Core Viewpoint - The company remains focused on the development of its frozen food business and aims to become a leader in providing delicious food for the dining table [1] Group 1 - The company has no plans to inject geothermal and nuclear battery businesses into its listed assets, similar to Tongwei's transformation [1] - The company expresses gratitude for investor interest and emphasizes its commitment to its core business [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights structural growth opportunities in new products and channels within the consumer goods sector, particularly in the context of the 25Q3 performance forecast [2] - The performance of various sub-sectors is expected to vary, with specific companies showing significant growth potential due to category advantages and new channel expansions [10][12][14][15][16][19][21][22] Sub-sector Summaries 1.1 Snack Foods - The performance in 25Q3 is expected to be differentiated, with companies like Wanchen Group projected to achieve a revenue growth of 39% and a net profit growth of 382% [2][25] - Emphasis is placed on companies that can leverage category trends and new channel opportunities for sustained growth [10][11] 1.2 Soft Drinks - The energy drink segment is showing improved market conditions, with companies like Dongpeng Beverage expected to see a revenue growth of 31% and a net profit growth of 33% [2][25] - The report suggests focusing on companies with strong brand power and channel capabilities for long-term growth [12][13] 1.3 Dairy Products - The dairy sector is anticipated to experience flat demand in 25Q3, with companies like Yili expected to see only a 2% revenue growth [2][25] - The report indicates that profitability may improve once raw milk prices stabilize [14] 1.4 Tea Drinks - The market is characterized by a leading player, Mixue Group, which is expected to expand its competitive edge through enhanced product offerings [2][15] - The mid-price segment is highlighted as a key growth area, with recommendations for companies like Guming [15] 1.5 Health Supplements - The report notes a trend towards increased concentration in the B-end market, with companies like Xianle Health projected to achieve a revenue growth of 15% [2][25] - The C-end market is advised to focus on high-growth single products [16][17] 1.6 Ready-to-Drink Alcohol - The performance in 25Q3 is expected to be strong, with companies like Bairun expected to see an 8% revenue growth [2][25] - New product launches are anticipated to drive sales growth [18] 1.7 Beer - The impact of the "drinking ban" is expected to be limited, with Qingdao Beer projected to achieve a 2% revenue growth and an 8% net profit growth [2][25] - The report suggests that the beer sector will see stable growth driven by structural upgrades and cost improvements [19][20] 1.8 Condiments - Leading companies like Haitian Flavoring are expected to maintain stable performance, with a revenue growth of 7% [2][25] - The report emphasizes the importance of robust market strategies during periods of flat demand [21] 1.9 Frozen Foods - The sector is facing weak demand, with companies like Anjixin expected to see a 6% revenue growth [2][25] - The report advises monitoring the recovery of the restaurant supply chain for potential investment opportunities [22][23] 1.10 Marinated Products - The focus is on improving store operations as the sector continues to recover from previous challenges [24] Key Company Tracking - The report provides a detailed forecast for various companies across different segments, highlighting expected revenue and net profit growth rates for 25Q3 [25]

Core Viewpoint - The change in fundraising allocation by Anjii Food reflects the challenges faced by the frozen food industry, indicating a need to explore new growth opportunities, particularly in the frozen baking sector [1][4]. Fundraising Purpose Change - Anjii Food announced a change in the use of funds from a non-public stock issuance, reallocating part of the funds originally intended for four frozen food projects to a new baking project [1][4]. - The four original projects include upgrades in Sichuan, Liaoning, and Taizhou, and an expansion project in Henan, with a total of 361 million yuan being redirected to the Dingyifeng baking project, which has a total investment of 410 million yuan [1][3]. Financial Projections - The Dingyifeng baking project is expected to have a construction period of two years, with projected annual revenue of 613 million yuan and a profit of 67.83 million yuan, yielding an internal rate of return of 10.38% and a payback period of 8.05 years [3][4]. Industry Challenges - Anjii Food's decision to change the fundraising project is attributed to the evolving macroeconomic environment, industry policies, and consumer demand, which have shifted towards healthier and more diverse food options [4][5]. - The traditional frozen food sector, particularly frozen rice and noodle products, is experiencing a contraction, with Anjii's revenue for the first half of the year showing only a slight increase of 0.8% to 7.604 billion yuan, while net profit fell by 15.79% to 676 million yuan [5][7]. Market Trends - The frozen baking sector is viewed as a potential growth area, with the market expected to exceed 23 billion yuan by 2025 and a compound annual growth rate of over 25% in recent years [9][10]. - Competitors in the frozen food industry, such as Qianwei and Hai Xin, are also exploring new product categories, indicating a broader trend of seeking growth beyond traditional frozen food offerings [7][9]. Competitive Landscape - Anjii Food has made strategic acquisitions to enhance its presence in the frozen baking market, including a 70% stake in Jiangsu Dingwei and a 100% stake in Dingyifeng, totaling an investment of 444.5 million yuan [7][9]. - The competitive environment in the frozen baking sector is intensifying, with other companies also launching baking brands and experiencing varying growth rates, highlighting the need for Anjii to leverage its past successes to strengthen its market position [10][11].

智通财经APP获悉，海通国际发布研报称，据预测，25年9月重点跟踪的8个必选消费行业中5个保持正 增长，3个负增长。个位数增长的行业包括速冻食品、软饮料、调味品、啤酒和餐饮；下降的行业包括 次高端及以上白酒、大众及以下白酒和乳制品。与上月相比，5个行业增速改善，3个变差。双节前消费 和备货意愿不强，节后统计数据也显示商品消费弱于服务消费(国家税务总局数据显示增速分别为3.9% 和7.6%，整体增速4.5%)。 乳制品：9月国内乳制品行业收入为455亿元，同比下滑4.6%。1-9月累计收入为3531亿元，同比下滑 1.2%。乳制品需求仍然承压，礼赠市场表现不佳，经销商中秋国庆双节备货意愿谨慎。同时我们在九 月价格月报中也观察到乳制品线上零售价折扣率再次加大，价格竞争现象仍然较多。 速冻食品：9月国内速冻行业收入为78亿元，同比增长4.0%，1-9月累计收入805亿元，同比增长1.7%。 3Q25速冻食品需求整体表现平稳，9月为迎接双节，餐饮渠道纷纷备货，从而拉动对速冻食品的需求增 长，环比需求出现改善。进入下半年高基数影响逐渐消化。龙头企业各自调整策略争取全年增长。 软饮料：9月国内软饮料行业收入为663亿元， ...

Company Summary - Qianwei Yangchu announced on October 9 that as of September 30, 2025, the company has repurchased approximately 250,000 shares through a special securities account via centralized bidding, accounting for 0.26% of the total share capital, with a total transaction amount of approximately 8.99 million yuan [1] - The highest transaction price was 39.73 yuan per share, while the lowest was 32.35 yuan per share [1] - As of the report date, Qianwei Yangchu's market capitalization stands at 4 billion yuan [1] Industry Summary - For the first half of 2025, Qianwei Yangchu's revenue composition is as follows: the frozen food sector accounts for 99.04%, other businesses for 0.71%, and the catering industry for 0.25% [1]

Core Viewpoint - Anjiu Food Group Co., Ltd. has announced a change in its fundraising project, reallocating 361 million yuan from its original technology upgrade projects to a new baking project, reflecting a strategic shift in response to market changes [1][2]. Group 1: Fundraising and Project Changes - The company plans to redirect 361 million yuan of its previously raised funds to the Dingyifeng Baking Project, which involves the construction of a new baking facility [1][2]. - The original fundraising amount was approximately 5.67 billion yuan, with a net amount of about 5.63 billion yuan after expenses. As of September 23, 2025, the company has invested 4.34 billion yuan, achieving a progress rate of 76.99% [1][2]. Group 2: New Baking Project Details - The Dingyifeng Baking Project will produce various baked goods, with a designed daily capacity of 67.42 tons. The total investment for the project is 410 million yuan, with 361 million yuan sourced from the fundraising [2][3]. - The project is expected to generate annual revenue of approximately 613.39 million yuan and a profit of about 67.83 million yuan, with an internal rate of return of 10.38% and a payback period of 8.05 years [3]. Group 3: Market Context and Challenges - The frozen food industry is experiencing intense competition, with a significant increase in the number of enterprises in the prepared dish sector, leading to aggressive price wars [4]. - In the first half of 2025, the company reported revenue of 7.60 billion yuan, a slight increase of 0.8%, but a notable decline in net profit by 15.79%, marking the first negative growth in mid-year net profit since its listing [3][4].

ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 關於變更非公開發行股票部分募投項目的公告 茲提述安井食品集團股份有限公司（「公司」）日期為2025年6月25日的招股章程 「歷史、發展及公司架構－2022年的A股非公開發行」一節，內容有關公司於2022 年非公開發行A股，募集的所得款項淨額為人民幣5,634,574,077.18元。 一、變更募投項目的概述 （一）募集資金基本情況 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 經公司第四屆董事會第十七次會議、2020年年度股東大會審議通過，並 經中國證券監督管理委員會《關於核准福建安井食品股份有限公司非公 開發行股票的批覆》（證監許可[2021]3419號）核准，公司通過非公開發 行股票方式向特定投資者發行48,884,872股人民幣普通股（A股），發行價 格為人民幣116.08元╱股，募集資金總額為 ...

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for several companies including China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The overall cost indices for six categories of consumer goods showed mixed trends, indicating stability in the market. Spot cost indices for soft drinks, beer, instant noodles, dairy products, frozen foods, and seasonings changed by +0.97%, +0.51%, +0.26%, -0.13%, -0.44%, and -0.57% respectively, while futures cost indices changed by -1.08%, +1.06%, -1.06%, -1.67%, -0.78%, and -0.06% respectively [31][32][33][34][35][36][37]. Summary by Category Beer - The spot cost index for beer increased by 0.51% month-on-month, while the futures index rose by 1.06%. Year-to-date, the spot and futures indices have decreased by 3.71% and 4.95% respectively [12][32]. Seasonings - The spot cost index for seasonings decreased by 0.57% month-on-month, while the futures index fell by 0.06%. Year-to-date, the indices have changed by -2.41% and -6.71% respectively [15][33]. Dairy Products - The spot cost index for dairy products decreased by 0.13% month-on-month, while the futures index fell by 1.67%. Year-to-date, the indices have changed by -3.36% and -3.93% respectively [18][34]. Instant Noodles - The spot cost index for instant noodles increased by 0.26% month-on-month, while the futures index decreased by 1.06%. Year-to-date, the indices have changed by -3.23% and -6.06% respectively [22][35]. Frozen Foods - The spot cost index for frozen foods decreased by 0.44% month-on-month, while the futures index fell by 0.78%. Year-to-date, the indices have changed by -2.3% and -3.37% respectively [25][36]. Soft Drinks - The spot cost index for soft drinks rose by 0.97% month-on-month, while the futures index fell by 1.08%. Year-to-date, the indices have changed by -4.19% and -10.86% respectively [28][37].

Summary of BaBi Foods Conference Call Company Overview - BaBi Foods relies on a franchise model, with a limited speed of store expansion, adding several hundred new stores each year, surpassing 5,000 stores by the end of last year, but the impact of new stores on overall growth is limited due to the large base [2][5] Core Insights and Arguments - The company adopts a dual strategy of organic growth and external mergers and acquisitions (M&A), acquiring regional small chain baozi shops to expand scale, which is particularly effective in a poor consumer environment where small brands are more willing to be acquired [2][6] - From 2022 to 2024, BaBi's same-store performance is expected to decline annually, but improvements are anticipated starting in the second half of 2024, with Q1 2025 narrowing to single digits and achieving low single-digit growth in Q2, driven by category resilience, reduced competition, and store adjustments [2][10] - Store adjustments, including layout changes, increasing SKUs, and extending operating hours, have improved the performance of over 200 adjusted stores, with a median same-store sales increase reaching double digits [12] - Future same-store growth expectations are mixed; if the consumer environment stabilizes and store adjustments continue, sales may improve; however, if the environment worsens, high expectations for 2026 should be avoided, leading to a cautiously optimistic overall outlook [2][15] Additional Important Content - The franchise model relies on franchisees with some experience in Chinese pastry, often operating stores as couples or families, which slows down the opening of new stores as each new store requires recruiting a new franchisee [4] - The company has significant potential in the group meal business, currently accounting for about 20% of total business, with expectations to maintain a 50-50 split with store operations in the long term, especially in the East China region where it leads the market [16] - BaBi's acquisition strategy has accelerated, with notable acquisitions in 2022 and 2024, indicating a strong push for external growth despite slower organic growth [7][9] - The company’s short-term outlook is positive due to accelerated acquisitions and a favorable competitive landscape, with expectations for same-store sales to perform well in the coming quarters [17] - Long-term, BaBi Foods is viewed as a stable growth company with significant potential to increase market share through continued expansion, given that it currently operates only a fraction of the total baozi shops in the industry [18]

Core Viewpoint - The debate surrounding the safety and health benefits of frozen vegetables, particularly frozen broccoli, has highlighted the need for public education on the nutritional value and safety of frozen foods, marking the beginning of a broader acceptance of the pre-prepared food concept in society [2][3]. Group 1: Nutritional Value of Frozen Foods - Frozen broccoli retains a significant amount of its nutrients, with studies showing that frozen vegetables can maintain over 90% of their nutritional value when processed and stored correctly [10][12]. - Fresh vegetables lose nutrients over time, with vitamin C degradation observed in various fruits and vegetables stored at 4°C, with losses of up to 70% in some cases [4][10]. - The freezing process can inhibit microbial growth and enzyme activity, thus extending the shelf life of vegetables while preserving their nutritional content [10][14]. Group 2: Market Dynamics and Pricing - The price of frozen organic broccoli can be significantly higher than fresh broccoli, with a 300g bag of frozen broccoli priced around 25 yuan, compared to fresh broccoli at approximately 10 yuan per pound [11][12]. - The higher costs are attributed to the rigorous processing techniques and the use of organic farming practices, which can increase production time and costs [12][13]. - The global organic frozen vegetable market is projected to grow from 120 billion yuan in 2024 to 250 billion yuan by 2030, with a compound annual growth rate (CAGR) of 10.2% [14]. Group 3: Industry Growth and Trends - The Chinese frozen food industry has experienced a compound annual growth rate of 10% from 2013 to 2020, indicating a robust market expansion [19]. - The demand for frozen foods is driven by the need for food safety, standardization, and cost control within the restaurant industry, which is increasingly adopting frozen ingredients to ensure consistent quality [20][21]. - The cold chain logistics market is also growing, with a projected total demand of 365 million tons for food cold chain logistics in 2024, reflecting the increasing reliance on frozen food products [21].