Core Viewpoint - Qianhe Flavor Industry (千禾味业) has issued a statement regarding the controversy surrounding its "Qianhe 0" trademark, emphasizing that its products meet national standards and contain no harmful additives [3][4]. Group 1: Product Testing and Results - The company announced that the Market Supervision Administration of Meishan City conducted a supervision sampling of 23 batches of its products, confirming that all "Qianhe 0" products met the national standards for brewed soy sauce (GB/T 18186) [3]. - The testing results showed no detection of sodium benzoate, potassium sorbate, sucralose, or acesulfame in the sampled products [3]. - In response to media reports about the detection of cadmium in its soy sauce, the company clarified that the presence of cadmium is due to raw materials, which comply with national safety standards [5][6]. Group 2: Market Performance and Financials - As of March 21, Qianhe Flavor Industry's stock price had fallen for five consecutive days, with a cumulative decline of 8.99%. However, on March 24, the stock showed a slight recovery, increasing by over 2% [3]. - The company reported a revenue of 3.207 billion yuan in 2023, an increase of 771 million yuan year-on-year, with a record net profit of 530 million yuan [6]. - In contrast, the company faced challenges in Q3 2024, with revenue of 2.288 billion yuan, a year-on-year decrease of 1.85%, and a net profit of 352 million yuan, down 9.19% year-on-year [6].

千禾0只是一个商标而不是零添加，董事长喊冤？ 然而，此次 "千禾 0" 被曝出只是一个商标而不是指 0 添加，且产品被检测出镉元素，让千禾味业陷入了舆论的漩涡。 "零添加" 神话破灭？千禾深陷舆论风暴 从品牌形象角度看，千禾长期以 "零添加" 为核心卖点进行宣传，"千禾 0" 商标在消费者心中与 "零添加" 紧密相连。此次事件导致消费者对 "零添加" 概 念的信任度降至冰点，品牌形象严重受损，大量消费者表示不再信任该品牌，甚至不会再购买其产品。在事件曝光后的 3 月 18 日至 21 日，千禾味业股价 连续四日下跌，累计跌幅达 7.3%，市值蒸发超 9.5 亿元。产品退货率飙升，差评如潮，对公司短期业绩造成严重冲击。从长期来看，如果无法恢复消费 者信任，市场份额可能会持续下降，进而影响公司的营收和利润增长。行业竞争层面，海天等竞争对手也在不断布局零添加市场，千禾此次的商标争议事 件，给了竞争对手扩大市场份额的机会，进一步挤压了千禾的生存空间。 公关 "救场" 能否成功？千禾回应遭质疑 在此次舆论危机中，千禾味业采取了一系列公关举措。发布沟通说明、公开道歉承认与消费者沟通不足，还宣布常态化开放工厂参观，推进 " ...

Core Viewpoint - The article discusses the controversy surrounding Qianhe Weiye's "Qianhe 0" soy sauce products, particularly in relation to the "zero additives" claim and the detection of cadmium in some products, emphasizing the company's commitment to transparency and product safety [3][4][6][8]. Group 1: Product and Brand Clarification - "Qianhe 0" is a registered trademark of Qianhe Weiye, indicating products that are free from additives, and the company asserts that all products under this brand are indeed zero-additive [4][14]. - The company acknowledges a communication gap regarding the meaning of "Qianhe 0" and aims to clarify that it is both a brand and a guarantee of zero additives [14][15]. Group 2: Response to Controversy - Following media reports of cadmium detection in soy sauce products, Qianhe Weiye initiated a self-inspection of its products and confirmed that the "Qianhe 0" series complies with production standards and does not contain additives [7][11]. - The company highlighted that the detected cadmium levels were within acceptable limits and attributed the presence of cadmium to raw materials rather than intentional additives [9][10]. Group 3: Regulatory Compliance and Safety Standards - Qianhe Weiye stated that its products meet national safety standards, with cadmium levels in their soy sauce being significantly lower than the limits set by both Chinese and EU regulations [11][12]. - The company emphasized that the cadmium levels found in their products are below the daily intake limits recommended by health organizations [11]. Group 4: Future Actions and Consumer Engagement - Qianhe Weiye plans to enhance consumer trust by inviting more customers to observe the production process, thereby promoting transparency and product safety [16][17]. - The company is committed to maintaining high production standards and has implemented advanced technology in its manufacturing processes to ensure product quality [17].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" trademark, which has been accused of misleading consumers regarding its "zero additives" claim, leading to significant market volatility and a decline in stock price [1][3][6]. Product Testing Controversy - A report indicated that out of 13 soy sauces claiming to be "zero additives," 12 were found to contain cadmium, and 7 contained total arsenic, with Qianhe's product showing 0.0110 mg/kg of cadmium [2]. - The controversy over product testing and trademark misrepresentation has caused Qianhe's stock to drop by 7.3% over four consecutive days, resulting in a market value loss of 9.5 billion yuan [3]. Company Response - Qianhe Flavor Industry issued a statement clarifying that the detected cadmium in their soy sauce is a result of natural sources in water and soil, and that their ingredients comply with national standards [6][8]. - The company emphasized that the "Qianhe 0" trademark is a registered mark that signifies their zero additive products, which are produced under strict regulations without any food additives [6][8]. Market Performance - Qianhe Flavor Industry, established in 1996 and listed in 2016, saw a significant increase in revenue in 2023, reaching 3.207 billion yuan, up by 771 million yuan from 2022, with a record net profit of 530 million yuan [11]. - However, due to intensified market competition and the widespread adoption of the "zero additives" concept, the company reported a decline in both revenue and net profit in the third quarter of 2024, with revenue at 2.288 billion yuan, down 1.85%, and net profit at 352 million yuan, down 9.19% year-on-year [11].

Core Viewpoint - The article discusses the controversy surrounding Qianhe Flavor Industry's "Qianhe 0" series, which claims to be additive-free, following media reports of cadmium detection in their soy sauce products. The company asserts that the detected cadmium levels are within safety standards and emphasizes its commitment to consumer health and transparency [2][3][4][6][7]. Summary by Sections Product Quality and Safety - Qianhe Flavor Industry's "Qianhe 0" series is marketed as zero-additive products, with no external food additives used during production. The detected cadmium in their soy sauce is attributed to raw materials, as cadmium is naturally present in water, soil, and various agricultural products [3][4][6]. - The company conducted a self-inspection and confirmed that their production processes comply with zero-additive requirements, and all raw materials meet national safety standards [4][6][7]. Regulatory Standards - According to GB2762, there are no specific limits for cadmium in soy sauce, and the detected levels in Qianhe's products (0.0110 mg/kg) are significantly below the limits set for other food categories, such as fish seasoning [6][7]. - The company highlighted that the cadmium levels in their products are far below the safety standards for similar food items, reinforcing their compliance with food safety regulations [6][7]. Consumer Communication and Brand Management - The controversy has led to misunderstandings regarding the "Qianhe 0" trademark, which the company clarifies is intended to signify its zero-additive products and not to mislead consumers [7][8]. - Qianhe Flavor Industry acknowledges the need for better communication with consumers and expresses a commitment to transparency by inviting consumers to observe production processes [8][9].

Core Viewpoint - The company, Qianhe Flavor Industry, addressed media reports regarding the detection of "cadmium" in its soy sauce products, clarifying that the detected cadmium levels are within national safety standards and originate from raw materials [1][2]. Group 1: Product Safety and Standards - Qianhe Flavor Industry stated that its soy sauce, Qianhe Yucang Benniang 380 Days, contains only water, non-GMO soybeans, wheat, and edible salt, with no external additives [1]. - The company confirmed that the cadmium levels in its soy sauce comply with GB2762 national standards, which specify limits for soybeans (≤0.2 mg/kg), wheat (≤0.1 mg/kg), and edible salt (≤0.5 mg/kg) [1]. - The company expressed regret for any misunderstandings caused by insufficient communication with consumers regarding product safety [2]. Group 2: Market Reaction - Following the media reports, Qianhe Flavor Industry's stock opened down 2.54% at 11.50 CNY per share, with the decline extending to over 5% during trading [3]. - The total market capitalization of Qianhe Flavor Industry was reported at 11.819 billion CNY, with a trading volume of 7974 hands and a turnover rate of 0.08% [4]. Group 3: Testing Results - A report indicated that out of 13 soy sauce brands claiming to be additive-free, 12 showed cadmium presence, with Qianhe's product registering 0.0110 mg/kg of cadmium [5][6].

来源|央视网 近日，一款"千禾0"酱油中检测出镉，引发关注。有网友表示，"千禾0"只是一个商标，并不意味着"零添加"。 湖北好律律师事务所主任陈亮认为，该公司注册"千禾0"这个商标本身并不违法，但在实际使用时，因其同时宣传"零添加"产品，易让消费者产生概念混 淆。如果"千禾0"并不意味着"零添加"，该公司主观上存在故意误导消费者的嫌疑，辖区市场监管部门可介入调查，责令其改正。 据《消费者报道》，今年3月，该杂志向第三方权威检测机构送检了13款宣称零添加的酱油，测评指标为总砷和镉。 测试结果显示，送检的13款宣称零添加酱油中，12款检出镉，7款检出总砷。其中，千禾御藏本酿380天酱油中，检测出0.0110mg/kg的镉。该检测结果引 发大量关注议论。 01 瓶身上的"千禾0"， 是不是零添加的意思 记者在天眼查搜索发现，确有"千禾0"这样一个商标，由千禾味业食品股份有限公司于2021年2月21日成功注册，商标终止期为2031年2月20日。该商标的 字样格式，与上述千禾酱油瓶身的"千禾0"字样相同。 19日，记者联系千禾味业食品股份有限公司。"千禾0"是不是意味着零添加？对此客服人员一直没有正面回应，只是表示：" ...

Core Viewpoint - The detection of cadmium in "Qianhe 0" soy sauce has raised significant public concern, highlighting potential consumer confusion regarding the product's labeling and safety standards [1][4][10]. Group 1: Product Testing Results - A recent test of 13 soy sauce products claiming to be "zero additives" revealed that 12 of them contained cadmium, with 7 also showing total arsenic [1]. - Specifically, "Qianhe Yucang Benniang 380 Days Soy Sauce" was found to contain 0.0110 mg/kg of cadmium [2][3]. Group 2: Consumer Reactions - Following the test results, the topic trended on social media, with many consumers expressing feelings of being misled about the "zero additives" claim [1][3]. Group 3: Company Response - Inquiries to Qianhe Weiye Food Co., Ltd. revealed that "Qianhe 0" is a registered trademark for their mid-to-high-end products, but the customer service did not clarify whether it implies "zero additives" [5][6]. - The product packaging does not explicitly state "zero additives," leading to further consumer confusion [6]. Group 4: Legal Perspectives - Legal experts suggest that while the trademark "Qianhe 0" is not illegal, its use alongside "zero additives" could mislead consumers, warranting potential regulatory scrutiny [10]. Group 5: Financial Performance - Qianhe Weiye's financial report for the first three quarters of 2024 showed a revenue of 2.288 billion, a year-on-year decline of 1.85%, and a net profit of 352 million, down 9.19% [12]. - The third quarter alone saw a revenue drop of 12.63% and a net profit decrease of 22.58%, marking the first instance of both revenue and profit declines in five years [12].

Group 1: Economic Trends - The economic index for the entire industry continued to rise in February, indicating an improvement in the economic climate[1] - Key areas of improvement include midstream manufacturing, consumer goods, and certain cyclical products[1] - The real estate chain is recovering with a 32% year-on-year increase in housing sales in 30 major cities in February[4] Group 2: Midstream Manufacturing - Significant improvement in midstream manufacturing, driven by demand in sectors like construction machinery, automation, and specialized equipment[2] - Excavator sales in January-February increased by 27.2% year-on-year, indicating strong demand[2] - Prices for photovoltaic materials and battery components have rebounded, suggesting a recovery in supply-demand dynamics[2] Group 3: Consumer Demand - Domestic consumption is showing signs of recovery, particularly in dairy products and travel services, benefiting from the Spring Festival[3] - The average daily passenger volume for civil aviation in February showed positive year-on-year growth, reflecting improved demand[3] - The price decline for milk has narrowed, indicating a potential price recovery in consumer goods[3] Group 4: Price Trends in Cyclical Products - Precious metals prices continued to rise, with COMEX gold prices increasing year-on-year[4] - Energy metals like cobalt and nickel are experiencing price strength, while lithium resources are showing short-term weakness[4] - Chemical products such as PVC and urea have seen price improvements, indicating a positive trend in the chemical sector[4] Group 5: Risks and Considerations - Risks include the possibility of domestic economic recovery falling short of expectations and external demand not meeting projections[6] - There is a potential risk of model failure, which could impact forecasts and investment strategies[6]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report indicates that the condiment sector is transitioning from a growth phase driven by price increases and cost resonance to a focus on quality-price ratio competition due to weakened restaurant demand and increased consumer price sensitivity [3][4][5] - The report highlights that the condiment industry has experienced a significant valuation drop, with current valuations around 25.3x, a 52% decrease from the 2016-2023 average, suggesting that negative factors have largely been cleared [3][40] - The report emphasizes the importance of head companies maintaining their advantages and the cultivation of new consumption scenarios to enhance demand recovery [44][46] Summary by Sections I. Changes and Constants in the Condiment Sector - Pre-pandemic, the sector's growth was primarily driven by price increases and cost resonance, with the restaurant channel accounting for 45% of the condiment industry's share [11][24] - Post-pandemic, the capacity of the restaurant sector has contracted, leading to a shift in demand towards household consumption, which is expected to result in a change in industry growth dynamics [25][27] - Consumer sensitivity to prices has increased, with a preference for lower-priced products that do not compromise on quality [27][28] II. Investment Recommendations - The report concludes that the sector has completed its bottoming process, with a focus on the recovery of the restaurant sector and cost catalysts as potential drivers for future growth [40][41] - The report suggests that the current price pressure in the industry has likely bottomed out, with a focus on quality-price ratio and upgraded products as key differentiation factors [46] - Recommended companies include leading brands with national presence such as Zhongju Gaoxin and Haitian Flavoring, as well as companies like Qianhe Flavoring and Tianwei Food that are adapting to new market conditions [46][47]