Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company is currently under pressure but is strategically positioning itself for recovery. The report highlights that despite short-term challenges, there is potential for improvement in the latter half of the year, particularly with new product launches and channel expansions [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 15,127 million yuan, increasing to 15,778 million yuan in 2025, with a growth rate of 7.7% and 4.3% respectively [2][11]. - **Net Profit Forecasts**: Expected net profit for 2024 is 1,485 million yuan, decreasing to 1,411 million yuan in 2025, reflecting a growth rate of 0.5% and a decline of 5.0% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 4.46 yuan in 2024, dropping to 4.23 yuan in 2025, and then increasing to 4.62 yuan in 2026 [2][11]. - **Profitability Ratios**: The report indicates a net profit margin of 7.0% for Q2 2025, down 2.6 percentage points year-on-year, with a gross margin of 18.0% [6][7]. Market Performance - The company's stock price as of August 25, 2025, was 77.06 yuan, with a market capitalization of approximately 256.83 billion yuan [3][6]. - The report notes that the company has experienced a significant increase in sales through new retail and e-commerce channels, with double-digit growth in these areas [6][7]. Product and Channel Insights - The company has seen varied performance across its product lines, with notable growth in new products such as small lobster products exceeding 1 billion yuan in revenue and a significant increase in sales of grilled sausages [6][7]. - The report emphasizes the importance of adapting to market demands and enhancing product offerings to improve revenue streams [6][7].

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 - Anjuke Foods has shown significant growth in stock price and market position, solidifying its status as a leading player in the frozen food industry in China [1] Company Overview - Anjuke Foods Group Co., Ltd. was established in December 2001, focusing on the research, production, and sales of frozen prepared foods, frozen noodles, and frozen dishes [1] - The company has developed into one of the most influential and well-known frozen food enterprises in China over the past two decades [1] - Anjuke operates 12 integrated production bases across China, with a marketing network centered in East China and 54 marketing agencies [1] Market Position and Performance - As of July 7, 2023, Anjuke Foods' stock price reached HKD 59.950, a 5.17% increase from the previous trading day, with an intraday high of HKD 60.150, marking a nearly one-year high [1] - The company achieved significant profit growth in 2023, maintaining its position as the largest, most profitable, and highest market value company in the frozen food industry in China [1] - Anjuke Foods became the first company in the domestic frozen food industry to exceed RMB 10 billion in annual revenue and profit in 2022 [1] Product and Innovation - The company has developed popular products such as fresh-keeping packaging series, volcanic stone grilled sausages, shrimp paste, and various meat rolls to meet diverse consumer demands [1] - Anjuke has been recognized with multiple awards and certifications, including being the first in the frozen prepared food industry to establish a "National Enterprise Technology Center" [1] Strategic Focus - The company adheres to a channel strategy that balances traditional retail and new retail, enhancing its presence in various sales channels to maximize efficiency [1] - Anjuke Foods emphasizes its mission of providing safe and delicious food, aiming to improve brand reputation and competitiveness through product, channel, and brand strength [1]

Core Viewpoint - The article explores the unique breakfast cultures in different regions of China, highlighting the experiences of foreign individuals who have immersed themselves in local culinary traditions and the cultural significance behind these meals [5][11][17]. Group 1: Inner Mongolia Breakfast Culture - The breakfast in Inner Mongolia is characterized by hearty dishes such as lamb offal soup, baked bread, and various dairy products, which are designed to provide substantial energy for the day [6][8]. - The term "hard breakfast" refers to the filling nature of the food rather than its texture, reflecting the historical lifestyle of nomadic herders who required high-calorie meals [8]. - The quality of lamb in Inner Mongolia is attributed to the natural grazing conditions, which reduce the gamey taste, enhancing the overall flavor of the meat [9]. Group 2: Hainan Breakfast Culture - In Hainan, breakfast is not just about food but also about social interaction, exemplified by the "old dad tea" culture where people gather to enjoy tea and dim sum [11][13]. - The variety of local rice noodles, such as the Sanya port noodles, showcases the region's emphasis on fresh ingredients and distinct flavors, with each type of noodle reflecting local characteristics [14][15]. - The experience of trying unique dishes like the Lingshui sour noodles highlights the adventurous spirit of exploring local cuisine, which often includes unexpected ingredients [15]. Group 3: Beijing Breakfast Culture - Beijing's breakfast scene features traditional foods like fried sauce noodles and douzhi (fermented mung bean drink), which are deeply rooted in the city's history and culture [17][19]. - The preparation and consumption of these dishes often involve a communal aspect, with many breakfast vendors located in bustling areas, creating a lively atmosphere [18]. - The stories behind the dishes, such as the origin of the door nail meat pie, add a layer of cultural richness to the culinary experience in Beijing [19].

Core Viewpoint - The Guangzhou Municipal People's Congress has included the "Guangzhou Early Tea Heritage Protection Regulations" as a legislative preparatory project for 2025, aiming to gather public opinions through a survey on the preservation and modernization of early tea culture [2][4][41]. Group 1: Legislative Intent - The legislation aims to address the cultural significance of early tea and its associated practices, ensuring that traditional skills and cultural rituals are preserved in modern society [37][39][43]. - The survey includes questions about what aspects of early tea culture should be protected and how to support its development, reflecting a proactive approach to public engagement [35][36]. Group 2: Public Opinion on Pre-prepared Tea Dishes - The rise of pre-prepared tea dishes has sparked debate among consumers, with many expressing skepticism about their authenticity and quality compared to freshly made items [22][24][27]. - Some consumers support the idea of pre-prepared tea dishes for standardization and scalability, provided that clear labeling of preparation methods is implemented [29][30]. - Concerns have been raised about the potential loss of traditional culinary skills if pre-prepared options replace handmade dishes, highlighting the need for a balance between innovation and tradition [28][32]. Group 3: Food Safety Concerns - The core issue surrounding pre-prepared dishes is food safety rather than the concept of pre-prepared food itself, emphasizing the importance of transparency in ingredient sourcing and preparation processes [30][31][33]. - Experts suggest that the quality of food is determined by human practices rather than the method of preparation, indicating that proper standards can ensure safety in pre-prepared options [32][33].

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].

以下文章来源于天天IPO ，作者吴琼 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 剑指出海。 作者 I 吴琼 餐桌上的火锅丸子要IPO了。 投资界-天天IPO获悉，近日安井食品集团股份有限公司（简称"安井食品"）正式向港交 所递交上市申请，计划"A+H"双重上市。 时间回到20 01年，河南老乡刘鸣鸣下海创业，在厦门成立安井食品。二十多年间，安井 食品成长为全国速冻食品巨头，其生产的牛肉丸、鱼丸、小酥肉等食品，更是遍布全国 各大商超，成为一代人的餐桌记忆。 20 17年，安井食品成功在上交所上市，最新市值超20 0亿。这一次，刘鸣鸣再次叩响港 交所大门。 河南老师转行卖鱼丸 又要敲钟了 安井食品的故事，要从一位河南老乡说起。 出生于河南郑州，刘鸣鸣后来考上同济大学，毕业后被分配到郑州工业大学当老师。彼 时正值下海潮，于是做了两年教师后，他决定放弃安稳的生活，投身商界。 其中一段在外企的工作经历，让他看到国外的超市和大卖场中，速冻食品已如家常便 饭，但在国内却还并不多见。察觉到其中的商机，刘鸣鸣决心创业。 报道 I 投资界-天天IPO 20 01年，刘鸣鸣在福建厦门创办了华顺民生（即安井 ...