Investment Rating - The report maintains a "Recommended" rating for the company [2][8] Core Insights - The company achieved a revenue of 16.19 billion yuan in 2025, representing a year-on-year growth of 7.0%. However, the net profit attributable to shareholders decreased by 8.5% to 1.36 billion yuan [8] - In Q4 2025, the company reported a revenue of 4.82 billion yuan, a significant increase of 19.1% year-on-year, with a net profit of 410 million yuan, down 6.3% year-on-year [8] - The company has shown resilience in a challenging market, with a notable recovery in Q4 driven by strong distribution channels and product performance [8] - The gross profit margin for 2025 was 21.6%, a decrease of 1.7 percentage points year-on-year, primarily due to rising raw material costs and increased depreciation from new factories [8] - The company is expected to see improved performance in 2026, with projected revenues of 18.39 billion yuan and net profits of 1.81 billion yuan, reflecting a growth of 32.9% year-on-year [2][8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 18.39 billion yuan, 20.57 billion yuan, and 22.82 billion yuan, respectively, with growth rates of 13.6%, 11.8%, and 11.0% [2][9] - Net profit projections for the same years are 1.81 billion yuan, 2.08 billion yuan, and 2.35 billion yuan, with growth rates of 32.9%, 14.9%, and 13.2% [2][9] - The company’s earnings per share are expected to increase from 4.08 yuan in 2025 to 5.42 yuan in 2026, and further to 7.05 yuan by 2028 [2][9] Segment Analysis - In terms of product segments, the frozen prepared food segment generated 8.45 billion yuan in revenue, up 7.8% year-on-year, while the frozen dishes segment saw a 10.8% increase to 4.82 billion yuan [8] - The distribution channels showed varied performance, with revenue from distribution increasing by 4.5% to 12.93 billion yuan, while new retail and e-commerce channels grew by 31.8% to 1.18 billion yuan [8] - The company’s strategic focus on product innovation and channel management is expected to enhance its market share and profitability moving forward [8]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 16.19 billion yuan in 2025, representing a year-on-year growth of 7.0%. However, the net profit attributable to shareholders decreased by 8.5% to 1.36 billion yuan [8] - In Q4 2025, the company reported a revenue of 4.82 billion yuan, a significant increase of 19.1% year-on-year, with a net profit of 410 million yuan, down 6.3% year-on-year [8] - The company is positioned as a leader in the frozen food industry, demonstrating operational resilience and a recovery in performance, particularly in Q4 [8] - The report forecasts revenue growth for 2026-2028 at 13.6%, 11.8%, and 11.0% respectively, with net profits expected to grow by 32.9%, 14.9%, and 13.2% in the same period [8] Financial Projections - Revenue projections for 2026, 2027, and 2028 are 18.39 billion yuan, 20.57 billion yuan, and 22.82 billion yuan respectively [2] - The projected net profit for 2026, 2027, and 2028 is 1.81 billion yuan, 2.08 billion yuan, and 2.35 billion yuan respectively [2] - The earnings per share (EPS) is expected to increase from 4.08 yuan in 2025 to 5.42 yuan in 2026, and further to 7.05 yuan by 2028 [2] Revenue Breakdown - In 2025, the revenue from frozen prepared foods was 8.45 billion yuan, up 7.8% year-on-year, while frozen dishes generated 4.82 billion yuan, up 10.8% [8] - The company’s distribution revenue reached 12.93 billion yuan, a 4.5% increase, while new retail and e-commerce channels saw a growth of 31.8% to 1.18 billion yuan [8] Profitability Metrics - The gross margin for 2025 was 21.6%, a decrease of 1.7 percentage points year-on-year, primarily due to rising raw material costs [8] - The report indicates that if the impact of goodwill impairment is excluded, the net profit margin would have improved by 1-2 percentage points [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 112.6 yuan [1]. Core Views - The company has shown a strong recovery in Q4 2025, exceeding expectations with a revenue of 48.22 billion yuan, a year-on-year increase of 19.05% [1][5]. - The overall revenue for 2025 reached 161.93 billion yuan, reflecting a year-on-year growth of 7.05%, while the net profit attributable to shareholders was 13.59 billion yuan, down 8.46% year-on-year [1][5]. - The company is expected to continue its recovery into 2026, with a projected EPS of 5.11 yuan and a PE ratio of 22 times [1][5]. Financial Summary - **2025 Financial Performance**: - Total revenue: 161.93 billion yuan, up 7.05% year-on-year - Net profit: 13.59 billion yuan, down 8.46% year-on-year - Q4 revenue: 48.22 billion yuan, up 19.05% year-on-year - Q4 net profit: 4.10 billion yuan, down 6.34% year-on-year [1][5][6] - **Future Projections**: - 2026E Revenue: 178.17 billion yuan, growth of 10.0% - 2026E Net Profit: 17.02 billion yuan, growth of 25.2% - 2027E Revenue: 193.34 billion yuan, growth of 8.5% - 2027E Net Profit: 18.96 billion yuan, growth of 11.4% [1][11] - **Key Financial Ratios**: - 2025 Gross Margin: 21.60%, down 1.70 percentage points year-on-year - 2025 Net Profit Margin: 8.4% [1][6] Product and Channel Performance - The company’s product categories showed varied performance in 2025: - Frozen prepared foods: +7.79% - Frozen dishes: +10.84% - Frozen noodles and rice: -2.61% [1][5] - New product launches, such as the grilled sausage and fresh-keeping packaging, performed well, contributing significantly to revenue [1][5]. - Sales channels also saw growth, with e-commerce and new retail channels increasing by 31.76% year-on-year [1][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11] Core Insights - The company reported a revenue of 16.19 billion yuan for 2025, representing a year-on-year growth of 7.05%. However, the net profit attributable to shareholders decreased by 8.46% to 1.36 billion yuan [5] - The company has shown strong performance in new retail and e-commerce, with significant growth in sales from these channels, particularly through partnerships with platforms like Hema and Meituan [7] - The introduction of new products has met expectations, contributing positively to market feedback and sales [7] Financial Performance Summary - Revenue projections for the company are as follows: 15.13 billion yuan in 2024, 16.19 billion yuan in 2025, 17.47 billion yuan in 2026, 18.81 billion yuan in 2027, and 20.11 billion yuan in 2028, with growth rates of 8%, 7%, 8%, 8%, and 7% respectively [4] - The net profit attributable to shareholders is forecasted to be 1.49 billion yuan in 2024, 1.36 billion yuan in 2025, 1.69 billion yuan in 2026, 1.87 billion yuan in 2027, and 1.99 billion yuan in 2028, with growth rates of 0%, -8%, 24%, 11%, and 7% respectively [4] - The earnings per share (EPS) are projected to be 5.06 yuan in 2024, 4.08 yuan in 2025, 5.06 yuan in 2026, 5.60 yuan in 2027, and 5.98 yuan in 2028 [4] Market and Product Insights - The company has expanded its product offerings, including frozen prepared foods and baked goods, which have contributed to revenue growth [7] - The company is focusing on high-margin new products and enhancing its marketing strategies to support distributor upgrades and deepen partnerships with new retail channels [7] - The gross margin for 2025 is expected to decrease by 1.7 percentage points to 21.60%, primarily due to increased raw material costs [7]

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company [4] Core Views - The report indicates that the company is experiencing marginal improvement and a clear operational turning point [1] - The company achieved a revenue of RMB 16.19 billion in 2025, reflecting a year-on-year growth of 7.0%, while the net profit attributable to shareholders was RMB 1.36 billion, down 8.5% year-on-year [8] - The fourth quarter of 2025 showed significant operational improvement, with revenue reaching RMB 4.82 billion, a year-on-year increase of 19.1% [8] Financial Forecast - Revenue projections for the company are as follows: - 2024A: RMB 15.13 billion - 2025A: RMB 16.19 billion - 2026E: RMB 18.28 billion - 2027E: RMB 20.32 billion - 2028E: RMB 22.38 billion - The expected growth rates are 7.7% for 2024, 7.0% for 2025, 12.9% for 2026, 11.1% for 2027, and 10.2% for 2028 [2] - EBITDA is forecasted to grow from RMB 2.36 billion in 2024 to RMB 3.68 billion in 2028 [2] - The report anticipates net profit attributable to shareholders to increase from RMB 1.49 billion in 2024 to RMB 2.22 billion in 2028, with growth rates of 0.5% in 2024, -8.5% in 2025, 25.5% in 2026, 15.5% in 2027, and 12.5% in 2028 [2] Revenue Breakdown - In Q4 2025, the company reported revenue from various product categories: - Frozen prepared products: RMB 8.45 billion, up 7.8% year-on-year - Dishes: RMB 4.82 billion, up 10.8% year-on-year - Noodles and rice products: RMB 2.40 billion, down 2.6% year-on-year [8] - The company also generated RMB 0.07 billion in revenue from newly acquired bakery products [8] Channel Performance - Revenue growth by channel in 2025: - Distribution: +4.5% - Specialty stores: +18.6% - Supermarkets: +6.4% - New retail and e-commerce: +31.8% [8] - In Q4 2025, the revenue growth rates for these channels were 19.2%, 1.2%, 5.3%, and 50.1% respectively, indicating a significant improvement driven by the distributor base [8] Profitability Metrics - The report notes a decrease in gross margin to 21.6% in 2025, down 1.7 percentage points year-on-year, primarily due to rising raw material costs [8] - The company has begun to implement cost control measures, resulting in a reduction of sales and management expense ratios [8] Valuation - The report suggests a target price of RMB 112.59 per share for A-shares and HKD 93.54 per share for H-shares, based on a 22x PE valuation for 2026 [8]

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年年度報告（A股），僅供參閱。 承董事會命 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，2026年3月30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、戴凡先生及張光璽先生； 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。 安井食品集团股份有限公司2025 年年度报告 公司代码：6 ...

Investment Rating - The overall investment rating for the food and beverage industry is "Outperform the Market" [3] Core Insights - The demand side is experiencing a mild recovery, with notable trends in chain operations and online services. Supply-side enterprises are actively transforming, driving category and channel innovation, and capital expenditures are generally contracting, which is expected to improve supply-demand dynamics [2][19] - The frozen and prepared food sectors are becoming increasingly standardized and are benefiting from the trend towards restaurant chain operations. Key companies to watch include Anjuke Foods and Qianwei Central Kitchen [2] - The seasoning industry is stabilizing with basic seasonings providing a foundation, while clean label trends are emerging. Compound seasonings are convenient and cater to consumers with less cooking experience, with chain restaurants demanding standardization and specialization. Recommended companies include Haitian Flavor Industry, Qianhe Flavor Industry, Yihai International, and Baoli Foods [2] - The baking industry is expected to gradually shift towards retail channels and cross-industry restaurant channels, with a focus on companies like Lihigh Foods that can capitalize on these channel changes [2] Summary by Sections 1. Demand Recovery and Trends - The restaurant sector is showing signs of mild recovery, with monthly year-on-year growth rates fluctuating between 0.9% and 6.9% post-pandemic. The total revenue for the restaurant sector is projected to grow from 3.23 trillion to 5.80 trillion yuan from 2015 to 2025, with a CAGR of 6.02% [19][20] - The chain operation rate in the restaurant sector is increasing, from 15% in 2020 to an expected 25% in 2025. The penetration rate of takeaway services has also risen significantly, indicating a shift in consumer behavior [30][31] 2. Supply-Side Transformation - Capital expenditures in the food processing and seasoning sectors have contracted in recent years, with significant declines noted in 1H25. For instance, capital expenditures in the seasoning sector dropped by 24% year-on-year [41][46] - Supply chain companies are evolving from mere supporters to co-creators and drivers, necessitating proactive consumer demand exploration and product innovation [19][41] 3. Industry Segmentation - The frozen food sector is the second largest globally, but per capita consumption in China remains low compared to other countries. The industry is characterized by low concentration [19] - The prepared food sector is becoming more standardized, enhancing food safety and health standards [19] - The seasoning sector is seeing a rise in compound seasonings, with clean label soy sauce emerging as a new market segment [19] - The baking industry is witnessing a shift towards short-shelf-life products in retail and cross-industry channels [19]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [6]. Core Insights - Leading brands in the bulk snack industry are actively expanding diversified business models, with Wanchen launching money-saving supermarkets and exploring a comprehensive selection model that includes fresh fruits and baked goods, currently piloted in Jiangsu and Anhui [2][9]. - The convenience store business of Yummy Snack has established a presence in Guangzhou, with around 300 stores and a low entry barrier for franchisees, indicating a rapid expansion strategy [10]. - The overlap in target customer groups between convenience stores and bulk snack stores is about 10%-20%, with significant differences in positioning and competitive focus [11]. - Busy Ming focuses on large-scale expansion and increasing store numbers, while Wanchen Group is concentrating on improving single-store operational efficiency and product-driven efforts [12]. Summary by Sections Market Overview - On March 16, 2026, Haitong International held a seminar discussing the current state and future trends of new snack wholesale convenience store formats [8]. Business Models - Wanchen has launched a money-saving supermarket model and a community hard-discount supermarket brand, Huishengjia, focusing on essential household items [2][4]. - Busy Ming has introduced a project called "A Little Recommended," which aims to enhance profit margins through a direct-sale model [9][12]. Competitive Landscape - The competitive impact of new business formats on bulk snack operations is relatively small, with bulk snack stores leveraging price advantages to attract customers [11]. - Meiyijia, a leading convenience store, is expanding steadily with over 40,000 stores nationwide and positive same-store sales growth at established locations [13]. Strategic Directions - Busy Ming prioritizes store expansion, while Wanchen Group is focusing on enhancing operational efficiency and product offerings [12].

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [38]. Core Insights - The 2026 National Two Sessions focus on the integration of "new quality productivity" and the "Healthy China" strategy, emphasizing a shift from scale expansion to quality and efficiency in agriculture, food, and beverage industries [8][19]. - The report outlines three main investment themes: benefiting from moderate inflation expectations, the continuous development of emerging consumption, and the anticipated rise in agricultural upstream factor prices due to cyclical and input inflation [36]. Summary by Sections 1. National Two Sessions Discussion - The discussions highlight a significant upgrade in agricultural topics, focusing on technological and institutional innovations to address deep-seated efficiency and quality issues [7][10]. - The core proposition for the food industry is to "seek value from health," with a reinforced focus on food safety and nutritional upgrades [13][15]. 2. Agricultural Sector - The agricultural sector is transitioning from "experience-driven" to "model-driven" production methods, with an emphasis on AI and data models [20]. - The structure is evolving from "small and weak" to "shared and collaborative," allowing small farmers to access advanced technologies [20]. - The focus is shifting towards "green development" and "circular agriculture," aligning with dual carbon goals [11][12]. 3. Food Industry - The food industry is seeing an increase in entry barriers and market concentration, with a shift towards "precision and functional" product structures [21]. - There is a growing emphasis on food safety and standard system construction, particularly for the rapidly developing prepared food sector [13][14]. - The competition is transitioning from cost control to a dual drive of "technology + culture" [21]. 4. Beverage Industry - The beverage industry is elevating its value proposition from "selling products" to "selling culture," integrating cultural narratives into marketing strategies [22]. - Production methods are transitioning from traditional experiences to digital and intelligent processes [22]. - The market landscape is shifting from domestic competition to international expansion, with a focus on establishing standardized systems for international trade [22][28]. 5. Investment Recommendations - The report suggests focusing on sectors that will benefit from inflation expectations, such as condiments, prepared foods, beer, and dairy products [36]. - Emerging retail categories like health foods, functional beverages, and plant-based products are expected to perform well [36]. - Agricultural sectors such as seeds, feed, and livestock are anticipated to benefit from rising upstream factor prices [36].

Group 1 - The State Administration for Market Regulation has introduced new regulations aimed at enhancing food safety in online food delivery and sales, focusing on the responsibilities of platform operators and merchants [1] - The regulations include the "Regulations on the Supervision and Management of Food Safety Responsibilities of Online Catering Service Operators" and the "Regulations on the Supervision and Management of Food Safety Responsibilities of Online Food Sales Operators" [1] - The new rules emphasize three key areas: platform responsibility, merchant compliance, and enforcement of penalties for violations [1] Group 2 - Golden Dragon Fish reported a revenue of 245.13 billion yuan for 2025, a year-on-year increase of 2.87%, with a net profit of 3.15 billion yuan, up 26.01% [2] - The growth in revenue is attributed to increased sales in kitchen foods, feed raw materials, and oil technology products, driven by new factory capacity and expanded sales channels [2] - The improvement in profit is mainly due to better performance in flour and rice businesses, aided by lower raw material prices and effective procurement strategies [2] Group 3 - Quanjude Group achieved significant revenue during the Spring Festival, with multiple stores reporting daily revenues exceeding one million yuan [3] - The company focused on market demand and successfully executed its "Spring Festival Opening Red" strategy across its various brands [3] - Several stores set new revenue records during the holiday period, indicating strong consumer interest and sales performance [3] Group 4 - Chongqing's market supervision authority reported a case of a restaurant inflating the weight of a lamb, which raised consumer concerns [4] - The investigation revealed that the restaurant had engaged in practices to artificially increase the lamb's weight before cooking [4] - The restaurant has been ordered to cease its illegal activities and compensate affected consumers [4] Group 5 - Luckin Coffee reported a total revenue of 49.29 billion yuan for 2025, a 43% increase year-on-year, with a total of 31,048 stores by year-end [5] - The company saw a significant increase in both self-operated and partnered store revenues, with a notable rise in customer transactions [5] - The growth in store numbers and customer engagement reflects Luckin Coffee's successful expansion strategy [5] Group 6 - Yonghui Supermarket reported strong sales performance during the Spring Festival, with significant increases in various product categories [7] - Key categories such as cooked food and baked goods saw sales growth exceeding 220%, while seafood and organic vegetables also performed well [7] - The company's private label products experienced a substantial sales increase, indicating successful brand strategy implementation [7] Group 7 - Pang Donglai won a legal case regarding trademark rights and unfair competition related to its mooncake product [8] - The court ruled against a competitor for using Pang Donglai's brand name in a misleading manner, leading to consumer confusion [8] - The ruling included financial compensation for Pang Donglai, reinforcing the importance of brand protection in the market [8] Group 8 - Qinghua Lang reported a 450% increase in bottle opening rates during the Spring Festival, indicating strong consumer demand [9] - The brand's promotional activities during the holiday season contributed to the surge in product engagement [9] - The increase in opening rates reflects the brand's popularity in social gatherings and celebrations [9]