Core Viewpoint - Qiyunshan Food is applying for a listing on the Hong Kong Stock Exchange, leveraging its strong revenue from its main product, the South Jujube Cake, which contributes over 80% of its income [1][2]. Company Overview - Qiyunshan Food specializes in South Jujube products and is headquartered in Chongyi County, Jiangxi Province [1]. - The company has launched five types of South Jujube products, with the South Jujube Cake being the flagship product introduced in 1992 [1]. Financial Performance - Revenue for Qiyunshan Food from 2022 to 2024 is projected to be 217 million, 247 million, and 339 million yuan respectively, with net profits of 25.63 million, 23.70 million, and 53.19 million yuan [1]. - The South Jujube Cake's revenue for the same period is expected to be 193 million, 209 million, and 294 million yuan, accounting for 88.7%, 84.7%, and 86.7% of total revenue [1]. Product Strategy - The company is strategically reducing production capacity for other products to focus on South Jujube Cake and South Jujube Granules to meet increasing market demand [2]. - Future product development will emphasize functional health-oriented products, including new forms like South Jujube Chips and Drinks [2]. Sales Channels - From 2022 to 2024, revenue from offline channels is projected to be 189 million, 211 million, and 303 million yuan, representing 86.9%, 85.6%, and 89.3% of total revenue [2]. - The company relies heavily on five major offline distributors, which account for over 85% of its revenue [2]. Market Position - Qiyunshan Food holds a 32.4% market share in the South Jujube food market, ranking first in the industry [3]. - In the broader fruit snack market, it ranks ninth with a market share of 0.63% [3]. - The Chinese fruit snack market is expected to grow from 99.5 billion yuan in 2024 to 151 billion yuan by 2029, with a compound annual growth rate of 8.7% [3]. Competitive Landscape - The top ten companies in the fruit snack market hold only 10.4% of the market share, indicating a highly fragmented industry [3]. - Competitors include Liuliu Mei and Haoxiangni, which have also filed for listings and reported significant revenues [4]. Online Marketing Strategy - Qiyunshan Food plans to enhance its online presence through e-commerce infrastructure and diverse online marketing strategies, including live streaming and community group buying [5].

Core Viewpoint - Qi Yunshan Food has submitted an application for listing on the Hong Kong Stock Exchange, with a strong reliance on its flagship product, South Jujube Cake, which accounts for over 80% of its revenue [1][3][4]. Group 1: Financial Performance - Qi Yunshan Food reported revenues of 217 million yuan, 247 million yuan, and 339 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 25.63 million yuan, 23.70 million yuan, and 53.20 million yuan during the same period [3][4]. - The flagship product, South Jujube Cake, generated revenues of 193 million yuan, 209 million yuan, and 294 million yuan from 2022 to 2024, representing 88.7%, 84.7%, and 86.7% of total revenue for those years [3][4]. Group 2: Product and Market Strategy - Qi Yunshan Food has launched five types of South Jujube products, including South Jujube Cake, South Jujube Granules, and South Jujube Soft Candy, among others [3]. - The company plans to diversify its product offerings and has introduced seven flavors of South Jujube Cake and various fruit and vegetable cakes to address market demand [4][5]. Group 3: Sales Channels - The company primarily relies on offline sales channels, with 199 out of 230 distributors being offline, generating 1.89 billion yuan, 2.11 billion yuan, and 3.03 billion yuan in revenue from 2022 to 2024, accounting for approximately 86.9%, 85.6%, and 89.3% of total revenue [6][7]. - Online direct sales generated revenues of 25.84 million yuan, 31.66 million yuan, and 32.93 million yuan during the same period, representing about 11.9%, 12.8%, and 9.7% of total revenue [7]. Group 4: Market Position - As of 2024, Qi Yunshan Food holds a 32.4% market share in the South Jujube food market in China, ranking first in the industry, while its overall market share in the fruit snack market is only 0.6%, placing it ninth [9].

Core Insights - The company Gai Shi is collaborating with CCTV-14 to enhance its presence in the children's health food sector, focusing on nutritious snacks and complementary foods for all age groups [1] Product Innovation - Gai Shi's product matrix includes 100% pure fruit puree, organic nutritional noodles, probiotic puffed snacks, organic rice flour, traditional hawthorn products, and juice beverages, emphasizing quality and innovation [1] - The organic five-color nutritional noodles provide a balanced mix of six vitamins and minerals, suitable for children's meals [3] - The puffed snacks utilize a non-fried extrusion process, ensuring zero trans fats while maintaining taste and health [3] - The traditional hawthorn cake is made using a four-layer temperature-controlled cooking method, with no added sugar, combining various beneficial ingredients [3] - Juice beverages are crafted using traditional methods to extract nutrients from medicinal and food ingredients, suitable for summer consumption [3][7] Market Coverage - Gai Shi's products cater to a wide range of consumers, breaking the traditional boundaries of baby food to meet family health snack needs [4] - The nutritional noodles are designed for both children's meals and as quick meals for adults, fitting into fast-paced urban lifestyles [4] - The puffed snacks address both infant developmental needs and adult low-calorie snack preferences, expanding their application scenarios [4] Nutritional Variety - The juice beverage line offers multiple flavors, ensuring that consumers of all ages can find their preferred options [6] - Gai Shi's high-zinc hawthorn drink combines hawthorn with glucose zinc for a refreshing taste [6] - The dual-prebiotic juice with osmanthus and pear offers additional health benefits [6] Cultural Integration and Future Plans - Gai Shi integrates traditional wisdom into modern health foods by hosting family activities and setting up experiential zones in supermarkets [7] - The company aims to promote "non-heritage food therapy" culture through media collaborations, advocating for healthier eating habits [7] - Future plans include expanding the application of functional ingredients and launching new healthy snacks and innovative complementary foods [7]

Core Insights - The increasing consumer awareness regarding product ingredients and health benefits is driving a shift in snack preferences towards natural, fresh, and simple ingredients [1][9] - The launch of Beetroot Crisps and Sweet Pea Crisps by the company marks an expansion into instant retail channels, enhancing the diversity of healthy snack options available to consumers [1][5] Product Details - The new snacks are made from high-quality, fresh beetroot and sweet peas, utilizing a vacuum low-temperature dehydration process, avoiding traditional puffing methods, and containing no preservatives [2][3] - Each bag contains approximately 128 kcal, equivalent to a banana, and is rich in dietary fiber, with fiber content comparable to 80g of kale [3] Consumer Trends - A recent survey indicated that over 95% of more than 13,000 users on the Dingdong Maicai app identify as "ingredient-conscious," reflecting a growing demand for clean-label products [5] - Global snack consumption trends show that over 56% of consumers eat healthy snacks daily, with 32% prioritizing "natural" attributes in their purchasing decisions [7] Company Strategy - The company is committed to product innovation and category expansion in the plant-based food sector, exploring more possibilities for plant protein and plant-based snacks [7] - Recent product launches include shelf-stable snacks like Pocket Salad Sticks and Seaweed Tofu, which are available in Sam's Club nationwide, catering to the demand for high-protein and convenient snack options [7] Market Positioning - The company aims to align with the evolving consumer trend of seeking snacks that are not only enjoyable but also safe and healthy, emphasizing the natural appeal of food through simple ingredients and authentic flavors [9]

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][73]. Core Views - The food and beverage sector has shown a slight increase of 0.02% this week, underperforming the Shanghai Composite Index by 1.89 percentage points [21]. - The report highlights that the price of Feitian Moutai has shown signs of stabilization, while the fundamentals of the liquor industry may accelerate to a bottom [2][11]. - The report emphasizes the importance of new channels and products in the consumer goods sector, particularly as beer and beverage consumption enters a peak season [3][14]. Summary by Sections Liquor Industry - The liquor industry is experiencing pressure on demand, with the white liquor index down by 1.7% this week. The report anticipates a subdued performance in the second quarter [2][13]. - Key recommendations include focusing on leading companies with strong risk resistance such as Guizhou Moutai, Shanxi Fenjiu, and Wuliangye, as well as companies like Luzhou Laojiao that are showing signs of valuation recovery [2][13]. Consumer Goods - The beer sector is benefiting from warmer weather, which is expected to boost consumption. The report suggests monitoring alpha-type stocks like Yanjing Beer and Zhujiang Beer for potential investment opportunities [14][15]. - The snack food sector is undergoing a trend of differentiation, with recommendations for companies that are innovating in new products and channels, such as Weilong and Yanjinpuzi [16]. - In the seasoning industry, the report notes resilience in basic seasoning leaders and suggests focusing on policy developments that could impact the sector [17]. Frozen Food - The frozen food sector is stable during the off-season, with companies actively developing new products. The report highlights the upcoming IPO of Anjins Food as a significant event [18]. Dairy Products - The dairy sector is expected to see a gradual recovery in demand, with potential policy catalysts aiding in supply-demand improvements by 2025 [19][20]. Beverage Sector - The beverage industry is entering a peak season, with leading companies expected to maintain positive growth. The report recommends focusing on companies like Dongpeng Beverage that are accelerating national and platform expansion [20].

深圳商报·读创客户端记者 宁可坚 近日，江西齐云山食品股份有限公司（简称"齐云山"）向港交所递交招股书，独家保荐人为中泰国际。 公司的股权结构比较简单，IPO前，崇义食品厂持股75%，崇义食品厂股东、公司雇员出资的云之上有限合伙持股25%。 "头把交椅"背后产品依赖单一 根据招股书，齐云山是一家专注于南酸枣食品产品的果类零食公司，于1992年推出其第一款南酸枣糕产品。目前，齐云山推出了5种南酸枣食品产 品，除了南酸枣糕，还有南酸枣粒、南酸枣凝、南酸枣软糖及南酸枣冻。 根据灼识咨询的资料，以2024年零售额计，齐云山占中国南酸枣食品市场32.4%的份额，稳坐行业头把交椅。 2022年~2024年，齐云山食品的总营收持续增长，分别达到2.17亿元、2.47亿元和3.39亿元，2024年同比增长40.8%；年内净利润分别为2563.4万 元、2370.5万元和5319.9万元，2024年同比增长124.42%，其营收和净利润均在2024年增长迅猛。 | | 2022财年 | 2023財年 | 2024財年 | | --- | --- | --- | --- | | | 人民幣千元 | 人民幣千元 | 人民幣千元 | ...

Summary of Key Points from Conference Call Industry Overview - **Industry Focus**: The conference call covers multiple industries including gold retail, logistics, motorcycle manufacturing, and beverages. - **Key Companies Mentioned**: Lao Pu Gold, JD Logistics, SF Express, Chuanfeng Power, Dongpeng Beverage, and others. Core Insights and Arguments Lao Pu Gold - **International Expansion**: Lao Pu Gold is actively expanding into overseas markets, starting with Singapore and planning to enter Japan, Southeast Asia, and Europe. The high proportion of Chinese residents and similar retail prices to domestic markets support this expansion [2][4]. - **Store Performance**: New stores in high-revenue malls, such as the Singapore Marina Bay Sands and Shanghai IFC, are expected to outperform existing stores, contributing significantly to revenue growth in the second half of the year [3]. Logistics Industry - **618 Shopping Festival Impact**: During the 618 shopping festival, logistics saw a 4% increase in collection and delivery volumes, with weekly parcel volumes nearing 4.1 billion. Year-on-year growth was below 15%, which is considered normal due to high base effects from the previous year [2][5]. - **JD Logistics Strategy**: JD Logistics is recruiting full-time riders to handle the increasing order volume from JD's food delivery service, aiming to enhance efficiency and service quality [7]. SF Express - **Capital Raising**: SF Express is raising capital through a stock issuance and convertible bonds to fill a funding gap from the previous year, focusing on technology and international business development [8][9]. - **Capital Expenditure Plans**: The company plans to maintain a stable but slightly reduced capital expenditure strategy, prioritizing the reduction of losses in international operations [10]. Motorcycle Industry - **Sales Growth**: In May 2025, the motorcycle industry saw over 100,000 units sold, a 30% year-on-year increase. Exports reached 150,000 units, driven by leading companies like Chuanfeng and Longxin [17][18]. - **Market Trends**: The market is experiencing a shift towards larger displacement motorcycles, with significant growth in the 500-800cc segment, indicating a trend towards higher-end products [20][23]. Beverage Industry - **Cost Reduction Benefits**: The beverage industry is benefiting from a decrease in PET costs, with rapid growth in categories like sugar-free tea and electrolyte water. Dongpeng Beverage reported nearly 40% monthly revenue growth in Q2 2025 [32][36]. - **New Product Launches**: Companies are expanding their product lines and entering new channels, such as Sam's Club, to drive growth [31]. Additional Important Insights - **Market Dynamics**: The logistics sector is seeing a differentiation in performance among companies, with direct models like SF and JD performing better than others [6]. - **Investment Opportunities**: The motorcycle sector presents significant investment opportunities due to recovering overseas demand and changing competitive dynamics, with Chinese companies poised to capture market share from struggling Western brands [30]. - **Beverage Market Competition**: The bottled water market is experiencing improved competition dynamics, with major players adjusting strategies to focus on overall sales growth rather than specific product lines [34][35]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic directions and performance metrics of the involved companies and industries.

江西齐云山食品股份有限公司向港交所递交招股书，独家保荐人为中泰国际。据招股书，齐云山是一家 专注于南酸枣（主产于中国南方省区，为区别于鼠李科酸枣，遂称南酸枣）食品产品的果类零食公司， 于1992年推出其第一款南酸枣糕产品。根据灼识咨询的资料，以2024年零售额计，齐云山占中国南酸枣 食品市场32.4%的份额，位居行业第一。（上证报） ...

Group 1 - The core viewpoint of the report emphasizes the transformation of consumer demand from "pleasing others" to "self-pleasing," indicating a structural change in consumption patterns that favors new consumption trends over traditional ones [4][9] - The report identifies three main lines of investment focus: new demand, new products, and new channels, suggesting that companies that can quickly adapt to these changes will outperform in the market [4][6] - The report highlights the government's ongoing efforts to stimulate consumption through various policies, which are expected to enhance consumer confidence and income, leading to a gradual recovery in the consumption market [7][8] Group 2 - New demand is characterized by a focus on cost-effectiveness, emotional value, and health consciousness among consumers, driven by generational differences in spending intentions [4][14][23] - The report notes that health-oriented products are gaining traction, with companies innovating in healthy snacks and beverages to meet rising consumer expectations for health benefits [28][36] - The emergence of new sales channels, such as bulk snack stores and membership-based supermarkets, is reshaping the retail landscape, allowing companies to better meet consumer demands for quality and convenience [57][63] Group 3 - The report discusses the rapid growth of the bulk snack store sector, which has become the leading channel for snack sales in China, reflecting a shift in consumer shopping habits [57][59] - Membership-based supermarkets are also highlighted as a growing trend, providing high-quality products at competitive prices, which appeals to consumers seeking value [63][66] - Traditional supermarkets are undergoing significant transformations to adapt to the competitive landscape, with successful case studies demonstrating substantial sales increases following strategic adjustments [69][70]

Core Viewpoint - Jiangxi Qiyunshan Food Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Zhongtai International as its sole sponsor [1] Company Overview - Qiyunshan is a well-known snack company in China, specializing in South Jujube food products, holding a market share of 32.4% in the South Jujube food market, making it the industry leader as of 2024 [4] - The flagship product, South Jujube Cake, has been certified as a "green food" for 28 consecutive years and recognized as a national geographical indication product in 2018 [4] - The company was founded in 1992 and has expanded its product range to include four other South Jujube snacks and other fruit and vegetable cakes [4] - The headquarters is located in Chongyi County, Jiangxi Province, which is recognized as the "Hometown of South Jujube" in China, providing the company with advantageous access to local South Jujube resources [4] Market Position - The snack market in China is highly fragmented, with the top five and top ten companies accounting for only 5.9% and 10.4% of the total market share, respectively, as of the 2024 fiscal year [4] - In the fruit snack industry, Qiyunshan ranks ninth with a market share of 0.6% [4] Product Offerings - The company offers five types of South Jujube food products, including South Jujube Cake and South Jujube Granules, as well as other products like South Jujube Jelly, Soft Candy, and Frozen Jujube [5] Financial Performance - For the fiscal years 2022, 2023, and 2024, Qiyunshan reported revenues of approximately RMB 217.31 million, RMB 246.72 million, and RMB 339.13 million, respectively [5][7] - The net profit for the same periods was RMB 25.63 million, RMB 23.71 million, and RMB 53.20 million, respectively [5][7]