Core Viewpoint - The ongoing dispute between Luo Yonghao and Xibei Catering has heightened public interest in the pre-prepared food industry, leading to a significant surge in related stocks as the national standard for pre-prepared food is set to be released soon [1][2]. Market Reaction - The pre-prepared food index rose by 1.63%, with several stocks hitting their daily limit, including Delisi (涨停) and Guolian Aquatic (涨超7%) [1][2]. - A total of 31 companies in the A-share market are categorized under the pre-prepared food concept, with notable firms like Shuanghui Development and Jinlongyu included [2]. Regulatory Developments - The draft national standard for pre-prepared food, led by the National Health Commission, has passed review and will soon seek public opinion, marking a significant regulatory step [1][3]. - The new standard will require restaurants to disclose their use of pre-prepared foods, which is expected to reshape the industry landscape [1][3]. Industry Growth Potential - The pre-prepared food market in China is projected to reach 4.85 trillion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to exceed 6.17 trillion yuan by 2025 [4]. - E-commerce platforms reported a 160% increase in pre-prepared food sales in 2023, with over 60% of consumers being from the younger demographic [4]. Company Landscape - There are currently over 74,000 registered pre-prepared food companies in China, with approximately 9,500 new registrations in 2025 alone [5]. - The introduction of the national standard may increase costs by 15% to 30%, potentially leading to the consolidation of smaller firms unable to meet the new requirements, while larger companies could benefit from economies of scale [5].

Core Insights - The ongoing controversy surrounding "pre-prepared meals" reflects increasing consumer awareness regarding food safety, the right to know, and transparency in the restaurant industry [1] - The debate highlights the challenges faced by the Chinese restaurant industry in its industrialization and standardization processes [1] Group 1: Industry Trends - Pre-prepared meals have become a mainstream choice in mature markets, with Japan's penetration rate reaching 70%, and similar trends observed in the U.S. [2] - The shift towards pre-prepared meals is driven by urbanization, smaller household structures, an aging population, and extended commuting times, necessitating convenient dining solutions [2] - In China, the increasing urbanization rate and high-density population in commercial areas are pushing businesses to seek standardized and scalable dining solutions [2] Group 2: Consumer Concerns - Current consumer doubts about pre-prepared meals focus on the lack of a comprehensive national standard and regulatory system covering the entire supply chain, from ingredient sourcing to logistics [2][3] - Some restaurant businesses blur the lines between "pre-prepared" and "freshly made," failing to adequately protect consumer rights and eroding trust in the industry [3] - Establishing public trust in the restaurant industry requires transparency and the protection of consumer rights, allowing consumers to make informed choices [3] Group 3: Future Outlook - The industry must embrace a transparent and regulated approach to pre-prepared meals to ensure they can be integrated into the Chinese dining landscape as a safe and sustainable option [3] - Clear labeling, transparent information, and established standards are essential for pre-prepared meals to become a significant part of the efficient and sustainable food supply system in China [3]

Core Viewpoint - The ongoing controversy surrounding "pre-prepared meals" reflects increasing consumer awareness regarding food safety, the right to know, and transparency in the restaurant industry, highlighting challenges in the industrialization and standardization processes within China's dining sector [1][2]. Group 1: Industry Trends - Pre-prepared meals have become a mainstream choice in mature markets, with Japan's penetration rate reaching 70%, and similar trends observed in the U.S. market, indicating a shift towards convenience in dining solutions [2]. - The dual demand in China for higher quality and healthier meals, alongside the need for convenient and economical dining options, is driving the evolution of the restaurant industry [1][2]. Group 2: Consumer Concerns - Current consumer doubts about pre-prepared meals focus on the lack of a comprehensive national standard and regulatory system covering the entire supply chain, from ingredient sourcing to processing and logistics, which raises questions about safety and nutritional quality [2][3]. - Some restaurant businesses blur the lines between "pre-prepared" and "freshly made" meals, failing to adequately protect consumer rights to information, which undermines trust in the industry [3]. Group 3: Future Directions - The industry must embrace transparency and clear labeling to build consumer trust, as consumers are not inherently opposed to pre-prepared meals but seek assurance regarding food health and their right to know [3]. - For pre-prepared meals to be successfully integrated into China's dining sector, a focus on standardization, health, and regulatory oversight is essential, positioning them as a vital part of an efficient, safe, and sustainable food supply system [3].

Group 1 - The overall market showed strength with the Shanghai Composite Index rising by 0.22%, the Shenzhen Component increasing by 1.07%, and the ChiNext Index up by 2.13% after a dip [1] - Over 3,200 stocks declined across both markets, with a total trading volume of 1.51 trillion [1] Group 2 - Gaming concept stocks experienced a strong rebound, rising by 3.43% at midday, with Xinghui Entertainment and Perfect World hitting the daily limit [3] - Energy storage stocks performed robustly, with CATL and Sungrow both reaching historical highs [3] - The prepared food sector was active, with Deli Foods hitting the daily limit [3] - The state-owned cloud concept stocks faced a decline, dropping by 1.95% at midday, with several stocks like Meili Cloud and TeFa Information seeing declines over 4% [3] - Computing hardware stocks showed mixed results, with Chunzong Technology hitting the daily limit down [3] - Cultural media, real estate, and precious metals sectors experienced significant declines [3] Group 3 - The Ministry of Commerce announced an anti-dumping investigation on imported simulation chips from the U.S. starting September 13, 2025 [3] - A draft national standard for food safety in prepared dishes has passed expert review and will soon be open for public consultation [3] - In August, the sales prices of commercial residential properties in 70 large and medium-sized cities showed a month-on-month decline [3]

Core Viewpoint - The debate between Luo Yonghao and Xibei highlights the issues within the rapidly growing prepared food industry in China, revealing both challenges and opportunities for healthy industry development [1][2]. Industry Growth - The prepared food industry in China is projected to reach a market size of 485 billion yuan in 2024, with a year-on-year growth of 33.8%, and is expected to exceed 749 billion yuan by 2026 [1]. - The industry plays a crucial role in integrating agriculture and promoting efficiency, increasing farmers' income, standardizing the catering industry, and meeting consumer demand for convenience [1]. Industry Challenges - The industry faces several challenges, including inconsistent standards, food safety concerns, and an incomplete regulatory framework [2]. - The debate over the definition and standards of prepared food reflects the lack of unified standards in the industry, which is essential for resolving misunderstandings [3]. Regulatory Developments - A draft of the "National Standard for Food Safety of Prepared Foods," led by the National Health Commission, has passed review and will soon seek public opinion, aiming to establish a unified definition and mandatory disclosure for the use of prepared foods in restaurants [2]. Market Response - Following the news of the upcoming national standards, related stocks in the prepared food sector saw significant gains, with companies like Delisi hitting the daily limit, and others like Tiankang Biological and Longda Meishi rising over 5% [2]. Quality and Consumer Trust - Quality is identified as the lifeline of the prepared food industry, with consumer anxiety over quality being a central issue. Companies must prioritize quality to gain market respect and consumer choice [3]. - The establishment of standards and transparency is crucial for the healthy development of the industry, enabling consumers to make informed choices and pushing companies to enhance product quality [3].

2025.09.15 本文字数：2995，阅读时长大约5分钟 作者 |第一财经 揭书宜 乐琰 罗永浩与西贝之间的"预制菜大战"还未结束，9月14日晚间，因为西贝创始人贾国龙在某个行业群内的 表态截图流出，还称罗永浩为"网络黑嘴"。于是，罗永浩表示："贾国龙，那这件事我们没法揭过去 了。在中间再劝我的朋友，我们一律绝交吧。" 9月15日，西贝发布致歉信称，深刻意识到西贝的生产工艺与顾客的期望有较大差异，没有满足广大顾 客的需求与期待。将尽可能把中央厨房前置加工工艺调整到门店现场加工。 然而罗永浩并不买账，甚至对于胖东来创始人于东来对西贝事件的发文，罗永浩称："于总，您一直都 是我非常尊敬的企业家，希望您弄清真相之前，千万不要被损友误导，搅这个浑水，连累了您的名声。 这几天的事件发酵，大家都看出来了，现在这个世界如果真有一个人想毁了西贝，那就是贾总本人。" 之后，罗永浩又发文称，决定放弃进一步追究西贝。 预制菜真的如此不堪吗？ 参观西贝厨房需持健康证 0:00 第一财经记者9月14日晚间来到数家西贝餐厅亲测，在晚餐时间看到店内客人不多，店员告诉第一财经 记者，受预制菜风波影响，近期的客人明显减少。当记者提出要参观 ...

Core Viewpoint - The rise of pre-prepared meals (pre-made dishes) has sparked significant debate in the restaurant industry, highlighting changing consumer expectations regarding food transparency and quality [1][3][9] Group 1: Industry Dynamics - The controversy surrounding pre-prepared meals indicates that Chinese consumers are becoming more discerning about their dining choices, demanding not only flavor but also the right to know about the food they consume [3][5] - Major restaurant brands have successfully expanded nationwide by leveraging pre-prepared meals, standardization, and efficiency, catering to the needs of busy consumers [5][9] - The market is witnessing a shift where restaurants are increasingly transparent about their food sourcing and preparation methods, leading to positive customer feedback [7][9] Group 2: Consumer Behavior - Consumers are evolving from merely enjoying meals to actively questioning the authenticity of food preparation methods, such as whether dishes are freshly cooked or pre-prepared [7][9] - There is a growing trend among restaurants to openly disclose the origins of their ingredients, which has resulted in increased customer satisfaction and trust [7][9] - The ongoing debate around pre-prepared meals is prompting consumers to become more informed and assertive about their rights to know what they are eating [9] Group 3: Regulatory and Industry Response - In response to the rising concerns, market regulators and industry associations are beginning to establish guidelines and hold discussions on the classification of pre-prepared foods [5] - The industry is recognizing the importance of honesty and transparency in building consumer trust, as businesses that attempt to hide their use of pre-prepared ingredients face backlash [7][9] - The controversy surrounding pre-prepared meals is seen as an opportunity for the industry to improve its practices and enhance consumer relations through clearer communication [9]

Core Insights - The company, Weizhi Xiang, reported a total revenue of 343 million yuan for the first half of 2025, representing a year-on-year growth of 4.7%, while the net profit attributable to shareholders decreased by 24.46% to 31.95 million yuan [2] - The decline in profitability is largely attributed to high raw material costs, with operating costs increasing by 10.29% to 271 million yuan, significantly outpacing revenue growth [2] - The company has experienced a continuous decline in net profit for two consecutive years, with a 43.37% drop in mid-2024 [2] Financial Performance - The gross profit margin for the first half of 2025 was 20.83%, down over 4 percentage points compared to the previous year [2] - The company's main product, beef, generated 137 million yuan in revenue, an increase of 8.82%, accounting for over 40% of total revenue [3][4] - Overall revenue from various product categories showed a slight increase of 4.52% compared to the same period last year [4] Market Dynamics - The company is facing challenges in price transmission due to rising raw material costs, with retail price adjustments not fully covering the cost increases [5] - The East China region remains the core market, contributing over 90% of revenue, but growth is limited to 0.54% [5] - Emerging markets in South China, Northwest, and North China have shown significant growth rates of 777.35%, 354.83%, and 235.79%, respectively, although their combined revenue is still under 10 million yuan [5] Industry Outlook - The pre-prepared food industry in China is expected to maintain a high growth trajectory, with a projected CAGR of 19% from 2019 to 2022, and an estimated market size of 475.7 billion yuan by 2025 [6]

此前，罗永浩曾因公开质疑西贝"用预制菜冒充现做"引发轩然大波。9月10日，他发文称西贝"几乎全是 预制菜且价格昂贵"，并晒出菜品照片显示冷冻西兰花保质期24个月、海鲈鱼含复配水分保持剂。西贝 虽紧急回应称"招牌菜现制"，但双方隔空交锋持续数日，罗永浩更在直播中连发五问，要求西贝公开预 制菜使用比例及税率差异。 9月25日，罗永浩通过个人社交媒体平台发布声明，正式宣布放弃对西贝莜面村预制菜争议的进一步法 律追责，并呼吁公众将关注点转向预制菜行业标准建设与消费者权益保护。 罗永浩在声明中表示，经过与西贝团队的多轮沟通及对行业现状的深入调研，决定不再就"预制菜使用 情况"问题对西贝提起诉讼或公开质疑。他强调："我的初衷是推动预制菜行业透明化，而非针对单一企 业。西贝已承诺调整部分菜品制作方式并公开信息，这符合消费者权益保护的方向。" 罗永浩在声明最后呼吁，公众应将关注点转向预制菜国标的实施效果及企业长期合规情况。他表 示："我的战斗不会停止，但战场将从'单个企业'转向'整个行业'。"随着国标落地，预制菜行业将进 入"透明化竞争"新阶段。企业需在效率与信任间找到平衡点：通过公开供应链信息、优化定价策略、提 升产品品质 ...

Core Viewpoint - The definition and scope of pre-prepared dishes (pre-cooked meals) have been clarified by the State Administration for Market Regulation and other departments, emphasizing the need for natural ingredients and cold chain logistics to ensure freshness and safety [1][4] Group 1: Definition and Standards - Pre-prepared dishes are defined as packaged meals made from agricultural products that require heating or cooking before consumption [1] - The notification specifies that certain items, such as frozen staple foods and ready-to-eat meals, are not classified as pre-prepared dishes [1] - Analysts highlight two key requirements: the prohibition of preservatives and the necessity for a complete cold chain during production [1] Group 2: Consumer Concerns - There is ongoing consumer skepticism regarding the safety and quality standards of pre-prepared dishes due to the lack of a detailed standard system [2] - Consumers express dissatisfaction with the taste and experience of pre-prepared dishes compared to freshly cooked meals, citing a lack of flavor and concerns over hygiene [3] - The issue often lies not with the concept of pre-prepared dishes but with businesses failing to respect consumer rights, such as not disclosing whether a dish is pre-prepared [3] Group 3: Industry Perspective - The development of pre-prepared dishes requires regulatory guidance and the establishment of comprehensive national standards [4] - Industry experts suggest that a licensing management model should be implemented to ensure that only compliant businesses can produce pre-prepared dishes, thereby enhancing industry standards and consumer trust [4] - The sustainable development of pre-prepared dishes hinges on balancing taste, industrialization, and freshness through proper regulations and standards [4]