Core Viewpoint - The controversy surrounding Xibei Catering's use of pre-prepared dishes marketed as "freshly cooked" highlights the challenges faced by China's pre-prepared food industry, including ambiguous definitions, inadequate standards, and a gap in consumer understanding [1][6]. Industry Standards and Regulations - China's food safety standard system has evolved over 60 years, transitioning from "food hygiene" to "food safety" with the implementation of the Food Safety Law in 2009, leading to a comprehensive integration of standards [2]. - As of 2025, there are 2,242 effective national food standards in China, covering food safety, quality, testing methods, labeling, and nutritional additives, forming a unified standard system centered on food safety [2]. - Existing standards for pre-prepared dishes are categorized and dispersed, making it challenging to create a new, unified standard for the category [3][4]. - Current national and industry standards impose strict regulations on food additives, microorganisms, and testing methods, ensuring compliance across various food types, including traditional and new pre-prepared dishes [4]. Market Dynamics and Growth - The pre-prepared food industry is experiencing rapid growth, with a market size projected to reach 485 billion yuan by 2024, driven by government encouragement and the industry's potential to reduce food waste and improve raw material utilization [6][7]. Consumer Perception and Education - There is a significant gap between public expectations and the reality of pre-prepared foods, often stemming from a lack of scientific understanding regarding food preservation techniques and safety standards [6][8]. - The acceptance of pre-prepared foods in developed countries is higher due to better consumer awareness of food standards, suggesting that improved communication and education could enhance consumer trust in pre-prepared dishes in China [7][8]. Recommendations for Improvement - To address the challenges in the pre-prepared food sector, collaboration among government, enterprises, and consumers is essential, focusing on enhancing the standard system without unnecessary duplication [7]. - Companies should prioritize self-regulation, improve product quality, and effectively communicate the safety and nutritional benefits of pre-prepared foods to consumers [7][8].

Core Viewpoint - The rise of pre-prepared meals (pre-made dishes) has sparked significant public debate, focusing on food safety and cost-effectiveness, as they become increasingly integrated into various dining scenarios from school cafeterias to home dining and takeout platforms [2][6]. Group 1: Pre-prepared Meals Emergence - The convenience and efficiency of pre-prepared meals are major drivers of their rapid rise, allowing for centralized processing and quick assembly at restaurants, significantly reducing preparation time and labor costs [3][4]. - The industrial production model of pre-prepared meals enhances food safety and quality control through standardization and mechanization, making it easier to manage raw material procurement and storage conditions [4][5]. - The growth of food delivery services has further increased reliance on pre-prepared meals, with platforms like Meituan collaborating with producers to offer diverse meal options tailored to specific consumer groups [4][5]. Group 2: Market Dynamics and Consumer Behavior - The pre-prepared meal market in China is projected to reach 485 billion yuan in 2024 and exceed 617.3 billion yuan by 2025, with a penetration rate in the restaurant industry surpassing 25% [5]. - In the takeout sector, pre-prepared meals account for 38% of offerings, driven by consumer demand for speed and affordability, leading many restaurants to incorporate pre-prepared components even if they market themselves as freshly cooked [5][6]. Group 3: Role of Delivery Platforms - Delivery platforms are crucial in balancing merchant efficiency with consumer demands for transparency and safety, implementing measures for information disclosure and risk management [7][8]. - Platforms are enhancing transparency by requiring clearer labeling of meal types, such as "pre-prepared" or "freshly cooked," to help consumers make informed choices [8][9]. - To mitigate food safety risks, some platforms have established certified supplier systems and are utilizing AI technology for quality control in the supply chain [9][10]. Group 4: Consumer Protection and Feedback Mechanisms - Platforms are developing consumer protection systems, including "advance compensation" for food safety issues or misleading advertising, to maintain user trust [11][12]. - Feedback systems are vital for regulating supply and demand, as consumer ratings directly influence merchant visibility and sales, encouraging quality over mere speed [13]. Group 5: Future Considerations for Platforms - Platforms must find a balance between pre-prepared meals and quality, ensuring that these meals do not completely replace traditional dining experiences [14][15]. - There is a need for higher standards in supply chain management, focusing not only on safety but also on taste, nutrition, and freshness [15][16]. - Platforms should enhance transparency beyond basic labeling, potentially introducing third-party certifications to distinguish high-quality pre-prepared meals [16]. - The essence of dining should not be solely about convenience but also about quality and cultural experience, necessitating a careful approach to the integration of pre-prepared meals [16].

Core Viewpoint - The key to resolving the challenges in the prepared food industry lies in rebuilding trust among consumers, businesses, and the government [8] Industry Standards and Regulations - The existing food safety standard system in China, established over 60 years, is capable of supporting the safety requirements for the prepared food industry [2][4] - As of 2025, there are 2,242 effective national food standards in China, covering various aspects including food safety, quality, and labeling [2] - Current standards for specific prepared food categories exist, but the challenge lies in defining "prepared food" as a distinct category [3][4] Prepared Food Definition and Challenges - There is a lack of consensus on the definition and scope of "prepared food," leading to significant differences in understanding among industry experts, businesses, and consumers [3][4] - Some experts argue that existing standards for related food categories are sufficient, while others believe a new standard for prepared food is necessary [3][4] Market Growth and Consumer Perception - The prepared food industry is experiencing rapid growth, with a projected market size of 4,850 billion yuan by 2024 [6] - There is a gap between public expectations and reality regarding prepared foods, often stemming from a lack of scientific understanding of food preservation methods [6][7] Recommendations for Improvement - The resolution of the prepared food dilemma requires collaborative efforts from the government, businesses, and consumers, focusing on improving the standard system and enhancing product transparency [7][8] - Businesses should invest in research and development, improve product quality, and effectively communicate the benefits of prepared foods to consumers [7][8]

Group 1: Core Views - The recent controversy involving Luo Yonghao and Xibei regarding prepared dishes has attracted public attention, coinciding with the upcoming consumption peak during the double festival period, leading investors to have high expectations for the performance of the consumer sector [1] - Wu Yue, the guest on Sohu Finance's "Fund Q&A," holds a "short-term bearish, long-term bullish" view on the prepared dishes industry, suggesting that while the recent incident may pressure some supply chain companies in the short term, the implementation of national standards will promote the industry's standardization and branding in the long run [4][5] - The white liquor sector is seen as having significant opportunities, with Wu Yue stating that it is currently at an absolute bottom, and the risk-reward ratio is at a favorable level not seen in the past decade [5][8] Group 2: Industry Insights - The prepared dishes industry has seen a surge in company numbers, but this has led to homogenized competition and consumer concerns about production transparency. Investors are advised to conduct thorough research to identify quality companies [7][12] - The white liquor industry is characterized by its unique cultural significance in China, with its demand expected to persist as long as the macro economy remains stable and business activities continue [9][10] - The current market for prepared dishes is relatively small, with a total market capitalization of less than 100 billion, and the sector has underperformed compared to the overall market this year [6][12] Group 3: Investment Strategies - Investors are encouraged to focus on "consumer growth stocks," which are companies that maintain good performance growth despite macroeconomic pressures. These stocks are expected to yield good returns regardless of the overall consumption climate next year [12][15] - The fourth quarter is anticipated to see structural rebalancing in the market, with white liquor being a key sector to watch, especially leading up to the Spring Festival [14][15] - The new consumption sector is not a cohesive block, with only a few companies truly fitting the new consumer demand profile. Investors should analyze each company individually rather than treating the sector as a whole [12][14]

Core Viewpoint - Hai Xin Food, once a market favorite, is facing unprecedented operational challenges, including expanding losses, deteriorating cash flow, and high inventory levels [1][2]. Business Decline: Core Product Line Downturn - The core business segments of Hai Xin Food are experiencing significant declines, with traditional frozen fish and meat products seeing a notable drop in revenue, leading to a continuous decrease in their share of total income [3]. - The frozen dish product line, which was expected to be a new growth area, has also performed poorly, with revenue significantly declining year-on-year [3]. - The frozen rice and noodle products are stagnating, showing minimal growth, while the ambient snack food segment has seen substantial growth, but its low proportion does not materially impact overall revenue [3]. - The aging product structure is increasingly problematic, revealing deep-seated issues in product and market strategy in response to changing consumer trends [3]. Financial Deterioration: Cash Flow and Inventory Pressures - Hai Xin Food's cash flow situation has sharply worsened, with net cash flow from operating activities turning negative, indicating serious issues with cash recovery in operations [4]. - This cash flow deterioration is primarily due to reduced cash receipts from sales and adjustments in distributor contract cycles [4]. - The company is also facing significant concerns regarding high inventory levels, with end-period inventory substantially increasing compared to the beginning of the period, occupying an excessive proportion of current assets [4]. - The inventory turnover rate is continuously declining, with inventory growth outpacing the growth of operating costs and revenue, indicating poor inventory management efficiency [4]. - The accounts receivable turnover rate is also declining, weakening the ability to recover receivables, further exacerbating cash flow pressures [5]. Strategic Challenges - Despite attempts to reverse the situation through increased market promotion and brand investment, the results have been unsatisfactory, with the subsidiary Fujian Changheng Food Co., Ltd. not fully utilizing its production capacity, leading to increased costs without meeting sales expectations [5]. - New product sales have not yet reached a significant scale, posing substantial challenges to the company's strategic transformation [5]. - The management must confront the pressing issue of finding sustainable growth paths in an increasingly competitive market environment [6].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes and the upcoming consumption peak during the holidays has heightened investor interest in the consumer sector, particularly in areas like pre-prepared dishes and liquor [2][4]. Group 1: Pre-prepared Dishes Industry - The pre-prepared dishes industry is currently facing scrutiny, with the recent social event potentially impacting short-term sales and performance of supply chain companies, but it is expected to benefit in the long term from the implementation of national standards [6][7]. - The industry has low entry barriers and is fragmented, leading to issues such as food safety and inconsistent standards, which may prompt regulatory changes that favor healthier industry development [4][6]. - There are fewer than ten significant pre-prepared dish companies in the A-share market, with a total market capitalization of less than 100 billion, indicating a small and underperforming sector compared to the overall market [7]. Group 2: Liquor Industry - The liquor sector is viewed as being at a bottom point, with significant opportunities expected in the coming year, as the risk-reward ratio is currently favorable [5][10]. - The long-term growth potential of the liquor industry remains intact, driven by cultural factors and ongoing business activities, as long as the macroeconomic environment does not stagnate [11][12]. - Current market conditions show a significant divergence in sentiment, with over 90% of funds not favoring liquor stocks, presenting a potential opportunity for investment [13]. Group 3: Consumer Growth Stocks - The concept of "new consumption" is misleading, as there are only about 50 companies that truly fit this category, and most are traditional consumer companies that have been around for several years [14]. - Consumer growth stocks, which maintain good performance even under macroeconomic pressure, are expected to yield positive returns regardless of the overall consumption environment next year [15]. - The upcoming fourth quarter may see a structural rebalancing in the market, with consumer sectors, particularly liquor, being highlighted as key areas for investment [18][19].

Core Insights - The recent open kitchen event by Xibei revealed six types of "pre-prepared" ingredients, with frozen broccoli drawing significant consumer attention [1] - Industry analyst Zhu Danpeng stated that the processing technology for long shelf-life pre-prepared dishes is mature and does not require preservatives [1] - Nutritionist Zhou Zhongyi explained that commercial frozen fruits and vegetables undergo blanching before freezing, which may cause a loss of about 20% of water-soluble vitamins, but subsequent low-temperature freezing can significantly delay further vitamin loss [1] Industry Analysis - The two-year shelf life of frozen broccoli is not uncommon in the market, with retailers like Sam's Club offering such products [1] - Zhou Zhongyi emphasized that while fresh fruits and vegetables are preferable when available, commercially frozen options are a good choice for long-term storage [1]

西贝高价预制菜事件让中产家长们彻底破防，尤其是在老罗公开质疑后，贾国龙的硬刚回应和开放后 厨，反而让大家看到了两年保质期的西兰花和科技鱼套餐。可以说，这场由老罗发起的风波，撕开的不 仅是西贝的遮羞布，更是中产消费信任的裂缝。 ...

Core Viewpoint - The recent survey indicates a significant consumer resistance to pre-prepared meals, with over 50% of respondents rejecting them, highlighting a gap between consumer perceptions and industry practices regarding central kitchens and pre-prepared food safety [1][11]. Consumer Acceptance - Approximately 50.98% of respondents do not accept pre-prepared meals, while about 37.5% are in favor, and 11.52% are indifferent [1]. - 66.41% of respondents believe that pre-prepared meals should not be served in restaurants, with only 15.23% supporting their inclusion [3]. - When asked about restaurants that indicate the use of pre-prepared meals, 47.66% would not choose such establishments, while 21.68% would consider it [6]. Transparency and Pricing - A strong majority, 96.68%, of respondents believe that pre-prepared meals should be clearly labeled [5]. - Regarding reasonable pricing, 91.6% of respondents think that the average price for pre-prepared meals should be below 100 yuan, with 92.26% considering the prices at Xibei to be too high [7][11]. Industry Insights - Experts suggest that consumer skepticism towards pre-prepared meals stems from a preference for freshly cooked food in restaurants, as opposed to items available in supermarkets [11]. - The president of the Shenzhen Culinary Association emphasizes that central kitchens can effectively ensure food safety, especially for larger chain restaurants [12]. - Industry analysts call for national standards for pre-prepared meals and licensing for central kitchens to alleviate consumer fears and promote a balanced approach between taste and industrialization [12].

Core Viewpoint - The acceptance of pre-prepared dishes (pre-cooked meals) among consumers is low, with a significant portion of the population expressing concerns about their safety and quality, indicating a need for transparency and regulation in the industry [2][4][14]. Consumer Acceptance - Approximately 50.98% of respondents do not accept pre-prepared dishes, while only about 37.5% are in favor of them [2]. - Over 66% of respondents believe that pre-prepared dishes should not be served in restaurants [4]. - When asked about the labeling of pre-prepared dishes, 96.68% of respondents agree that they should be clearly marked [6]. Restaurant Choices - In restaurants that serve pre-prepared dishes, 47.66% of respondents would not choose to dine there, while 30.66% are uncertain, and only 21.68% would consider it [8]. - More than 80% of respondents support the idea that pre-prepared dishes should be transparent to consumers [10]. Pricing Perception - A significant 91.6% of respondents believe that the average price for pre-prepared dishes should be below 100 yuan, with 92.26% considering the prices at Xibei to be too high [11]. Industry Insights - Experts suggest that pre-prepared dishes can be safe and convenient if produced according to standards, addressing the needs of busy consumers [14]. - The establishment of central kitchens is seen as a necessary step for scaling and ensuring food safety in the restaurant industry [14]. - There is a call for national standards and licensing for the pre-prepared dish industry to alleviate consumer fears and ensure quality [14].