证 券 研 究 报 告 安井食品（603345）2025 年中报点评 强推（维持） 当前承压，布局修复 目标价：100 元 事项： 评论： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 15,778 | 17,055 | 18,352 | | 同比增速(%) | 7.7% | 4.3% | 8.1% | 7.6% | | 归母净利润(百万) | 1,485 | 1,411 | 1,541 | 1,720 | | 同比增速(%) | 0.5% | -5.0% | 9.2% | 11.6% | | 每股盈利(元) | 4.46 | 4.23 | 4.62 | 5.16 | | 市盈率(倍) | 17 | 18 | 17 | 15 | | 市净率(倍) | 2.0 | 1.9 | 1.8 | 1.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 ...

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 discusses the strategic shift of Dongfang Zhenxuan after the departure of its key figure, Dong Yuhui, and highlights the potential for growth in its business model, which is transitioning from traditional live-stream selling to a more diversified approach similar to Sam's Club and Pinduoduo [1][4]. Company Strategy - Dongfang Zhenxuan is moving towards a business model that reduces reliance on top streamers, aiming to enhance brand reputation and market confidence through product innovation and quality control [1][5]. - The company plans to increase its membership base significantly, targeting 50,000 to 100,000 members by improving its reputation and leveraging word-of-mouth marketing [5][6]. Membership Growth - Membership numbers have shown rapid growth, with approximately 40,000 members by the end of July 2023, and a daily increase in new members from 300 in June to 410 in July, indicating a 40% month-over-month increase [6][7]. - The company’s focus on high-quality products is expected to drive repeat purchases among members, contributing to exponential profit growth as the scale of operations increases [7][8]. Financial Performance - The Gross Merchandise Value (GMV) is projected to reach approximately 880 million by June 2025, reflecting a year-over-year growth of 28%, with self-operated products contributing around 350 million, a 15% increase [6]. - Sales data indicates strong demand for specific products, such as the newly launched sanitary napkins, which sold over 1.5 million packages shortly after release, highlighting consumer interest and market potential [6][7]. Market Positioning - The company is positioned to capitalize on the growing demand for high-quality consumer goods, as evidenced by the success of similar models like Sam's Club, which had 4 million members in 2021 and is expected to reach 9 million by 2025 [3][4]. - The overall market appears to be lacking in high-quality products, suggesting that Dongfang Zhenxuan's focus on quality and consumer trust could lead to significant market share growth [5][6].

Core Viewpoint - The company emphasizes the integration of ESG (Environmental, Social, and Governance) practices into its operational framework, viewing it as a driving force for sustainable development rather than merely a compliance requirement [1][2]. Group 1: ESG Integration and Governance - The company has transformed ESG from a report into a systematic approach, embedding it deeply within its governance, industry chain, and innovation systems [1]. - Since its listing in 2021, the company has established a three-tier ESG governance structure covering the board, executive team, and operational staff, and has incorporated core ESG indicators into executive performance contracts [1]. - The company has reported a net profit of 8.1652 million yuan in 2024, marking a successful turnaround, attributed to enhanced organizational resilience and risk management through refined governance [1]. Group 2: Industry Practices and Product Safety - The company slaughters 100 million chickens annually and has an annual production capacity of 120,000 tons of processed products, making it one of the few domestic chicken processing companies that continuously exports to Japan and the EU [2]. - It has implemented a dual defense system of "product traceability + self-inspection and control," achieving a 100% product inspection pass rate and a customer satisfaction rate of 99% in 2024 [2]. - The company has successfully passed various international certifications, including BRCGS, HALAL, and GSLR [2]. Group 3: Growth Strategy and Future Plans - The company is transitioning towards a "big food" strategy, expanding its product range from chicken to health proteins and various processed food items [2]. - In Q1 2025, the company reported revenues of 595 million yuan, a year-on-year increase of 12.48%, and a net profit of 11.1676 million yuan, reflecting a significant year-on-year growth of 286.90% [2]. - The company aims to increase its revenue from 2.8 billion yuan to 5 billion yuan over the next three years, focusing on enhancing brand influence, channel penetration, and shareholder returns [2].

Core Viewpoint - Shuanghui has initiated a new restaurant project aimed at upgrading its product and operational standards, planning to add 100 community deli stores in the next year to expand market coverage [1] Group 1: Company Strategy - Shuanghui's deli stores primarily focus on marinated dishes, offering a variety of products including fried chicken legs, grilled sausages, and crispy meat [1][2] - The company has been operating its deli store model for some time, with the latest upgrade to version 2.0 occurring in 2022 [1] - The new project involves standardizing products and operations, with a goal of opening 100 new community deli stores within a year [1] Group 2: Product Offering - Shuanghui's deli stores highlight its pork products while also expanding to chicken, beef, duck, cod, and vegetarian options, providing a diverse selection for consumers [2] - The stores offer both hot and cold marinated foods, as well as side dishes and fried snacks, including marinated pig's trotters, pig's head meat, and spicy chicken [4][5] Group 3: Market Presence - Most of Shuanghui's existing deli stores are located in northern China, particularly in Henan province, with over ten stores in its headquarters city of Luohe [5][6] - The company is exploring opportunities in southern regions like Guangzhou and Shenzhen, where it has opened one store in each city [6] Group 4: Industry Context - The marinated dish market has become increasingly competitive, with numerous brands, from large chains to small vendors, entering the space [1][13] - The growth rate of the marinated dish market has slowed, and the number of marinated food stores has started to decline [13] - Established competitors like Ziyuan Baiwei Chicken and Jiuduo Rouduo have already achieved significant scale, making it challenging for Shuanghui to capture market share as a latecomer [13] Group 5: Operational Challenges - While Shuanghui has extensive experience in meat production, operating restaurants requires different skills, including site selection, employee management, customer service, and marketing [13] - The increasing sophistication of marinated food brands in terms of operational efficiency poses additional challenges for Shuanghui as it seeks to establish its presence in this segment [13]

Core Viewpoint - The development of street vendor economy in Shenzhen is facing significant challenges as it attempts to balance urban order with the needs of citizens, following the shift from a ban to conditional allowance for street vendors two years ago [1] Group 1: Policy and Regulation - The revised Shenzhen regulations allow for designated vendor operating areas, but specific standards and management details are still being explored [1][11] - Many districts, such as Futian and Luohu, are struggling with the issue of "no space to designate" for vendor operations, leading to a lack of suitable areas for street vendors [8][9] - The management methods for street vendors are still in the exploratory phase, with some districts implementing pilot programs to establish designated areas and improve governance [11][15] Group 2: Urban Order and Public Safety - The influx of street vendors has led to urban order challenges, including traffic congestion and safety hazards, particularly in high-traffic areas like Futian Port [3][4] - Issues such as open gas canisters and unsanitary conditions at vendor sites raise significant safety and health concerns [4][5] - The "hit-and-run" tactics employed by vendors to evade enforcement highlight the ongoing struggle between street vendors and regulatory authorities [6][14] Group 3: Economic Impact and Community Needs - The street vendor economy serves as a vital source of income for many low-income individuals and new residents, creating approximately 600 jobs daily in certain areas [12] - There is a strong demand for affordable and convenient food options among residents, with a significant portion of consumers being price-sensitive [13] - Complaints regarding noise, pollution, and safety issues from residents indicate a growing tension between the benefits of street vendors and the need for urban cleanliness and order [13][21] Group 4: Recommendations and Solutions - Experts suggest that regulations need to be refined to clarify vendor operating standards and processes, as well as to establish a clear mechanism for vendor entry and exit [19][20] - Utilizing underused urban spaces, such as corners of urban villages and near subway stations, could help alleviate the issue of street vendor placement [20] - Implementing a combination of education and enforcement strategies may help manage vendor activities while considering the needs of both vendors and residents [20][21]

Group 1 - The core point of the news is that Anjuke Foods has announced the final offering price for its overseas H-share listing, set at HKD 60 per share, which corresponds to RMB 54.76, representing a discount of approximately 30% compared to the A-share closing price of RMB 78.74 on July 1 [1] - The total number of shares to be issued is 39,994,700, with a dilution ratio of about 13.65%. The market capitalization of A-shares is RMB 231 billion, corresponding to a 16.5x PE for 2025, while the H-share PE is approximately 11.5x [1] - The funds raised from the H-share issuance will be used for global sales network construction, supply chain system development, industrial investment and acquisitions, product development, technological upgrades, and working capital supplementation [1] Group 2 - The company is focusing on upgrading its C-end offerings and differentiating its products by embracing new retail channels and driving innovation in product development [2] - New product launches include four single and combination products for grilled sausages, six new specialty products for dough, and an upgraded "live fish fresh fish ball" for hot pot ingredients, aimed at attracting younger consumers [2] - The company has signed a share acquisition agreement with Dingwei Thai, marking a transition from being a frozen food leader to providing comprehensive dining solutions, while also accelerating international and overseas channel expansion [2]

Core Insights - Heytea has launched a new product line called "Nuo Nuo Croissant Tart" in its Shenzhen store, which has quickly gained popularity, leading to long queues and sold-out products on the first day of release [1][2][4] Product Launch - The new product series includes flavors inspired by popular drinks such as "Explosive Taro Nuo Nuo Croissant Tart" and "Mango Sweet Dew Nuo Nuo Croissant Tart," priced between 25 to 35 yuan each [2][4] - The "Explosive Taro Nuo Nuo Croissant Tart" replicates the recipe of the popular "Taro Bubble Milk," while the "Mango Sweet Dew Nuo Nuo Croissant Tart" features fresh seasonal mango [2][4] Consumer Response - The launch day saw significant consumer interest, with the official app frequently showing sold-out notifications and customers traveling from other cities to try all five flavors [4] - Social media buzz has led many consumers to request a nationwide rollout of the new product line [4] Industry Trends - The tea beverage industry is witnessing a trend of cross-category expansion, with brands diversifying their product offerings to seek new growth opportunities [5][7] - Other brands, such as "One Bite Egg Tart One Bite Tea," have successfully combined tea and baked goods, enhancing customer experience and increasing average transaction value [7][9] - The trend of "drink + dessert" combinations is becoming a key strategy for brands to attract consumers and boost sales [16]

Core Viewpoint - The company is preparing for an IPO with a strong market position in the frozen food industry, but faces challenges such as slowing growth in its prepared food segment and increased competition leading to price pressures [1][11][16]. Financial Situation Revenue - The company has shown steady revenue growth over the past three fiscal years, with revenues of 12.2 billion, 14 billion, and 15.1 billion, and a projected growth of 7.7% in 2024 [1]. - The frozen prepared food segment generated 7.8 billion in revenue, growing by 11.4%, driven by the success of the "fresh-lock" series and new product launches [1]. - The frozen dish segment generated 4.3 billion, with a growth rate of 10.76%, although the growth was impacted by inventory adjustments in the crayfish category [2]. Profit and Gross Margin - The company's net profit growth has slowed, recording 1.1 billion, 1.48 billion, and 1.49 billion, primarily due to the deceleration in prepared food growth and increased costs [4]. - The gross margin slightly increased to 23.30% in 2024, while the net margin decreased to 10.01% due to rising management and promotional expenses [4]. Company Advantages Market Position - The company holds a leading market share in the frozen food industry at 6.6%, significantly higher than its closest competitor [5]. - In the frozen hot pot ingredient segment, it commands a market share of 12.7%, which is four times that of the second player [5]. Distribution Network - The company has a robust distribution network with 2,069 distributors, covering various channels including supermarkets, restaurants, and e-commerce platforms [7]. Supply Chain and Cost Control - The company operates 13 production bases and maintains lower logistics costs compared to industry averages, enhancing supply chain stability [8]. International Expansion - The company is pursuing international growth, particularly in Southeast Asia, with plans to establish production bases in Vietnam by 2026 [9][10]. Challenges Price Competition - The frozen food industry is experiencing intensified price competition, leading to a decline in product prices and pressure on profit margins [11][12]. Distributor Stability - The company has seen a high turnover rate among distributors, which could impact future revenue growth, especially in lower-tier cities [13][14]. Prepared Food Segment Struggles - The prepared food segment is facing declining growth rates, with crayfish prices dropping significantly, affecting profitability [14][15]. Slow Overseas Expansion - Currently, overseas revenue accounts for only 1% of total revenue, indicating slow progress in international markets [15]. Executive Compensation Concerns - There are concerns regarding rising executive compensation amidst stagnant profit growth, leading to shareholder dissatisfaction [16].

Core Viewpoint - The chicken and processed food industry is undergoing significant structural changes driven by consumer upgrades and technological advancements, with Chunxue Food Group planning to transform from a traditional chicken processing company to a comprehensive food enterprise by 2030, targeting a revenue of 10 billion yuan [2][3]. Strategic Development - Chunxue Food is implementing three major strategies: "Big Food," "AI+," and "Globalization" to drive future growth, with a clear goal of achieving 10 billion yuan in revenue by 2030 [2][3]. - The "Big Food" strategy involves expanding beyond chicken products, with plans to add six new production lines for processed foods within two years, aiming for an annual capacity of 200,000 tons [3]. - The company is also entering the sausage market, launching ten new sausage products and targeting a production and sales goal of 100,000 tons within five years [3]. - Chunxue Food is extending its reach into the seafood sector, successfully entering the Japanese market and expanding into Europe [3]. Technological Empowerment - The "AI+" strategy focuses on digital transformation through the integration of big data, artificial intelligence, and the Internet of Things, enhancing operational efficiency and consumer engagement [3]. - The company is developing a "full-link digital operation hub" for wholesalers, equipped with an "AI business assistant" to analyze consumer feedback and recommend sales strategies [3]. Global Expansion - The globalization strategy aims to enhance growth opportunities by establishing regional centers in China to improve marketing capabilities and accelerate brand internationalization, particularly in Europe and Southeast Asia [4]. - The company is focusing on understanding consumer needs and building a more efficient supply chain to support its strategic transformation [4]. Product Strategy - Chunxue Food is collaborating with strategic partners to innovate and create a competitive product matrix, launching 41 new products across seven series to meet evolving consumer demands [6]. - The new product offerings include "antibiotic-free" and "light lifestyle" series, targeting health-conscious consumers, as well as products designed for younger demographics [6]. - The company is also providing standardized and efficient solutions for B2B clients in the restaurant sector [6]. Market Expansion - Chunxue Food plans to expand its market coverage from 11 provinces and 31 cities to 24 provinces and 136 cities, increasing the number of wholesalers from 243 to 400 [6]. - The company aims to operate with a focus on prefecture-level cities, enhancing collaboration with wholesalers to penetrate the market effectively [6].