食品圈有大动作，天味食品将奔赴香港上市，卤味大拿全力向冻干领域冲刺，食品行业中，近期有两件事颇受关注，天味食品拟进军香港上市，卤味巨头奋 力朝着冻干食品领域迈进，其中蕴含着食品行业怎样的发展趋势与市场规律？ 不过，这两个举动也面临着一些挑战， 对于天味食品来说，进军香港上市后，得去适应国际市场的规则和投资者的需求， 天味食品为川味复合调味料的龙头企业，此番规划赴港上市，背后存多重考量，于市场拓展而言，香港乃国际金融中心，拥有更宽泛的国际投资者群体，天 味食品上市后，可获取更多资金支撑，用以拓展海外市场，例如天味食品能够凭借这些资金在东南亚、欧美等地构建销售渠道，推广川味调味料。 从行业竞争角度来剖析，由于食品行业竞争愈发激烈，天味食品得不断提升自身竞争能力，赴香港上市有利于提升品牌在国际上的知名度，吸引众多高端人 才与先进技术，这恰似一场竞赛，天味食品经赴香港上市，为自身配备了更为高级的"装备"在竞争中更具优势。 熟食行业一直是食品行业中的热门领域，这几年市场逐渐趋于饱和，为寻找新的增长机遇，卤味行业各大企业纷纷将目光转向冻干食品领域 脱水食品乃是采用冷冻脱水技术制成的食品，具备储存时间长、营养流失少等优点， ...

近日，绝味食品开了一家"绝味plus"，一改传统的卤味档口风格，摆上休闲桌椅，卖起了小吃和酒饮。 事实上，近段时间以来，周黑鸭、久久丫等卤味品牌也都新动作频频，包括"开餐饮店"，推新品牌、卖热卤等等。 卤味巨头，为何集体谋变？ 卤味巨头，开始"抢餐饮店生意"？ 广州骏景南二路的一家"久久丫"门店，最近升级成了"久久丫·火锅鲜卤"。 △图片来源：红餐网摄 店员丽丽（化名）介绍，升级后门店的工作流程完全变了。过去，她只需将总部统一配送的冷卤成品摆上柜台，称重、分砍、打包、收银。 而今，她到店后的第一项工作就是开火熬卤，将秘制的卤料包分别倒入两个大铁桶内，加水熬煮；随后，鸭脖、鸭翅、鸭掌等半成品食材被分批下锅卤 煮。煮好后，再整齐码放在展示柜中。顾客点单后，再根据口味选择，分别放入辣或不辣的专用卤汤中，重新回锅"冒"煮40-90秒。 △图片来源：红餐网摄 "所谓火锅鲜卤，是用火锅底料熬成的卤汁去卤煮鸭货，除了加热，还能让食材在高温卤汁中二次入味，肉质更Q弹。"丽丽解释道。 丽丽还表示，最近两个月，目前久久丫大部分门店都已升级为火锅鲜卤模式。升级后，人均客单价没有明显变化，保持在25元上下。 红餐网注意到，卤味行业的 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Insights - The report highlights strong expansion in tea beverage brands and active growth in Western fast food, with average transaction prices stabilizing month-on-month [5][8][10] Summary by Sections Western Fast Food - The expansion of Western fast food is active, with average transaction prices remaining stable, indicating market resilience [8] - Notable trends in net store openings for major brands include: - KFC: -0.4% in August 2024 - McDonald's: 0.2% in August 2024 - Pizza Hut: -1.8% in August 2024 - Domino's: 0.0% in August 2024 [8] Tea Beverage - Leading brands in the tea beverage sector are expanding significantly, while overall average transaction prices are fluctuating as they seek balance [10] - Key trends in net store openings for major tea brands include: - Mixue Ice Cream: -2.3% in August 2024 - Heytea: -1.1% in August 2024 - Naixue's Tea: -0.3% in August 2024 [10] Coffee & Hot Pot - The coffee segment shows strong expansion momentum, with notable net store openings: - Luckin Coffee: 1,812 new stores, 8% increase - Kudi Coffee: 2,495 new stores, 25% increase [12] - The hot pot industry is facing adjustments, with several brands showing negative net openings [14] Other Food Segments - The overall opening of stores in segments like pickled fish, snacks, and small pubs is cautious, with average transaction prices stabilizing [15] - Key trends in net store openings for snack brands include: - Zuiyan Zhiwei Chicken: -463 stores, 8% decrease - Juewei Duck Neck: -1,127 stores, 9% decrease [17]

Core Viewpoint - The founder and chairman of Zhou Hei Ya, Zhou Fuyou, emphasized the importance of "heart" quality productivity to overcome industry challenges and reshape industry value, highlighting the need to prioritize quality over cost in the current slow-growing duck industry [1][10]. Group 1: Industry Challenges - The current trend in the marinated duck sector shows a slowdown in growth, with consumer feedback indicating a decline in product quality [1]. - The root cause of industry difficulties is attributed to an excessive focus on cost reduction at the expense of product quality, leading to a loss of consumer trust [1][2]. Group 2: Proposed Initiatives - Zhou Fuyou proposed two major initiatives: shifting from "internal competition" to "collaborative competition" within the industry chain to better meet consumer demands for health and taste [2]. - The second initiative is to prioritize quality over cost, moving away from the misconception of maximizing material ratios and returning to the fundamental goal of producing high-quality products [2]. Group 3: Company Actions - Zhou Hei Ya has established a comprehensive supply chain management system, collaborating with leading suppliers to ensure stable quality and supply of raw materials [3][9]. - The company has implemented strict quality control measures throughout the production process, from raw material selection to final product delivery, maintaining a "quality first" philosophy [3][7]. Group 4: Quality Control Measures - Zhou Hei Ya employs rigorous standards for raw materials, such as sourcing ducks raised for approximately 400 days and selecting high-quality spices through extensive processing [4]. - The company has invested in automated production lines and a clean production environment, significantly enhancing production efficiency and food safety [7]. Group 5: Market Position and Future Outlook - Zhou Hei Ya is positioned as an industry leader, with a projected net profit growth of 55.5% to 94.8% for the first half of 2025, outperforming peers [10]. - The company's "heart" quality productivity concept provides a clear upgrade path for the industry, transitioning from growth based on scale to growth based on quality, positioning Zhou Hei Ya as a key beneficiary in the recovery of the industry [11].

Core Viewpoint - High-quality development has become the core proposition for companies to navigate through cycles, with Zhou Hei Ya serving as a model for the industry by transitioning from scale expansion to quality and efficiency enhancement [2] Financial Performance - Zhou Hei Ya expects to achieve a profit of approximately 90 million to 113 million yuan in the first half of 2025, representing a year-on-year increase of 55.2% to 94.8% [2] - The anticipated revenue is between 1.2 billion to 1.24 billion yuan, excluding uncompleted statistics from joint ventures [2] Growth Drivers - The core drivers of performance growth include improved average sales efficiency per store and a decrease in raw material costs, which have enhanced gross margins [4] - Lean management has effectively optimized the sales expense ratio, contributing to significant improvements in overall profitability [4] Strategic Transformation - Zhou Hei Ya is focusing on "store quality reform" and optimizing store structure to enhance operational quality, which has laid a solid foundation for profit growth [5] - The company has shifted from "extensive expansion" to refined operations, closing inefficient stores and focusing on high-traffic areas [6] Sales and Marketing Strategy - Zhou Hei Ya has strengthened its "people-goods-scene" collaboration by upgrading service experiences and implementing refined membership management [7] - The company is expanding its multi-channel layout, forming a three-dimensional network of "offline stores + emerging channels + overseas markets" [7] International Expansion - Zhou Hei Ya is accelerating its overseas market penetration, with plans to build a global supply chain starting from Southeast Asia [9] - The company aims to achieve brand value globalization through localized innovation and supply chain integration [9][10] Cost Optimization - Zhou Hei Ya has implemented standardized models in production, procurement, and logistics, enhancing its pricing power on raw materials and distribution costs [11] - The company employs a dual strategy of "source control + strategic reserves" to improve gross margins, with a projected gross margin of 55.5% for 2025 [11] Quality Control - Zhou Hei Ya adheres to strict quality standards across the entire supply chain, ensuring product consistency and safety [12] - The company’s rigorous quality control has garnered recognition in the capital market, reinforcing its position as a leading brand in the industry [13]

Core Viewpoint - Zhou Hei Ya is leading the industry with significant profit growth amidst a challenging consumer environment, driven by store quality reforms, supply chain optimization, and cost efficiency measures [1][2][6]. Financial Performance - The company expects to achieve a profit of 0.9 billion to 1.13 billion yuan in the first half of 2025, representing a year-on-year growth of 55.2% to 94.8% [1]. - Revenue is projected to be between 12 billion and 12.4 billion yuan during the same period [1]. - The gross profit margin improved by 6 percentage points to 58.3%, while net profit increased by 3.64 times in the previous year [2][5]. Operational Strategies - Zhou Hei Ya is focusing on store quality reforms by optimizing store locations in high-traffic areas and enhancing customer experience through innovative store designs and product offerings [4][6]. - The company has established a dual-driven system of "classic + innovation" to enhance its product matrix and maintain competitive pricing through effective supply chain management [4][7]. Industry Positioning - Zhou Hei Ya has outperformed its peers, such as Huang Shang Huang and Jue Wei, which are facing profit declines [1][3]. - The company is transitioning from scale growth to quality growth, positioning itself as a model for sustainable profitability in the industry [6][7]. Future Outlook - The company anticipates continued profit growth in the second half of 2025, supported by ongoing store quality improvements, a rich product matrix, and optimized supply chain management [8]. - Zhou Hei Ya is also expanding into international markets, starting with Southeast Asia, aiming to establish itself as a leader in exporting Chinese marinated food [7][8]. Shareholder Returns - Zhou Hei Ya has a strong track record of returning value to shareholders, with a cumulative dividend payout ratio of 43% since 2013 and a recent share buyback of 0.91 million shares worth 1.9 billion HKD [8].

Core Insights - The Jiangsu Province Urban Football League ("Su Chao") has gained significant attention, attracting both local small businesses and well-known brands as sponsors [2][3] - Local small shops, often lacking formal branding, have emerged as unexpected sponsors, benefiting from increased visibility and customer traffic due to their association with the league [2][4] Group 1: Sponsorship Dynamics - Small businesses like street-side barbecue shops and local eateries have become sponsors alongside major brands like KFC and JD.com, showcasing a unique blend of grassroots and corporate sponsorship [2][3] - The sponsorship fees for these small businesses are relatively affordable, allowing them to secure advertising space that was previously dominated by larger brands [2][7] - The number of sponsors has increased significantly, from single digits at the league's inception to nearly 30, covering various sectors including food, finance, and technology [7][8] Group 2: Business Impact - Local businesses have reported a surge in customer traffic and sales following their sponsorship involvement, with some experiencing a doubling of business [4][8] - For instance, "Dongha Northeast Street Barbecue" saw a dramatic increase in customers, leading to long wait times and the need for additional seating [4][6] - "He Xiaolei Fresh Marinated Goods" also reported a 30% increase in takeout orders after becoming a sponsor, highlighting the positive impact of the league on local businesses [5][6] Group 3: Community Engagement - Local shop owners are actively engaging with their communities, often giving back through free food offerings during events, which enhances their brand image and community ties [8][9] - The league has fostered a sense of community and local pride, with shop owners expressing gratitude for the opportunities provided by their involvement in the league [6][10] - The sponsorships have allowed small businesses to gain exposure in a way that resonates with local consumers, creating a shared experience around the sport [10][11]

Core Viewpoint - The company, Juewei Foods (603517.SH), demonstrated resilience and market competitiveness in the first quarter of 2025, achieving a revenue of 1.501 billion yuan and a net profit of 120 million yuan despite structural adjustments in the consumer market and intensified industry competition [1][2]. Group 1: Financial Performance - In Q1 2025, Juewei Foods reported a revenue of 1.501 billion yuan and a net profit of 120 million yuan, reflecting the challenges in the current consumer market [1]. - The company utilized 294 million yuan of its own funds for share repurchase and cancellation in 2024 to maintain market stability and enhance investor confidence [2]. - The annual dividend plan for 2024 included a cash dividend of 3.3 yuan per 10 shares, totaling approximately 200 million yuan, along with a mid-term dividend of 3 yuan per 10 shares, highlighting the company's commitment to shareholder interests [2]. Group 2: Strategic Initiatives - Juewei Foods is accelerating its digital transformation strategy, partnering with Tencent Smart Retail to leverage AI, cloud technology, and big data for enhancing retail operations [3]. - The company has implemented a comprehensive digital strategy across various platforms, including offline stores, takeout services, and social media, with AI-driven initiatives like "Xiao Huo Ya" improving customer engagement and decision-making speed [3]. - The AI applications have led to a 39% increase in store operational efficiency and significant improvements in marketing effectiveness, with click-through rates rising over 40% and conversion rates increasing by 25% [3]. Group 3: Targeting Young Consumers - Juewei Foods is focusing on the preferences of Generation Z, employing flexible product strategies and brand rejuvenation to strengthen its influence among young consumers [4]. - The company utilizes social media to enhance its youthful brand image, engaging in "listening to advice" marketing and collaborating with popular cultural IPs to resonate with younger audiences [4]. - In 2025, Juewei Foods plans to continue exploring AI and retail synergies while deepening its digital layout and expanding consumption scenarios targeted at younger demographics [4].

Summary of Conference Call Records Industry Overview - The conference call discusses the food and beverage industry, focusing on various segments including alcoholic beverages, dairy products, snacks, and health products. Key Points and Arguments Alcoholic Beverages - The liquor sector, particularly the baijiu segment, shows strong resilience despite price fluctuations due to alcohol bans and online activities. Leading companies maintain price stability through channel power and policy adjustments, warranting attention to marginal fundamental changes in baijiu [1][4] - Other alcoholic beverages like beer, yellow wine, and pre-mixed drinks also exhibit high gross margins, typically between 40% to 60% [5] - The market share of pre-mixed drinks, such as those from Baijiu Holdings, has increased despite fierce competition, currently reaching 80% to 90% [6] Dairy Products - The dairy industry faces challenges due to reduced demand for social visits during the pandemic, leading to a lack of consumption scenarios. An increase in dairy cow inventory has resulted in oversupply, with smaller brands capturing market share through lower prices [7] - Price wars are intensifying, with retail prices for fresh milk and yogurt declining since 2021. Major brands like Yili and Mengniu maintain high margins on premium products, but ordinary products see margins drop to 20%-30% [7] Snack Industry - The snack sector is evolving with the rise of offline snack chains and online platforms like Douyin, creating new opportunities. However, consumers are highly price-sensitive, leading to reduced willingness to pay premiums [8] - Companies with high industrial efficiency and low costs, such as Salted Fish and Three Squirrels, are gaining market share by focusing on cost-effectiveness [8][9] Health Products - The health product sector is competitive, with customers willing to pay premiums for innovative products. Brands with new formulations and strong marketing capabilities can achieve higher premiums, while traditional brands like Tongrentang face challenges due to limited innovation [12] Consumer Behavior and Pricing - Consumers exhibit a willingness to pay higher prices for premium products in both self-satisfying and social contexts. Brands in the liquor sector, such as Moutai and Wuliangye, maintain high gross and net profit margins despite market fluctuations [4] - The willingness to pay for premium products is decreasing in the snack and health sectors, prompting leading companies to adapt their strategies [11] Investment Opportunities - Investment in the liquor sector is recommended, particularly in companies like Baijiu Holdings and Kweichow Moutai, which are currently undervalued [15] - The snack sector shows high growth potential, with companies like Wei Long and Salted Fish expected to maintain strong growth rates [15][16] - In the dairy sector, companies like New Dairy and Yili are highlighted for their innovative products and expected margin improvements [16] Emerging Trends - The pet economy is rapidly growing, with significant contributions from younger generations. Companies are expanding their presence in this market through new store openings and product offerings [17] - Health and personal care products are increasingly focusing on safety and health attributes, with brands like Weigao Medical leading in market share [18] Other Important Insights - The differentiation between "self-satisfying" (悦己消费) and "social" (悦人消费) consumption is emphasized, with the former relying on emotional needs and high-frequency repurchase, while the latter depends on cultural IP and seasonal demand [14][22] - Companies are encouraged to leverage technology and consumer trends to enhance user retention and product value [22]

Group 1: Company Strategies and Developments - JiuGuiJiu has reduced its SKU by 50%, eliminating low-sales and non-growth potential products, and is focusing on a "2+2+2" strategic product system [1] - BaiGuoYuan Group has submitted an application to the China Securities Regulatory Commission for H-share full circulation, converting approximately 85.45 million non-listed shares into H-shares [2] - XiWang Food is committed to improving its sports nutrition business despite recent underperformance, citing long-term market potential and brand recognition [3] Group 2: Financial Performance and Projections - Vitasoy International expects a profit increase of approximately 94% to 111% for the fiscal year ending March 31, 2025, driven by improved operating profits in mainland China and Hong Kong [6] - NaiXue's Tea opened its 8th store in Southeast Asia in Chiang Mai, generating nearly 3.5 million Thai Baht (approximately 770,000 RMB) in its first month [9] Group 3: Market Reactions and Consumer Engagement - Luckin Coffee denied reports of price reductions, stating that it is offering promotional coupons for the Dragon Boat Festival and Children's Day instead [8] - WuFangZhai is gifting zongzi gift boxes to shareholders to promote traditional culture and gather feedback on its products [4] Group 4: Regulatory and Legal Matters - SanZhiSongShu has submitted its H-share issuance application to the Hong Kong Stock Exchange, which has been accepted by the China Securities Regulatory Commission [7] - DaRunFa clarified that it has restructured its operational zones from five to four, denying any plans to eliminate the Northeast region [12] - WanChen Group announced that its chairman, Wang JianKun, has had his detention lifted and is resuming his duties [13]