赚钱，而是怀着为中国饮食文化做贡献的想法而进入中国市场的。 我们在中国工作了30多年，虽然是日本企业，但我认为已经变得像当地企业一样…… 日本丘比（Kewpie）的海外销售比例超过19%，创下历史新高。关于中国市场支撑丘比扩大了海外销售 比例。日本经济新闻（中文版：日经中文网）记者采访了丘比社长高宫满，询问了现状与展望。 记者： 丘比进入中国市场已有30多年，您认为能够在中国市场渗透的原因是什么？ 高宫满： 我们并不是单纯为了在中国赚钱，而是怀着为中国饮食文化做贡献的想法而进入中国市场 的。我们在地方市场开展了食育活动，邀请人们 ...

Core Viewpoint - The article discusses the historical significance of "酱园弄" (Jiangyuan Alley) in Hangzhou, highlighting its connection to the famous writer Lu Xun and the cultural importance of traditional sauce shops in the region [13][14][17]. Group A: Historical Significance - Jiangyuan Alley in Hangzhou was historically significant as it was where Lu Xun temporarily resided during his teaching years in 1909 [14][18]. - The only remaining building associated with Jiangyuan Alley is located at No. 12, which now serves as the South Song Coin Museum [15][18]. - The original name of the building was the Huzhou Guild Hall, built by Huzhou merchants for community gatherings [16]. Group B: Traditional Sauce Shops - Historically, Hangzhou had a vibrant culture of sauce shops, with 322 shops recorded before the war [19]. - These shops not only sold soy sauce but also pickled vegetables, which were essential for food preservation before refrigeration [19]. - Notable sauce shops included "惟和" and "恒泰," which have left a lasting legacy in the local culinary scene [20]. Group C: Cultural Legacy - The tradition of purchasing pickled vegetables continues, with places like 景阳观 (Jingyangguan) still attracting long lines of customers [22]. - Elderly residents recall fond memories of visiting sauce shops, emphasizing the cultural significance of these establishments in their daily lives [22].

Group 1 - The Hong Kong IPO market has shown significant growth in the first half of 2025, with 43 IPOs completed, a 43.33% increase from the same period last year, and total fundraising reaching HKD 1,067.13 billion, up 688.54% year-on-year [1][4] - Notable IPOs include CATL, Hengrui Medicine, and Haitian Flavoring, each raising over HKD 10 billion, while five other companies raised between HKD 2 billion and HKD 10 billion [1][4] - As of June 30, 2025, there are 220 companies in the IPO queue, indicating strong market vitality compared to only 80 applications reviewed in the previous year [1][3] Group 2 - The surge in IPOs is attributed to supportive regulatory policies, improved market liquidity, and the high quality of companies going public, with a notable increase in the success rate of IPO projects [8][9] - The "A+H" listing trend continues to rise, with several A-share companies successfully listing in Hong Kong, contributing significantly to the total fundraising amount [3][9] - Deloitte forecasts that the Hong Kong IPO market could raise HKD 200 billion through 80 new listings in 2025, with a focus on technology, media, telecommunications, and consumer sectors [9]

Core Viewpoint - The company is facing challenges due to public sentiment affecting its brand and sales, particularly following discussions around its "zero additive" soy sauce trademark, but there are signs of recovery in sales through online platforms and retail channels [2][3]. Group 1: Company Performance and Strategy - The chairman acknowledged that the public sentiment has negatively impacted the brand and sales, particularly noting a decline in sales from March 18 to March 28 [2]. - The company is focusing on brand recovery, product development, and sales network construction as its primary tasks moving forward [2]. - Online sales have shown a recovery, with a 35% month-on-month increase in May compared to April, indicating a positive trend in consumer demand [3]. Group 2: Regulatory Environment - The National Health Commission and the State Administration for Market Regulation have introduced new regulations that prohibit the use of terms like "no additives" on pre-packaged food labels, with a two-year transition period before full implementation [3][4]. - The new regulations are seen as beneficial for the industry, promoting clearer labeling and helping consumers make informed choices [4]. - The company plans to align its product packaging and labeling with the new regulations by the end of the year [4].

Meeting Details - The shareholders' meeting of Qianhe Flavor Industry Co., Ltd. was held on June 30, 2025, in Meishan, Sichuan Province [1] - The total number of shares held by attending shareholders accounted for 52.7831% of the total shares [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - 99.8608% approval for the first resolution with 541,713,168 votes in favor [1] - 99.2123% approval for the second resolution with 538,195,426 votes in favor [1] - 99.8468% approval for the third resolution with 541,637,065 votes in favor [1] - 99.8454% approval for the fourth resolution with 541,629,565 votes in favor [1] - 99.8930% approval for the fifth resolution with 541,888,016 votes in favor [2] - 99.8517% approval for the sixth resolution with 541,664,065 votes in favor [2] - 98.9805% approval for the seventh resolution with 123,235,385 votes in favor [2] - 99.7139% approval for the eighth resolution with 446,995,616 votes in favor [2] - 99.7619% approval for the ninth resolution with 541,176,964 votes in favor [2] - 99.7621% approval for the tenth resolution with 541,178,064 votes in favor [2] - 99.7616% approval for the eleventh resolution with 541,174,964 votes in favor [2] - 99.7621% approval for the twelfth resolution with 541,177,784 votes in favor [3] Legal Compliance - The meeting and voting procedures complied with the Company Law and the company's articles of association, ensuring the legality and validity of the resolutions passed [5]

Core Viewpoint - The legal opinion confirms that the procedures for convening and holding the 2024 annual general meeting of shareholders for Qianhe Flavor Industry Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [1][20]. Group 1: Meeting Procedures - The annual general meeting was convened in accordance with the company's articles of association and relevant regulations, with the meeting time to be notified later [3][4]. - The actual time, location, and voting methods of the meeting were consistent with the prior announcements [4][20]. Group 2: Attendance and Qualifications - A total of 633 shareholders attended the meeting, representing 50.5077% of the voting shares [5][20]. - The qualifications of the attendees were verified, confirming compliance with legal and regulatory requirements [5][20]. Group 3: Voting Procedures and Results - The voting was conducted through a registered voting method, with no amendments or new proposals introduced during the meeting [6][20]. - The resolutions were passed with significant majorities, including 99.8608% approval for one of the key proposals [6][20]. - The voting results indicated strong support from minority investors, with 98.0865% voting in favor of one resolution [9][20].

Core Viewpoint - The company is facing challenges due to recent public sentiment affecting its brand and sales, but there are signs of recovery in sales performance, and the management remains optimistic about long-term growth and brand restoration efforts [3][4]. Group 1: Company Performance and Challenges - The company held its 2024 annual shareholder meeting on June 27, attended by key executives and investors [1]. - A public sentiment issue regarding the "zero" trademark and "zero additive" soy sauce led to a decline in sales from March 18 to March 28, with a recovery period expected to last 10 to 12 months for top brands in the fast-moving consumer goods sector [3]. - The chairman expressed uncertainty about the timeline for recovery but emphasized the importance of brand repair, product development, and sales network construction as immediate priorities [3]. Group 2: Sales Recovery and Market Trends - Sales began to show signs of recovery in May, with online sales increasing by approximately 35% compared to April, driven by promotional activities on e-commerce platforms [4]. - Offline sales in supermarkets also experienced significant growth during the same period, indicating a rebound in consumer demand [4]. Group 3: Regulatory Environment and Industry Standards - New regulations from the National Health Commission and the State Administration for Market Regulation will prohibit misleading terms like "zero additive" on pre-packaged food labels, with a two-year transition period before full implementation [5]. - The chairman highlighted the importance of meeting national food safety standards and adapting to consumer demands for healthier, simpler ingredients, which is expected to drive market growth for health-oriented condiments [5]. Group 4: Innovation and Product Strategy - The company focuses on innovation through product quality and meeting evolving consumer needs, with a strong emphasis on enhancing brand and channel capabilities [6]. - The product range includes four main categories: soy sauce, vinegar, cooking wine, and oyster sauce, indicating a strategic focus on core condiment products [6].

Core Points - The article reports on food safety inspections conducted by the Liu'an Market Supervision Administration, revealing that out of 219 food samples tested, 215 were compliant while 4 were found to be non-compliant [3][4]. Group 1: Non-Compliant Products - The non-compliant products include: - E. coli levels in yellow eel sold by Guojie Market and Sanxip Water Products Shop exceeded the national food safety standard, with values of 236 µg/kg and 633 µg/kg respectively, while the standard is ≤100 µg/kg [4][5]. - Chicken eggs used by Liu'an Ruixiang Elderly Service Co., Ltd. contained methoxyphenone and sulfonamide levels of 20.0 µg/kg and 382.78 µg/kg respectively, exceeding the standard of ≤10 µg/kg [4][5]. - Small mangoes sold by Xiaoshen Fruit Shop had a pesticide residue of 0.10 mg/kg for pyraclostrobin, surpassing the allowable limit of ≤0.05 mg/kg [4][5]. Group 2: Actions Taken - The local market supervision department has mandated the responsible businesses to trace the distribution of the non-compliant products, initiate recalls, and remove these products from shelves to mitigate risks [4][5]. - The involved businesses are required to analyze the causes of non-compliance and implement corrective measures as per regulatory requirements [4][5].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][73]. Core Views - The food and beverage sector has shown a slight increase of 0.02% this week, underperforming the Shanghai Composite Index by 1.89 percentage points [21]. - The report highlights that the price of Feitian Moutai has shown signs of stabilization, while the fundamentals of the liquor industry may accelerate to a bottom [2][11]. - The report emphasizes the importance of new channels and products in the consumer goods sector, particularly as beer and beverage consumption enters a peak season [3][14]. Summary by Sections Liquor Industry - The liquor industry is experiencing pressure on demand, with the white liquor index down by 1.7% this week. The report anticipates a subdued performance in the second quarter [2][13]. - Key recommendations include focusing on leading companies with strong risk resistance such as Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao that are showing signs of valuation recovery [2][13]. Consumer Goods - The beer sector is benefiting from warmer weather, which is expected to boost consumption. The report suggests monitoring alpha-type stocks like Yanjing Beer and Zhujiang Beer for potential investment opportunities [14][15]. - The snack food sector is undergoing a trend of differentiation, with recommendations for companies that are innovating in new products and channels, such as Weilong and Yanjinpuzi [16]. - In the seasoning industry, the report notes resilience in basic seasoning leaders and suggests focusing on policy developments that could impact the sector [17]. Frozen Food - The frozen food sector is stable during the off-season, with companies actively developing new products. The report highlights the upcoming IPO of Anjins Food as a significant event [18]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts aiding in supply-demand improvements by 2025 [19][20]. Beverage Sector - The beverage industry is entering a peak season, with leading companies expected to maintain positive growth. The report recommends focusing on companies like Dongpeng Beverage that are accelerating national and platform expansion [20].

Group 1: Core Insights - Leiling Rural Commercial Bank focuses on rural revitalization and high-quality development in the Yellow River Basin by innovating business products to support the development and efficiency enhancement of industries such as seasoning and food processing [1] - The bank has issued inclusive small and micro enterprise loans totaling 1.797 billion yuan, an increase of 421 million yuan compared to the beginning of the year [1] Group 2: Case Studies - Shandong Zhonggu Starch Sugar Co., Ltd. received a 10 million yuan "Micro Enterprise Credit Loan" from Leiling Rural Commercial Bank to overcome funding difficulties for corn raw material purchases, supporting local economic development [2] - Leiling Tian Da Chili Products Co., Ltd. utilized two patented inventions to secure a 3.41 million yuan "Intellectual Property Pledge Loan" from the bank, aimed at purchasing raw materials for chili and other seasonings [3] - Changsheng Food Co., Ltd. applied for a 3 million yuan loan based on its tax credit, which was quickly approved, providing essential funding for purchasing seasonings [4]