Core Viewpoint - Anjiu Foods has established itself as a leading player in the frozen food industry, with a robust supply chain and a diverse product range that caters to various market segments, including restaurants and retail stores, achieving significant revenue growth even amid industry challenges [2][7][14]. Group 1: Company Overview - Anjiu Foods operates 12 production bases across China, covering 97% of prefecture-level cities, and supplies over 100,000 restaurants and retail outlets [2][8]. - The company has maintained a revenue scale in the hundreds of millions for the past three years, reporting revenue of 15.127 billion yuan and a net profit of 1.485 billion yuan last year [2][14]. - Anjiu Foods plans to pursue a dual listing on the A-share and Hong Kong stock exchanges to enhance its international presence and financing capabilities [3][23]. Group 2: Business Strategy and Growth - The company has successfully differentiated itself by focusing on hot pot ingredients and pre-prepared dishes, leveraging its strong supply chain and production capabilities [8][12]. - Anjiu Foods has adopted a strategy of "production and sales integration," ensuring stable raw material supply while expanding its product offerings and sales channels [13][18]. - The company has seen significant growth in its pre-prepared food segment, which has become its second-largest business line, contributing to its overall revenue growth [20][21]. Group 3: Market Expansion and Internationalization - Anjiu Foods has initiated international expansion efforts, including acquiring a majority stake in a UK-based company to penetrate the European market [22][25]. - The company established an import-export department and is setting up local production facilities in Southeast Asia to enhance its global footprint [25][26]. - From 2021 to 2023, Anjiu's overseas revenue has shown substantial growth, indicating a successful entry into international markets [25][26].

Investment Focus - The report emphasizes the strategy of investing in stocks with high dividends and improved fundamentals, particularly in the essential consumer sector [1][6] - Key stocks recommended for investment include Kweichow Moutai, Wuliangye, and Yili, all rated as "Outperform" [1] Industry Overview - In May 2025, six out of eight tracked industries maintained positive growth, with the restaurant sector growing by 3.7%, beer by 3.3%, and soft drinks by 3.1% [3][8] - The industries experiencing negative growth include mass-market and above mid-range liquor, with declines of 13.0% and 2.5% respectively [3][8] Price Trends - In May, the price of Moutai continued to decline, while high-end products like Wuliangye stabilized [4] - The overall price trend in the liquor market showed more declines than increases, particularly in the mid-range segment [4][10] Cost Analysis - The cost index for soft drinks, seasonings, and other categories showed slight increases, while beer and instant noodles experienced declines [4] - Packaging material prices have decreased significantly compared to last year, with aluminum can prices up by 12.01% [4] Fund Flows - As of the end of May, net inflows into Hong Kong Stock Connect amounted to 41.99 billion yuan, with the essential consumer sector's market capitalization share at 5.65% [5] - The food additives sector saw an increase in market share, while the dairy sector experienced a slight decrease [5] Valuation Metrics - The PE historical percentile for A-share food and beverage stocks was 19% (21.5x), a decrease from the previous month [5] - H-share essential consumer sector PE historical percentile increased to 34% (18.8x), reflecting a rise in valuation [5] Recommendations - The report suggests waiting for opportunities or buying high-dividend stocks, as the current fundamentals lack catalysts for growth [6] - Key stocks with high dividend yields include Master Kong, Uni-President, and China Feihe, among others [6]

Core Viewpoint - The traditional zongzi market is experiencing a decline in sales for leading brands, despite the overall market size expanding to over 100 billion yuan in 2024, indicating a disparity between market growth and brand performance [1][11][12]. Group 1: Market Performance of Leading Brands - Major brands such as Wufangzhai reported a revenue decline of 14.57% in 2024, with zongzi sales down by 18.64% and a volume decrease of approximately 20% [5]. - Zhenzhenlaolao, the second-largest brand, faced a net loss of 29 million yuan in 2024, worsening from a loss of 8.1 million yuan in 2023, with a 17.62% drop in sales across rice products, including zongzi [6]. - Sanquan Foods, while primarily focused on frozen rice and noodle products, also reported negative growth in revenue from zongzi and other frozen products, impacting overall company performance [8]. Group 2: Market Trends and Consumer Behavior - Despite the struggles of leading brands, the overall zongzi market is projected to grow, with estimates suggesting it will reach 110 billion yuan by 2025 [11]. - Sales of packaged zongzi in traditional retail channels dropped by 34.53% year-on-year during a two-week period in May 2025, with the number of SKUs also decreasing significantly [13]. - In contrast, online sales of zongzi are thriving, with some trendy varieties selling out quickly, indicating a shift in consumer purchasing behavior [14]. Group 3: New Consumption Trends - The zongzi market is undergoing a flavor revolution, with innovative flavors capturing over 30% market share and showing significant growth [20]. - New flavors such as durian, taro, and low-sugar options are gaining popularity among younger consumers, while traditional flavors still hold some market presence [21][23]. - The trend towards healthier options is evident, with predictions that the market for healthy zongzi will exceed 40% by 2030, contrasting sharply with traditional high-calorie recipes [23][24].

端午节临近，粽子市场步入销售高峰。北京稻香村粽子计划产量900万个，与去年持平。思念食品仓库粽子礼盒告罄，团购渠道动销情况尚可。盒马粽子销 量周环比增速达300%，叮咚买菜预计粽子销售额同比增长超过20%。 顺应健康、性价比消费趋势，小包装真空粽今年明显增多，各品牌纷纷布局杂粮粽、减脂粽、低GI（升糖指数）粽，选用健康食材的同时也更注重产品的 真材实料。在传统速冻面米市场竞争激烈、增速放缓的背景下，如何拓展粽子市场空间成为行业新的议题。 北京一家盒马超市搭建的粽子礼盒促销堆头。新京报记者 郭铁 摄 粽子进入热销期 5月21日，北京市东城区新世界百货、盒马等超市，五芳斋、仿膳、全聚德、北京稻香村、苏州稻香村、美心、诸老大、广州酒家、锦华、集味轩等品牌均 搭建起粽子礼盒促销堆头，售价在58元到489元不等，多数礼盒在200元以下。在低温短保产品区，三全食品主打盒装龙舟粽、袋装"五黑""五红"粽，思念食 品推出"爆料粽"，升级杂粮粽。常温展台，五芳斋、北京稻香村、仿膳、诸老大、盒马、集味轩等品牌均推出了小包装常温真空粽，售价在8.9元到22.8元不 等。 从品牌分布和产品数量来看，真空包装的常温粽远多于速冻粽。思念 ...

Investment Rating - The investment rating for the food and beverage sector is "Outperform the Market" [4][5][76]. Core Views - The report highlights that the liquor industry is currently facing pressure on volume and price during the off-season, but the confidence from the Moutai shareholders' meeting indicates resilience through cycles. Moutai's chairman emphasized the company's commitment to product quality and cultural foundation, while the general manager pointed out the need for rational recognition of the current cyclical challenges [2][11]. - The beverage sector is entering a demand peak season, with expectations for good sales performance due to low base comparisons from the previous year. The report suggests that the beer industry is stabilizing and recovering, with a focus on structural allocation opportunities [3][14][20]. Summary by Sections 1. Weekly Perspective - Moutai's shareholders' meeting conveyed confidence in navigating through cycles, while beer and beverage sectors are entering a demand peak [1][11]. - The liquor production from January to April 2025 was 1.308 million kiloliters, down 7.8% year-on-year, with April's production down 13.8% [2][11]. 2. Key Data Tracking - The food and beverage sector declined by 1.32% from May 19 to May 23, 2025, underperforming the Shanghai Composite Index by 0.76 percentage points [21]. - The white liquor index fell by 2.8% during the same period, influenced by external disturbances and ongoing demand pressures [13][21]. 3. Key Company Earnings Forecast and Investment Ratings - Moutai (600519.SH) is rated "Outperform the Market" with a projected EPS of 75.28 in 2025 and a PE ratio of 20.9 [4]. - Other companies such as Wuliangye (000858.SZ), Shanxi Fenjiu (600809.SH), and Luzhou Laojiao (000568.SZ) also received "Outperform the Market" ratings, indicating strong performance expectations [4]. 4. Sector Analysis - The beer industry is expected to enter a sales verification phase, with good performance anticipated due to last year's low base [14][15]. - The snack sector is experiencing a trend of efficiency improvements across the supply chain, with recommendations for companies that are innovating and breaking into new channels [16]. - The condiment sector shows strong performance from leading companies, with a focus on the recovery of the restaurant chain [17]. - The frozen food sector is stabilizing, but the restaurant industry remains weak, impacting sales [18]. - The dairy sector is seeing a potential policy catalyst for demand recovery, with supply clearing accelerating [19].

Investment Rating - The report maintains a "Strong Buy" rating for Anjijia Food (603345) with a target price of 100 CNY [2][7]. Core Insights - The company is shifting its strategy from a channel-driven approach to a product-driven approach, focusing on capturing new consumer trends and launching new products starting from Q2 2025 [7][8]. - The company has a robust pipeline of new products, including various types of sausages, dumplings, and hot pot ingredients, which are expected to drive growth [7][8]. - The management has acknowledged past challenges due to an overemphasis on B-end products and is now focusing on creating explosive products for the C-end market [7][8]. Financial Performance Summary - Total revenue is projected to grow from 15,127 million CNY in 2024 to 19,282 million CNY by 2027, with a CAGR of approximately 8.5% [3][19]. - Net profit attributable to the parent company is expected to increase from 1,485 million CNY in 2024 to 1,875 million CNY in 2027, reflecting a growth rate of 12.0% in 2027 [3][19]. - Earnings per share (EPS) is forecasted to rise from 5.06 CNY in 2024 to 6.39 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 16 to 13 over the same period [3][19]. Market Position and Strategy - The company aims to enhance its distribution channels by focusing on large distributors and embracing customized solutions for supermarkets and community e-commerce [7][8]. - Anjijia Food is positioned as a leader in the frozen food sector, with a strong management capability and operational efficiency, which are expected to support its growth potential and profit recovery [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 CNY [2][7]. Core Views - The company is shifting its strategy from a channel-driven approach to a focus on new product development, aiming to capture new consumer trends and enhance product offerings [7]. - New products are expected to be launched starting from Q2 2025, with a strong pipeline of innovations across various categories [7]. - The company is emphasizing the potential of all-channel development and aims to strengthen its distribution network, particularly in supermarkets and community e-commerce [7]. - The management has acknowledged past challenges in product innovation and is now committed to a more balanced approach between B-end and C-end product strategies [7]. - The report anticipates gradual improvement in the company's fundamentals throughout the year, supported by new product launches and a low base effect [7]. Financial Summary - Projected total revenue for 2024 is 15,127 million CNY, with a year-on-year growth rate of 7.7% [3]. - Expected net profit attributable to the parent company for 2024 is 1,485 million CNY, reflecting a modest growth of 0.5% [3]. - Earnings per share (EPS) is forecasted to be 5.06 CNY for 2024, with a price-to-earnings (P/E) ratio of 16 [3]. - The company’s total market capitalization is approximately 237.04 billion CNY, with a debt-to-asset ratio of 18.7% [4].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][72]. Core Views - The food and beverage sector has shown a slight increase of 0.53% in the week from May 12 to May 16, 2025, but underperformed the Shanghai Composite Index by 0.23 percentage points [1][20]. - The report highlights three investment themes: 1) Leading companies with proven risk resilience such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye; 2) Companies like Luzhou Laojiao that are showing positive feedback from digital initiatives and are undervalued; 3) Brands like Jinsiyuan and Yingjia Gongjiu that have potential for market share growth [1][12][13]. Summary by Sections 1. Weekly Insights - The report notes that the white liquor market is currently in a low demand season, while beer and beverage sectors are entering a peak season [1][10]. - White liquor prices have shown a year-on-year decrease of 2% and a month-on-month stability, indicating ongoing pressure on consumption demand [1][10]. - The first quarter of 2025 saw a 7.22% year-on-year decline in white liquor production, with sales revenue of 196.3 billion yuan, down 0.38% year-on-year [1][10]. 2. Key Data Tracking - The food and beverage sector's performance in the week of May 12-16, 2025, was characterized by a 0.53% increase, which lagged behind the Shanghai Composite Index [20]. - The report provides insights into the performance of various segments, including a 3.7% year-on-year revenue growth in the beer sector for Q1 2025, driven by stable dining demand and inventory replenishment [13][14]. 3. Company Earnings Forecasts and Investment Ratings - Kweichow Moutai is rated "Outperform the Market" with an expected EPS of 68.64 yuan for 2025 and a PE ratio of 23.5 [3]. - Luzhou Laojiao is also rated "Outperform the Market" with an expected EPS of 9.02 yuan for 2025 and a PE ratio of 14.0 [3]. - The report emphasizes the importance of focusing on leading companies with strong market positions and growth potential in the food and beverage sector [1][12].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [1][4][3]. Core Views - The report highlights the distinct off-season characteristics of the liquor market, while beer and beverages are entering their peak season [1][10]. - The liquor market is experiencing continued pressure on consumption demand, with a notable decline in production and sales figures for the first quarter of 2025 [1][10]. - The beer industry is showing signs of recovery, with a focus on inventory replenishment and stable demand, particularly in the 8-10 yuan price range [2][13][14]. - The snack food sector is experiencing mixed performance, with some companies showing significant revenue growth despite overall challenges [2][15]. - The report suggests a structural configuration opportunity in the beverage sector, with expectations of continued growth in demand for products like no-sugar tea and energy drinks [2][19]. Summary by Sections Liquor Market - The liquor market is under pressure, with April prices showing a year-on-year decline of 2% and a production drop of 7.22% in Q1 2025 [1][10]. - Key companies like Kweichow Moutai are expanding their consumer reach through new policies and channel strategies, with online sales showing over 30% growth [1][10]. - Investment recommendations focus on resilient leaders such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao that are showing signs of recovery [1][12]. Beer Market - The beer sector is entering a phase of inventory replenishment and demand stabilization, with Q1 2025 showing a revenue increase of 3.7% year-on-year [2][13]. - Leading brands like Yanjing and Zhujiang are experiencing significant growth due to effective cost management and product strategy adjustments [2][14]. - The report anticipates a favorable outlook for the beer sector in Q2 2025, recommending continued investment in quality beer leaders [2][14]. Snack Food Sector - The snack food sector's revenue growth in Q1 2025 was impacted by the timing of the Spring Festival, with a year-on-year increase of 31% [2][15]. - Companies like Wanchen Group and Youyou Food are leading in revenue growth, driven by channel expansion and product innovation [2][15]. - The report suggests focusing on companies with competitive advantages and those that are likely to benefit from new product categories [2][15]. Other Food and Beverage Segments - The condiment sector is performing steadily, with a focus on inventory replenishment and strong cash flow among leading companies [2][16]. - The frozen food market is facing challenges due to weak restaurant demand, with Q1 2025 revenue showing a slight decline [2][17]. - The dairy sector is expected to see improvements in supply and demand dynamics, with potential policy catalysts supporting growth [2][19]. - The beverage sector is entering a peak consumption period, with leading companies increasing their market presence through strategic investments [2][19].

Core Viewpoint - Anjiu Food Group Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of up to 59,521,400 overseas listed ordinary shares, marking a significant step in the company's internationalization strategy [2] Group 1: Company Overview - Anjiu Food is a leading player in China's frozen food industry, holding a 6.2% market share in 2023, making it the industry leader [3] - The company has a market share of 12.7% in the frozen prepared food segment, which is four times that of the second-place competitor, and leads the frozen dish products market with a 4.9% share, surpassing the combined share of the second to fourth competitors [3] Group 2: Competitive Advantages - The company has established a comprehensive multi-channel sales network with over 2,000 distributors, covering traditional distribution, supermarkets, catering, and e-commerce [4] - Anjiu Food offers a diverse product matrix with over 400 SKUs across four main categories: frozen fish products, frozen meat products, frozen noodle and rice products, and frozen dish products [4] - The company has a strong focus on research and development, possessing a national-level enterprise technology center and holding 150 international management system certifications [4] Group 3: Strategic Significance of H-Share Listing - The H-share listing will provide multiple development opportunities, including expanding international financing channels and optimizing the capital structure [5] - It will enhance the company's international brand influence and support overseas market expansion [5] - The listing is expected to attract international strategic investors, improving corporate governance and laying the groundwork for future cross-border mergers and acquisitions [5] Group 4: Future Outlook - The frozen food industry is anticipated to experience broader growth due to ongoing consumption upgrades and the trend of restaurant chain expansion [6] - Anjiu Food aims to leverage its comprehensive product matrix, strong R&D capabilities, and extensive sales network to further enhance its leading position as industry concentration increases [6]