2月3日，三全食品发布投资者关系活动记录表。当中披露，关于公司2025年的表现，三全食品称，公司 产品端深入调研市场趋势，加强研究消费需求，积极与渠道伙伴共创产品，推出了"中国好饺子"、"多 多系列"水饺、"黄金比例饺子"、慢醒老面小笼包等新产品，在品质显著提升的同时保持极高的性价 比，获得了渠道及消费者的一致好评，新品收入实现快速增长。汤圆品类完善产品矩阵，食养汤圆三大 系列全面上新："养"主打药食同源理念，"润"针对女性消费需求，"珍"融入阿胶、燕窝等珍稀食材，同 时推出趣味造型汤圆、"低 GI"健康汤圆，满足不同画像消费者的需求。烤肠系列优化生产工艺，推 出"爆汁烤肠"等新产品，销售额快速增长，并实现市占率领先水平。肉卷、丸子等火锅食材产品在经过 调整后也表现出良好的增长势头，同时公司积极拓展西式产品赛道，意面系列产品上市后获得消费者广 泛好评。在渠道方面，公司直营渠道收入利润获得显著改善，收入降幅及利润亏损幅度持续大幅收窄， 经销渠道通过深化经销商服务及精细化管理，在优化经销商数量的同时单个经销商产出持续提高；社会 餐饮渠道抓住团餐业务增长契机，积极开拓团餐业务经销商，团餐业务规模持续扩大；公司持续加 ...

| | | 附件： | 序号 | 姓名 | 公司 | | --- | --- | --- | | 1 | 赵晨凯 | 海富通 | | 2 | 顾训丁 | 中信证券 | | 3 | 江皓云 | 中信证券 | | 4 | 王毅成 | 兴银理财 | | 5 | 王郁冰 | 中庚基金 | | 6 | 程碧升 | 国泰海通 | | 7 | 盛一然 | -- | | 8 | 王文心 | 百年保险资管 | | 9 | 王萌 | 平安证券 | | 10 | 潘俊汝 | 永赢基金 | | 11 | 陈力宇 | 国泰海通 | | 12 | 雷泽成 | 中银基金 | | 13 | 尹佳瑜 | 观富资产 | | 14 | 沈士峻 | 静远资本 | | 15 | Alicia | capital group | | 16 | 雯妮 | 鼎绎咨询 | 编号：2026-002 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 名单详见附件 | | 人员姓名 | | | ...

Investment Rating - The report suggests a positive investment outlook for the liquor and frozen food sectors, particularly highlighting the upcoming Spring Festival as a catalyst for sales growth in the liquor industry [1][2]. Core Insights - The liquor market is expected to see improved sales performance as the Spring Festival approaches, with Moutai leading the way. The report indicates that Moutai's pricing strategy and sales performance are likely to drive industry-wide improvements [1][2]. - The frozen food sector is experiencing a recovery, with demand rebounding and price competition easing. Leading companies in this sector are expected to benefit significantly from this trend [2]. - The snack food segment is also showing signs of recovery, with companies that faced challenges in 2025 beginning to emerge from their operational lows. The upcoming Spring Festival is anticipated to boost inventory levels and sales [2]. Summary by Sections Liquor Sector - The report indicates that as the Spring Festival approaches, channel collections are progressing normally, and sales are expected to improve slightly despite year-on-year pressure. Moutai is expected to perform strongly, with its pricing strategy showing a stabilizing effect [2]. - The report emphasizes that liquor companies are prioritizing volume over price and focusing on quality to gain market share [2]. Frozen Food Sector - The frozen food market is currently in its peak sales season, with demand showing a month-on-month recovery. The report notes that leading companies are likely to see revenue growth due to a low base effect and improved profit margins [2]. Snack Food Sector - Companies in the snack food sector that faced challenges in 2025 are now gradually recovering. The report highlights that the upcoming Spring Festival will significantly enhance inventory levels and sales opportunities for these companies [2]. Specific Companies - Moutai, Guizhou Moutai, and other leading liquor brands are recommended for short-term investment due to their strong performance during the Spring Festival [1]. - Companies like Sanquan Foods and others are noted for their innovative product launches and channel strategies, which are expected to drive revenue growth [4].

Group 1: Core Initiatives and Product Adjustments - The company has embraced customization in direct channels, enhancing product quality and customer response speed, leading to a continuous increase in customized product SKUs and improved profitability [2] - New product launches include "China Good Dumplings," "Duo Duo Series" dumplings, and "Golden Ratio Dumplings," which cater to diverse consumer needs and have performed well in the market [2][3] - The company has optimized its distribution structure, supporting weaker regional clients and matching high-growth customers with dedicated service personnel [2] Group 2: Future Growth Opportunities - The company is strategically expanding its instant retail business by deepening collaborations with major platforms like Taobao, Meituan, and JD.com, aiming to accelerate home delivery and flash warehouse operations [3] - Plans to enhance service capabilities for chain restaurant clients and co-develop products to meet evolving customer demands are in place [3] - The company is actively pursuing overseas market opportunities, having obtained necessary investment certifications and completed registrations for subsidiaries in Hong Kong, Cayman Islands, and Australia [3] Group 3: Dividend Considerations - Future dividends will be determined based on the company's development stage, profitability, funding needs, and shareholder returns, aiming for a balanced approach to long-term, stable, and sustainable shareholder returns [3]