Group 1 - The article discusses the growing trend of pre-prepared meals among urban workers, highlighting their reliance on convenience due to busy lifestyles [6][26][44] - Young people are increasingly turning to pre-prepared meals, convenience store ready-to-eat options, and meal delivery services as solutions to their dining needs [7][27][45] - The pre-prepared meal market in China is projected to exceed 500 billion by 2025, with significant growth in ready-to-eat meal sales at convenience stores [26][38] Group 2 - The article emphasizes the dichotomy between the desire for home-cooked meals and the convenience of pre-prepared options, illustrating how young people navigate this balance [12][62] - There is a notable increase in the sales of kitchen appliances like air fryers and electric stoves, indicating a continued interest in cooking despite the reliance on pre-prepared meals [56][58] - Shared kitchens and community dining spaces are emerging as popular trends, allowing urban dwellers to reconnect with the act of cooking and dining together [49][60]

Core Viewpoint - The Chinese government is accelerating the establishment of national standards for pre-prepared dishes to enhance transparency and protect consumer rights in the food service industry [1][3]. Group 1: Industry Development - The rapid development of the catering industry has led to increased industrialization, with many dishes being prepared in a semi-finished state to improve kitchen efficiency [2]. - The business model is evolving towards a combination of central kitchens and chain stores, but there remains a significant consumer perception that food service should involve fresh ingredients and made-to-order cooking [2]. - The pre-prepared dish market in China is projected to reach 674.9 billion RMB by 2030, with a compound annual growth rate exceeding 10% over the next decade [2]. Group 2: Consumer Concerns - Consumers express concerns about the transparency of pre-prepared dishes used in restaurants, emphasizing the need for clear labeling and information about the food they consume [3]. - The lack of established standards and mandatory disclosure requirements has led many operators to avoid informing consumers about the use of pre-prepared dishes [3]. - Regions such as Guangdong, Shanghai, and Hunan are actively exploring ways to promote transparency in pre-prepared dishes, including labeling them clearly as "pre-prepared dishes" [3].

Core Viewpoint - The recent public dispute between the restaurant chain Xibei and internet celebrity Luo Yonghao highlights the differing perceptions of prepared dishes between consumers and restaurant operators, as well as consumer concerns regarding the transparency of information about the use of prepared dishes in restaurants [1] Group 1: Regulatory Developments - The Chinese State Council's Food Safety Committee has organized multiple departments to expedite the formulation of national standards for prepared dishes and promote transparency in their use within the restaurant sector, thereby better protecting consumer rights [1] - A notification issued last year defined prepared dishes at the national level, stating that they do not contain preservatives and are pre-processed for heating or consumption, excluding staple foods [1] - The National Market Supervision Administration clarified that dishes made in central kitchens by chain restaurants do not fall under the category of prepared dishes [1] Group 2: Consumer Perception and Market Trends - The rapid industrialization of the restaurant sector has led to a significant increase in the use of semi-finished products, enhancing kitchen efficiency, while the business model has evolved to combine central kitchens with chain stores [2] - Despite the growth of the prepared dish market, which is projected to reach 674.9 billion RMB by 2030 with a compound annual growth rate exceeding 10%, challenges such as incomplete standards and low consumer trust persist [2] - The ongoing consumer debate emphasizes the need for transparency regarding the use of prepared dishes, with consumers expressing a preference for clear labeling of such products [2][3] Group 3: Consumer Rights and Industry Practices - The Consumer Rights Protection Law in China grants consumers the right to know the true nature of the products or services they purchase, which aligns with the push for clear labeling of prepared dishes in restaurants [3] - Some regions, including Guangdong, Shanghai, and Hunan, are actively exploring measures to promote transparency in the use of prepared dishes, such as requiring labels that indicate "prepared dishes" or "central kitchen production" [3] - Researchers suggest that if operators proactively disclose their definitions of prepared dishes, they could gain consumer trust and benefit from a market return based on integrity [3]

Core Viewpoint - The article emphasizes the urgent need for transparency in the pre-prepared food industry in China, highlighting the lack of internal motivation among companies and the necessity for mandatory national standards to protect consumer rights and choices [3][4][5]. Group 1: Current Situation and Standards - The State Council's Food Safety Office is accelerating the development of national standards for pre-prepared foods due to rising public concern, particularly following a public dispute involving a well-known figure and a restaurant chain [3][4]. - Currently, there are no national standards for pre-prepared foods in China, although various industry and local standards exist, which lack the enforcement power of national regulations [3][4][8]. - The definition of pre-prepared foods has been clarified by the National Market Supervision Administration, but there are no mandatory labeling requirements for restaurants regarding their use of such foods [4][8]. Group 2: Industry Dynamics and Consumer Perception - The restaurant industry in China is experiencing significant growth in chain operations, with the chain rate increasing from 12.8% in 2018 to 23% in 2024, driven by advancements in supply chain technologies [5]. - Consumers are increasingly confused about pre-prepared foods, often associating higher prices with freshly made dishes, leading to skepticism about the value of pre-prepared options [5][6]. - The blurred lines between "freshly made" and "pre-prepared" foods have created a need for clear national standards to restore consumer trust and address industry chaos [4][5]. Group 3: Challenges and Recommendations - There is a lack of proactive transparency among pre-prepared food companies, with few voluntarily disclosing their use of such products, as it is seen as a burden without clear consumer benefits [4][8]. - The complexity of the supply chain for pre-prepared foods, from sourcing to consumption, lacks unified management, complicating the establishment of standards [8]. - Experts suggest that third-party oversight and legislative measures are necessary to improve transparency and safety in the pre-prepared food sector, with a national standard expected to clarify the identity and usage of pre-prepared foods [8].

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [8][52]. Core Viewpoints - The white liquor sector is expected to see differentiated performance in sales channels and regions as the National Day and Mid-Autumn Festival approach, with traditional channels under pressure while new retail channels show growth [6][52]. - The pre-prepared food sector is poised for growth with the introduction of national safety standards, benefiting leading brands and enhancing industry self-regulation [7][53]. - The new consumption sector is supported by initiatives like the "Gaode Street Ranking" which aims to boost offline dining, indicating a positive trend for restaurant traffic [7][53]. Summary by Sections Industry News - Beer enterprise registrations increased by 10.83% year-on-year from January to August [5][19]. - The retail sales of tobacco and alcohol reached 419.4 billion yuan in the first eight months [5][19]. - White liquor production decreased by 9% cumulatively [5][19]. Investment Insights - In the white liquor sector, sales are under pressure, particularly in group purchase channels, while instant retail and live streaming channels are growing rapidly [6][52]. - The report suggests focusing on leading companies with high dividends such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, as well as more elastic stocks like JiuGuiJiu and SheDeJiuYe [6][52]. - The pre-prepared food industry is expected to benefit from clearer safety standards, which will help leading brands expand their market share [7][53]. Key Company Feedback - The report highlights several companies with strong growth potential, including Xiamen Food, Youyou Food, and Dongpeng Beverage, as well as beverage brands like Nayuki Tea and others [8][56]. - The report provides earnings forecasts for key companies, indicating a positive outlook for their performance [8][56]. Industry Data Trends - The cumulative production of white liquor in 2024 was 4.145 million tons, a decrease of 7.72% year-on-year, while the industry revenue reached 796.4 billion yuan, an increase of 5.3% [32][33]. - The pre-prepared food market is projected to grow at a CAGR of 23%, reaching 749 billion yuan by 2026 [51][53].

Industry Overview - The pre-prepared food sector is experiencing significant growth, with a market size projected to reach 485 billion yuan in 2024, reflecting a year-on-year increase of 33.8%, and expected to reach 749 billion yuan by 2026 [1] - The sector is facing challenges such as low entry barriers, product homogeneity, and consumer awareness issues, which could impact future growth [1] Company Performance - **Delisi**: Achieved revenue of 1.616 billion yuan in the first half of the year, up 17.04% year-on-year, but net profit decreased by 27.24% to 10.303 million yuan. Pre-prepared food contributed 643 million yuan to revenue, a growth of 35.77%, accounting for 39.77% of total revenue [1] - **Huifa Food**: Reported revenue of 735 million yuan, down 17.75% year-on-year, with a net loss of 29.993 million yuan, indicating worsening financial performance despite efforts to diversify product offerings [2] - **Longda Meishi**: Generated revenue of 4.975 billion yuan, a decrease of 1.38% year-on-year, with net profit down 39.52% to 35.169 million yuan. The pre-prepared food segment saw a revenue drop of 19.5% [2] - **Guolian Aquatic Products**: Recorded revenue of 1.651 billion yuan, down 18.36% year-on-year, and a net loss of 54 million yuan, indicating a significant decline in the main pre-prepared seafood business [2] - **Weizhi Xiang**: Achieved revenue of 343 million yuan, up 4.70% year-on-year, but net profit fell by 24.46% to 31.947 million yuan, marking two consecutive years of profit decline [3] - **Qianwei Central Kitchen**: Reported revenue of 886 million yuan, a slight decrease of 0.72%, with net profit down 39.67% to 35.789 million yuan. The fastest-growing segment was frozen prepared dishes, but overall revenue from main and snack categories declined [3] Market Dynamics - The pre-prepared food market is expanding due to improvements in cold chain technology and increased coverage, but companies must find growth points and establish competitive barriers to succeed [1][3]

Core Insights - The consumption of prepared dishes, particularly flavored crayfish, is a prevalent trend among Japanese consumers, facilitated by freezing and vacuum packaging methods [1][3] - The market for prepared Chinese cuisine in Japan is expanding, driven by increasing consumer interest in Chinese dishes and the introduction of various products [3] Industry Overview - The prepared crayfish market in Japan includes products such as spicy, garlic, and thirteen-spice flavored crayfish, which are sold as frozen foods [1] - The Japanese frozen food market is projected to reach a record high of 1.3 trillion yen (approximately 62.5 billion RMB) in 2024, indicating significant growth [3] - In 2022, the per capita consumption of prepared foods in Japan was 23.2 kilograms, compared to 9.1 kilograms in China, 16.1 kilograms in the United States, and 16.8 kilograms in the United Kingdom [3] Company Activities - A company led by Wang Hongxin exports approximately 150 tons of prepared crayfish annually to Japan, including various products like clear water shrimp and shrimp meat [3] - The company has expanded its customer base from primarily Chinese grocery stores to include Japanese supermarkets, reflecting a growing acceptance of Chinese cuisine in Japan [3] - The introduction of other prepared products, such as shrimp dumplings and seasoned fish, is part of the company's strategy to diversify offerings in the Japanese market [3]

Core Insights - The shift in consumer lifestyle towards dining out and ordering takeout has heightened concerns regarding food safety in the restaurant industry [1][2] - The "Xibei incident" highlights consumer worries about the transparency of restaurants using pre-prepared dishes [1] - Central kitchens and pre-prepared food technology are seen as essential trends for the modernization of the restaurant industry, ensuring quality control and facilitating rapid expansion [1][3] Industry Development - The production process of pre-prepared dishes is standardized through central kitchens, which helps maintain consistent quality across different outlets [1] - The revenue share of chain restaurants in China is projected to reach 35% by 2024, an increase of 12 percentage points from 2019 [1] - The centralized processing model enhances regulatory efficiency, allowing for comprehensive traceability from farm to table [1] Consumer Trust and Regulatory Measures - Consumers often perceive restaurant kitchens as unfamiliar and untrustworthy, necessitating increased transparency from the food service industry [2] - Regulatory bodies have introduced initiatives like "open kitchens" to improve transparency in food preparation, including measures for online food delivery services [2] - Challenges such as low consumer trust and incomplete standards in pre-prepared food are viewed as growing pains rather than fundamental flaws [2] Value Proposition of Pre-prepared Food - Pre-prepared dishes facilitate collaboration between the food industry and agriculture, driving efficiency and scale in the restaurant sector [3] - They address modern societal issues like time scarcity while ensuring food safety and quality through standardized production processes [3] - The industry is encouraged to foster dialogue between restaurants and consumers to enhance understanding and trust [3]

Core Insights - The recent "pre-prepared food dispute" highlights a preference gap between consumers and restaurant operators regarding pre-prepared dishes [1][2] - The development of the food service industry is pushing for industrialization to meet the demand for quick service, diverse menu options, and high consumption [1][3] Industry Development - The food service industry is rapidly advancing industrialization, with many steamed and soup dishes being stored as semi-finished products to enhance kitchen efficiency [1][3] - A business model combining central kitchens and chain stores is emerging as a response to the need for efficiency and scalability in food service [1][4] Consumer Perception - There is a fundamental difference in perception between operators, who focus on the product itself, and consumers, who are concerned with the production methods [2][3] - Consumers express their economic and social value preferences through their choices regarding food production methods, such as supporting environmentally friendly or traditional practices [3][4] Regulatory Environment - The regulatory landscape is evolving to support the pre-prepared food industry, with national standards for food safety being developed [4] - The government is encouraged to balance industry development needs with consumer transparency desires when considering regulations for pre-prepared foods [4]

Core Insights - The core viewpoint of the articles is that Jiumaojiu Group is facing significant revenue pressure, but its prepared food business, particularly the introduction of its Taier sour fish dish into Sam's Club, may provide a new growth opportunity amidst declining sales in its core brands [2][3]. Financial Performance - Jiumaojiu's revenue for the first half of 2025 was 2.753 billion yuan, a year-on-year decrease of 10.1%, with net profit at 61 million yuan, down 16.05% [2]. - Revenue from the core brands, including Taier, Song Hotpot, and Jiumaojiu (Northwest Cuisine), has declined across the board, with Taier sour fish revenue dropping 13.3% to 1.949 billion yuan, accounting for 70.8% of total revenue [2]. - The number of Taier stores decreased from 612 at the end of June 2024 to 547, with a net closure of 65 stores in six months [2]. Growth in Prepared Food Segment - Revenue from product sales surged from 54.96 million yuan to 132 million yuan, marking a 140% year-on-year increase, and its share of total revenue rose from 1.8% to 4.8% [3]. - The introduction of Taier sour fish prepared dishes in Sam's Club is seen as a strategic move to leverage Sam's distribution advantages and expand its consumer base [3]. Market Challenges - The sour fish market has seen a slowdown in expansion, with a net decrease of 3,164 stores over the past year, despite 6,459 new openings [6]. - Taier sour fish's table turnover rate has dropped from 4.9 times per day in 2019 to 2.2 times per day as of mid-2025, indicating challenges in maintaining customer traffic [6]. - The competitive landscape is intensifying, with prepared food options from competitors like Hema and Sam's Club offering lower prices for similar products [6]. Strategic Initiatives - Jiumaojiu Group is focusing on enhancing the dining experience by promoting fresh ingredients and a comfortable environment, with plans to remodel 150 stores by the end of the year and complete all renovations by 2026 [6].