每经记者｜朱万平 每经编辑｜魏官红 一家公司从上市资料获受理，到发行，是一条漫漫长路，也是一次修行之旅。有的公司速度空前，20多天就过会；有的公司在半途，就主动撤回申报材料， 打道回府；还有公司因各种不规范操作被曝光，最终被扯下画皮…… 目前，A股实行注册制的是科创板和创业板。一般来说，注册制下，"问询－回复"会经历多轮反复，之后有倒在上市委会议上的，也有提交注册不成功的， 更有主动撤回申报材料，终止上市路的。而对于适用核准制的公司来说，一般是"已受理－上会"，上会通过，招股；上会未通过，就重来。 《每日经济新闻》记者以周为单位，对上周过会、被否及新增材料获受理的公司进行梳理，以飨读者。 上周（6月28日～7月4日，下同），总共有11家公司上会，除了垦丰种业IPO被否，其余10家企业均全部过会，周IPO过会率超过90%，依然维持高位。目 前，科创板和创业板是国内IPO的主通道。 | | | | 周 IP0 红榜 | | | | --- | --- | --- | --- | --- | --- | | 公司简称 | 拟上市板 | 拟募资 | 主承销商 | 保荐代表人 | 省份 | | | | (亿元) | | ...

Core Points - The Jinzhong Market Supervision Administration conducted a food safety inspection, sampling 103 batches of various food products, with 100 passing and 3 failing the safety standards [3] - The inspection covered 21 categories of food, including dairy products, beverages, canned goods, and frozen foods [3] - The local market supervision departments were urged to handle the non-compliant products according to relevant laws and regulations [3] Summary by Category Food Safety Inspection - A total of 103 samples were collected from 21 categories of food products [3] - 100 samples were found to be compliant, while 3 samples were deemed non-compliant [3] Non-compliant Products - The local authorities are responsible for addressing the non-compliant products identified during the inspection [3] - Consumers are encouraged to report any non-compliant food products they encounter in the market by calling 12315 [3]

Investment Rating - The report maintains a "Recommended" rating for Qianwei Yangchu [2][5] Core Views - Qianwei Yangchu's revenue for the first three quarters of 2025 reached 1.378 billion yuan, a year-on-year increase of 1.00%, while the net profit attributable to shareholders was 54 million yuan, a decrease of 34.06% year-on-year [3] - The company is actively embracing new retail sales trends, leveraging its direct sales advantages in product development and customized production to enhance sales scale through partnerships with major retailers like Hema, Walmart, and Yonghui [4] - The gross profit margin for Q3 2025 was 21.18%, down 1.26 percentage points year-on-year, primarily due to intensified competition in the small B-end market [5] Financial Performance Summary - For Q3 2025, the total revenue was 492 million yuan, reflecting a year-on-year increase of 4.27%, while the net profit attributable to shareholders was 18 million yuan, down 19.08% year-on-year [3] - The company expects net profits for 2025-2027 to be 773.7 million, 900 million, and 1.007 billion yuan, respectively, with corresponding EPS of 0.80, 0.93, and 1.04 yuan [5] - The projected PE ratios for 2025-2027 are 51, 43, and 39 times, respectively [5] Company Overview - Qianwei Yangchu focuses on the research, production, and sales of frozen flour and rice products for the catering industry, with key products including fried dough sticks, sesame balls, egg tart skins, sweet potato balls, and cartoon buns [7]

Summary of Qianwei Yangchu Conference Call Company Overview - **Company**: Qianwei Yangchu - **Industry**: Frozen Food, specifically Frozen Noodle and Rice Products - **Established**: April 2012 - **Main Business**: Research, production, and sales of frozen noodle and rice products for the catering industry, providing customized and standardized frozen food solutions for restaurant chains, hotels, and group canteens [14][15] Key Financial Performance - **Q3 2025 Revenue**: 4.92 billion CNY, a year-on-year increase of 4% [2][4] - **Net Profit**: 0.18 billion CNY, a year-on-year decrease of 19% [2][4] - **YTD Revenue (2025)**: 13.78 billion CNY, a year-on-year increase of 1% [4] - **YTD Net Profit**: 0.54 billion CNY, a year-on-year decrease of 34% [4] - **Gross Margin**: 22.73%, down 1.52 percentage points year-on-year due to product structure adjustments [2][5] - **Sales Expense Ratio**: Increased by 0.79 percentage points, but reduced to 4.72% in Q3 due to strategic adjustments [2][5] Industry Insights - **Market Growth**: The frozen food industry is benefiting from improved cold chain logistics and consumption upgrades, with an expected market size of 270 billion CNY by 2026 [2][6] - **Frozen Noodle and Rice Products**: Represent 52% of the market, indicating significant growth potential despite a slight decline in market share [6] - **Competitive Landscape**: Dominated by three major players—Sanquan, Sinian, and Wan Chai Ferry—holding 64% of the market share [7] Market Trends - **Catering Market**: The Chinese catering market has reached 5 trillion CNY, with increasing chain restaurant penetration from 12% to 15% [8] - **Central Kitchen Model**: The rise of chain restaurants is driving the development of central kitchen models, which enhance cost efficiency and standardization [9] - **Takeout Market**: The booming takeout market demands quicker meal preparation, favoring the convenience of frozen noodle and rice products [10] Competitive Advantages - **Product Innovation**: Focus on scene-oriented product development, with a strong emphasis on R&D capabilities [15][19] - **Direct Sales and Distribution**: Combination of direct services to large chain clients and sales through distributors to small restaurants, leveraging early partnerships with major brands [20][21] - **Capacity Expansion**: Plans for nationwide capacity expansion through new projects and partnerships to enhance scale effects [15][16] Customer Insights - **B2B vs. B2C Demand**: B2B clients, especially large chains, prioritize cost-effectiveness and supply stability, while B2C clients face profit pressures from rising costs [12][19] - **Direct Client Strategy**: Collaborating with large chains ensures business stability and enhances product innovation capabilities [20] Conclusion - **Future Outlook**: Qianwei Yangchu is positioned to capitalize on the growing frozen food market, driven by strategic adjustments in operations, a focus on R&D, and a robust distribution model. The company is well-placed to meet the evolving demands of both B2B and B2C segments in the catering industry [2][10][21]

Core Viewpoint - The announcement from the Bengbu Market Supervision Administration details the results of the 16th food safety supervision and inspection in 2025, highlighting that out of 317 batches of food products tested, 308 were compliant while 9 were found to be non-compliant with national food safety standards [2][3][4]. Summary by Categories Inspection Results - A total of 317 batches of various food products were sampled, including agricultural products, dairy, meat, and processed foods [2]. - Out of these, 308 batches passed the inspection, while 9 batches failed to meet the food safety standards [2]. Non-Compliant Products - Specific non-compliant products include: - Round eggplants from a vegetable store in Huai Shang District, which contained a pesticide (Thiacloprid) exceeding the standard limit [3]. - Small pears from a supermarket in Huai Shang District, which had a residue of a pesticide (Etofenprox) above the permissible level [3]. - Tofu sold at a supermarket, which contained excessive levels of Benzoic acid and its sodium salt [3]. - Round eggplants from another supermarket also failed due to Thiacloprid [4]. - Star anise from a different supermarket had a sulfur dioxide residue exceeding the standard [4]. - White dried tofu from a supermarket contained excessive Benzoic acid and its sodium salt [5]. - Homemade fried dough sticks from two different vendors had aluminum residue above the allowed limit [5]. - Mangoes from a fruit store contained a pesticide (Pyraclostrobin) exceeding the standard [5]. Regulatory Actions - The local market supervision authorities have mandated the responsible businesses to trace the distribution of the non-compliant products, recall them, and take corrective actions to mitigate risks [5][6].

Core Viewpoint - The article highlights the transformation of breakfast habits in China, reflecting a shift from merely filling stomachs to providing balanced and nutritious meals, showcasing the evolution of food culture and consumer preferences in daily life [1]. Group 1: Breakfast Evolution - The breakfast choices of families have evolved significantly, with a focus on nutritional balance and variety, as seen in the example of a father preparing diverse meals for his children [3][5]. - The sharing of breakfast ideas on social media has gained popularity, with individuals documenting their creative breakfast preparations, leading to a wider appreciation for diverse and nutritious options [7]. Group 2: Regional Breakfast Specialties - Northern Chinese breakfasts are characterized by substantial carbohydrate-rich foods, while southern breakfasts often feature warm soups, such as the traditional Nanchang clay pot soup, which is rich in flavor and energy [11]. - In Anhui, the popular Huainan beef soup exemplifies the regional breakfast culture, showcasing a rich and aromatic broth made with various spices and ingredients [13]. - Modern breakfast trends include healthier options like oatmeal, whole grain bread, and yogurt, with innovative combinations emerging in different cities, catering to health-conscious consumers [15]. Group 3: Market Dynamics - Morning markets are bustling with activity, offering a wide variety of food options, reflecting the efficient flow of agricultural products from farms to tables, enhancing consumer access to fresh produce [21]. - In Kunming, local markets feature a rich assortment of seasonal and regional delicacies, with an emphasis on quality and variety, indicating a rise in consumer demand for unique and healthy food choices [23].

Core Viewpoint - In the first half of 2025, Qianwei Yangchun faced significant challenges in the restaurant supply chain industry, reporting a revenue decline of 0.7% year-on-year to 886 million yuan and a net profit drop of 39.7% to 35.79 million yuan, indicating stagnation in core business growth and shrinking profit margins [1] Group 1: Product Iteration Challenges - The company's reliance on traditional product lines, particularly staple and snack categories, has led to a decline in sales as core products like fried dough sticks and sesame balls lose market appeal [2] - Efforts to develop new products in baking and prepared dishes have not yielded significant results, with these segments still too small to drive substantial revenue growth [2] - The shift towards lower-margin products has further pressured overall profitability, revealing a gap in product transition between old and new offerings [2] Group 2: Channel Distribution Pressures - The company maintains a weak recovery in its direct sales channel, primarily due to strong ties with major clients like Yum China and Hema, but faces pressure as these clients demand better pricing [3] - The decline in the distribution channel is more alarming, with over 300 channel partners lost in six months, leading to a significant drop in sales from distributors [3] - Rising costs of raw materials, such as flour and oils, have made it difficult for the company to pass on these costs to customers, resulting in profit erosion [3] Group 3: Trust Crisis and Industry Transparency - The prepared food industry is experiencing a trust crisis, with increasing consumer scrutiny over ingredient processing, compelling restaurant clients to enforce stricter supply chain standards [4] - The company must invest more in quality control, traceability, and transparency, but these efforts are unlikely to yield immediate financial returns [4] Group 4: Need for Strategic Reform - The company's performance reflects the broader challenges faced by restaurant supply chain businesses during industry adjustments, with traditional business pressures and new business investment pains [5] - To regain balance, the company needs to focus on three areas: product innovation, optimizing distribution channels, and developing dynamic cost adjustment capabilities [5] - However, market patience is waning due to regulatory changes, shifting consumer preferences, and capital valuation adjustments, necessitating urgent internal reforms [5]

Core Viewpoint - The article discusses the recent trend of five-star hotels in China setting up street stalls to attract new customer segments amid declining business, reflecting the industry's struggle to adapt to changing consumer behavior and economic conditions [6][9][48]. Group 1: Street Stall Trend - Five-star hotels across major cities in China have started setting up street stalls to sell affordable food items, ranging from 3 to 80 yuan, attracting local residents [6][12][24]. - The initiative aims to create a more approachable image for luxury hotels, which traditionally had high service standards and pricing [8][24]. - The Guangzhou Baiyun Hotel and Changsha Meixi Lake Hotel are examples of hotels successfully implementing this strategy, with the latter generating around 25,000 yuan in daily revenue from street food sales [23][20]. Group 2: Declining Business Environment - The hotel industry is facing a downturn, with Morgan Stanley reporting an 8% year-on-year decline in RevPAR (Revenue per Available Room) during the summer peak season [28][31]. - The trend of "high-frequency, low-consumption" tourism has emerged, leading to reduced hotel occupancy rates and lower spending by travelers [30][31]. - The number of five-star hotels in China has decreased from 845 in 2019 to 736 by the third quarter of 2024, indicating a significant contraction in the market [49]. Group 3: Changing Consumer Preferences - The traditional business model of five-star hotels, heavily reliant on high-end business travelers, is being challenged as companies cut travel expenses and reduce the frequency of business trips [36][38]. - Consumers are increasingly prioritizing hygiene and quality over star ratings, with many opting for personalized experiences and local dining options [58][59]. - The shift in consumer behavior has prompted hotels to explore alternative revenue streams, such as street food sales and creative dining options like "leftover blind boxes" [60][61].

Summary of Key Points Core Viewpoint - The Qian Dongnan Market Supervision Administration conducted food safety inspections, revealing that 3 out of 61 batches of food products failed to meet safety standards, prompting actions to control risks and ensure compliance [2]. Group 1: Inspection Results - A total of 61 batches of food products were inspected, covering categories such as edible agricultural products, alcoholic beverages, grain products, condiments, and more [2]. - Three batches were found to be non-compliant, with issues related to lemon yellow, aluminum residue, and sulfur dioxide residue [2]. Group 2: Actions Taken - The market supervision department initiated verification and disposal actions for the non-compliant products, including product recalls and removal from shelves [2]. - Legal actions were taken against any violations identified during the inspections [2]. Group 3: Specific Non-Compliant Products - The first non-compliant product was fried tofu from a vendor in Kaili City, which contained lemon yellow at 0.0606 g/kg, exceeding the permissible limit [3]. - The second non-compliant product was fried dough sticks from a vendor in Cengong County, with aluminum residue measured at 747 mg/kg, significantly above the standard limit of 100 mg/kg [3]. - The third non-compliant product was wet rice flour from a vendor in Rongjiang County, which had sulfur dioxide residue at 0.107 g/kg, also exceeding the allowable limit [3].

Core Viewpoint - The article presents a satirical and critical examination of a Chinese internet celebrity known as "Big Stomach Liangzi," who has gained notoriety for his extreme eating habits and the societal implications of his lifestyle choices [82]. Group 1: Characterization of Liangzi - Liangzi, originally named Li Zhanli, is depicted as an internet phenomenon with a weight nearing 400 pounds and a BMI of 80, making him a subject of both fascination and ridicule [3][6][10]. - His eating broadcasts are described as wild and animalistic, focusing on traditional North Chinese carbohydrate-rich foods, which he consumes in excessive quantities [5][6]. - Liangzi's unique physical characteristics, including missing teeth and a distinctive way of speaking, contribute to his online persona [7][14]. Group 2: Eating Habits and Health - Liangzi's eating habits are portrayed as unhealthy, with a diet consisting mainly of high-calorie, low-nutrient foods, leading to severe dental issues and other health risks [6][27][75]. - His approach to weight management is humorously termed "Liangzi Physics," suggesting that eating leads to fat burning, which contradicts conventional health principles [14][60]. - Despite his alarming health metrics, including high blood sugar and blood pressure, Liangzi continues to engage in extreme eating without apparent immediate consequences [27][28]. Group 3: Social Commentary - The article discusses the societal fascination with Liangzi, highlighting how his extreme lifestyle reflects deeper issues within internet culture and societal values [61][66]. - Liangzi's persona serves as a vehicle for exploring themes of excess, consumerism, and the grotesque nature of modern entertainment [62][64]. - The public's reaction to Liangzi, including dark humor and morbid curiosity, underscores a collective discomfort with his embodiment of societal failures and the normalization of unhealthy behaviors [44][61]. Group 4: Cultural Impact - Liangzi has inadvertently contributed to the vernacular, with terms like "big stomach" becoming part of the cultural lexicon, reflecting his influence on internet language and humor [30][33]. - His story has inspired various forms of creative reinterpretation in media, indicating his status as a cultural icon within the realm of internet entertainment [36][70]. - The article suggests that Liangzi's existence raises philosophical questions about identity, humanity, and the consequences of societal neglect [71][72].