Core Points - The establishment of the Nomination Committee aims to standardize the selection of company leadership, optimize the composition of the board, and improve corporate governance structure [1] - The committee is responsible to the board of directors and consists of five members, with more than half being independent directors [1][2] - The committee's responsibilities include proposing nominations for directors and senior management, as well as reviewing their qualifications [2] Group 1 - The Nomination Committee is a specialized working body established by the board of directors according to shareholder resolutions [1] - The committee is composed of five directors, including at least three independent directors [1][2] - The chairperson of the committee is an independent director, elected by committee members and approved by the board [1][2] Group 2 - The committee is tasked with drafting selection criteria and procedures for directors and senior management, and making recommendations to the board [2] - If the board does not fully adopt the committee's recommendations, it must document the reasons for non-adoption in its resolutions [2][4] - The committee has the authority to invite other directors and senior management to attend meetings as needed [5] Group 3 - Meetings of the committee require at least two-thirds of members to be present, and decisions must be approved by a majority [5] - The committee can engage intermediary organizations to assist in finding qualified candidates for directors and senior management [5] - Meeting records must be kept, and members are required to maintain confidentiality regarding the matters discussed [5][6] Group 4 - Members with a direct or indirect interest in the matters discussed must disclose their interests and recuse themselves from voting [6] - If the number of members present falls below the legal minimum due to recusals, the board will review the matters [6][7] - The committee's working rules are subject to national laws and regulations, as well as the company's articles of association [7][9]

Core Viewpoint - The company, Three Squirrels, has announced the termination of its acquisition of Hunan Ailing Snack Technology Co., Ltd. due to failure to reach agreement on key terms of the deal [1][3]. Group 1: Acquisition Details - Three Squirrels' wholly-owned subsidiary, Anhui Yijianshi Venture Capital Co., Ltd., had planned to acquire control or related business and assets of Ailing Snack for no more than 200 million yuan [1]. - The investment intention agreement was only a preliminary agreement, and no formal investment agreement was signed [3]. Group 2: Financial Performance - In Q1 2025, Three Squirrels reported revenue of 3.723 billion yuan, a year-on-year increase of 2.13%, while net profit attributable to shareholders was 239 million yuan, a year-on-year decrease of 22.46%, indicating revenue growth without profit increase [4]. Group 3: Future Plans - The termination of the acquisition will not have a significant adverse impact on the company's operations or performance, nor will it affect its future development strategy and business planning [3]. - The company will continue to seek more development opportunities to promote sustainable and healthy growth [3]. - Three Squirrels has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [4].

Core Insights - The konjac snack industry is gaining popularity due to its low-calorie, high-fiber attributes, appealing particularly to health-conscious consumers, especially women [2][5] - Konjac products are being marketed not only for their health benefits but also for their taste, with companies focusing on flavor enhancement while maintaining a relatively low caloric content [3][6] - The konjac industry is transitioning from a regional specialty to a global snack trend, with significant export potential and cultural significance [5][7] Industry Characteristics - The konjac snack market is characterized by diverse product forms, including "konjac shuang" and konjac jelly, which cater to various consumer preferences in the snack and beverage sectors [1][2] - There is a growing awareness of dietary fiber intake among Chinese consumers, with konjac serving as an ideal source to address this gap [2][6] - The industry faces challenges related to product quality, including concerns over high salt and oil content in some konjac snacks, necessitating consumer education [2][3] Market Opportunities and Challenges - The konjac snack industry has expanded its reach, exporting to nearly 44 countries, with a focus on flavors that resonate with local tastes while promoting Chinese culinary culture [7] - Companies are encouraged to develop standardized and scalable cultivation practices to ensure a stable supply chain, addressing climate and soil variability [5][6] - The future of konjac products includes potential applications beyond food, such as in medical and cosmetic fields, indicating a broadening market scope [6][7]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Focus on the investment logic of new product category expansion within the sector [3][12] - The food and beverage index declined by 4.4% from June 9 to June 13, ranking 28th among primary sub-industries, underperforming the CSI 300 by approximately 4.1 percentage points [12][14] - The whiskey product line from Bai Run Co. has been successfully launched, catering to various consumer scenarios with different alcohol levels and flavors [3][12] - The konjac category is experiencing rapid growth in the snack food segment, driven by its health attributes [4][13] Summary by Sections Weekly Insights - The food and beverage index saw a decline of 4.4%, with the health products (+2.4%) and other foods (+0.0%) performing relatively well [12][14] - Bai Run Co.'s whiskey products are well-positioned in both traditional and emerging distribution channels, with optimistic sales expectations [3][12] Market Performance - The food and beverage sector underperformed the market, with a 4.4% decline, while health products and other food categories showed resilience [12][14] Upstream Data - Some upstream raw material prices have decreased, with full-fat milk powder auction prices showing a year-on-year increase of 20.0% [18][22] - Domestic fresh milk prices have decreased by 8.1% year-on-year [18][22] Alcohol Industry Data - The national white liquor price index slightly decreased by 0.18% in early June, with a year-on-year increase of 8.41% in wholesale prices [42][43] Recommended Companies - Recommended companies include Ximai Food, Yanjin Beer, and Bai Run Co. due to their strong growth potential and market positioning [5][46]

Group 1 - The core viewpoint highlights the significant growth in food exports from Luoyang City, with a total export value of 240 million yuan in the first four months of this year, representing a 60% year-on-year increase [1] - The export categories show a diverse range, with leisure food companies leading in quantity and edible mushroom products having high export value; pet food exports reached 46.518 million yuan, growing by 48.9%, ranking first in the province [1] - Zhongyu Pet Food Company has achieved numerous R&D results in pet food processing technology and has obtained several national utility model patents; the company aims to achieve an output value of over 2 billion yuan within five years [1] Group 2 - Luoyang City is focusing on upgrading its food industry from "Chinese kitchen" to "global dining table," establishing key enterprise lists and organizing participation in 15 major food exhibitions worldwide to help companies expand overseas [2] - The Luoyang Customs has implemented measures to facilitate the inspection and clearance of fresh and perishable agricultural products, including a "center + on-site" model for efficient 24/7 customs clearance and expedited certificate issuance [2]

Group 1 - The A-share market has entered an adjustment phase, with declines in consumer and technology sectors, indicating a shift in investor sentiment towards a clearer "transformation bull" market by 2025 [1] - The report from Guotai Junan Securities suggests that the marginal impact of valuation contraction is decreasing as investors' understanding of the economic situation becomes more comprehensive, with expectations shifting from economic cycle fluctuations to a decline in discount rates [1] - The Chinese government's "three arrows" policy aimed at resolving debt, boosting demand, and stabilizing asset prices, along with capital market reforms focused on investors, is expected to enhance long-term investment assumptions [1] Group 2 - The recent domestic policies in China remain proactive, with expectations for continued policy implementation, particularly in boosting domestic demand [1] - The food processing, professional services, and leisure food sectors are highlighted as resilient areas within the consumer industry, suggesting potential investment opportunities [1] - The Food and Beverage ETF (515170) tracks the China Securities Food and Beverage Industry Theme Index, focusing on high-barrier sectors like liquor and dairy, providing a convenient investment tool for small capital [2]

Group 1 - The core viewpoint of the article highlights the collaboration between Jinzhai Food and Kenya in the seafood industry, showcasing the export of wild deep-sea anchovies to China as a significant achievement in Sino-African trade cooperation [1] - Jinzhai Food has established a seafood processing base in Kenya since 2018, which allows for the procurement and processing of local fish, thereby creating a direct supply chain relationship [1] - The first batch of wild deep-sea anchovies from Kenya arrived in Changsha in June 2023, marking a milestone in the export of Kenyan seafood to China [1] Group 2 - The nutritional benefits of the wild anchovies include high-quality protein, DHA, and unsaturated fatty acids, making them suitable for health-conscious consumers [5] - The economic value of anchovies extends to their potential processing into products like deep-sea fish oil, contributing to the diversification of the local fishing economy [5] - Other African countries also possess rich marine resources, with Morocco, Senegal, and South Africa being key areas for sardines, while Seychelles and Tanzania are known for tuna [5] Group 3 - The construction of international logistics channels is accelerating the entry of African marine resources into the domestic market, increasing the variety and scale of seafood available [6] - Leading food processing and restaurant chain companies in China are actively engaging with African fishing suppliers to enhance local processing capabilities, which will shorten the time from ocean to table [6] - This initiative not only adds value to primary products but also provides employment and income for local communities, enhancing Sino-African cooperation in deep-sea resource development [6]

Overview - The demand for boneless chicken feet is increasing as national income levels rise, with consumers focusing more on food quality and taste. This product appeals to a wide range of consumers, especially young people who frequently try new flavors and brands. The market size for boneless chicken feet in China is projected to reach 14.66 billion yuan in 2024, representing a year-on-year growth of 17.75% [1][10]. Market Policies - Recent years have seen stricter food safety regulations in China, with policies aimed at enhancing the standards for raw material procurement, processing techniques, and hygiene standards for boneless chicken feet producers. Notable policies include the "Food Labeling Supervision and Management Measures" and the "Opinions on Further Strengthening Food Safety Supervision" issued in March 2025, which aim to protect consumer rights and ensure food safety [3][5]. Industry Chain - The boneless chicken feet industry consists of an upstream segment that includes raw chicken feet, seasonings, food additives, and packaging materials. The midstream involves the production of boneless chicken feet, while the downstream encompasses various sales channels such as supermarkets, convenience stores, and e-commerce platforms, catering to a diverse consumer base [6][8]. Current Development - The boneless chicken feet market is characterized by a broad consumer demographic, including young adults, office workers, and students. The product's convenience and taste have made it popular across various consumption scenarios, such as family gatherings and office snacks [10]. Competitive Landscape - The boneless chicken feet market has become increasingly competitive since its rise in popularity around 2019, particularly on platforms like Douyin. Key players in the industry include Anhui Zhuoxi Food Co., Ltd., Liangpinpuzi Co., Ltd., and Beijing Wang Xiaolu Network Technology Co., Ltd., among others [12][14]. Industry Representative Companies - Anhui Zhuoxi Food Co., Ltd. operates the brand "Tuoguxia," which focuses on fresh and tasty boneless chicken feet, offering various flavors to meet consumer preferences [15]. - Sichuan Zou Xiaohua Cultural Communication Co., Ltd. emphasizes traditional methods and quality in its products, including boneless chicken feet, and has established a strong online sales presence [17]. Future Trends - The future of the boneless chicken feet market is expected to lean towards healthier options, with products that are low in fat, low in sodium, and high in protein gaining popularity. Companies will likely focus on developing new flavors and using natural ingredients to attract health-conscious consumers [19].

Group 1 - Jinzhai Food's innovative upgraded products have entered the Pang Donglai system, with good sales performance reported [1] - Meta's CEO Mark Zuckerberg is forming a new AI team aimed at achieving Artificial General Intelligence (AGI) and plans to invest over $10 billion in Scale AI [2] - TianKang Bio reported a 19.95% year-on-year decline in pig sales revenue for May, totaling 345 million yuan, with a sales volume of 229,700 pigs [3] Group 2 - Trina Solar's Chairman Gao Jifan stated that the proportion of solution business will increase to over 50% in the next two to three years [3] - SpaceX's revenue is projected to reach $15.5 billion this year, according to Elon Musk [4] - VinFast reported a 296% year-on-year increase in electric vehicle deliveries in Q1, totaling 36,330 vehicles, with a net loss of approximately $712 million [4] Group 3 - Bubble Mart has registered dozens of trademarks related to the "labubu" series, covering various categories including education and entertainment [4] - Hangzhou Oxygen Yiju Environmental Technology Co., Ltd. completed a Series A financing round of 50 million yuan, aimed at developing negative oxygen ion release technology [6] - "Bo Te Ding Dong" completed a 20 million yuan angel round financing, focusing on optimizing AI routing algorithms and expanding market coverage [7] Group 4 - "Longxing Hangdian" successfully completed a Series A++ financing round of 100 million yuan, with participation from various investment institutions [8] - "Photon Leap" announced the completion of a 100 million yuan angel round financing, focusing on AI imaging algorithm development [9] - Meituan launched its first AI Coding Agent product, NoCode, aimed at simplifying programming tasks [10]

Core Viewpoint - Razer and Mars have established a joint venture to create the RESPAWN by Razer™ brand, aiming to become the preferred snack brand for gamers globally [1][3]. Company Collaboration - The partnership marks a new phase in the collaboration between Razer and Mars, leveraging Mars' expertise in snacks and Razer's position in gaming culture to develop a dedicated snack product line for gamers [3][4]. - The joint venture is a pioneering attempt in the food industry, combining insights from both companies to redefine the intersection of gaming performance and lifestyle [3][4]. Product Development - RESPAWN by Razer™ initially started as an April Fool's joke but quickly gained popularity with an innovative energy drink powder, leading to the development of a gum specifically designed for gamers, enriched with Vitamin B and tea extracts [3][4]. - The product line currently includes sugar-free gum and mints, with flavors designed to enhance the gaming experience, such as Cool Mint and Watermelon Pomegranate [5]. Market Strategy - The brand emphasizes a player-centric approach, actively incorporating gamer feedback into product development, from ingredient formulation to packaging design [3][4]. - The products are already available in select retailers in the US and China, showcasing strong market vitality since entering the Chinese market in 2023 [5]. Future Plans - The brand plans to expand its product range with various snacks co-designed by gamers, aiming to enhance every gaming moment [5]. - RESPAWN by Razer™ will participate in the BilibiliWorld event in July, engaging directly with gamers and officially launching its full product line [7].