Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding their definition, safety, and the transparency of their use in the restaurant industry [2][3][24]. Group 1: Definition and Standards - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption [5][14]. - Foods that do not fall under the category of pre-prepared dishes include raw vegetables that have only been cleaned and cut, as well as various staple foods like frozen noodles, sandwiches, and ready-to-eat salads [6][7][9]. Group 2: Safety and Regulation - The regulatory framework emphasizes the need for strict food safety management, including the establishment of food safety management systems and rigorous checks on raw materials [10][12]. - The notification from regulatory bodies highlights the importance of not adding preservatives to pre-prepared dishes, aligning with consumer expectations for fresh food [12][19]. Group 3: Consumer Rights and Transparency - There is a strong call for transparency in the use of pre-prepared dishes in restaurants, ensuring consumers are informed about what they are purchasing [19][23]. - The discussion around pre-prepared dishes reflects broader consumer concerns about food safety and quality, emphasizing the need for clear communication from food service providers [13][24]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is seen as a vital part of the food sector, with calls for standardized regulations and innovative practices to enhance quality and safety [20][21]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [21][24].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has sparked significant public interest, particularly regarding consumer rights and the quality of dining experiences. The discussion emphasizes the need for clearer definitions, reduced information asymmetry, and maintaining food quality while providing convenience [3][25]. Group 1: Definition and Classification of Pre-prepared Dishes - Pre-prepared dishes are defined as meals made from one or more food products that undergo industrial pre-processing and require heating or cooking before consumption. They do not contain preservatives [5][16]. - Foods that do not fall under the category of pre-prepared dishes include simply processed fresh vegetables, frozen staple foods, and meals prepared in central kitchens that comply with food safety regulations [6][7][10]. Group 2: Safety and Regulatory Measures - The regulatory framework emphasizes the importance of strict food safety management, including the establishment of food safety management systems and rigorous quality control of raw materials [11]. - There is a call for enhanced supervision and inspection of pre-prepared dish production, focusing on quality control throughout the supply chain [11][24]. Group 3: Consumer Rights and Transparency - The promotion of transparency regarding the use of pre-prepared dishes in restaurants is crucial to safeguard consumer rights. Consumers should be informed about the nature of the dishes they are purchasing [12][22]. - The discussion highlights the need for a clear labeling system and the establishment of a complaint mechanism for consumers to report misleading practices [24][25]. Group 4: Industry Development and Future Directions - The pre-prepared dish industry is recognized as a significant component of the food industry, with calls for standardized regulations and innovative practices to enhance quality and safety [23][24]. - Experts suggest that the future of the pre-prepared dish industry lies in standardization, transparency, and innovation, which will help build consumer trust and support industry growth [24].

本文来自微信公众号：DD不扯蛋，作者：一级棒的Sam，题图来自：AI生成 一场争论，两种猜测 "几乎全都是预制菜，还那么贵，实在是太恶心了！"罗永浩9月10日的微博让西贝陷入舆论风暴，也让 整个预制菜行业站到了聚光灯下。 有人说老罗是预制菜的"行业冥灯"，一出手就让整个赛道遭受重创；也有人认为他是"救世主"，推动了 行业的正本清源。 9月13日，《预制菜食品安全国家标准》草案通过专家审查。这个时间节点很微妙——一场看似偶然的 消费纠纷，正成为万亿市场重新洗牌的导火索。 答案可能是：老罗既是冥灯，也是救世主。关键看你站在哪个位置。 大家其实是先接受价格，再接受预制菜 很多人为预制菜辩护时都爱拿萨莉亚举例："你看，大家不是很接受萨莉亚的预制菜吗？"但这个逻辑有 个盲点：大家并不是主动接受预制菜，而是先接受了价格，再被动接受预制菜。 萨莉亚一顿饭人均40～50元，这个价格让消费者对"标准化食品"有了心理预期。但如果萨莉亚卖到西贝 的价格，消费者还会这么宽容吗？ 问题的核心在于：预制菜在大家心智里，包括西贝老板贾国龙的心智里，还是和"低端"绑定的。 消费者对预制菜的认知场景有两种： 小作坊版本：地下室里阿姨一把鼻涕一 ...

Core Viewpoint - The article discusses the recent surge in the pre-prepared food (pre-cooked meals) sector in the A-share market, driven by public discourse and controversies surrounding the industry, particularly involving the West Be restaurant chain and influencer Luo Yonghao [3][4][14]. Group 1: Market Activity - On September 15, several pre-prepared food stocks experienced significant movements, with Delisi hitting the daily limit, and Huifa Foods and Sanjiang Shopping also seeing sharp increases [3][4]. - The pre-prepared food industry is witnessing a high growth trend, with a reported CAGR of 19% from 2019 to 2022, and projected revenue reaching 475.7 billion yuan by 2025 [17]. Group 2: Industry Controversy - The controversy began with Luo Yonghao criticizing West Be's pre-prepared meals, leading to a public debate that attracted attention from major media outlets like People's Daily and Xinhua News [3][14][15]. - West Be issued an apology, acknowledging discrepancies between their production methods and customer expectations, and announced plans to adjust their cooking processes to enhance customer experience [5][6][7][8][9][10][11][12][13]. Group 3: Regulatory and Industry Insights - Major media outlets emphasized the need for transparency and consumer trust in the pre-prepared food sector, highlighting the importance of clear standards and regulations [14][15][16]. - The article notes that the pre-prepared food industry is an essential part of the food industry, and its healthy development is crucial to meet the diverse needs of consumers [16]. Group 4: Future Outlook - Experts suggest that the future of the pre-prepared food industry lies in standardization, transparency, and innovation, with calls for national standards to guide production and processing [16][17]. - The current penetration rate of pre-prepared meals in China is between 10% and 15%, significantly lower than the 60% seen in mature markets, indicating substantial growth potential [17].

Core Viewpoint - The recent controversy surrounding pre-prepared dishes in China, particularly involving figures like Luo Yonghao and Xibei, has led to increased market activity in the pre-prepared food sector, with several companies experiencing significant stock price increases. The industry is facing both opportunities and challenges, particularly regarding food safety standards and consumer trust [1][4]. Industry Overview - The pre-prepared food industry is defined as dishes made from one or more food products, which undergo industrial pre-processing and are packaged for consumption after heating or cooking. This includes various cooking methods and does not involve preservatives [2]. - The market for pre-prepared dishes in China is projected to reach 674.9 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 10% over the next decade. The industry is characterized by a large market with many small companies [4][5]. Company Responses - Companies like Weizhi Xiang and Qianwei Yangchu have acknowledged the dual nature of growth and challenges in the pre-prepared food sector. They emphasize the need for high-quality brand strength and consumer trust amidst increasing competition and regulatory scrutiny [4]. - Qianwei Yangchu has implemented measures to address public trust issues, focusing on strict control of raw materials and supply chain upgrades, as well as establishing a comprehensive quality monitoring system [4]. Regulatory Developments - The National Health Commission is set to release a draft national standard for food safety in pre-prepared dishes, which will clarify the use and disclosure of pre-prepared foods in restaurants. This is expected to standardize the industry's practices and enhance consumer confidence [1].

Group 1: Market Overview - The Shanghai Composite Index has stabilized above 3400 points, with increasing trading volume and a stock rise-fall ratio of 2.57:1, indicating a seemingly strong market [1] - However, less than 50% of stocks have risen more than 6%, suggesting underlying weaknesses in the market [1] Group 2: Illusions in the Bull Market - The approval of the national standard for pre-prepared food safety reflects a "waiting for rise" illusion, indicating potential transformation pressures for related restaurant businesses [3] - A significant drop in shipping prices, with the Ningbo Export Container Freight Index decreasing by 11.7%, highlights the "hot and cold" illusion in the market [3] - The denial by Goldman Sachs regarding the upgrade of Shenghong Technology's target price illustrates the "rise and fall" illusion, where misleading information is prevalent [3] - Despite low loan interest rates (approximately 3.1% for new loans in August), a wave of shareholder reduction plans from over 30 companies indicates a "high and low" illusion in market liquidity [3] Group 3: Quantitative Perspective - Anxiety in investment decisions stems from the tendency to speculate on market fluctuations rather than focusing on fundamental data [4] - The analysis of two stocks shows that while one stock has occasional rebounds, its "institutional inventory" has disappeared, whereas the other stock, despite a sharp decline, maintains active "institutional inventory" [6] Group 4: Global Investment Insights - Recent global events, such as the U.S. anti-dumping investigation on simulated chips and significant layoffs at Musk's AI company, emphasize the need for a broader investment perspective in a globalized economy [12] - The new regulations on pre-prepared food not only signify the beginning of industry standardization but also indicate a trend towards consumer upgrades [12] - Investors are encouraged to focus on core data that truly impacts the market, rather than being swayed by overwhelming information, to avoid traps in a bull market and seize opportunities during fluctuations [12]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [9] Core Viewpoints - The liquor sector has seen companies initiate performance clearing in Q2, with adjustments in channels and product structures. The performance aligns with market expectations, and Q3 shows signs of marginal recovery in sales [6][58] - The prepared food sector is expected to benefit from the upcoming public consultation on food safety standards, which will enhance industry self-regulation and favor leading brands [7][59] - The new consumption sector is supported by initiatives from platforms like Gaode, which aims to boost offline dining through substantial subsidies [8][60] Summary by Sections Industry News - Gaode will distribute over 1 billion yuan in subsidies to encourage in-store consumption [19] - The draft of the national food safety standard for prepared dishes has passed review [19] - Alcohol prices have decreased by 2.0% year-on-year from January to August [19] Investment Insights - Liquor Sector: Companies like Guizhou Moutai, Wuliangye, and Luzhou Laojiao are recommended for their high dividend yields and cyclical advantages [6][58] - Prepared Food Sector: The new food safety standards are expected to clarify the definition and scope of prepared dishes, benefiting leading brands like Anjifood and Qianwei Central Kitchen [7][59] - New Consumption Sector: The introduction of Gaode's "Street Ranking" and support plans is anticipated to increase foot traffic in restaurants [8][60] Key Company Focus and Earnings Forecast - The report highlights key companies in the liquor sector, including Luzhou Laojiao, Gujing Gongjiu, and Wuliangye, all rated as "Buy" with projected earnings per share (EPS) growth [11][12] - In the prepared food sector, companies like Anjifood and Longda Meishi are noted for their potential growth due to industry standards [7][59]

Core Viewpoint - The recent controversy surrounding pre-prepared dishes (pre-cooked meals) has led to significant movements in related stocks in the A-share market, highlighting the industry's potential for growth and the need for transparency and standardization in the sector [1][2][11]. Stock Movements - On September 15, several pre-prepared dish concept stocks saw notable increases, with Delisi hitting the daily limit, and other companies like Huifa Foods and Sanjiang Shopping also experiencing significant gains [1][2]. - The stock price movements were influenced by the ongoing public debate sparked by the conflict between Xibei Restaurant and Luo Yonghao regarding the use of pre-prepared dishes [2]. Industry Response - Xibei issued an apology acknowledging the gap between its production methods and customer expectations, committing to adjust its processing methods to enhance customer experience by moving more preparation to the storefront [2][11]. - The company plans to implement changes by October 1, 2025, including switching to non-GMO soybean oil for all dishes cooked with soybean oil [2]. Media Coverage - Major media outlets like People's Daily, Xinhua News Agency, and CCTV have published articles discussing the implications of the pre-prepared dish debate, emphasizing the importance of consumer rights and the need for clearer standards in the industry [11][12]. - The discussions raised critical questions about how to define pre-prepared dishes, reduce information asymmetry, and ensure quality while providing convenient services [11]. Regulatory Framework - In March 2024, a joint notice from several regulatory bodies will clarify the definition of pre-prepared dishes and outline safety regulations to promote high-quality development in the industry [12]. - The notice emphasizes the need for transparency in the use of pre-prepared dishes in restaurants, ensuring consumers are informed about what they are consuming [12]. Industry Growth Potential - According to Huaxin Securities, the pre-prepared dish industry in China is expected to grow significantly, with a projected revenue of 475.7 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 19% from 2019 to 2022 [14]. - The per capita consumption of pre-prepared dishes has increased from 5.4 kg in 2013 to 9.1 kg in 2022, indicating room for growth compared to more mature markets [14]. - The industry is anticipated to undergo consolidation, with increased market concentration as competition stabilizes [14].

Group 1 - The recent dispute between Luo Yonghao and Jia Guolong has not significantly impacted the prepared food sector, with stocks like Delisi and Huifa Food seeing strong performance [1] - On September 15, the prepared food concept saw an initial surge, with stocks such as Delisi (002330.SZ) and Huifa Food (603536.SH) hitting the daily limit, while others like Weizhi Xiang and Guolian Aquatic also experienced gains [1][2] - The prepared food index rose by 1.19%, indicating a positive market sentiment towards the sector [2] Group 2 - The prepared food industry faces challenges such as diverse consumer demands and intensified competition, which require companies to adapt and improve [6] - Weizhi Xiang, known as the "first stock of prepared food" in A-shares, reported a 24.46% year-on-year decline in net profit for the first half of the year [7] - Qianwei Yangchun has acknowledged the trust crisis in the prepared food sector and is implementing measures such as strict source control and supply chain upgrades to ensure quality [6]

Core Insights - The recent focus on "pre-prepared dishes" has garnered significant consumer attention, with regulatory bodies clarifying definitions and guidelines for the industry [1][2]. Definition of Pre-prepared Dishes - Pre-prepared dishes, also known as pre-prepared meals, are defined as dishes made from one or more food products that undergo industrial pre-processing without the addition of preservatives, and are meant to be heated or cooked before consumption [2]. Exclusions from Pre-prepared Dishes - Foods that are simply washed, peeled, or cut without cooking, such as fresh vegetables, do not qualify as pre-prepared dishes. Additionally, staple foods like frozen noodles, convenience foods, and items from central kitchens are also excluded from this category [4]. Food Safety Regulation Enhancements - The regulatory framework emphasizes the need for strict adherence to food safety responsibilities by producers, including quality control of raw materials and compliance with food safety standards [6]. - There is a push for improved production licensing management, with higher entry barriers for the pre-prepared dish industry and rigorous checks on production processes [6]. Consumer Awareness and Rights - The notification mandates that food producers must transparently inform consumers about the use of pre-prepared dishes in restaurants, ensuring consumer rights to know about the products they purchase [7]. Considerations on Preservative Use - The regulation stipulates that pre-prepared dishes should not contain preservatives, aligning with consumer expectations and industry consensus on minimizing unnecessary food additives [8].