Core Viewpoint - The report by Zhiyan Consulting aims to provide a comprehensive analysis of the pre-prepared food industry in China, focusing on market size, major companies' revenue, and market share, to support leading enterprises in applying for specialized qualifications such as "Little Giant" and "Single Item Manufacturing Champion" [1][3][15]. Industry Overview - The pre-prepared food industry, also known as pre-cooked food, is essential for integrating various industries, meeting consumer upgrades, and ensuring residents' dietary health. It can be categorized into four types based on the degree of processing: ready-to-mix, ready-to-cook, ready-to-heat, and ready-to-eat [3][6]. - The industry has evolved through several stages, including foreign investment, local processing technology exploration, restaurant chain expansion, pandemic-driven consumer demand, and policy support for industry upgrades [3][6]. Market Dynamics - The pre-prepared food industry is currently experiencing rapid growth driven by policy support and changing consumer demands. The market is characterized by simultaneous scale expansion and structural adjustments [6][9]. - The penetration rate of central kitchens in the B-end has reached 35%, while the C-end has seen a 40% annual increase in sales of mid-to-high-end products, driven by live e-commerce [6][10]. Competitive Landscape - The industry is in a transitional phase with both "small, scattered, and weak" players and "high growth" characteristics. The top five companies hold less than 20% market share, indicating a fragmented market where over 80% is occupied by regional small enterprises [9][10]. - The industry is witnessing accelerated vertical integration, with leading companies acquiring regional brands and establishing control over the entire supply chain [6][9]. Policy Environment - The central government's first inclusion of the pre-prepared food industry in national planning has led to new regulations aimed at controlling preservatives and promoting standardization, which is pushing out small-scale production [6][10]. - The implementation of national standards for pre-prepared foods by 2025 is expected to further enhance industry quality and competitiveness [10][11]. Future Outlook - The report predicts that the pre-prepared food industry will continue to grow, with increasing international market penetration, particularly in North America and RCEP countries [6][9]. - The development of new consumption scenarios, such as camping and family reunion meals, is transforming pre-prepared foods from emergency supplies to a quality lifestyle choice [6][9].

Group 1: Baijiu Industry - The current PE-TTM for the baijiu sector is 19.31 times, which is at the 6.18% percentile over the past decade, indicating significant safety margins [1] - High-end baijiu brands like Kweichow Moutai and Wuliangye are expected to maintain market share through "price protection and volume control" strategies, with projected net profit growth rates of 13.3% and 12.7% for 2024 respectively [1] - Regional leaders such as Shanxi Fenjiu and Jinshiyuan are benefiting from channel penetration and the recovery of banquet scenarios, with sales growth expected to exceed 30% during the 2025 Spring Festival [1] Group 2: Consumer Goods - The beer sector continues to see high-end trends, with Qingdao Beer achieving an ASP of 4200 yuan per thousand liters and Yanjing Beer having over 25% revenue contribution from its U8 flagship product [3] - Functional beverages like Dongpeng Beverage, which holds a 31% market share, are rapidly expanding into coffee and energy tea, with a projected revenue growth of 45% year-on-year by Q4 2024 [4] - Health drinks such as Xiangpiaopiao's zero-sugar freeze-dried fruit tea have seen online sales double, with a projected PE of only 20 times in 2025 [5] Group 3: Snacks and Prepared Foods - Online sales for snack brands like Three Squirrels have surged, with a 200% year-on-year increase in GMV through Douyin, while Yanjinpuzi's quail egg product has annual sales of 1 billion [7] - The prepared food sector is benefiting from B-end restaurant recovery and C-end penetration, with companies like Anjifood seeing 30% of their revenue from prepared foods after acquiring Frozen Food Mr. [8] Group 4: Seasoning and Baking Supply Chain - Leading seasoning brands like Haitian Flavoring have reduced channel inventory to 2.5 months, while Qianhe Flavoring has over 50% revenue from zero-additive soy sauce, benefiting from restaurant recovery and household consumption upgrades [10] - Yeast leader Angel Yeast is experiencing over 25% growth in overseas revenue due to capacity release and cost reductions [11] - Innovations in raw materials are seen in companies like Lihai Foods, which has a 60% year-on-year increase in cream revenue, and Huirong Technology, with 30% of its plant-based cream revenue coming from exports [12] Group 5: New Tea Beverage Supply Chain - The IPO of Mixue Ice City has a significant impact, with a frozen capital of 1.77 trillion HKD, benefiting related A-share companies in the supply chain [14] - Companies like Anjifood and Xianle Health are positioned as suppliers of jam and frozen fruits, while Yudong Technology and Hexing Packaging are focusing on eco-friendly solutions and cost advantages in packaging materials [15][16] - The global expansion plan of Mixue, with 46,000 stores, could lead to a 30%+ increase in orders for supply chain companies [17] Group 6: Policies and Industry Trends - The Chinese government's "restore and expand consumption" policy is expected to result in over 300 billion yuan in consumer subsidies by 2025, directly benefiting the food and beverage sector [18] - Retail sales are projected to grow by 3.5% year-on-year in 2024, with health food categories (low-sugar/low-fat) expected to exceed 20% growth [19] - Valuation shifts are evident, with many sub-sectors like seasoning having a PE of 28 times compared to a historical average of 40 times, alongside noticeable foreign capital inflows [19]