注：题目为"请问您对预制菜比较满意的原因有哪些?【多选】" 转自：前瞻产业研究院 行业主要上市公司：双汇发展(000895.SZ)、安井食品(603345.SH)、广州酒家(603043.SH)、三全食品 (002216.SZ)、千味央厨(001215.SZ)、金字火腿(002515.SZ)、海欣食品(002702.SZ)、味知香(605089.SH)、海 底捞(6862.HK)等 本文核心数据：消费者预制菜满意度调查;消费者接受预制菜应用场景调查;预制菜消费者年龄分布等 消费者对预制菜方便快捷特性最为满意，同时最注重生产源头等卫生安全问题 预制菜自进入大众视野以来，一直备受关注和热议。一方面，它凭借便捷、快速、口味多样等独特的优势， 赢得了消费者的青睐;另一方面，卫生安全问题、价格合理性以及营养均衡性等方面的担忧，又使部分消费 者对其持谨慎态度。 库润数据调研显示，2025年消费者对食品安全方面满意度小幅上升，较2024年统计调查增长了1%，但在价 格、营养、出餐时间方面满意度均有所下降，这表明消费者对预制菜需求更加多样化，精细化。 注：数据统计时间截至2024年5月11日，样本量1767 从消费者认为需改 ...

Group 1: Industry Overview - The pre-prepared food industry in China is experiencing intense competition, with major players like Anjuke Food, Yum China, Shuanghui Development, and others leading the market [1][2][16] - The industry is characterized by a low market concentration, with many companies competing across various product segments, resulting in significant performance disparities among them [16] Group 2: Competitive Landscape - Anjuke Food ranks first in the pre-prepared food sector, followed by Yum China, Shuanghui, Juewei Food, and Weizhi Xiang in the top five positions [1] - The revenue scale of Shuanghui Development and Anjuke Food exceeds 10 billion yuan, while companies like Chunxue Food and Guolian Aquatic Products also maintain a leading position in terms of revenue [2][10] - The overall revenue of the industry is expected to decline in 2024, but Anjuke Food's frozen prepared food and dishes achieved a 13.04% year-on-year growth in the first half of 2024 [2] Group 3: Profitability Analysis - The gross profit margins of pre-prepared food companies vary significantly, with Guangzhou Restaurant leading at 26.08%, while companies like Yike Food and Delisi have margins below 10% [5][10] - The profitability of the pre-prepared food sector is under pressure, with many companies facing operational challenges despite some achieving growth [2][5] Group 4: Market Segmentation - In the vegetable-based pre-prepared food segment, Shuangta Food and Qianwei Central Kitchen are the leading companies, focusing on fresh vegetable products [8] - The meat and poultry pre-prepared food market is highly competitive, with Shuanghui Development maintaining a strong market position due to its brand influence and product diversity [9] - The aquatic product segment features companies like Anjuke Food and Dahu Co., which leverage their resource advantages to develop high-end products [11] Group 5: Regional Distribution - As of April 2025, there are 13,971 companies in the pre-prepared food sector in China, with the majority located in Shandong, Henan, Jiangsu, and Anhui provinces [14] - Shandong province has the highest number of pre-prepared food companies, accounting for 21.2% of the national total, benefiting from its agricultural resources and transportation advantages [14] Group 6: Competitive Forces - The pre-prepared food industry faces moderate threats from potential entrants due to low technical barriers, while the bargaining power of suppliers and consumers is relatively weak [16] - The industry is challenged by substitutes such as home cooking and dining out, but the convenience and standardization of pre-prepared foods position them as a significant part of future diets [16]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company is a leading one-stop provider of home meal products, focusing on retail stores and aiming to expand its store count significantly by 2025 [9][15]. - The market for home meal products is substantial, with a size of approximately 400 billion yuan, and the company holds a 3% market share, leading the competition [9][60]. - The company has a strong supply chain and is expanding its product offerings beyond hot pot ingredients to include barbecue and Western cuisine [9][28]. - The company plans to open an additional 10,000 stores over the next five years, with a focus on rural markets where competition is limited [9][18]. Summary by Sections 1. Leading One-Stop Home Meal Provider - The company has transitioned to a consumer-focused retail model since 2017, achieving rapid store growth [17]. - It has established a strong brand presence and is recognized for its affordable pricing strategy [15]. 2. Business Model: Vertical Industry in a Large Market - The company operates primarily through a franchise model, with 84% of revenue coming from sales to franchisees [24]. - The market for home meal products is fragmented, with the company being the largest player in a competitive landscape [60]. 3. Future Potential: Revenue Growth and Store Expansion - The company has successfully improved same-store sales and plans to continue expanding its store network [9][18]. - Revenue forecasts for 2025-2027 are projected at 72.83 billion yuan, 83.42 billion yuan, and 94.43 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 4.00 billion yuan, and 4.95 billion yuan [1]. 4. Profit Forecast and Investment Recommendations - The report anticipates a recovery in single-store revenue and a positive outlook for store expansion, with a projected PE ratio decreasing from 24 to 16 over the forecast period [1][9].

Core Insights - In 2024, China's total retail sales of consumer goods reached 48.79 trillion yuan, growing by 3.5%, marking the first time it fell below the GDP growth rate of 5% [1] - The fast-moving consumer goods (FMCG) industry is transitioning into a phase dominated by "stock competition," focusing on efficiency improvement, brand optimization, and structural adjustments [1] FMCG Company Performance - **Master Kong**: Achieved revenue of 806.51 billion yuan, a slight increase of 0.30%, with net profit rising by 19.80% to 37.34 billion yuan [2][6] - **Nongfu Spring**: Reported revenue of 428.96 billion yuan, up by 0.50%, and net profit of 121.23 billion yuan, a marginal increase of 0.40% [2][6] - **Uni-President**: Generated revenue of 303.32 billion yuan, a growth of 6.09%, with net profit of 18.49 billion yuan, increasing by 10.90% [2][6] - **China Foods**: Recorded revenue of 214.92 billion yuan, up by 0.20%, and net profit of 8.61 billion yuan, a growth of 3.40% [2][6] - **Eastroc Beverage**: Achieved significant growth with revenue of 158.39 billion yuan, up by 40.63%, and net profit of 33.27 billion yuan, increasing by 63.09% [2][6] - **Three Squirrels**: Reported revenue of 106.22 billion yuan, a substantial increase of 49.30%, with net profit rising by 85.51% to 4.08 billion yuan [2][6] Industry Trends - The FMCG sector is experiencing a shift towards efficiency and brand optimization as the era of rapid market growth driven by demographic dividends comes to an end [1] - Companies are adapting to market changes through product innovation, structural optimization, and brand rejuvenation to establish new growth curves and core competitiveness [13] - The beverage segment is seeing strong performance from Nongfu Spring's tea drinks, which have become a major revenue source despite challenges in the bottled water segment [8][13] - The snack segment is witnessing varied performance, with companies like Qinqin Foods achieving profitability through export and OEM manufacturing, while others like Liuyifei face challenges due to strategic adjustments [13] Dairy Industry Performance - **Yili Group**: Maintained its position as Asia's leading dairy company with revenue of 1,157.80 billion yuan, despite a decline of 8.24% [15][16] - **Mengniu Dairy**: Experienced a revenue drop of 10.09% to 886.75 billion yuan, with net profit significantly declining by 97.83% [15][16] - **Bright Dairy**: Reported revenue of 242.78 billion yuan, down by 8.33%, and net profit of 7.22 billion yuan, a decrease of 25.36% [15][16] - The dairy industry is facing challenges with supply-demand imbalances and declining consumer demand, leading to revenue declines for many traditional dairy giants [18]

Core Insights - The pre-prepared food industry in China is characterized by a significant cost structure, with raw materials being the largest component, accounting for over 75% of total costs [2][4] - The industry's pricing mechanism is influenced by supply-side costs, manufacturing value addition, distribution channel premiums, and consumer demand elasticity [4] - The value chain of the pre-prepared food industry shows a trend of "midstream collapse," with varying gross profit margins across different segments [5][9] Cost Structure - Raw materials, labor, and manufacturing costs are the primary components of pre-prepared food product costs, with raw materials including poultry, eggs, grains, vegetables, and seasonings [2] - Among competitive companies, raw material costs can be as high as 94.8% for specific products, while labor costs range from 3.5% to 10% [2] Pricing Mechanism - The pricing of pre-prepared food products is determined by a combination of supply-side costs, manufacturing costs, and distribution channel premiums, along with consumer demand elasticity [4] Value Chain Analysis - The gross profit margins across the pre-prepared food industry show that upstream raw material segments have low margins (below 10%), while packaging and retail segments have higher margins (20%-30%) [5][8] - The midstream segment, represented by specialized pre-prepared food manufacturers, has gross profit margins ranging from 10% to 25% [5] Industry Trends - The overall gross profit margin for pre-prepared food companies in China has been declining, from 20.07% in 2018 to 13.79% in 2024, driven by increased competition and the growing number of industry players [9]

Group 1: Company Performance and Strategy - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on June 3, 2025, via the Shanghai Stock Exchange's online platform [1] - As of the end of 2024, the company had a total of 1,744 franchise stores, with plans to enhance store upgrades and expand online-to-offline (O2O) channels to improve customer experience and market competitiveness [2][4] - Approximately 90% of the company's products are delivered using its own cold chain logistics vehicles, with plans to increase this capacity while maintaining partnerships with third-party logistics providers [3] Group 2: Industry Challenges and Opportunities - The prepared food industry faces challenges such as inconsistent standards, food safety concerns, and regulatory issues, but the company believes that high-quality products will be favored by consumers in the long term [2] - The company aims to enhance its brand influence and market presence by collaborating with major supermarkets and developing products tailored to specific market needs [4] - The prepared food industry is expected to grow rapidly, driven by diverse consumer demands and increasing competition, necessitating strong brand development and adherence to emerging industry standards [5]

Industry Overview - The pre-prepared food, also known as pre-prepared dishes, is defined as packaged meals made from one or more edible agricultural products, which undergo industrial pre-processing without preservatives and are ready to be consumed after heating [1][3] - The pre-prepared food industry can be categorized into four types based on processing degree and subsequent handling: ready-to-eat, ready-to-heat, ready-to-cook, and ready-to-assemble [1] Industry Chain Analysis - The production enterprises in China's pre-prepared food industry are mainly divided into self-produced and commissioned processing categories [3] - Key upstream participants include agricultural producers, initial processing companies, and packaging manufacturers, while downstream participants consist of various consumer outlets and logistics companies [6] Industry Development History - The pre-prepared food industry in China has evolved since the 1990s, with significant growth during the COVID-19 pandemic from 2020 to 2023, driven by changes in consumer behavior [9] - The industry is currently in a phase of enhanced food safety regulation and innovation to meet diverse consumer demands [9] Industry Policy Direction - The Chinese government has issued multiple policies to support and regulate the pre-prepared food industry, focusing on food safety management, production base construction, and cold chain logistics improvement [11] Current Industry Status - The market size of China's pre-prepared food industry has expanded significantly, growing from 244.5 billion yuan in 2019 to 516.5 billion yuan in 2023, with an average annual growth rate exceeding 20% [14] - The industry's gross profit margin has been declining, from 20.07% in 2018 to an estimated 13.79% in 2024, due to increased competition [16] Competitive Landscape - The majority of pre-prepared food production companies are concentrated in East and Central China, particularly in Shandong and Henan provinces, which account for a significant portion of the industry [21] - Leading companies in the industry include Shuanghui Development and Anjijia Food, with annual revenues exceeding 10 billion yuan [23] Future Industry Trends - The pre-prepared food industry is expected to continue its rapid growth, with market size projected to exceed 600 billion yuan by 2025, driven by urbanization, consumer demand upgrades, and agricultural industrialization [25] - The industry is moving towards standardization, diversification, and full-chain integration, with a focus on enhancing supply chain efficiency and food safety standards [26]

Group 1 - The core idea is that Bo Luo County is transforming its agricultural sector into a modern food industry, focusing on high-quality development and establishing a comprehensive industrial chain [1][2] - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" has been pivotal in promoting modern agriculture and food industries in Bo Luo County [1][2] - Bo Luo County aims for an 8.5% growth in modern food industry output value in 2024, with a total investment of approximately 6.14 billion yuan from 22 projects [1][2] Group 2 - Bo Luo County has established a specialized task force to enhance the modern agricultural and food industry, identifying key enterprises and investment projects to strengthen the industrial chain [2] - The county has developed a range of local specialty products, with six nationally recognized agricultural products and 33 "Yue" branded products, creating a foundation for a robust food processing center [2] Group 3 - Local companies like Guangdong Yonghuan Supply Chain Management Co., Ltd. are sourcing about 70% of their freshwater fish from Bo Luo, showcasing the effectiveness of local procurement [3] - The beverage company Guangdong Yatai Beverage Group has invested 600 million yuan in a new production base, projecting a revenue of 2.35 billion yuan in 2024, reflecting strong market demand [3] Group 4 - The Bay Area Agricultural Products Base in Bo Luo County is set to become the largest modern agriculture and food industry cluster in the Bay Area, with an expected annual circulation of 5 million tons of agricultural products and a service capacity of 30 billion yuan [4] - Over 80 enterprises have already settled in the base, covering various sectors such as fresh-cut vegetables, fresh exports, and prepared dishes [4] Group 5 - The deep processing of agricultural products, such as eggs, can increase their value by at least five times, indicating significant potential for value addition in the food industry [5] - The Bay Area Agricultural Products Base is designed as a "super platform" for modern agriculture and food industries, aiming to foster rapid growth for resident enterprises and promote agricultural integration [5]

Industry Overview - The market size of seabuckthorn beverage in China reached 650 million yuan in 2023, with Yuhang Group generating 220 million yuan in revenue. The industry is expected to continue growing from 2024 to 2030 due to various factors including technology and environmental barriers [1] - The market for Chinese health water has rapidly grown from 10 million yuan in 2018 to 450 million yuan in 2023, with projections to exceed 10 billion yuan by 2028. The competition is divided among traditional brands, new retail platforms, and time-honored pharmaceutical companies [4][17] - The pre-prepared food market is expected to exceed 1 trillion yuan by 2026, but concerns over food safety, such as illegal additives and hygiene issues, have raised consumer worries [7] Market Trends - The sugar-free tea market is experiencing fatigue, with some channels showing negative growth. The rise of Chinese health water is taking market share from sugar-free tea, leading to adjustments in shelf space [2] - The health-conscious trend among young consumers is driving the popularity of herbal drinks, with products like red bean and coix seed water gaining traction [5] - The Z generation is pushing for healthier drinking options, leading to the rise of sugar-free and low-calorie beers, which have reached a market size of 13.8 billion yuan, with 61% of sales coming from this demographic [10] Company Dynamics - Huiyuan Juice has responded to negative rumors about its business status, emphasizing its recovery and market leadership in 100% juice sales after a successful restructuring [12] - Li Ziyuan is entering the functional beverage market with its "VitaYoung" drink, aiming to capture a share of the 140 billion yuan market, but faces intense competition [14] - Starbucks has launched a new ready-to-drink tea and coffee series, focusing on high-quality ingredients and low-sugar formulations to meet health demands [18] Consumer Insights - The demand for personalized and health-oriented products is increasing, with companies needing to address consumer preferences for transparency and quality in their offerings [6][19] - The trend of "water-based health" is gaining traction among young consumers, with a focus on using traditional Chinese medicinal ingredients in modern beverages [5][9] - The market for children's milk is projected to grow at a compound annual growth rate of 5.6%, with A2 milk emerging as a new opportunity [16]

证券代码：605089 证券简称：味知香 公告编号：2025-026 苏州市味知香食品股份有限公司 买卖公司股票情况的自查报告 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。 根据中国证监会《上市公司股权激励管理办法》（以下简称《管理办法》）、 《上市公司信息披露管理办法》、 本公司于 2025 年 4 月 25 日召开第三届董事会第六次会议，审议通过了《关 于 <苏州市味知香食品股份有限公司 ensp="ensp" 年股票期权激励计划="年股票期权激励计划" 草案="草 案"> 及其摘 要的议案》及相关议案。根据《管理办法》的有关规定，公司对内幕信息知情人 《上海证券交易所上市公司信息披露事务管理制 度指引》等法律、法规及规范性文件的要求，苏州市味知香食品股份有限公司（以 下简称"公司"、"本公司"）遵循公司《信息披露管理制度》、 《内幕信息知情 人登记管理制度》的规定，针对公司 2025 年股票期权激励计划（草案） （以下简 称"激励计划"）采取了充分必要的保密措施，同时对激励计划的内幕信息知情 人做了必要登记。 买卖公司 ...