12月4日，安井食品发布投资者调研记录表。当中披露，关于"除烘焙业务外，公司在品类扩张上还有哪 些其他规划？"提问，安井食品表示，公司初步筹划开拓清真食品这一广阔市场。为此，公司已收购并 计划启用"安斋"品牌，该品牌名称兼具清真属性和与"安井"的关联性。全球清真食品市场规模巨大，公 司相关产品此前在小范围试销中已获得良好市场反馈，验证了产品潜力。基于公司以往的团队经营能 力、渠道能力及新品研发能力，公司有信心能在该品类上取的较好的增长。 此外，围绕"公司后续推出的锁鲜装6.0产品与原有锁鲜装系列有哪些差异化？在锁鲜装产品上的后续规 划是什么？"问题，安井食品还称，公司锁鲜装6.0计划于今年12月推出，与原有系列相比，本次升级主 要体现在产品形态与应用场景的拓展。四款新产品中三款采用棒状或条状设计，不仅可用于传统火锅场 景，也能方便地改刀用于炒菜等多元烹饪方式，更好地满足了当下小型家庭与精致化饮食的需求，标志 着该系列从单一的火锅配料向更日常、更多元的消费场景延伸。展望后续规划，公司将继续推动锁鲜装 系列向健康化方向发展。未来的迭代版本将重点聚焦低GI、低热量等趋势。在推出节奏上，公司采取 审慎策略。今年底推出 ...

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 yuan [1]. Core Insights - The company is shifting from a channel-driven strategy to a product-driven strategy, with significant progress in new product launches and channel optimization [1]. - The company has successfully introduced several new products, including the 6.0 series of vacuum-packed products and various shrimp products, contributing to double-digit growth [1]. - The overall market conditions are improving, with a notable recovery in the restaurant channel and successful new product promotions since April [1]. Company Overview - Anjuke Food has a total share capital of 333.29 million shares and a market capitalization of 27.146 billion yuan [1]. - The company has a debt-to-asset ratio of 23.91% and a net asset value per share of 45.38 yuan [1]. - The stock price has fluctuated between 94.31 yuan and 69.83 yuan over the past 12 months [1]. Financial Projections - Total revenue is projected to grow from 15,127 million yuan in 2024 to 18,231 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [5]. - The net profit attributable to the parent company is expected to increase from 1,485 million yuan in 2024 to 1,679 million yuan in 2027, reflecting a growth rate of 9.8% in the final year [5]. - Earnings per share (EPS) are forecasted to rise from 4.46 yuan in 2024 to 5.04 yuan in 2027 [5]. Strategic Initiatives - The company is focusing on enhancing its product offerings and optimizing its distribution channels, particularly through customized collaborations with major supermarket chains [1]. - Anjuke Food is also expanding into the halal food segment under the "Anzhai" brand, targeting both domestic and Southeast Asian markets [1]. - The company plans to invest in a new baking project, which is expected to become a significant growth driver in the medium to long term [1].

Core Viewpoint - A new food manufacturing entity, Xian County Meiyu Hengrun Food Manufacturing Factory, has been established, focusing on halal food production and sales [1] Company Summary - The legal representative of the newly established factory is Guo Libin [1] - The registered capital of the company is 100,000 RMB [1] - The business scope includes halal food production, food production, halal food operation, food internet sales, and food sales, subject to necessary approvals [1] Industry Summary - The company is involved in both licensed and general projects, including food import and export, and internet sales of pre-packaged food [1] - The operations will be conducted in accordance with relevant departmental approvals and licenses [1]

Core Insights - A new company, Zhoukou Hongshuo Food Co., Ltd., has been established with a registered capital of 3 million RMB [1] - The legal representative of the company is Wang Changkun [1] - The company's business scope includes food production, food sales, and halal food production, which requires approval from relevant authorities [1] Company Overview - Zhoukou Hongshuo Food Co., Ltd. is registered with a capital of 3 million RMB [1] - The company is involved in the retail and initial processing of edible agricultural products [1] - The company also engages in internet sales, excluding items that require special permits [1]

Core Insights - A new company named Hebei Duck Flew Food Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Wang Jingjing [1] Business Scope - The company is involved in various licensed projects including halal food production, food production, food management, health food production, and food sales [1] - Additional activities include the production of food additives, sales and processing of pre-prepared dishes, and internet sales of food [1] - The company will commence operations only after obtaining the necessary approvals and permits from relevant authorities [1]

Core Insights - The 2025 Third Hainan International Tropical Ingredients Supply Chain Expo concluded successfully, showcasing a total exhibition area of 50,100 square meters and attracting over 50 countries and regions, with total transaction value exceeding 1.258 billion yuan [1][17] - The expo introduced an innovative "Five Major Selling" service system, extending services beyond the event duration, marking a new phase of continuous industry support [1][16] Industry Highlights - The expo attracted 486 high-quality domestic and international enterprises, with international exhibitors accounting for 32.7%, featuring major global food companies and leading domestic brands [3][5] - Unique products from Southeast Asian countries were showcased, emphasizing Hainan's role as a bridge between China and Southeast Asia in tropical agricultural trade [5] Key Features - The introduction of dedicated industry zones, such as the "Coconut Full Industry Chain Exhibition Area" and "Hainan Intangible Cultural Heritage Vinegar Industry Zone," highlighted the upgrade from local specialties to branded products [8] - The "Golden Coconut Award" competition recognized top-quality products, establishing benchmarks for market quality [10] Economic Impact - The expo attracted 137,000 visitors and 1,867 professional buyers, leading to a 23% increase in surrounding industry consumption, demonstrating significant social and economic benefits [17] - A total of 280 companies have established year-round "selling" cooperation frameworks with the organizing committee, indicating sustained value beyond the event [17] Future Outlook - The success of the expo reflects the advantages of Hainan's free trade port policies and industry potential, with the "Five Major Selling" system set to continue supporting the global tropical ingredients industry [19] - The fourth edition of the expo is scheduled for October 2026, inviting global industry partners to collaborate for a brighter future in the tropical ingredients sector [21]

Core Viewpoint - A new company, Yueyang Sixhu Food Co., Ltd., has been established with a registered capital of 1 million RMB, focusing on halal food production and sales [1] Company Summary - The legal representative of Yueyang Sixhu Food Co., Ltd. is Ao Ling [1] - The company is engaged in various activities including halal food production, food sales, and small-scale catering services [1] - The business operations are subject to approval from relevant authorities, and specific projects will be conducted based on the necessary permits [1] Industry Summary - The company operates under the category of food production and sales, specifically targeting the halal food market [1] - The general business scope includes the sale of pre-packaged food and other food-related activities that are not prohibited by law [1]

Core Insights - The core challenge of cross-border e-commerce logistics in Latin America lies in the precise adaptation of cargo types to local regulatory systems, with significant differences in customs clearance policies among key markets like Brazil, Mexico, and Chile [1] Group 1: General Cargo - General cargo is the most accessible category in Latin American logistics, characterized by "no special attributes, no regulatory prohibitions," allowing for straightforward customs clearance without additional certifications [3] - Common categories focus on daily necessities such as household goods, fashion apparel, and fast-moving consumer goods, which align with basic consumer needs in large populations like Brazil and Mexico [3] - Logistics adaptability for general cargo includes options like sea freight, air freight, or postal packages, requiring only basic documentation such as commercial invoices and packing lists for customs clearance [3] Group 2: Special Cargo - Special cargo includes items with unique attributes such as "battery-operated, magnetic, liquid, powder, or paste," which are in high demand in the Latin American market but require prior compliance certifications for customs clearance [4] - Common categories of special cargo are divided into three types: battery-operated items (e.g., power banks), liquid/paste items (e.g., shampoos), and magnetic items (e.g., Bluetooth speakers), each with specific packaging and documentation requirements [4][5] - Regulatory compliance is crucial, with Brazil requiring INMETRO certification for battery-operated and beauty products, Mexico needing NOM certification, and Chile requiring SEC certification [5] Group 3: Sensitive Cargo - Sensitive cargo represents high-risk but high-value items that not only have special attributes but also involve religious taboos, medical regulations, or privacy protection, necessitating strict adherence to local laws [6] - Common categories include religious items (e.g., halal food), medical supplies (e.g., thermometers), and privacy products (e.g., sanitary pads), each with specific compliance requirements [6] - Localized compliance is essential, with Brazil's medical product review process taking 1-2 months and Argentina enforcing strict packaging checks for privacy items [6] Group 4: Dangerous Goods - Dangerous goods are the most stringently regulated category in Latin America, defined by safety risks such as flammability, explosiveness, corrosion, or toxicity, and must adhere to international transport regulations [7] - Common examples include lithium batteries and flammable liquids, which require specific certifications and packaging standards to ensure safe transport [7] - Logistics operations for dangerous goods necessitate the provision of safety data sheets and the selection of specialized transport channels [8]

Core Viewpoint - Anhui Xinyuan Food Co., Ltd. has been established with a registered capital of 6 million RMB, focusing on food production and sales, including halal food and food additives [1] Company Overview - The legal representative of the company is Fan Xingyun [1] - The registered capital is 6 million RMB [1] Business Scope - The company is involved in licensed projects such as food production, halal food production, food additives production, and food sales, which require approval from relevant authorities [1] - General projects include food import and export, online sales of pre-packaged food, food additives sales, and various agricultural product services [1] - The company also offers technical services, development, consulting, and promotion, excluding licensed businesses [1]

Group 1 - The Malaysia International Halal Products Exhibition (MIHAS) attracted over 45,000 visitors from approximately 100 countries, featuring 2,400 booths from exhibitors across more than 80 countries [1] - The event generated a transaction value exceeding 4.97 billion MYR (approximately 37.6 billion THB) and highlighted the national initiative "Women in the Halal Industry" to encourage female business leadership [1] - The global demand for halal products is expected to reach 5 trillion USD by 2030, prompting the Thai government to support local SMEs aiming to enter this expanding market [1] Group 2 - A government initiative aims to enhance the competitiveness of rural and startup micro-enterprises by providing knowledge, innovation opportunities, and international exchange platforms [2] - The project focuses on market access, regulatory understanding, and international certification, offering Thai entrepreneurs guidance on meeting halal standards [2] - Events like MIHAS serve as a valuable starting point and learning platform for Thai SMEs attempting to export for the first time, despite facing challenges in understanding international halal food regulations [2]