Core Viewpoint - In Q1-3 of 2025, the company's revenue growth rates were 1.00% and +14.27% in Q3, driven by new product categories, new channels, channel structure adjustments, and cost optimization, showing significant improvement in a quarter-on-quarter comparison [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.378 billion yuan, a year-on-year increase of 1.00%; net profit attributable to shareholders was 54 million yuan, a decrease of 34.06% year-on-year; and net profit excluding non-recurring items was 54 million yuan, down 34.15% year-on-year [2] - In Q3 2025, the company reported revenue of 492 million yuan, a year-on-year increase of 4.27%; net profit attributable to shareholders was 18 million yuan, down 19.08% year-on-year; and net profit excluding non-recurring items was 20 million yuan, a decrease of 14.00% year-on-year [2] Demand and Product Performance - Q3 demand showed a quarter-on-quarter rebound, likely driven by new product categories and new retail channels, with continued strong performance in bakery and frozen prepared food categories [3] - The company has strengthened cooperation with new retail channels such as Hema, Walmart, and Yonghui, enhancing customization capabilities and deepening collaboration with major clients, contributing to revenue growth [3] Margin and Cost Structure - For Q1-3 of 2025, the company's gross margin was 22.73%, down 1.52 percentage points year-on-year, and the net profit margin was 3.90%, down 2.08 percentage points year-on-year; in Q3 2025, the gross margin was 21.18%, down 1.26 percentage points year-on-year, and the net profit margin was 3.66%, down 1.06 percentage points year-on-year [4] - The increase in product costs was attributed to changes in product sales structure and channel structure, with the company responding to market competition by increasing promotional activities [4] - Operating cash flow for Q1-3 of 2025 was 111 million yuan, compared to -4 million yuan in the same period last year; in Q3 2025, operating cash flow was 82 million yuan, a year-on-year increase of 75.97% [4] Strategic Outlook - The company's core goal for 2025 is to maintain stable and healthy development of its main business, with adjustments in distribution channel structure and a focus on new retail channels, leading to improved sales performance and cost-effectiveness [5] - The company aims to capitalize on the trend of restaurant chain development, expand sales of standard and customized products in new supermarkets, and push some consumer products into the B-end market [5] - The company is expected to achieve revenue of 1.932 billion, 2.120 billion, and 2.422 billion yuan, with net profits of 80 million, 98 million, and 130 million yuan for 2025-2027, respectively [6]

Core Viewpoint - Anjoy Food Group Co., Ltd. has successfully listed its H-shares on the Hong Kong Stock Exchange, becoming the first "A+H" listed frozen food company in China and the first food company in Fujian Province to achieve this status. This move aims to enhance the company's international brand influence and product competitiveness [6][10]. Financial Performance - The company reported an increase in bakery food revenue by 32.12 million yuan, primarily due to the acquisition of 70% of Jiangsu Dingwei Thai Food Co., Ltd. in July 2025, which brought additional revenue into the consolidated financial statements [10]. - Other business revenues decreased by 38.97% compared to the previous year, attributed to a reduction in processing income [11]. Shareholder Information - The total number of shareholders with ordinary shares and the top ten shareholders' holdings were disclosed, with HKSCC Nominees Limited holding shares on behalf of foreign investors [4]. Stock Option Plan - The company adjusted the exercise price of the 2023 stock option incentive plan from 102.12 yuan per share to 98.73 yuan per share, following the completion of dividend distributions in 2024 and 2025 [15][61]. - The second exercise period of the stock option plan has been confirmed, allowing 3.20796 million stock options to be exercised by 1,344 eligible participants [40][50]. Upcoming Events - An investor performance briefing is scheduled for November 13, 2025, to discuss the third-quarter results and address investor inquiries [25][26].

Summary of Anjoy Foods Conference Call Company Overview - **Company**: Anjoy Foods - **Industry**: Frozen Food and Prepared Dishes Key Points Sales Strategy and Channel Performance - Anjoy Foods has established a robust channel barrier through an omnichannel sales strategy, with the distribution channel accounting for 76% of revenue in the first half of 2022, indicating the effectiveness of its channel strategy [2][4][5] - The company maintains a stable network of distributors, providing flexible policy support to enhance distributor loyalty, ensuring that distributor revenue remains above 75%, which forms a significant competitive advantage [2][4][5] Production Capacity and Market Position - Anjoy Foods is the leading producer in the industry, with a capacity utilization rate consistently exceeding 100%. The company has expanded production bases and upgraded old facilities to alleviate supply shortages during peak seasons and reduce transportation costs [2][5] - The company operates 11 production bases and has over 30 projects under construction, continuously building new bases and upgrading existing ones to support production capacity [5] Industry Growth and Market Potential - The Chinese frozen food market is experiencing rapid growth, expected to reach a market size of 330 billion yuan by 2025, driven by improvements in cold chain logistics and changes in consumer structure [2][6] - There is significant room for growth in per capita consumption of frozen foods in China, which was 9 kg in 2019 compared to 65 kg in the U.S. and 35 kg in Europe [6] Prepared Dishes Business Development - Anjoy Foods is actively expanding its prepared dishes segment through self-production, private labeling, and acquisitions, launching several market-recognized flagship products [2][7][11] - The prepared dishes market is projected to reach a trillion yuan by 2025, with significant growth potential as per capita consumption in China is currently low compared to other countries [9][10] Financial Performance - In the first half of 2023, Anjoy Foods reported revenue of 7.6 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders was 676 million yuan, a decline of 15.79% [3][12] - The gross margin was 20.52%, down 3.39 percentage points year-on-year, primarily due to rising raw material prices [3][12] Channel Performance Insights - Revenue from the distributor channel was 6 billion yuan, a slight decline of 1.15%, while the retail and e-commerce channels showed strong performance with a revenue increase of 20.92% [3][13] - The company collaborates with new retail platforms like Hema and Dingdong Maicai to enhance supply capabilities in emerging markets, although demand remains under pressure [3][13] Management and Strategic Direction - The management team, led by Chairman Liu Liming and General Manager Zhang Qingnian, has shown high professionalism and loyalty since the company's inception, effectively implementing the omnichannel sales strategy [4] Product Innovation and Market Strategy - Anjoy Foods focuses on product innovation, launching regional new products based on local dietary habits, which are then promoted nationwide to ensure sustainable growth [8] Recent Acquisitions - The company completed the acquisition of Jiangsu Dingwei Tai Foods, entering the frozen baking sector and enhancing its capabilities in high-end cod fish paste and frozen baking products [12][11] This summary encapsulates the key insights from the conference call, highlighting Anjoy Foods' strategic initiatives, market positioning, financial performance, and growth potential in the frozen food and prepared dishes industry.

Investment Rating - The report provides various investment ratings for companies in the consumer staples sector, with "Outperform" ratings for companies like China Feihe, Haidilao, and China Resources Beer, while Budweiser APAC is rated as "Neutral" [1]. Core Insights - The report highlights a rise in packaging material prices and an increase in the beer spot cost index by 2.96% year-on-year, indicating upward pressure on costs in the consumer staples sector [1][35]. - The cost indices for six categories of consumer goods monitored by HTI mostly increased, with notable changes in spot and futures indices across beer, frozen food, soft drinks, instant noodles, dairy products, and condiments [35]. Summary by Category Beer - The beer spot cost index is at 116.32, down 0.06% from last week, while the futures index is at 115.68, up 1.2% [13]. - Year-to-date, the spot index has decreased by 0.86%, and the futures index has decreased by 7.13% [14]. Condiments - The condiments spot cost index is at 100.51, down 0.1%, and the futures index is at 101.3, up 1.55% [17]. - Year-to-date, the spot index has decreased by 2.66%, and the futures index has decreased by 7.47% [17]. Dairy Products - The dairy products spot cost index is at 101.25, down 0.13%, and the futures index is at 91.04, up 0.69% [20]. - Year-to-date, the spot index has decreased by 2.89%, and the futures index has decreased by 3.28% [20]. Instant Noodles - The instant noodles spot cost index is at 103.62, down 0.23%, and the futures index is at 102.53, up 0.88% [23]. - Year-to-date, the spot index has decreased by 2.29%, and the futures index has decreased by 5.47% [24]. Frozen Food - The frozen food spot cost index is at 120.39, up 1.02%, and the futures index is at 119.44, up 1.72% [28]. - Year-to-date, the spot index has decreased by 0.17%, and the futures index has decreased by 1.35% [28]. Soft Drinks - The soft drinks spot cost index is at 109.39, up 0.22%, and the futures index is at 109.26, up 0.72% [31]. - Year-to-date, the spot index has decreased by 3.04%, and the futures index has decreased by 9.54% [31].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight improvement in profitability, with Q3 revenue growth of 6.6% year-on-year and a net profit increase of 11.8% in the same period, indicating better-than-expected performance [7] - The report anticipates a decline in net profit for 2025, with projections of 1.428 billion, reflecting a year-on-year decrease of 3.9% [5][7] - The company is expected to maintain a balanced development strategy focusing on both "BC" and "three-pronged" approaches, aiming for sustainable growth through product innovation and acquisitions [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 15.706 billion, with a year-on-year growth rate of 3.8% [5] - The net profit for 2025 is estimated at 1.428 billion, with a corresponding earnings per share of 4.28 yuan [5] - The gross margin is expected to be 22.9% in 2025, with a return on equity (ROE) of 8.8% [5] - The company’s revenue for the first three quarters of 2025 reached 11.371 billion, a year-on-year increase of 2.7% [7] Product and Regional Performance - In Q3, the company’s revenue from frozen prepared foods, dishes, and noodle products was 19 billion, 12.3 billion, and 4.84 billion respectively, with year-on-year growth rates of 6.4%, 8.8%, and a decline of 9.1% [7] - The company experienced a revenue increase in the South China region, while the East China market faced slight pressure [7] Margin and Cost Efficiency - The gross margin for Q3 was 20%, remaining stable year-on-year, while the sales and management expense ratios decreased, enhancing profitability [7] - The net profit margin for Q3 improved by 0.34 percentage points to 7.3% due to reduced expense ratios [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 安井食品集團股份有限公司（「公司」）按照中國企業會計準則編製的2025年前三季 度與行業相關的主要經營數據披露如下： 一、報告期經營情況 單位：萬元 幣種：人民幣 報告期內營業收入按產品分項分 | 產品分項 | 2025年1-9月 | 2024年1-9月 | 變動情況(%) | | --- | --- | --- | --- | | 速凍調制食品 | 566,538.59 | 562,513.71 | 0.72 | | 速凍菜餚製品 | 364,348.11 | 333,672.23 | 9.19 | | 速凍面米製品 | 172,543.66 | 182,396.36 | -5.40 | | 農副產品及其他 | 29,129.67 | 26,919.08 | 8.21 | | 烘焙食品 | 3,212.07 | | | | 其他業務 | 1,320.06 | 2,162.81 | -38.97 | | ...

Investment Rating - The report maintains a "Buy" investment rating for Qianwei Yangchun [4] Core Views - The company reported a total operating revenue of 1.378 billion yuan for Q1-Q3 2025, a year-on-year increase of 1%, while the net profit attributable to shareholders decreased by 34% to 54 million yuan [1] - The gross margin for Q3 2025 decreased by 1 percentage point to 21.18%, primarily due to the implementation of CIF pricing for small B customers and promotional policies based on customer size [2] - The new retail sector continues to show strong growth, with ongoing optimization of the channel structure, particularly in the small B segment, which is expected to improve profitability [3] Summary by Sections Financial Performance - For Q3 2025, total operating revenue was 492 million yuan, a year-on-year increase of 4%, while the net profit attributable to shareholders decreased by 19% to 18 million yuan [1] - The company expects EPS for 2025-2027 to be 0.82, 0.92, and 1.05 yuan respectively, with corresponding PE ratios of 48, 43, and 37 times [4] Channel and Product Strategy - The company is focusing on product iteration in staple foods and plans to enhance its offerings in baked goods and frozen prepared dishes, leveraging existing channels for customer acquisition [3] - The small B channel is undergoing structural adjustments, with plans to increase direct-to-end customer distributors, which is expected to improve channel profitability [3] Market Position and Growth Potential - The company has a stable contribution from major clients in the hot pot and bakery sectors, and it continues to accelerate the speed of new product proposals, maintaining a double-digit growth plan for new retail channels [3]

Summary of the Pre-prepared Food Industry Conference Call Industry Overview - The pre-prepared food industry is experiencing favorable policies, with a notification from six departments in 2024 clarifying the scope of pre-prepared dishes, which is expected to promote high-quality development in the industry [1][4] - The frozen food market in China benefited from the development of cold chain logistics and consumption upgrades, reaching a market size of 199.2 billion yuan in 2022, with a compound annual growth rate (CAGR) of 10.25%, projected to reach 330 billion yuan by 2025 [1][5] - The frozen hot pot ingredient market is continuously growing, with a market size of 52 billion yuan in 2021, expected to reach 83.3 billion yuan by 2025 [1][6] - The frozen noodle and rice products market has entered a mature phase, with a market size of 78.2 billion yuan in 2021, projected to exceed 100 billion yuan by 2025 [1][7] - The pre-prepared dishes market is rapidly growing, with a market size of 419.6 billion yuan in 2022, a year-on-year increase of 21.31%, and expected to surpass 1 trillion yuan by 2026 [1][8] Key Players and Market Structure - The upstream of the pre-prepared food industry includes raw material suppliers from agriculture, forestry, animal husbandry, and fishery, as well as packaging materials [2] - The midstream consists of five categories: agricultural and aquaculture companies, traditional frozen food companies, specialized pre-prepared food companies, restaurant chains, and retail companies [2] - The downstream includes large B-end, small B-end, and C-end markets, covering diverse dining scenarios such as chain restaurants, takeout, and group meals [2] Market Dynamics and Trends - Chain restaurants adopting pre-prepared dishes can improve service speed, stabilize quality, and reduce costs, with leading chain restaurants using pre-prepared dishes exceeding 85%, increasing profit margins from 25% to 32% [3][10] - The online takeout market in China grew from 0.3 trillion yuan in 2017 to 1.12 trillion yuan in 2022, increasing its share of the overall dining market from 7.6% to 20% [10] - The group meal market is expected to maintain a growth rate of around 10%, with a low concentration level (CR100 of only 6.7%) indicating significant potential for consolidation [11] Consumer Insights - C-end consumers of pre-prepared dishes are primarily women, middle to high-income individuals in first and second-tier cities, and young adults [13] - The trend of smaller households and a faster-paced lifestyle are driving the demand for pre-prepared dishes, with sales on major e-commerce platforms increasing by 120.5% year-on-year in January 2024 [13] Competitive Landscape - The frozen hot pot ingredient market has a low concentration (CR5 of only 15%), indicating potential for further consolidation, with key players including Anjijia and Haixin [7] - The frozen noodle and rice products market has a high concentration (CR3 of 64%), dominated by three major players: Sanquan, Sinian, and Wanchai Ferry [7] Future Outlook - The pre-prepared food market in China is considered a blue ocean market, with a projected size of 1 trillion yuan by 2026, and low industry concentration suggesting ample growth opportunities [15] - Companies with product, customer, channel advantages, and high supply chain efficiency are expected to stand out, with recommendations to focus on leading companies like Anjijia and Qianwei Central Kitchen, as well as others like Longda Meishi and Weizhi Xiang [15]

Core Viewpoint - The article highlights the success of Shenzhen Yuanju Food Co., Ltd. in the frozen food market, particularly through its brand "Xidejia," which has gained significant popularity online and offline, achieving over 3 million followers on JD.com and strong sales across various provinces and convenience stores [2][30]. Group 1: Company Overview - Shenzhen Yuanju Food Co., Ltd. specializes in the production of high-quality frozen foods, including various meatballs and other frozen products, and has successfully captured a loyal customer base both online and offline [3][4]. - The company has been recognized for its commitment to quality, with a modern production facility that emphasizes automation and strict quality control [13][15]. Group 2: Product Development and Marketing - Yuanju Food has successfully entered the "Shenshan Younong" regional public brand initiative, with seven star products, including beef balls and bacon, selected for promotion [6][51]. - The brand "Xidejia," established in December 2009, has become a leading name in the frozen food industry, leveraging internet marketing strategies to enhance its market presence [36][40]. Group 3: Market Position and Strategy - The company has established itself as a major supplier for 7-11 convenience stores in South China, maintaining a long-term partnership that reflects its product quality and market competitiveness [25][27]. - Yuanju Food's strategy includes focusing on product quality and leveraging online platforms like JD.com and social media for marketing, which has resulted in a significant increase in customer engagement and sales [42][43]. Group 4: Future Prospects - The company aims to expand its market reach in the Greater Bay Area, particularly in Guangzhou and Shenzhen, by utilizing the "Shenshan Younong" brand to attract a broader consumer base [62]. - The positive impact of the "Shenshan Younong" brand on sales during the previous winter season has boosted the company's confidence in future growth [60].

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].