Core Insights - The frozen food industry in 2024 is experiencing widespread revenue declines and losses, with only a few companies showing growth [2][3] - Despite the challenges, there are still positive factors within the industry, such as the rise of new retail channels and group meal services [14] Revenue and Profit Trends - Among 28 listed companies, only 8 achieved both revenue and net profit growth in 2024 [3] - In the frozen food sector, only three companies—Anjuke Foods, Lihigh Foods, and Babi Foods—reported growth in both revenue and net profit [5][6] - The meat and seafood sector showed better performance, with 13 out of 18 companies reporting net profit growth, driven by lower raw material prices [7][8] Company Performance - Anjuke Foods led the frozen food sector with revenue of 151.27 billion, a 7.70% increase, and a net profit of 14.85 billion, up 0.46% [4] - In the meat sector, Muyuan Foods reported revenue of 1379.47 billion, a 24.43% increase, and a net profit of 178.81 billion, up 519.42% [5] - Lihigh Foods achieved a remarkable net profit growth of 266.94% despite a revenue increase of 9.61% [4][5] Channel Dynamics - Traditional supermarkets are struggling, with several companies reporting declines in revenue from this channel [15] - New retail channels are thriving, with Anjuke Foods generating 5.82 billion from new retail partnerships, a 32.97% increase [15][18] - Group meal services are becoming a significant growth area, with companies like Babi Foods generating 3.8 billion from this channel, a 19.47% increase [22][24] Product Category Insights - The frozen vegetable and dish segment is experiencing growth, with Anjuke Foods reporting 43.49 billion in revenue from this category, a 10.76% increase [25] - The frozen rice and noodle category is showing signs of maturity, with revenue declines reported by major players like Sanquan Foods and Anjuke Foods [30][32] Market Outlook - The overall growth rate of the frozen food industry is slowing, with many leading companies seeing growth rates below 10% [29][33] - Despite the challenges, 21 out of 28 listed companies managed to achieve profitability, indicating resilience in the face of uncertainty [33]

Group 1 - The core point of the announcement is that the company plans to absorb and merge its wholly-owned subsidiary, Zhengzhou Kuai Chu Catering Management Co., Ltd., to optimize its business structure and improve operational efficiency [1][2]. - The merger will result in the cancellation of Zhengzhou Kuai Chu's independent legal status, with all assets, liabilities, and personnel being inherited by the company [1][2]. - The merger does not constitute a related party transaction and does not require shareholder approval, as it falls within the company's internal restructuring efforts [1][2]. Group 2 - Zhengzhou Kuai Chu has total assets of 102.76 million yuan and a net asset of -6.64 million yuan as of December 31, 2024, with no revenue generated in 2024 [2]. - The merger is expected to enhance resource integration and organizational structure without significantly impacting the company's normal operations or financial status [2][3]. - The company's board of directors has authorized the general manager to handle all necessary procedures related to the merger [1][2].

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][76] Core Views - The food and beverage sector is showing signs of seasonal demand recovery, particularly in functional beverages and other categories, indicating high market vitality [1][10] - The overall demand for liquor remains weak, with a consensus among liquor companies on slowing growth, highlighting the need for policies to stimulate domestic demand [2][10] - The beer industry is entering a phase of inventory replenishment and demand stabilization, with leading brands showing positive growth [13][14] - The snack food sector is experiencing a mixed performance, with some companies showing significant revenue growth while others face profitability challenges [15][16] - The condiment sector is performing well, with leading companies maintaining strong cash flow and exploring acquisitions to enhance market presence [16] - The frozen food sector is facing challenges due to a weak restaurant industry, but some companies are improving through acquisitions [17] - The dairy sector is expected to see a recovery in demand, supported by favorable policies and improved supply conditions [18] - The beverage sector is entering a peak season, with leading companies optimistic about maintaining growth [18] Summary by Sections 1. Weekly Insights - The food and beverage sector rose by 1.88% during the week of May 6 to May 9, 2025, slightly underperforming the Shanghai Composite Index [19] - The liquor sector is under pressure, with a reported revenue of CNY 442.23 billion for 2024, a year-on-year increase of 7.3% [2][10] - The beer sector's revenue grew by 3.7% year-on-year in Q1 2025, with leading brands like Yanjing and Zhujiang showing strong performance [13][14] 2. Key Data Tracking - The liquor index increased by 2.3% during the week, with policy measures boosting market confidence [12][19] - The snack food sector's revenue grew by 31% year-on-year in Q1 2025, although profitability faced challenges due to rising raw material costs [15][16] - The condiment sector's revenue for 2024 was CNY 92.8 billion, with a 3% year-on-year increase [16] 3. Company Profit Forecasts and Investment Ratings - Key companies such as Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao are rated as "Outperform the Market" with projected earnings per share (EPS) growth [4][5] - The report highlights the importance of digital transformation and market share expansion for companies like Luzhou Laojiao and Jinsuiyuan [2][10]

Summary of Conference Call Notes Company Overview - Company: Anjii Food - Industry: Frozen Food Industry Key Financial Metrics - In 2024, Anjii Food achieved revenue of 15.1 billion, a year-on-year increase of 7.17% [1] - Net profit attributable to shareholders was 1.485 billion, up 0.46% [1] - Net cash flow from operating activities reached 2.104 billion, a growth of 7.85% [1] - For Q1 2025, revenue was 3.6 billion, a decline of approximately 4% year-on-year, with net profit of 395 million, down 10% [1] - Despite short-term fluctuations, the company demonstrated resilience through cost structure optimization and product strategy adjustments [1] Business Segment Performance Prepared Foods - Revenue for the prepared foods segment in 2024 was 7.839 billion, with a growth of 15.4 billion, representing a growth rate of 18%-19% [2] - The "Fresh Lock" series became a core growth driver, generating over 1.5 billion in revenue, increasing its share from 9% in 2022 to 10.5% in 2024 [2] - The upcoming launch of "Fresh Lock 6.0" in H2 2025 is expected to strengthen the company's competitive advantage in the consumer market [2] Frozen Dishes - The frozen dishes segment generated revenue of 4.35 billion in 2024, a year-on-year increase of 4.7% [3] - Key products like "Small Crispy Meat" achieved revenue of 300 million, up 50% [3] - Shrimp products maintained stable growth, while some items faced price fluctuations, with certain products seeing a price drop of over 6% despite increased sales [3] Frozen Noodles and Rice - Revenue for the frozen noodles and rice segment was nearly 2.5 billion, a decline of 3.14% year-on-year due to intensified industry competition and price drops [4] - The company plans to focus on major product strategies to enhance brand influence and customer loyalty [4] - Overall gross margin for 2024 was 23.3%, a slight increase of 0.09 percentage points [4] Strategic Adjustments and Market Positioning - In 2025, the company will adjust its product strategy: - For B-end, focus on cost-effective products and introduce high-quality mid-priced items [5] - For C-end, emphasize product upgrades and series of popular items [5] - Revenue from distributor channels reached 12.3 billion, a growth of 9% [5] - Direct sales channels saw a decline of 4%, while e-commerce channels also experienced a slight drop of 2% due to reduced sales of certain products and the closure of unprofitable e-commerce operations [5] Future Outlook - The company aims to strengthen its market share through a focus on high-end, youthful product lines and customized products for major supermarkets [6] - The competitive pressure in the industry peaked in Q4 2024, but is expected to ease in Q1 2025 as the consumer market gradually recovers [6] - Raw material costs are projected to rise, but the company is implementing measures to control cost increases effectively [7] - The dividend payout ratio increased from 30% to 70%, with a cash dividend ratio of 65%, reflecting strong profitability and financial stability [7] - The company submitted an A1 application to the Hong Kong Stock Exchange, with plans to complete the listing process by the end of June 2025 [7]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [2] Core Viewpoints - The food and beverage industry is experiencing a mixed performance across various segments, with opportunities in new channels and product categories. The report highlights the need for companies to adapt to changing consumer preferences and market dynamics [5][6][7] Summary by Relevant Sections 1. Baijiu Sector - The baijiu sector achieved a total revenue of CNY 440.515 billion in 2024, with a year-on-year growth of 6.89%, and a net profit of CNY 166.778 billion, up 7.50%. In Q1 2025, revenue was CNY 152.933 billion, growing 1.82%, and net profit was CNY 63.340 billion, increasing 2.33% [15][19] - High-end baijiu brands like Moutai, Wuliangye, and Luzhou Laojiao are expected to see stable growth targets of around 9%, 5%, and steady progress respectively for 2025 [19][21] - The report notes that companies are increasing dividend rates to enhance returns for investors, with expected dividend yields for major brands ranging from 1.39% to 6.28% in 2025 [18] 2. Frozen Food - The frozen food industry is facing a slowdown in growth, with leading companies like Anjijia showing resilience while others like Qianwei Central Kitchen are under pressure due to product structure. The industry is seeking breakthroughs in products and channels to improve revenue and profit [6] 3. Snack Foods - The snack food sector is experiencing differentiation, with leading companies leveraging product innovation and channel expansion to drive growth. Salted Fish's brand "Big Demon King" has shown significant results from brand investment [6] 4. Soft Drinks - The soft drink segment is seeing high growth from brands like Dongpeng, while companies like LuLu and Master Kong maintain operational resilience. New products in the health drink category are also performing well [6] 5. Pet Food - The pet food industry remains highly prosperous, with leading companies like Guibao Pet and Zhongchong Co. showing revenue growth rates of 21.22% and 19.15% respectively in 2024 [7] 6. Bakery Products - The bakery sector is recovering, with significant growth in supermarket channels driven by new product launches. Companies like Angel Yeast are expanding their international business, contributing to overall growth [8] 7. Dairy Products - Yili's revenue is stabilizing with better-than-expected profit performance, while New Dairy is seeing continuous profit margin improvements. Yili aims for a total revenue of CNY 119 billion in 2025 [8] 8. Beer - The beer market is witnessing a recovery in consumption, with major brands like Qingdao Beer and Chongqing Beer showing positive sales growth in Q1 2025 [9] 9. Seasoning Products - The seasoning industry is under pressure, but companies like Haitian are performing steadily, with core products like soy sauce maintaining growth [9]

Summary of Company and Industry Insights from Conference Call Company Overview - **Company**: Anjijia Food - **Industry**: Frozen Food Industry Key Financial Performance - **2024 Revenue**: 101.04 billion CNY, up 7.85% YoY, with major contributions from: - **Prepared Foods**: 78.39 billion CNY, growth of 15.4 billion CNY, driven by rapid growth in fresh-keeping products, revenue share increased to 10.5%, expected price close to 11.5 CNY/kg [2][3] - **Frozen Dishes**: 43.5 billion CNY, growth of 4.7%, notable increases in small crispy meat and shrimp slides, but shrimp tails declined due to price fluctuations [2][3] - **Frozen Noodles and Rice**: Close to 25 billion CNY, down 3.14% YoY, impacted by industry competition and price declines [2][3] - **Gross Margin**: 23.3% for 2024, up 0.09 percentage points, with improvements in frozen prepared foods and stable margins in fresh-keeping products [2][7] - **Net Profit**: Slight increase of 0.47%, affected by increased stock incentive costs and higher investments in roasted chicken and chicken sausages [2][7] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million CNY in revenue, accounting for 70% of total sales, with stable growth in frozen fish products [2][5] - **Dividend Policy**: Increased payout ratio from 30% to 40%, with a cash dividend ratio of 65% for 2024, leading to a total payout ratio of 70% [4][12] - **New Product Strategy for 2025**: Focus on cost-effectiveness for B-end products and upgrading C-end products, with expected growth of 15%-20% for fresh-keeping products [4][16] Market Dynamics - **Channel Performance**: - **Distributor Channel**: 9% growth, reaching 123 billion CNY - **Direct Sales**: Down 4% due to decreased sales in chain stores - **E-commerce**: Slight decline of 2%, totaling 3.12 billion CNY, mainly due to the shutdown of the Qingliu 5 e-commerce platform [6] - **Competition**: Price competition in frozen noodles has intensified since 2023, with promotional efforts increasing to capture market share, leading to profit pressure [21][22] Future Outlook - **2025 Q1 Performance**: Revenue of 36 billion CNY, down approximately 4% YoY; net profit of 3.95 billion CNY, down 10% YoY, affected by consumer environment and seasonal factors [8][9] - **Government Subsidies**: Increased by approximately 30 million CNY in Q1 due to the return of previously owed funds, positively impacting financial status [10] - **Cost Control**: Anticipated increase in costs due to raw material prices, but efforts in bulk procurement and centralized production are expected to mitigate impacts [36] Industry Trends - **Frozen Hot Pot and Noodle Market**: Expected growth despite price competition, with signs of recovery noted in April [18][19] - **Small Enterprises**: Many small businesses are at breakeven points, reflecting intense competition and survival pressures [27][28] - **Market Share**: The company maintains a leading market share across various segments, with ongoing efforts to innovate and respond to market demands [28] Conclusion - The company is positioned for moderate growth in 2024 and 2025, with strategic initiatives focused on product innovation, cost control, and market expansion. The competitive landscape remains challenging, but the company’s strong market position and proactive strategies are expected to sustain its growth trajectory.

相关研究报告 《内需提振预期强化，关注政策改善 可期—行业投资策略》-2025.5.8 《一季报白酒稳健增长，零食新品红 利表现突出—行业周报》-2025.5.5 《基金持仓更加集中，零食板块表现 较好—行业周报》-2025.4.27 白酒底部建议加配，大众品三条思路选股 ——行业周报 食品饮料 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 食品饮料 沪深300 zhangsimin@kysec.cn 证书编号：S0790123070080 核心观点：承压基调下的边际改善 5 月 5 日-5 月 9 日，食品饮料指数涨幅为 1.8%，一级子行业排名第 19，跑输沪 深 300 约 0.2pct，子行业中保健品（+5.1%）、烘焙食品（+4.2%）、预加工食品 （+2.5%）表现相对领先。上市公司财报披露结束后，市场进入业绩真空期，市 场风险偏好提升，食品饮料跑输大盘。往 2025 年全年展望，食品饮料行业主线 仍是消费复苏。2025 年我们更多期望经济活跃度提升带来商务消 ...

Group 1 - The article highlights the latest food innovations and trends, featuring various new product launches from different brands [1] - Anmuxi and Green Arrow have launched a summer limited edition of mint-flavored yogurt, which contains 7.1g of protein per 230g bottle and is priced at 10.9 yuan [4] - Good Hope Water has introduced a new mulberry water product, made with black mulberries and black goji berries, available in 500ml bottles for 5.9 yuan [5] - Yongpu has released an ice mint black coffee liquid made from 100% Arabica coffee beans, containing ≥200mg/kg of caffeine, priced at 39.9 yuan for a 175g box [8] - Hershey's and ADT have collaborated to launch anti-theft chocolate bars in Brazil, featuring a Bluetooth tracker that alerts users if the chocolate moves outside a designated range [10] - Sanquan has introduced two new Chinese-style tea dumplings: jasmine Longjing and rose black tea, each weighing 50g and sold in packs of four for 49.9 yuan [12] - Cocoa Full has launched three new tea beverages: double pomelo Tieguanyin, orange small osmanthus, and guava lemon green tea, each containing ≥15% juice and priced at 44.9 yuan for a pack of nine [14] - Joyoung has released two new soy milk tea flavors: kirin watermelon and domineering durian, each with approximately 87kcal per serving and priced at 39.9 yuan for a box [17] - Weidong and Wufangzhai have collaborated to launch a Dragon Boat Festival gift box containing spicy meat dumplings and konjac dumplings [18] - Kraft Heinz has introduced Lunchables PB&J sandwiches in the U.S., designed for easy consumption without thawing or heating, priced at $2.49 [20] - Stella Rosa has launched a new watermelon and chili-flavored wine, made from 95% white Moscato grapes, priced at $11.99 [21]

Group 1: Financial Performance and Taxation - The company will continue to recognize stock incentive expenses in 2025, specifically for 21,100 restricted shares allocated to 5 incentive recipients from the 2021 plan [1] - The income tax expense for Q4 2024 reached CNY 15 million, primarily due to the reduction in deductible amounts related to stock payment expenses after the lifting of restrictions on restricted shares [1] - The increase in sales expenses by CNY 10 million in Q1 is attributed to online promotion costs, which are considered non-recurring [2] Group 2: Business Development and Strategy - The 2025 business development plan includes increased investment in R&D and production resources for baked goods and frozen prepared dishes, aiming to meet customer demands for rapid innovation [2] - The company plans to explore C-end business opportunities, leveraging its R&D advantages to develop differentiated products and diversify sales channels, including e-commerce and traditional retail [2] - Efforts will be made to enhance operational efficiency across all business segments, focusing on cost control in procurement, production, and logistics [2] - Brand building and customer service quality will be prioritized to ensure sustainable and high-quality growth [2] Group 3: Production and Capacity Management - The company operates through self-production, commissioned processing, and outsourcing, with most core products being self-produced [3] - In 2024, 20,000 tons of products were processed through commissioned processing, primarily for items like sesame balls and spring rolls, which are produced using standard equipment and processes [3] - Future decisions on converting commissioned processing to self-production will depend on market conditions and operational assessments [3] Group 4: Financing Plans - The company plans to raise CNY 300 million through a simplified procedure for issuing shares to specific investors, pending approval from the 2024 annual shareholders' meeting [4] - The specific use of the funds for acquisitions or expansion of production has not yet been determined, and further disclosures will be made as developments occur [4]