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 ...

A股早盘食品饮料板块逆势活跃，预制菜方向领涨，巴比食品涨停，天味食品、立高食品、承德露露、 广州酒家等涨幅靠前。 ...

中餐企业正带着成熟的供应链和市场经验主动走向国际。2024年，海外中餐门店已发展到近70万家，市 场规模近3万亿元。 眼下，出海的号角再次吹响，广东预制菜出海产业联盟组织的预制菜全产业链出海考察团将开启越南之 行。此前，考察团已奔赴澳大利亚、新西兰，参团企业签下多项国际订单，并达成投资合作，探索 出"共享工厂"这一产能出海的创新模式。此次考察将视线转移至越南，与越南粤商会充分合作，带领企 业抢滩东南亚市场。 东南亚地区有一定华人基础，风土人情更贴近，被视作中餐出海的"黄金地带"。据红餐产业研究院《中 国餐饮出海发展报告2024》，34.8%的中餐企业将其作为出海第一站。 此行目的地越南，自2016年起便是中国在东盟第一大贸易伙伴。"今年为中越建交75周年暨'中越人文交 流年'，越南食品消费发展迅猛，广东预制菜出海恰逢其时。"越南粤商会执行会长吴焕彬表示，商会将 与南方财经全媒体集团共同谋划考察活动，率企业深入河内、胡志明等市开展一线调研，助力企业深入 了解政策法规和市场需求，破解认证标准、清真认证、本土化改良等实操难题。 中产崛起释放消费潜力 摩拳擦掌的预制菜企业，如何看待越南市场？ 越南正处于人口红利期。数 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and expansion of the prepared food market in China, despite public controversies regarding food safety and hygiene standards, particularly in schools [1][16] - The market size of prepared food in China surged from 244.5 billion yuan in 2019 to 419.6 billion yuan in 2020, and is expected to exceed 1 trillion yuan by 2026 [1] - The modern concept of prepared food has evolved significantly, influenced by historical preservation methods and the development of food processing technologies [2][4] Group 2 - The prepared food industry has been shaped by advancements in food industrialization, packaging, and cold chain logistics, which have facilitated mass production and high-quality consumption [4][5] - The U.S. and Japan emerged as key markets for prepared food post-World War II, with the U.S. experiencing a boom in the 1950s due to changing family dynamics and the rise of fast-food chains [5][6] - The Asian market, particularly Japan, has developed a unique consumer-oriented model for prepared food, exemplified by innovations like instant noodles and convenience store offerings [6][7] Group 3 - The rise of central kitchens and prepared food is transforming traditional dining, reducing reliance on skilled chefs and altering the definition of cooking in the modern context [9][10] - The prepared food sector is increasingly integrated with e-commerce and live-streaming sales, which gained momentum during the COVID-19 pandemic, leading to significant sales figures for various brands [13][14] - The shift towards prepared food is also reflected in changing consumer behaviors, with younger generations favoring convenience and quick meal solutions over traditional cooking [14][15] Group 4 - The prepared food market is expected to continue growing, driven by urbanization, changing family structures, and the increasing pace of life, which necessitates quick meal options [7][15] - The integration of prepared food into dining experiences is evident, as consumers are willing to pay for the social and emotional aspects of dining out, even when similar quality meals are available at home [15][16] - The emergence of innovative marketing strategies, such as reality shows and immersive experiences, is creating new consumer engagement pathways in the prepared food sector [15][16]

Summary of Key Points Core Viewpoint - The recent announcements regarding share reductions by executives at Huihua Foods highlight ongoing concerns about the company's financial performance and governance practices, raising questions about the value creation for shareholders amidst significant cash-outs by insiders [2][10][11]. Group 1: Executive Share Reductions - Five executives, including the vice presidents and the financial director, plan to reduce their holdings by a total of 131,900 shares, which is approximately 25% of their respective holdings, potentially cashing out around 1.21 million yuan based on the closing price of 9.17 yuan per share on May 12, 2025 [2]. - This reduction is part of a broader trend, as Huihua Foods has seen a cumulative cash-out of approximately 192 million yuan from small shareholders since its IPO in 2017, representing about 8.72% of the company's market value as of May 12, 2025 [3]. Group 2: Financial Performance - Huihua Foods has experienced a significant decline in financial performance compared to its peers, with revenue growth of only 105% from 9.39 billion yuan to 19.25 billion yuan between 2017 and 2024, while its net profit has turned from a profit of 60 million yuan to a loss of 170 million yuan [10]. - Cumulatively, the company has reported a net loss of approximately 1.7 billion yuan since its IPO, raising concerns about its ability to generate shareholder value [11]. Group 3: Governance and Regulatory Issues - The company has faced scrutiny from regulatory bodies, receiving warnings for discrepancies in financial disclosures and internal control failures, including the use of personal WeChat accounts for company transactions [12]. - The abrupt fluctuations in stock price, including multiple trading halts, have raised suspicions about the timing and motivations behind insider share reductions [8].

Group 1: Plant-Based Beverage Industry - The plant-based beverage industry is experiencing a divergence in performance among major companies, with some like Yangyuan Beverage seeing profit growth despite a slight revenue decline, while others like Huanlejia face declines in both revenue and profit [2] - Traditional plant-based beverages are limited by seasonal demand and face competition from emerging categories, necessitating innovation to meet the health-conscious preferences of younger consumers [2] Group 2: Chinese Condiment Industry - The Chinese condiment industry has evolved from a focus on export during the planned economy era to becoming a global rule-maker, with companies like Haitian Flavoring and Lee Kum Kee leading the way [3][4] - The industry is leveraging cultural exports and technological innovation to reshape its landscape, emphasizing quality and innovation to support the globalization of Chinese flavors [4] Group 3: Community Supermarkets - Community supermarkets are gaining traction, with brands like Ole' and Hema NB expanding rapidly, focusing on middle-class consumers and enhancing product quality and efficiency [5] - The core competitiveness of community supermarkets lies in product control and operational efficiency, requiring deep supply chain engagement and digital tool application [5] Group 4: Health and Wellness Trends - There is a growing trend among young consumers towards "light wellness" products, with a focus on health-conscious beverages that are low in sugar and calories [6] - Boxed water products have seen significant sales growth, with products like fig and flaxseed water experiencing a 130% increase in sales [6] Group 5: Instant Food Market - The instant food market is shifting from high-end products to a focus on affordability, with budget products now accounting for nearly 50% of the instant noodle market [7] - Future opportunities lie in diversifying flavors and adjusting strategies to meet the differentiated demands of various market segments [7] Group 6: Aging Population and Bakery Market - The aging population is driving demand for soft-textured baked goods, with health-oriented and age-appropriate products becoming market hotspots [9] - Innovations inspired by Japanese practices, such as low-sugar and low-salt options, are key directions for the industry [9] Group 7: Snack Food Market Forecast - The Chinese snack food market is projected to grow to 972 billion yuan by 2025, with nut snacks holding the largest market share [10] - The industry is witnessing a shift towards health-oriented ready-to-eat products, with e-commerce and live streaming becoming significant growth drivers [10] Group 8: Beverage Market Dynamics - The beverage market is undergoing adjustments, with significant growth in electrolyte water and tea beverages, while packaged water sales are declining [12] - Companies like Nongfu Spring and Eastroc Beverage are experiencing contrasting performance, highlighting the competitive landscape [12] Group 9: Pre-made Dishes Market - The pre-made dishes market is experiencing a cooling phase, with many leading companies facing revenue declines due to changing consumer demands and increased competition [14] - Opportunities remain in local specialties and high-end products, with new retail channels emerging as growth points [14] Group 10: Health Drink Innovations - The market for Chinese herbal health drinks is expanding rapidly, with sales increasing from 0.1 billion yuan in 2018 to an expected 10 billion yuan by 2028 [19] - Companies are focusing on packaging, formulation, and marketing to differentiate themselves in a competitive landscape [19] Group 11: Functional Beverage Market - The functional beverage market is becoming increasingly diverse, with brands like Zhenguanzhuang entering the market with zero-sugar options targeting health-conscious consumers [32] - The collaboration between Zhenguanzhuang and Super Extreme Drink aims to fill market gaps and cater to the preferences of the younger generation [32] Group 12: Snack Food IPO Trends - Recent trends show a surge in snack food companies seeking IPOs in Hong Kong, with brands like Three Squirrels aiming to solidify their market position [21] - These companies face challenges related to competition and growth bottlenecks, despite their ambitions for expansion [21]

Group 1 - The article emphasizes the establishment of a multi-dimensional connection network through an innovative investment attraction mechanism, utilizing a "small team precision strike + key project targeted breakthrough" approach to enhance investment efficiency [1] - The focus is on major food industries such as condiments, garlic health foods, leisure foods, and prepared dishes, leveraging resources from the Shandong Province Condiment Association to benchmark and learn from successful experiences in regions like Dezhou and Jiangsu [1] - Specialized investment teams are formed to engage frequently with key projects, including those from the Chinese Academy of Forestry and the Chinese Academy of Agricultural Sciences, to create personalized landing plans and expedite project signing [1] Group 2 - The article discusses deepening the industrial ecosystem to create a full-chain aggregation magnetic field, particularly in the dual-spicy condiment industry, by collaborating with the Shandong Province Condiment Association and hosting specialized training sessions [1] - In the garlic health industry, partnerships with universities and experts are highlighted to promote research and development of functional foods and health products, while the black garlic industry aims to establish international standards and develop diversified products [1] - The leisure food and prepared dish sectors are supported by core companies like Daoxiangcun and Fuying Foods, with initiatives to establish production centers and introduce key projects in pre-prepared food processing [1] Group 3 - The article outlines the strengthening of factor support to create a high-level investment environment, ensuring the timely production of key projects such as the 20,000-ton compound seasoning deep processing project [1] - Collaboration with local regulatory and agricultural departments is emphasized to reassess and exploit the brand potential of "Jinxiang Garlic," aiming to expand domestic and international market shares through diversified promotion [1] - The article also mentions partnerships with leading e-commerce influencers to promote black garlic products, thereby broadening market channels and enhancing the brand and market environment [1]

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 - **Kang Shifu**: 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][8] - **Nongfu Spring**: Revenue of 428.96 billion yuan, up 0.50%, with net profit at 121.23 billion yuan, a marginal increase of 0.40% [2][6][9] - **Uni-President**: Revenue reached 303.32 billion yuan, a 6.09% increase, with net profit of 18.49 billion yuan, up 10.90% [2][6][10] - **China Foods**: Reported revenue of 214.92 billion yuan, a 0.20% increase, and net profit of 8.61 billion yuan, up 3.40% [2][6][11] - **Dongpeng Beverage**: Revenue surged to 158.39 billion yuan, a 40.63% increase, with net profit at 33.27 billion yuan, up 63.09% [2][6][12] - **Three Squirrels**: Revenue of 106.22 billion yuan, a significant increase of 49.30%, with net profit rising by 85.51% to 4.08 billion yuan [2][6][14] - **Liangpinpuzi**: Revenue decreased to 71.59 billion yuan, down 11.02%, with a net loss of 0.46 billion yuan [2][6][15] - **Zhi Zhi Food**: Revenue of 71.31 billion yuan, up 4.79%, with net profit of 8.49 billion yuan, up 5.82% [2][6][15] - **Tao Li Bread**: Revenue of 60.87 billion yuan, down 9.93%, with net profit of 5.22 billion yuan, down 9.05% [2][6][15] Industry Trends - The FMCG sector is experiencing a shift towards efficiency and brand optimization as the market matures, with companies adapting to changing consumer preferences and competitive pressures [1][16] - Companies like Dongpeng Beverage and Three Squirrels are successfully leveraging product innovation and market expansion to drive growth, while others like Liangpinpuzi face challenges due to strategic missteps [12][14][15] - The beverage segment, particularly tea drinks, is emerging as a key growth area for companies like Nongfu Spring, which is focusing on enhancing its product offerings and maintaining its market leadership [9][16] Dairy Industry Performance - **Yili**: Achieved revenue of 1157.80 billion yuan, a decline of 8.24%, with net profit of 84.53 billion yuan, down 18.94% [18][19] - **Mengniu**: Revenue fell to 886.75 billion yuan, down 10.09%, with a net profit of 1.05 billion yuan, a drastic drop of 97.83% [18][20] - **Bright Dairy**: Revenue of 242.78 billion yuan, down 8.33%, with net profit of 7.22 billion yuan, down 25.36% [18][21] - **Feihe**: Revenue increased to 207.50 billion yuan, up 6.00%, with net profit of 36.50 billion yuan, up 11.00% [18][22] - The dairy sector is facing significant challenges, with many companies reporting revenue and profit declines due to oversupply and weak consumer demand [22]

Group 1: Industry Overview - The prepared food industry has undergone significant technological upgrades and category expansions, moving beyond traditional offerings like frozen dumplings to include complex dishes such as Baota meat and Squirrel Fish [1] - The chain restaurant trend in China is accelerating, with the national chain rate increasing from 15% in 2020 to 22% in 2024, and expected to reach around 24% by 2025, indicating substantial growth potential for standardized and pre-processed ingredients [2] Group 2: Company Performance - Anjiu Food reported a total revenue of 15.127 billion yuan in 2024, a year-on-year increase of 7.70%, with core categories like frozen prepared foods and frozen dishes achieving revenues of 7.839 billion yuan and 4.349 billion yuan, respectively, reflecting growth rates of 11.41% and 10.76% [1] - Qianwei Central Kitchen faced a decline in overall performance with a revenue of 1.868 billion yuan, down 1.71% year-on-year, but its frozen prepared dishes and other products saw a remarkable increase in sales revenue to 142 million yuan, up 273.39% [1] Group 3: Market Dynamics - The growth of frozen dish revenue is closely linked to the trend of restaurant chain expansion, as standardized production of prepared foods optimizes cooking processes and ensures consistent consumer experiences across multiple locations [2] - The industry faces challenges such as low market concentration, intense competition from emerging brands and traditional restaurants, and a strong consumer focus on cost-effectiveness, leading to price pressures on restaurant businesses [3] Group 4: Challenges and Opportunities - The prepared food sector is experiencing issues with product homogeneity, leading to price wars and a lack of innovation, while consumer concerns about quality and safety are increasing [3] - Companies need to innovate through technology, focusing on personalized and diverse consumer demands, and enhance brand trust by prioritizing quality and safety through transparent production and strict quality control [3]

Group 1 - The core principle of evaluating companies in the consumer sector is to focus on the quality of revenue growth rather than just the revenue figures themselves. Companies that achieve growth through discounts may damage their brand value over time, while those with stable gross margins indicate strong pricing power and brand loyalty [3][4] - Cash flow is emphasized as a critical indicator of a company's financial health. A company that consistently generates operating cash flow that covers net profit over three years is seen as financially robust, especially in the fast-moving consumer goods sector where quick cash turnover is essential [3][4] - Inventory turnover rate is highlighted as a key metric. Companies with improving inventory turnover rates demonstrate effective sales and supply chain management. High inventory levels can lead to markdowns and losses, as seen in a case where a fast-moving consumer goods company faced significant write-downs due to poor inventory management during the pandemic [4] Group 2 - The investment strategy for consumer stocks should follow a three-step approach: first, filter for financially sound companies using financial reports; second, conduct on-the-ground research to assess product sales; and third, monitor the strategic direction of management. This comprehensive approach helps avoid pitfalls, as illustrated by a case where a company with strong financials was ultimately disregarded due to logistical issues [4][5] - The "Three Good Principles" for investing in consumer stocks are established: good products, good turnover, and good cash flow. Companies that can consistently increase market share, optimize gross margins, and manage inventory risks are considered the true leaders in the consumer sector [5]