Core Viewpoint - Anjiu Food (603345.SH) shows stable fundamentals despite stock price adjustments, with a focus on expanding its product offerings and market presence in the frozen food industry [3][24]. Financial Performance - In the first three quarters of 2025, the company's revenue reached 11.4 billion, a slight increase of 2.7% year-on-year, indicating a continued slowdown [4]. - Net profit was 949 million, down 9.35% year-on-year, with a non-recurring net profit decline of 13.36%, primarily due to rising raw material costs and increased operational expenses [6]. - The gross margin decreased by 3 percentage points compared to the previous year [7]. - In Q3 alone, revenue was 3.77 billion, up 6.61% year-on-year, with net profit increasing by 11.80% to 270 million [10]. Industry Growth and Trends - The frozen food industry in China is projected to reach a scale of approximately 221.2 billion RMB in 2024, making it the second largest globally, with a compound annual growth rate (CAGR) of 9.4% expected from 2024 to 2029 [12]. - The demand for standardized ingredients is expected to rise due to the low chain restaurant penetration in China, which is only half of that in mature markets [14]. - The per capita consumption of frozen food in China is only 10.0 kg, significantly lower than in the US (62.2 kg) and Japan (25.3 kg), indicating substantial growth potential [14]. Business Strategy - Anjiu Food employs a "three-pronged approach" focusing on frozen prepared foods, frozen dishes, and frozen noodle products, with a particular emphasis on the rapidly growing frozen dish segment [16]. - The company has developed a "big single product" strategy, focusing on 3-5 strategic products each year, with 39 products generating over 100 million in annual revenue, including 4 products exceeding 500 million [17][26]. - The company has established 12 production bases nationwide, achieving a capacity utilization rate of 92.24% in 2022, and is planning to launch new projects in 2024 [18]. Market Expansion and Innovation - Anjiu Food is accelerating its internationalization and capital operations, with plans to list on the Hong Kong Stock Exchange in July 2025, becoming the first A+H listed frozen food company in China [24]. - The company is entering the frozen baking sector, having acquired stakes in Jiangsu Dingwei and Dingyifeng, and plans to invest 361 million in a new baking project [25]. - The company is also enhancing its product offerings, with the launch of the "Meat More Grilled Sausage Series" in 2025 [26]. Shareholder Dynamics - In 2023, the company experienced a change in actual control, with the new controllers promising not to reduce their holdings within 18 months [27]. - Prior to this change, the former controlling shareholder reduced their stake by 5% over four months, raising nearly 2.3 billion [27].

Core Viewpoint - Anjiu Foods is focusing on expanding its frozen baking business as a new growth point, following the acquisition of Jiangsu Dingweitai Food Co., Ltd. and the establishment of a dedicated baking division [1][5][7]. Group 1: Business Performance - Anjiu Foods has experienced a slowdown in growth, with revenue growth of 7.7% in 2024, marking the end of eight consecutive years of double-digit growth [4]. - In the first half of 2025, the company reported revenue of 7.604 billion yuan, a slight increase of 0.8% year-on-year, while net profit decreased by 15.79% to 676 million yuan [4][9]. - The company's frozen dish products have seen a decline in growth rates, with expected growth rates of 29.84% and 10.76% for 2023 and 2024, respectively [3][4]. Group 2: Market Expansion and Strategy - The frozen baking market in China is projected to grow at a compound annual growth rate of over 25%, with an expected market size of 23 billion yuan by 2025 [6]. - Anjiu Foods has completed the acquisition of 70% of Dingweitai and 100% of Dingyifeng Food, enhancing its product offerings in high-end frozen products and filling channel gaps [5][6]. - The company aims to leverage its established supply chain, brand influence, and channel advantages to compete effectively in the increasingly competitive frozen baking sector [1][7]. Group 3: Internationalization Efforts - Anjiu Foods has been pursuing international expansion, having entered the European market through the acquisition of Kung Fu Foods in 2021 and establishing an import-export department in 2023 [9][10]. - The company is focusing on the Japanese and Southeast Asian markets, where it has signed contracts with local distributors to enhance brand recognition and market share [9][10]. - From 2021 to 2025, Anjiu Foods' overseas revenue has shown a gradual increase, reaching 72 million yuan in the first half of 2025, although it still represents less than 1% of total revenue [9].

Core Viewpoint - The company reported its 2025 H1 financial results, showing a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite stable revenue growth in certain product lines [1][5]. Financial Performance - In 2025 H1, the company achieved revenue of 7.604 billion yuan, a year-on-year increase of 0.80%, while net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% [1]. - The company's Q2 results showed total revenue of 4.005 billion yuan, up 5.69% year-on-year, but net profit fell by 22.74% to 281 million yuan [1]. Product Matrix and Diversification - The company has a diverse product matrix, with revenue from frozen prepared foods, frozen dishes, frozen noodles, and frozen agricultural products amounting to 3.759 billion, 2.416 billion, 1.241 billion, and 181 million yuan respectively in H1 2025 [2]. - The company completed acquisitions of 70% of Jiangsu Dingwei Thai Food Co., Ltd. and 100% of Dingyifeng Food (Taicang) Co., Ltd., expanding into the frozen bakery segment [2]. B-end Performance and Strategy - The B-end business showed strong performance, with revenue from distributors, supermarkets, direct sales, and e-commerce reaching 6.043 billion, 423 million, 555 million, and 583 million yuan respectively in H1 2025 [3]. - The company is focusing on deepening partnerships with large B clients and new retail customers, enhancing channel potential through customized product offerings [3]. Sales Network and Market Expansion - The company reported revenue across various regions, with East China leading at 3.183 billion yuan, despite a year-on-year decline of 3.34% [4]. - The company has increased its number of distributors to 2,026 and is actively pursuing international market opportunities following its listing on the Hong Kong Stock Exchange [4]. Profitability and Cost Control - The company's gross margin and net margin for H1 2025 were 20.52% and 8.88%, reflecting a slight decline compared to the previous year [5]. - The company managed to reduce its expense ratios, particularly in sales and management, contributing to improved cost control [5]. Future Outlook - The company anticipates revenue growth to 15.317 billion, 16.553 billion, and 18.217 billion yuan for the years 2025 to 2027, with corresponding net profits of 1.511 billion, 1.637 billion, and 1.883 billion yuan [5].

承董事會命 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。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...

Core Viewpoint - The article highlights the upcoming 2025 China Bakery New Product Launch Week, showcasing the participation of Mengwen Foods as a demonstration brand, emphasizing the importance of innovation and collaboration in the baking industry [1][3]. Group 1: Company Overview - Mengwen Foods was founded in 2010 by Lai Yizhen, who graduated from culinary schools in Japan and Paris, and established the first bakery brand "Xiado Twelve Baskets" [15]. - The company transitioned to a food production enterprise in 2015 and opened a new factory in Qingpu District, Shanghai, in 2021 to meet increasing demand [16]. - By 2023, Mengwen Foods has become a designated supplier for major brands, with an annual production value continuously increasing [16]. Group 2: Main Products - Mengwen Foods produces a variety of frozen baked goods, semi-finished products (raw dough), and frozen prepared dishes, catering to different meal occasions such as breakfast, lunch, and afternoon tea [18]. - Product categories include fresh cakes, fresh bread (limited to Shanghai), frozen pastries, frozen finished bread, frozen light meals & sandwiches, and snack pastries [18][21][23][25][28][31]. Group 3: Production Strength - The factory in Qingpu covers over 2,000 square meters and is equipped with a standardized production workshop, emphasizing health, taste, and quality [34]. - The production team consists of experienced pastry chefs and bakers, ensuring high-quality output to meet customer demands [34]. Group 4: Company Advantages - Mengwen Foods adheres to a rigorous management system, certified by HACCP, focusing on food safety and quality policies [36]. - The company boasts a strong R&D capability with professionals from Taiwan, Japan, Korea, and Australia, allowing for tailored product development [38]. - The logistics network ensures nationwide cold chain delivery, maintaining product freshness and quality [41]. Group 5: Partnerships - Mengwen Foods targets high-end baking markets, supplying to major chain restaurants, cafes, supermarkets, and other businesses with professional OEM needs [43]. - The company collaborates with various well-known brands, enhancing its market presence and product offerings [38].