[Table_scodeMsg1] 公司研究丨深度报告丨千禾味业（603027.SH） [Table_Title] 千禾味业深度报告：大千世界，禾谷丰登 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 千禾味业经营周期改善，库存回归良性，2026 年有望重回增长。2025 年公司历经舆情影响， 整体处于修复调整期（也致短期内广宣、促销等投放增加），在 2025 年 9 月对 0 系列酱油焕新 升级，公司再次引领行业在清洁标签方面的积极转型。随着渠道库存去化基本完成，产品换代 梳理完毕，叠加线上渠道的修复，2026 年有望重回良性增长轨道。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 2/27 %% %% %% %% research.95579.com 2 酱油行业进入成熟发展阶段，找寻结构性机会。行业升级聚焦"健康"（0 添加、减盐、有机） 与"功能"两大方向。基于日本经验，老龄化、家庭小 ...

Core Viewpoint - The article highlights the misleading marketing practices in the food industry, where products are often misrepresented through names, concepts, and branding, leading to consumer confusion and potential health risks [1][2][4]. Misleading Product Names - Many food products are marketed under names that do not accurately reflect their content or quality, such as "edible raw eggs" which may not be safe for consumption as claimed [2][3]. - The term "cordyceps egg" is often misleading, as it refers to feed containing insects and grass rather than the well-known medicinal cordyceps [4]. Misleading Marketing Concepts - Products labeled with "new concepts" often do not deliver on their health claims, with many nutritional benefits being overstated or based on minimal ingredient presence [11][12]. - For example, some fish sausages marketed for their DHA content may actually contain little to no real fish, misleading consumers about their nutritional value [11][12]. Brand Confusion and Trademark Issues - Companies are using "near-brand" trademarks to confuse consumers, such as "Oriental Refreshing Tea" mimicking the branding of "Oriental Leaf," leading to potential legal disputes [14][15]. - The practice of "riding on the coattails" of established brands through similar names or packaging is prevalent, with companies facing legal challenges for trademark infringement [15][16]. Regulatory and Consumer Rights - Consumers have the right to know the true characteristics of the products they purchase, and misleading packaging can violate consumer protection laws [10]. - New regulations are being introduced to prevent misleading claims such as "zero additives," which have been misused in marketing [10]. Recommendations for Consumers - Consumers are advised to scrutinize ingredient lists and nutritional information rather than relying solely on product names and marketing claims [5]. - There is a call for the establishment of clearer national standards to regulate misleading marketing practices in the food industry [5].

Core Insights - The company, Qianhe Flavor Industry, focuses on the clear trend of health-oriented condiments, emphasizing "clean ingredients" as its core principle [1] - Qianhe has developed a comprehensive product matrix that includes zero-additive, organic, and reduced-salt series, supported by a verifiable system for health commitments [1] - The company won the "2025 Industry Influence Brand" award at the New Consumption·New Economy Awards, reflecting its recognition in the context of consumer upgrades in the condiment industry [1] Product Quality and Safety - Qianhe implements a complete quality control system throughout the production chain, utilizing big data and supply chain management to ensure food safety [2] - The company has established strategic partnerships with core raw material suppliers, ensuring quality control from raw materials to sales, achieving over 2000 inspections and zero errors in CCP management over the past decade [2] Product Innovation and Consumer Focus - Qianhe has successfully combined tradition and innovation, focusing on consumer needs and transforming R&D results into high-quality products [3] - The company has launched several clean ingredient series products, including the Qianhe 0 series soy sauce, which has become a preferred choice among consumers [3] Transparency and Industry Standards - Qianhe addresses the "ingredient label trap" by being the first to place ingredient lists on the front of packaging, enhancing transparency and consumer trust [4] - The Qianhe 0 series soy sauce has achieved the first clean label product certification in the Chinese condiment industry, meeting compliance, safety, and transparency standards [4] Market Trends and Future Directions - The clean ingredient soy sauce is expected to become the preferred choice for Chinese households, with leading brands capturing 50% of the market share, projected to rise to 63.9% in the next three years [1] - The condiment industry is entering a turning point towards clean ingredient products, with quality competition becoming a central theme for sustainable development [4]

Core Viewpoint - Qianhe Flavor Industry has been recognized as a benchmark enterprise in quality and safety within the seasoning industry, receiving the "Quality Leading Benchmark Trust Award" at the 2025 Annual System Certification Customer Exchange Conference held in Foshan, Guangdong [1] Group 1: Quality Management and Safety - Quality control is essential for food safety, and Qianhe Flavor Industry integrates this principle throughout its production chain, establishing a comprehensive quality system that combines big data quality control with supply chain management [3] - The second phase of Qianhe's smart manufacturing project is set to commence production in May 2025, utilizing modern biotechnology and intelligent industrial equipment to transform traditional quality assurance methods into standardized and digitalized production control [3] - The central control room monitors every production process in real-time, with sensors tracking key indicators such as amino acid nitrogen, total acidity, and total nitrogen, conducting over 2,000 tests throughout raw material inspection, process inspection, and finished product inspection, achieving zero errors in CCP management over nearly a decade [3] Group 2: Consumer Trends and Product Innovation - As consumer quality demands rise, Qianhe Flavor Industry addresses the "ingredient list trap" by implementing new national standards for pre-packaged foods, with its Qianhe 0 series soy sauce being the first to display the ingredient list prominently on the front of the packaging [5] - The Qianhe 0 series soy sauce features clean, additive-free ingredients and has passed rigorous audits and testing by the China Quality Certification Center, achieving compliance, safety, and transparency standards, earning the first clean label product 0-level certification in the Chinese seasoning industry [5][7] Group 3: Industry Standards and Future Outlook - The clean label product certification standards, derived from the EU, require companies to establish a comprehensive risk control system from raw material selection to packaging and storage, with the 0-level being the highest certification grade [7] - Qianhe's achievement of the clean label product 0-level certification demonstrates the absence of human-added risks during processing, aligning with advanced standards in developed countries and positioning the company at the forefront of the industry [7] - With the combined efforts of industry, consumption, and distribution, it is projected that the market share of clean ingredient soy sauce will reach 63.9% in the next three years, indicating a market turning point for the widespread consumption of clean ingredient soy sauce in the Chinese seasoning industry [7]

Core Insights - Qianhe Flavor Industry has achieved the first "Clean Label Product Level 0 Certification" in the Chinese seasoning industry, marking a significant milestone in the production of clean ingredient soy sauce and indicating a shift towards health and transparency in the industry [1][3]. Group 1: Product Development and Certification - The Qianhe 0 series soy sauce is made with only 4 to 5 clean ingredients, free from additives, and has passed rigorous audits and testing by the China Quality Certification Center [3]. - The company is the first to implement the new national standards for pre-packaged food and the "Double Reduction" initiative for additives, set to begin in September 2025, which includes placing the ingredient list prominently on the packaging [3]. Group 2: Production Process and Quality Control - Qianhe Flavor Industry benefits from a unique geographical location in Sichuan, which provides optimal conditions for soy sauce fermentation, including ideal temperature, humidity, and water quality [4]. - The company employs a "6+6" dual fermentation strategy, where the soy sauce undergoes a total of 12 months of fermentation to enhance flavor [6]. Group 3: Market Trends and Consumer Demand - The Chinese soy sauce market is projected to reach 104.1 billion yuan by 2024, with a shift from basic to quality-driven consumer demand [7]. - Clean ingredient soy sauce is expected to become the preferred choice for Chinese households, with leading brands capturing 50% of the market share, and its retail market share is anticipated to rise to 63.9% in the next three years [7]. Group 4: Business Focus and Financial Performance - Qianhe Flavor Industry is concentrating on four main product categories: soy sauce, vinegar, oyster sauce, and cooking wine, without diversifying into other categories [8]. - In the first three quarters of 2025, the company reported revenue of 2 billion yuan, with a gross margin of 37.41%, reflecting a year-on-year increase of 1.21 percentage points [8].

Core Viewpoint - Qianhe Flavor Industry emphasizes the importance of clean ingredients and transparency in food labeling, aligning with consumer trends towards healthier choices and regulatory standards [7][9][10]. Group 1: Product Innovation - Qianhe Flavor Industry has launched the Qianhe 0 series soy sauce, featuring a minimalist ingredient list prominently displayed on the front of the packaging, which includes water, non-GMO soybeans, wheat, edible salt, and white sugar [3][6][10]. - The company has completed the packaging upgrade for the Qianhe 0 series by the end of September, ceasing production of old label products to ensure compliance with new food safety standards [8][9]. Group 2: Commitment to Quality and Safety - The company utilizes non-GMO soybeans and high-quality water sources from the Minshan region to ensure the authentic flavor of its products [2][11]. - Qianhe Flavor Industry employs an automated production line and contactless operations to enhance product safety and quality, minimizing human contact during the manufacturing process [11][15]. Group 3: Regulatory Compliance and Market Trends - The new food safety standards issued by the National Health Commission and the State Administration for Market Regulation will take effect in March 2027, promoting clearer labeling practices [8][9]. - The market research indicates that the share of clean ingredient soy sauce in the retail quality soy sauce market is expected to rise to 63.9% over the next three years, marking a significant shift in consumer preferences [11][16]. Group 4: Future Expansion - Qianhe Flavor Industry plans to extend its clean ingredient philosophy beyond soy sauce and vinegar to high-quality oyster sauce, recognizing the growth potential in this category [16].

Core Insights - Qianhe Flavor Industry has announced the acquisition of China's first clean label product Level 0 certification in the condiment industry, indicating a potential industry trend towards cleaner ingredient standards [1][2] - The Chinese soy sauce market is projected to reach a scale of 104.1 billion yuan by 2024, with a shift from basic demand to quality demand among consumers [1] - Clean label soy sauce is expected to become the preferred choice for Chinese households, with leading brands currently holding a 50% market share, and this segment's share in the retail quality soy sauce market is anticipated to rise to 63.9% over the next three years [1] Industry Developments - The State Administration for Market Regulation and other ministries have introduced multiple policies to guide the development of the condiment industry, advocating for a reduction in food additives and promoting the use of natural ingredients [1] - The clean label product certification standard, derived from the EU, requires companies to establish a comprehensive risk control system from raw material selection to packaging and storage, with Level 0 being the highest certification level [2] - The market demand for healthy and safe food is driving the transformation of the supply side, accelerating the popularization of clean ingredient condiments [1][2]

Core Insights - The first clean label certification in China's seasoning industry was awarded to Qianhe Flavor Industry for its products, marking a significant milestone in the sector [1] - A clean label and reduced use of food additives are central to a transformative wave in the food industry, driven by new food safety standards and a dual reduction initiative [3] - Qianhe Flavor Industry's 0-series soy sauce features a transparent ingredient list, addressing consumer concerns about complex ingredients [3] - The clean label certification, based on EU standards, requires a comprehensive risk control system from raw material selection to packaging, with the 0-level being the highest grade [3] - The clean label soy sauce is expected to become the preferred choice for Chinese households, with leading brands capturing 50% of the market share [4] Industry Developments - The food industry in China is undergoing a transformation focused on clean labels and reduced food additives, with Qianhe Flavor Industry leading the way [3] - The clean label certification reflects a growing consumer demand for food safety and quality, indicating a market shift towards cleaner ingredient profiles [3] - Research indicates that the share of quality soy sauce in the retail market is projected to rise to 63.9% over the next three years [4]

Group 1 - The first clean label certification in China's seasoning industry was awarded to Qianhe Flavor Industry for its products, marking a significant milestone in the sector [1] - The clean label certification, which is the highest level (0 level), requires a comprehensive risk control system from raw material selection to production and packaging, based on EU standards [3] - Qianhe's 0 series soy sauce features a transparent ingredient list on the front of the packaging, addressing consumer concerns about complex ingredients [3] Group 2 - By 2025, a wave of industry reform focusing on "clean labels" and reduced use of food additives is expected in China's food sector, driven by new food safety standards and a dual reduction initiative [3] - Ipsos research indicates that clean label soy sauce will become the preferred choice for Chinese households, with leading brands capturing 50% of the market share [4] - The market share of quality soy sauce in the retail sector is projected to rise to 63.9% over the next three years [4]

Core Viewpoint - Q3 performance of Qianhe Flavor Industry shows a decline in revenue and net profit, but the rate of decline has improved compared to the first half of the year [2] Financial Performance - In Q3, Qianhe Flavor Industry reported revenue of approximately 669 million yuan, a year-on-year decrease of 4.3% - Net profit attributable to shareholders was about 86.34 million yuan, down 14.6% year-on-year - Compared to H1, where revenue decreased by 17.07% and net profit by 30.81%, the decline in Q3 shows signs of stabilization [2] Product and Packaging Changes - As of the end of September, the "Qianhe 0" series soy sauce products have undergone packaging optimization and upgrades, with new packaging to be used for future production [3] - The new packaging will prominently display the ingredient list on the front, addressing previous consumer concerns about misleading labeling [6] Market Position and Competition - The chairman of Qianhe Flavor Industry emphasized the trend towards clean and natural ingredients in products, amidst fierce competition in the zero-additive condiment segment [4] - Qianhe's product categories include soy sauce, vinegar, cooking wine, and oyster sauce, with soy sauce being the largest category, accounting for 64% of total revenue [4] Channel Strategy - Qianhe has partnered with major retailers like Walmart and Yonghui to launch customized products, enhancing product quality standards [5] - Walmart has removed products with amino acid nitrogen content below 1.0g/100mL from its shelves, reinforcing quality control in collaboration with Qianhe [5] Industry Comparison - In Q3, competitor Haitian Flavor Industry reported revenue of approximately 6.398 billion yuan, a year-on-year increase of 2.48%, and net profit of about 1.408 billion yuan, up 3.4% - Another competitor, Zhongju High-tech, saw a revenue decline of 22.84% and a net profit drop of 45.66% in the same period [7]