Core Insights - The company reported a revenue of 3.57 billion yuan for the first half of 2025, a year-on-year decrease of 2.7% [1] - The net profit attributable to shareholders was 310 million yuan, down 6% year-on-year, while the net profit excluding non-recurring items was 220 million yuan, a decline of 16.6% [1] Revenue Breakdown - The frozen rice and noodle products generated 3.09 billion yuan in revenue, reflecting a year-on-year decrease of 1.5% [1] - Traditional rice and noodle products, including dumplings and rice balls, achieved revenue of 2.06 billion yuan, showing a slight increase of 0.2% year-on-year [1] Profitability Analysis - The gross margin for the first half of 2025 was 24.3%, down 1.6 percentage points year-on-year [1] - In Q2 2025, the gross margin fell to 22.7%, a decrease of 2.1 percentage points year-on-year, attributed to increased promotional efforts in response to heightened competition in the frozen food industry [1] Future Outlook - The company aims to enhance profit contribution rates by improving efficiency while maintaining stable growth in traditional rice and noodle products [1] - There is a focus on increasing the introduction of healthier and more personalized new rice and noodle products, with expectations for new and next-generation products to contribute positively to performance [1] Earnings Forecast - The expected earnings per share (EPS) for 2025-2027 are projected to be 0.60 yuan, 0.63 yuan, and 0.66 yuan, corresponding to dynamic price-to-earnings ratios of 19 times, 19 times, and 18 times respectively [1]

Core Viewpoint - The company reported mixed financial results for the first half of 2025, with revenue growth but a decline in net profit, indicating challenges in profitability due to rising raw material costs and increased promotional activities [1][2]. Financial Performance - In the first half of 2025, the company achieved total revenue of 7.604 billion yuan, a year-on-year increase of 0.80% [1]. - The net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% year-on-year [1]. - The second quarter of 2025 saw revenue of 4.005 billion yuan, up 5.69% year-on-year, but net profit dropped by 22.74% to 281 million yuan [1]. Product and Channel Performance - The company experienced varied performance across product categories in Q2 2025, with revenue changes of -10.8% for rice and flour products, -1.4% for prepared foods, and +26.1% for dish products [1]. - The company’s channels showed positive growth, with revenue increases of +1.6% for distributors, +8% for supermarkets, +19.4% for special channels, and +35.1% for new retail and e-commerce [1]. Cost and Profitability - The gross margin for Q2 2025 was 18.0%, down 3.3 percentage points year-on-year, primarily due to rising prices of raw materials like crayfish and fish paste, as well as increased manufacturing costs [2]. - The company’s non-GAAP net profit margin decreased to 6.5%, reflecting a year-on-year decline of 2.8 percentage points [2]. Strategic Initiatives - The company is focusing on product innovation and has made progress in customized product development, collaborating with major retailers like Walmart and Metro [1][2]. - A new frozen baking division has been established through a partnership with Dingwei Thai, enhancing the company’s channel sharing and product innovation capabilities [2]. Dividend Policy - The company plans to distribute a mid-term dividend of 470 million yuan, representing a payout ratio of approximately 70%, indicating a commitment to returning value to shareholders [2].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its current valuation at historical lows and the potential for growth through new channel development [5]. Core Insights - The company's main business remains under pressure, but new channels are showing strong performance. In Q2 2025, revenue increased by 5.7% year-on-year, while cash collection improved by 14.7% [5]. - The company is actively capturing opportunities in new channels domestically and expanding into Southeast Asia internationally, aiming to transition from a domestic leader to an international brand [5]. - The financial forecasts indicate a revenue growth of 5% in 2025, with a slight decline in net profit expected in the same year, followed by a recovery in subsequent years [5]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 15,126.65 million - 2025E: 15,913.24 million - 2026E: 16,915.77 million - 2027E: 17,947.63 million - Revenue growth rates are projected at 7.70% for 2024, 5.20% for 2025, 6.30% for 2026, and 6.10% for 2027 [2][7]. - **Net Profit Forecasts**: - 2024A: 1,484.83 million - 2025E: 1,421.36 million - 2026E: 1,481.49 million - 2027E: 1,567.07 million - Profit growth rates are expected to be 0.46% for 2024, -4.27% for 2025, 4.23% for 2026, and 5.78% for 2027 [2][7]. - **Key Financial Ratios**: - Gross margin is projected to decline from 23.30% in 2024 to 21.30% from 2025 onwards [2]. - The diluted EPS is expected to decrease slightly from 4.46 in 2024 to 4.26 in 2025, before recovering to 4.70 by 2027 [2][7]. - **Market Performance**: - As of August 25, 2025, the stock price was 77.06, with a market capitalization of 226 billion [3]. Business Segment Performance - In Q2 2025, the main business segments showed varied performance: - Frozen prepared foods: -1.4% - Cooked dishes: +26.1% - Frozen noodles and rice products: -10.8% - Agricultural products: -4.8% - Other businesses: -74.7% [5]. - The company is focusing on enhancing its presence in emerging channels, with significant growth in new retail and e-commerce, which saw a revenue increase of 35.2% in Q2 2025 [5].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 103.50 CNY per share [2][5]. Core Views - The company is facing pressure on profit margins due to increased competition and weak demand, leading to a need for new products and channels to drive performance [3]. - The company is expected to maintain a competitive edge as a leading player in the frozen food sector, with a projected EPS of 4.14, 4.62, and 5.29 CNY for 2025-2027 [11]. Financial Summary - Total revenue is projected to grow from 14,045 million CNY in 2023 to 18,904 million CNY in 2027, with a CAGR of approximately 9.6% [4]. - Net profit attributable to the parent company is expected to decline from 1,478 million CNY in 2023 to 1,381 million CNY in 2025, before recovering to 1,762 million CNY in 2027 [4]. - The gross profit margin is expected to decrease to 21.0% in 2025, reflecting competitive pressures and rising costs [12]. Revenue Growth - In Q2 2025, the company reported a revenue of 40.05 billion CNY, a year-on-year increase of 5.69%, while the net profit attributable to the parent company was 2.81 billion CNY, down 22.74% year-on-year [11]. - The revenue breakdown by product in Q2 2025 shows significant growth in the dish segment, with a revenue of 15.8 billion CNY, up 26.05% [11]. Market Position - The company is actively innovating with new products and has established partnerships with major retailers like Walmart and Metro to enhance its market presence [11]. - The company’s market capitalization is approximately 25,683 million CNY, with a current share price of 77.06 CNY [6].

Core Viewpoint - Ping An Securities report indicates that Anjuke Foods experienced a slight revenue growth of 0.80% year-on-year in the first half of 2025, but net profit declined by 15.79% due to rising raw material costs [1] Financial Performance - The company achieved operating revenue of 7.604 billion yuan in the first half of 2025 [1] - The net profit attributable to shareholders was 676 million yuan, reflecting a year-on-year decrease of 15.79% [1] Product Segment Analysis - Frozen prepared foods generated revenue of 3.759 billion yuan, down 1.94% year-on-year [1] - Frozen dishes saw revenue of 2.416 billion yuan, marking a growth of 9.40% year-on-year [1] - Frozen noodles and rice products reported revenue of 1.241 billion yuan, a decline of 3.89% year-on-year [1] - Agricultural and other products achieved revenue of 181 million yuan, down 4.57% year-on-year [1] - Only frozen dishes recorded positive growth among the product segments [1] Strategic Acquisitions - In July 2025, the company completed the acquisition of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd. [1] - This acquisition allows the company to enter the frozen baking sector, which has good growth potential [1] - The company plans to integrate Dingwei Thai's advantages in high-end cod fish paste products and the comprehensive layout in the frozen baking sector [1] Management and Market Position - The company benefits from a strong management team, stable distributors, and accumulating scale advantages, which create competitive barriers [1] - There is optimism regarding the company's continued efforts in the frozen food and prepared dishes sectors [1]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 7.60 billion, a slight increase from 7.54 billion in the same period last year, reflecting a year-on-year growth of 0.8% [1] - The total profit for the same period was approximately 886 million, down from 1.06 billion year-on-year, indicating a decline of about 16.5% [1] - The net profit attributable to shareholders was approximately 676 million, a decrease from 803 million, representing a decline of about 15.8% [1] - The net profit after deducting non-recurring gains and losses was approximately 603 million, down from 772 million, showing a decline of about 21.9% [1] - The net cash flow from operating activities was negative 162.92 million, a significant decrease from 509.12 million in the previous year [1] Profitability Ratios - The weighted average return on equity for the first half of 2025 was 5.1%, down by 1.11 percentage points year-on-year [28] - The return on invested capital for the same period was 4.84%, a decrease of 0.95 percentage points compared to the previous year [28] Cash Flow Analysis - The net cash flow from operating activities was negative 1.63 billion, a decrease of 667.2 million year-on-year [30] - The net cash flow from financing activities was negative 168 million, an increase of 291 million year-on-year [30] - The net cash flow from investing activities was 276 million, compared to 36.26 million in the same period last year [30] Asset and Liability Changes - As of the end of the first half of 2025, cash and cash equivalents decreased by 20.81%, while inventory increased by 12.93% [44] - Short-term borrowings increased by 442.22%, indicating a significant rise in leverage [47] - Accounts receivable increased by 28.66%, reflecting a rise in credit extended to customers [44] Shareholder Composition - The top ten shareholders included a new entry, the CSI 500 ETF, replacing the previous quarter's National Social Security Fund [56] - The shareholding of the National Social Security Fund 102 portfolio increased, while several other funds reduced their holdings [56][57] Valuation Metrics - As of August 25, the company's price-to-earnings ratio (TTM) was approximately 18.91, the price-to-book ratio (LF) was about 1.93, and the price-to-sales ratio (TTM) was around 1.69 [1]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 14.75 [1][2] Core Views - The company experienced flat demand in Q2, with expectations for improved performance in the future. The retail and innovation market revenue was RMB 29.1 billion, down 1.3% year-on-year, while the catering market revenue was RMB 6.2 billion, down 8.8% year-on-year. The company is focusing on market expansion and promotion efforts, anticipating operational improvements [6][9] Financial Performance Summary - For H1 2025, the company reported revenue of RMB 3.57 billion, a decrease of 2.7% year-on-year, and a net profit attributable to the parent company of RMB 310 million, down 6.0% year-on-year. In Q2 2025, revenue was RMB 1.35 billion, a decrease of 4.4% year-on-year, while net profit increased by 1.2% year-on-year [6][7] - The company's gross margin for H1 2025 was 24.3%, down 1.6 percentage points year-on-year, primarily due to intensified price competition in the industry [8] Revenue and Profit Forecast - The company forecasts revenue of RMB 6.632 billion for 2024, with a slight decline of 6.0%, followed by a slight increase of 0.6% in 2025. The net profit attributable to the parent company is expected to be RMB 542.25 million in 2024, down 27.64%, and RMB 520.12 million in 2025, down 4.08% [5][9] - The expected EPS for 2025 is RMB 0.59, with a PE ratio of 19.88 times [5][9] Market Position and Strategy - The company is actively innovating product categories and diversifying channels, with successful progress in expanding B-end customer relationships. Notably, revenue contributions from major clients like Yum increased by 30%-40% in H1 2025 [7][9] - The company plans to initiate overseas expansion, focusing on the Australia-New Zealand and Southeast Asia markets, which is expected to contribute to revenue growth [9]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company is currently under pressure but is strategically positioning itself for recovery. The report highlights that despite short-term challenges, there is potential for improvement in the latter half of the year, particularly with new product launches and channel expansions [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 15,127 million yuan, increasing to 15,778 million yuan in 2025, with a growth rate of 7.7% and 4.3% respectively [2][11]. - **Net Profit Forecasts**: Expected net profit for 2024 is 1,485 million yuan, decreasing to 1,411 million yuan in 2025, reflecting a growth rate of 0.5% and a decline of 5.0% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 4.46 yuan in 2024, dropping to 4.23 yuan in 2025, and then increasing to 4.62 yuan in 2026 [2][11]. - **Profitability Ratios**: The report indicates a net profit margin of 7.0% for Q2 2025, down 2.6 percentage points year-on-year, with a gross margin of 18.0% [6][7]. Market Performance - The company's stock price as of August 25, 2025, was 77.06 yuan, with a market capitalization of approximately 256.83 billion yuan [3][6]. - The report notes that the company has experienced a significant increase in sales through new retail and e-commerce channels, with double-digit growth in these areas [6][7]. Product and Channel Insights - The company has seen varied performance across its product lines, with notable growth in new products such as small lobster products exceeding 1 billion yuan in revenue and a significant increase in sales of grilled sausages [6][7]. - The report emphasizes the importance of adapting to market demands and enhancing product offerings to improve revenue streams [6][7].

Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth in certain product lines [1][5]. Financial Performance - In 2025 H1, the company achieved revenue of 7.604 billion yuan, a year-on-year increase of 0.80%, while net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% [1]. - The company's Q2 results showed total revenue of 4.005 billion yuan, up 5.69% year-on-year, but net profit fell by 22.74% to 281 million yuan [1]. Product Matrix and Diversification - The company has a diverse product matrix, with revenue from frozen prepared foods, frozen dishes, frozen noodles, and frozen agricultural products amounting to 3.759 billion, 2.416 billion, 1.241 billion, and 181 million yuan respectively in H1 2025 [2]. - The company completed acquisitions of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., expanding into the frozen bakery segment [2]. B-end Performance and Strategy - The B-end business showed strong performance, with revenue from distributors, supermarkets, direct sales, and e-commerce reaching 6.043 billion, 423 million, 555 million, and 583 million yuan respectively in H1 2025 [3]. - The company is focusing on deepening partnerships with large B clients and new retail customers, enhancing channel potential through customized product offerings [3]. Sales Network and Market Expansion - The company reported revenue across various regions, with East China leading at 3.183 billion yuan, despite a year-on-year decline of 3.34% [4]. - The company has increased its number of distributors to 2,026 and is actively pursuing international market opportunities following its listing on the Hong Kong Stock Exchange [4]. Profitability and Cost Control - The company's gross margin and net margin for H1 2025 were 20.52% and 8.88%, reflecting a slight decline compared to the previous year [5]. - The company managed to reduce its expense ratios, particularly in sales and management, contributing to improved cost control [5]. Future Outlook - The company anticipates revenue growth to 15.317 billion, 16.553 billion, and 18.217 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.511 billion, 1.637 billion, and 1.883 billion yuan [5].

Investment Rating - The report maintains a "Recommended" rating for Anjoy Food (603345.SH) with a current stock price of 77.06 CNY [1]. Core Views - The company's profitability is under short-term pressure, awaiting improvement during the peak season [1]. - In H1 2025, Anjoy Food achieved a revenue of 7.604 billion CNY, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 676 million CNY, a year-on-year decrease of 15.79% [4]. - The report highlights that only frozen dishes recorded positive growth, while the company has made strategic acquisitions to enter the frozen baking sector, which is expected to provide growth opportunities [7][8]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue projections for 2025-2027 are 16.045 billion CNY, 17.294 billion CNY, and 18.668 billion CNY, respectively, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% [6][10]. - Net profit forecasts for the same period are 1.532 billion CNY, 1.644 billion CNY, and 1.811 billion CNY, with corresponding year-on-year growth rates of 3.2%, 7.3%, and 10.1% [6][10]. - Profitability Metrics: - The gross margin is projected to remain stable at around 23.3% for the next few years, while the net margin is expected to slightly decline to 9.5% by 2026 [6][10]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is expected to decrease from 16.8 in 2025 to 14.2 by 2027, indicating a potentially attractive valuation [6][10]. Product and Channel Performance - Product Segmentation: - In H1 2025, revenue from frozen prepared foods was 3.759 billion CNY (down 1.94%), while frozen dishes grew to 2.416 billion CNY (up 9.40%) [7]. - Channel Development: - The new retail and e-commerce channels showed significant growth, with a revenue increase of 20.92% to 583 million CNY in H1 2025 [8].