Group 1 - Shougang Longze has delayed its global offering and listing due to a civil lawsuit filed against it, which requires the company to provide more information to investors [1] - The company plans to issue a supplementary prospectus to update the listing timeline and related information [1] Group 2 - Hong Kong Stock Exchange has launched an order transmission service for its Integrated Fund Platform (IFP) to enhance efficiency in the fund distribution ecosystem [2] - The service integrates order processing for fund subscriptions and redemptions, welcoming 33 initial participants including distributors and fund companies [2] Group 3 - Eye care biotech company Bokan Vision Cloud-B saw its stock price drop significantly on its first trading day, closing down 38.61% from its IPO price of 10.1 HKD [3] - The decline may be attributed to market skepticism regarding its valuation and the current market environment for new listings [3] Group 4 - Anjoy Foods had a lackluster performance in the dark market, with its H-shares priced at 60 HKD and a total global offering of approximately 39.99 million shares [4] - Despite being the largest frozen food company in China with a market share of 6.6%, investor concerns about growth prospects and market competition may have impacted its initial reception [4]

聚焦C 端升级，差异化破局。今年以来，公司积极拥抱商超调改等新零售渠道，从渠道驱动变为新品 +渠道双轮驱动。同时产品端持续推新：1）烤肠：针对C 端推出4 款单品储备+组合装产品，满足消费 者多样化需求的同时进一步拓展市场份额；2）面点：新增6 特色产品，通过打造系列感、时尚感和简 约风格，吸引消费者，迎合年轻人的购物习惯。3）火锅料：聚焦创新，"嫩鱼丸"升级为"活鱼现杀嫩鱼 丸"，放大公司上游原料优势。4）锁鲜装6.0 产品预计下半年上市。 盈利预测：完善产能布局，渠道端兼顾BC，在餐饮、流通、商超、电商、新零售等全渠道发力，实现 2B、2C 合理均衡发展，为后续增长积蓄力量。同时与鼎味泰签订股份收购协议，标志着公司从速冻龙 头向餐桌解决方案的跃迁，深海鳕鱼与锁鲜装锚定高端餐饮，冷冻面团卡位烘焙赛道，以冷链网络和B 端客户资源串起协同效应，同时加速国际化及海外渠道布局。预计公司25-27 年实现营业收入 160.29/173.25/190.70 亿元；实现归母净利润15.33/16.45/18.12 亿元。PE 分别为15.06/14.04/12.74x，维 持"强烈推荐"评级。 风险提示：宏观经济下行风险 ...

证券研究报告 | 2025年06月30日 食品饮料周报（25 年第 26 周） 优于大市 飞天茅台价格已有企稳迹象，大众品关注新渠道、新产品 本周（2025 年 6 月23 日至 2025 年6 月27 日）本周食品饮料板块上涨 0.02%， 跑输上证指数 1.89pct。本周食品饮料板块涨幅前五分别为甘化科工 (21.22%)、金达威(17.54%)、欢乐家(13.91%)、桂发祥(11.33%)和*ST 莫高 (10.82%)。 白酒：飞天茅台价格已有企稳迹象，白酒基本面或将加速探底。据国家统计 局数据，1-5 月全国规模以上工业企业实现利润总额 27204.3 亿元，同比下 降 1.1%；酒、饮料和精制茶制造业营业收入 6647.3 亿元，同比增长 2.7%， 利润总额 1164.9 亿元，增长 4.3%。本周白酒指数下跌 1.7%，需求平淡，预 计第二季度表观业绩承压。本周（6/23-6/27）白酒 SW 下跌 1.66%，伊力特、 天佑德酒、顺鑫农业、洋河股份涨幅领先。基本面看，需求压力仍然较大， 第二季度业绩表现预计平淡，酒企更注重市场健康度，短期仍将以去库存、 促动销为主要工作，中长期更加重视消 ...

Summary of Key Points Core Viewpoint The article discusses the food safety inspection results released by the Jiujiang Market Supervision Administration, highlighting the compliance and non-compliance of various food products in the market. Group 1: Inspection Results - A total of 245 batches of food products were tested, with 234 samples passing and 11 samples failing the safety standards [2]. - The inspection covered 22 categories of products, including restaurant food, agricultural products, beverages, and dairy products [2]. Group 2: Non-compliant Products - Specific non-compliant products included those with residues of anionic synthetic detergents and pesticide residues exceeding permissible limits [2]. - For instance, one sample showed a residue of 0.13 mg/kg of thiamethoxam, which exceeds the allowable limit of 0.05 mg/kg [2]. Group 3: Consumer Guidance - Consumers are advised to report any non-compliant products they encounter in the market by calling the complaint hotline "12315" [2].

Core Viewpoint - The company is preparing for an IPO with a strong market position in the frozen food industry, but faces challenges such as slowing growth in its prepared food segment and increased competition leading to price pressures [1][11][16]. Financial Situation Revenue - The company has shown steady revenue growth over the past three fiscal years, with revenues of 12.2 billion, 14 billion, and 15.1 billion, and a projected growth of 7.7% in 2024 [1]. - The frozen prepared food segment generated 7.8 billion in revenue, growing by 11.4%, driven by the success of the "fresh-lock" series and new product launches [1]. - The frozen dish segment generated 4.3 billion, with a growth rate of 10.76%, although the growth was impacted by inventory adjustments in the crayfish category [2]. Profit and Gross Margin - The company's net profit growth has slowed, recording 1.1 billion, 1.48 billion, and 1.49 billion, primarily due to the deceleration in prepared food growth and increased costs [4]. - The gross margin slightly increased to 23.30% in 2024, while the net margin decreased to 10.01% due to rising management and promotional expenses [4]. Company Advantages Market Position - The company holds a leading market share in the frozen food industry at 6.6%, significantly higher than its closest competitor [5]. - In the frozen hot pot ingredient segment, it commands a market share of 12.7%, which is four times that of the second player [5]. Distribution Network - The company has a robust distribution network with 2,069 distributors, covering various channels including supermarkets, restaurants, and e-commerce platforms [7]. Supply Chain and Cost Control - The company operates 13 production bases and maintains lower logistics costs compared to industry averages, enhancing supply chain stability [8]. International Expansion - The company is pursuing international growth, particularly in Southeast Asia, with plans to establish production bases in Vietnam by 2026 [9][10]. Challenges Price Competition - The frozen food industry is experiencing intensified price competition, leading to a decline in product prices and pressure on profit margins [11][12]. Distributor Stability - The company has seen a high turnover rate among distributors, which could impact future revenue growth, especially in lower-tier cities [13][14]. Prepared Food Segment Struggles - The prepared food segment is facing declining growth rates, with crayfish prices dropping significantly, affecting profitability [14][15]. Slow Overseas Expansion - Currently, overseas revenue accounts for only 1% of total revenue, indicating slow progress in international markets [15]. Executive Compensation Concerns - There are concerns regarding rising executive compensation amidst stagnant profit growth, leading to shareholder dissatisfaction [16].

Market Performance - The Shanghai Composite Index rose by 1.04% to 3455.97 points, while the Shenzhen Component Index increased by 1.72% and the ChiNext Index surged by 3.11%[1] - The Hang Seng Index closed up 1.23% at 24474.67 points, with the Hang Seng Tech Index rising by 1.15% and the Hang Seng China Enterprises Index increasing by 1.13%[1] - The total trading volume in the Hong Kong market reached 267.8 billion HKD[1] Federal Reserve and Regulatory Changes - The Federal Reserve plans to relax capital regulations for major banks, proposing to lower the Enhanced Supplementary Leverage Ratio (eSLR) from the current 5% to a range of 3.5%-4.5%[12] - This change is expected to allow banks like Bank of America and Goldman Sachs to hold more U.S. Treasury securities, enhancing market resilience[12] Geopolitical Developments - President Trump announced that the U.S. will hold talks with Iran next week, claiming that the Middle East conflict has ended[12] - Iran reported significant damage to its nuclear facilities due to U.S. airstrikes, which Trump described as "thoroughly destroying" these sites[12] Currency and Monetary Policy - The Hong Kong Monetary Authority (HKMA) bought 9.42 billion HKD to maintain the currency peg after the HKD/USD exchange rate hit the weak end of the trading band[12] - The People's Bank of China (PBOC) conducted a net liquidity injection of 318 billion CNY in June, the largest in four months, to support the economy amid rising debt issuance[12]

经安井食品集团股份有限公司（以下简称"公司"）第四届董事会第十七次 会议、2020 年年度股东大会审议通过，并经中国证券监督管理委员会《关于核 准福建安井食品股份有限公司非公开发行股票的批复》 证券代码：603345 证券简称：安井食品 公告编号：临 2025-036 安井食品集团股份有限公司 关于注销部分募集资金专户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 三、本次注销募投项目募集资金节余情况及主要原因 截至本公告披露日，本次注销募投项目募集资金节余情况如下： （证监许可20213419 号） 核准，公司通过非公开发行股票方式向特定投资者发行 48,884,872 股人民币普通 股（A 股），发行价格为 116.08 元/股，募集资金总额为 5,674,555,941.76 元，扣 除与募集资金相关的发行费用 39,981,864.58 元（不含增值税），公司实际募集 资金净额为 5,634,574,077.18 元。 募 集 资 金 5,674,555,941.76 元 扣 除 相 关 ...

来源|贝多财经 6月25日，安井食品集团股份有限公司（下称"安井食品"，SH:603345、HK:02648）在港交所披露发售公告，于6月25日至6月30日招股，拟全球发售3999.47 万股H股，预计将于2025年7月4日在港交所上市。 据贝多财经了解，安井食品此次在港交所上市引入了6名基石投资者，合共认购约9000万美元（约7.06亿港元）的发售股份，包括上海景林、香港景林、 Hosen Capital、QRT、FCP Domains、NonaVerse等。 | | | | 假設超額配股權並無獲行使及 | | 假設超額配股權獲悉數行使及 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 並無根據2023年股票期權激勵計劃發行新股份 | | 查無根據2023年股票開權激勵計劃發行新設份 | | | | | | | 佔已發行 | | 估已要行 | | | | | 佔發售股份的 | 股本總額的 | 估發售股份的 | 股本總額的 | | 基石投資者 | 投資總額 | 發售股份數目(1) | 概約百分比 | 秦约百分比 | 植农田分居 | 秦約百分比 | ...

Core Viewpoint - Anjiu Foods is actively pursuing an H-share IPO to establish a dual capital platform, aiming to enhance its financing channels and international market presence, but faces several challenges and uncertainties [3][21]. Group 1: H-Share IPO Details - Anjiu Foods plans to issue approximately 39.99 million H-shares, with 3.99 million shares allocated for public offering in Hong Kong, representing 10% of the total offering [1]. - The maximum offering price is set at 66 HKD per share, with the listing expected on July 4, 2025 [1]. Group 2: Shareholder Behavior and Market Confidence - Frequent share reductions by major shareholders and executives have raised concerns about market confidence, with significant amounts cashed out since the company's listing [4][6]. - The stock price dropped over 30% following the announcement of the H-share issuance, indicating investor sensitivity to shareholder actions [6]. Group 3: Ownership Structure and Control - The change in control from the original shareholder to a new group has led to speculation about the new controlling party's background, with connections to a capital network known as "Oxford and Cambridge" [7][9]. - The complexity of the ownership structure may pose risks to corporate governance and investor trust [9]. Group 4: Financial Performance and Challenges - Anjiu Foods has experienced a slowdown in revenue growth, with a decline from over 30% growth in previous years to just 7% in the first three quarters of 2024 [10][12]. - The company faces increased competition from emerging brands using low-price strategies, impacting its market share and profitability [12]. Group 5: Food Safety Issues - Recent food safety complaints have damaged the company's brand image, highlighting quality control issues in production and distribution [13][15]. - The impact of food safety incidents on consumer trust could lead to significant market risks if not addressed [15]. Group 6: Market Environment and Internationalization - The Hong Kong market presents a complex regulatory environment, with strict compliance requirements that could affect the IPO process [16][18]. - Anjiu Foods' international expansion strategy faces challenges related to local market adaptation, sales channel establishment, and supply chain management [19][21].

正在冲击港股的安井食品（下称"安井"），遭到了投资者连环拷问。 近日，安井食品（603345.SH）召开2024年度暨2025年第一季度业绩说明会，公司业绩、港股上市进展 与海外业务布局等成为关注焦点。 孙婉秋 摄 海外收入仅占1% 董事长刘鸣鸣在业绩会上介绍，公司于今年1月向香港联交所递交A1申请，6月5日举行上市聆讯。目前 各项工作正有序推进。 尽管赴港目的之一是为了加快国际化战略及海外业务布局，但安井当前的海外业绩却十分尴尬。 今年一季度，公司实现营收36亿元，其中境外收入仅3980.31万元，占比仅1%，且同比还下降3.1%。有 投资者质疑这与公司积极布局海外市场相悖。 经理张清苗则将海外业绩下滑归咎于国际关税贸易摩擦，并表示未来将重点拓展东南亚主要国家及地 区，通过在当地寻求战略合作、股权投资或并购等方式设厂，逐步扩大海外业务布局。 然而，目前安井在东南亚尚无实体布局，根基近乎空白。 招股书显示，公司近三年海外收入的占比始终徘徊在1%左右，主要依赖欧美市场，唯一的海外生产基 地还位于英国。 中小股东广投反对票 事实上，中小投资者对安井赴港上市的态度较为消极。 2024年12月的股东大会上，对安井发行 ...