2025年7月4日，安井食品集团股份有限公司（02648.HK，以下简称"安井食品"）正式登陆港交所，成为中国速冻食品行业首家"A+H"上市公司。然而，该公 司以破发亮相的港股首秀，也引发市场的疑问：这家速冻巨头怎么了？ 安井食品此次港股上市共计发售3999.47万股H股，发行价为每股60港元，募集资金24亿港元，募资用途分别为扩大销售及经销网络、提升采购能力、优化供 应链及搭建供应链系统、业务营运数字化、产品开发及技术创新等。 从配售情况来看，安井食品公开发售阶段获得44.2倍超额认购，国际配售获得5.85倍认购，投资者整体参与度中规中矩，但不及市场预期。而随着安井食品 将其最终发行价较原计划上限下调9.1%，也为其上市首日遇冷埋下伏笔。 对此，安井食品向GPLP犀牛财经回复称，该公司股票受到经济环境、市场情绪、资金属性等多方面因素综合影响，短期内出现一定波动属于正常现象；新 股发行定价的适度调整，是国际资本市场常见的市场化操作，其核心目的是促进新股在上市后拥有更健康以及可持续的流动性表现，有利于公司股价的长期 稳定。 "发行定价的适度调整不会影响公司的内在价值和发展前景，公司赴港上市将带来长期战略价值，也 ...

Core Viewpoint - Anjiu Food is seeking to list on the Hong Kong Stock Exchange to raise funds for international expansion, as domestic growth in the frozen food market slows down [2][8]. Group 1: Company Overview - Anjiu Food is the leading company in China's frozen prepared food market, holding a market share of 13.8% as of 2024 [2]. - The company reported a revenue of 121.06 billion yuan in 2022, with projections of 139.65 billion yuan in 2023 and 150.30 billion yuan in 2024 [3]. - Anjiu Food has over 500 SKUs across three product lines: frozen prepared foods, frozen dishes, and frozen rice and noodle products [3]. Group 2: Financial Performance - In Q1 2025, Anjiu Food's revenue was 36.00 billion yuan, a decrease of 4.13% year-on-year, with a net profit of 3.95 billion yuan, down 10.01% [6]. - The gross margin for the prepared dishes segment was significantly lower than that of frozen prepared foods, with margins of 9.9%, 10.8%, and 11.1% from 2022 to 2024 [6]. - The average selling price of prepared dishes declined from 20,300 yuan per ton in 2022 to 17,600 yuan in 2024, attributed to increased competition in the market [6]. Group 3: Market Strategy - Anjiu Food aims to expand its international market presence, with plans to use funds from the IPO for enhancing sales networks and supply chain systems [8]. - The company has established a production base in Vietnam to penetrate Southeast Asian markets, with overseas revenue projected at 1.67 billion yuan in 2024, accounting for 1.1% of total revenue [8]. - The company has faced challenges with its prepared dishes segment, which has seen a decline in performance, but experts believe there is still potential for growth in this market [7][9]. Group 4: Industry Insights - The frozen food market in China is experiencing a slowdown, prompting companies like Anjiu Food to seek growth opportunities abroad [2][8]. - Industry experts emphasize the importance of having a strong domestic foundation before pursuing international expansion, highlighting the need for strategic and tactical planning [9].

Core Viewpoint - The recent incident of suspected borax being applied to pork has sparked significant public concern and discussion, leading to reports being made to market regulatory authorities for inspection [1][2]. Group 1: Health Risks - Borax is a toxic substance that is explicitly prohibited from being added to food in China, and its presence in food products can lead to serious health issues, including digestive problems, appetite loss, and acute poisoning symptoms [2][6]. - Long-term consumption of food containing borax can be life-threatening, with a lethal dose for adults being 15 grams and only 2-3 grams for infants [6]. Group 2: Detection Methods - Consumers can identify borax in pork by its slippery texture, darker color compared to fresh pork, and the presence of white powder or a faint alkaline smell [6][12]. - For other products like tofu, glutinous rice dumplings, and rice noodles, signs of borax include unusual texture, excessive toughness, and a slippery feel when wet [8][12].

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-27 股票投资评级 买入|维持 个股表现 -27% -23% -19% -15% -11% -7% -3% 1% 5% 9% 2024-05 2024-08 2024-10 2024-12 2025-03 2025-05 安井食品 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 83.86 | | --- | --- | | 总股本/流通股本（亿股）2.93 / 2.93 | | | 总市值/流通市值（亿元）246 / 246 | | | 52 周内最高/最低价 | 102.97 / 68.93 | | 资产负债率(%) | 23.6% | | 市盈率 | 16.51 | | 第一大股东 | 福建国力民生科技发展 | | 有限公司 | | 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 战略转向新 ...

看完如果有收获，可关注本号，设为星标☆ 冻品上市公司2024"成绩单"揭晓，增长变得愈发罕见，大面积下滑乃至亏损成了新常态。 诚然，增长很难，但实际情况也并未如外界想象的那般糟糕，行业内仍潜藏着诸多积极因素。一起来看下。 28家上市公司，仅8家营收净利双增长 2024年，下滑成了冻品行业新常态。 | | | | | 上市公司营收排行榜 | | | --- | --- | --- | --- | --- | --- | | 序号 | 124 | 营收 (亿元) | 营收同比 | 净利润 (亿元) | 净利润同比 | | | | | 速冻食品上市公司 | | | | 1 | 安井食品 | 151.27 | 7.70% | 14.85 | 0.46% | | 2 | 三全食品 | 66.32 | -6.00% | 5.42 | -27.64% | | 3 | 锅器 | 64.70 | 6.17% | 2.31 | -3.79% | | 4 | 广州酒家 | 51.24 | 4.55% | 4.94 | -10.29% | | 5 | 立高食品 | 38.35 | 9.61% | 2.68 | 266.94% | | ...

Core Viewpoint - The company is experiencing stable household consumption in Q1 2025, with strong growth in high-end products, while facing price competition in lower-end products [1][2] Group 1: Product Trends - In Q1 2025, household consumption remains stable, with fast growth in high-end products such as Hu Jihua peanut oil, Waipojiang small-pressed rapeseed oil, OLEA olive oil, corn oil, and sunflower oil [1] - Products primarily competing on price, like soybean oil, are affected by industry price competition [1] Group 2: Health Product Development - The "Fengyitang" health products will have multiple forms, including raw materials in rice, flour, and oil products, and ready-to-eat products like plant sterol soy milk [1] - The domestic market shows significant demand for health products, which generally have higher profit margins than regular grain and oil products, indicating potential for sales growth and profit contribution [1] Group 3: Marketing and Channel Strategy - The company focuses on specific target groups and channels for promoting "Fengyitang" health products, such as hospitals, rehabilitation centers, and elderly care institutions [2] - Collaborations with restaurants allow consumers to experience health products directly, fostering organic word-of-mouth promotion [2] - Positive feedback from trial products in employee cafeterias boosts confidence in the health product line [2]

2025 年 5 月 7 日 公司研究 经营韧性依旧，关注大单品表现 ——安井食品（603345.SH）2024 年年报及 25 年一季报点评 要点 事件：安井食品发布 2024年年报及2025年一季报，公司24年实现总营收151.27 亿元、同比增加 7.7%，归母净利润 14.85 亿元、同比略增 0.46%，扣非归母净 利润 13.6 亿元、同比略下滑 0.45%。25Q1 总营收 36.0 亿元、同比下滑 4.13%， 归母净利润 3.95 亿元、同比下滑 10.0%，扣非归母净利润 3.43 亿元、同比下滑 18.3%。公司公告拟每股派发现金红利 1.015 元（含税），24 年度累计分红（包 含回购）总额 10.4 亿元、分红率达到 70%。 24 年主业保持经营韧性。1）24 年速冻调制/速冻菜肴/速冻米面制品/农副产品 营收 78.4/43.5/24.7/4.5 亿元，同比+11.4%/+10.8%/-3.1%/-11.7%，速冻调制 食品保持稳健增长，估计锁鲜装收入保持较高增长。速冻菜肴制品收入亦有双位 数增长，估计小酥肉等单品增速较快。速冻米面制品收入同比下滑，估计与相应 渠道消费疲软、竞 ...

2025 年 5 月 7 日 公司研究 经营韧性依旧，关注大单品表现 ——安井食品（603345.SH）2024 年年报及 25 年一季报点评 要点 事件：安井食品发布 2024年年报及2025年一季报，公司24年实现总营收151.27 亿元、同比增加 7.7%，归母净利润 14.85 亿元、同比略增 0.46%，扣非归母净 利润 13.6 亿元、同比略下滑 0.45%。25Q1 总营收 36.0 亿元、同比下滑 4.13%， 归母净利润 3.95 亿元、同比下滑 10.0%，扣非归母净利润 3.43 亿元、同比下滑 18.3%。公司公告拟每股派发现金红利 1.015 元（含税），24 年度累计分红（包 含回购）总额 10.4 亿元、分红率达到 70%。 风险提示：物流持续受限，渠道拓展受阻，原材料成本上行。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14,045 | 15,127 | 16,130 | 17,253 | 18,476 ...

2025 年 4 月 30 日 公司研究 业绩承压，期待后续盈利改善 ——三全食品（002216.SZ）2024 年年报及 2025 年一季报点评 要点 事件：三全食品发布 2024 年年报及 2025 年一季报，公司 2024 年实现总营收 66.32 亿元、同比减少 6%，归母净利润 5.42 亿元、同比减少 27.64%，扣非归 母净利润4.15亿元、同比减少35.8%。25Q1总营收22.18亿元、同比减少1.58%， 归母净利润 2.09 亿元、同比减少 9.22%，扣非归母净利润 1.64 亿元、同比减少 16.87%。公司拟每 10 股派发现金红利 3 元（含税）、分红率 48.64%。 24 年传统米面制品收入承压、25Q1 有所改善，大 B 端表现相对领先。1）分市 场 ， 24 年零售及创新 / 餐饮市场营收分别为 51.19/14.45 亿元，同比 -8.10%/+1.06%，C 端零售市场表现较为疲软，B 端餐饮市场中小 B 端客户有所 承压、主要系老品竞争较为激烈，大 B 客户继续拓展、收入增速较为领先。分 产品看，24 年速冻米面制品/速冻调制食品营收分别为 55.99/8.73 ...

Investment Rating - The report maintains a "Recommendation" rating for Anjoy Food, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [10]. Core Views - Anjoy Food's revenue for 2024 reached 15.127 billion yuan, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was 1.485 billion yuan, a slight increase of 0.46% [4]. - The company is experiencing pressure on profitability due to demand disturbances, with a forecasted decline in net profit for Q1 2025 [4][8]. - The company has a diverse product matrix, with significant contributions from frozen prepared foods and a notable decline in revenue from casual snacks due to structural adjustments in its subsidiary [7][8]. Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 15.127 billion yuan, up 7.7% YoY - 2024 net profit: 1.485 billion yuan, up 0.5% YoY - 2025 projected net profit: 1.580 billion yuan, up 6.4% YoY [6][8]. - Margins: - Gross margin for 2024 was 23.3%, a slight increase of 0.09 percentage points YoY - Net margin for 2024 was 10.01%, a decrease of 0.68 percentage points YoY [7]. - Revenue by Product: - Frozen prepared foods: 7.839 billion yuan, up 11.41% YoY - Frozen dishes: 4.349 billion yuan, up 10.76% YoY - Frozen noodles and rice products: 2.465 billion yuan, down 3.14% YoY - Casual snacks: 0.9497 million yuan, down 80.44% YoY [7]. - Revenue by Channel: - Distributor channel: 12.382 billion yuan, up 8.91% YoY - New retail channel: 0.582 billion yuan, up 32.97% YoY - E-commerce channel: 0.313 billion yuan, down 2.29% YoY [7]. Regional Performance Summary - Revenue by Region: - East China: 6.480 billion yuan, up 6.36% YoY - North China: 2.217 billion yuan, up 5.36% YoY - Central China: 1.928 billion yuan, up 7.44% YoY - Northeast: 1.296 billion yuan, up 7.01% YoY - South China: 1.265 billion yuan, up 9.12% YoY - Overseas: 0.168 billion yuan, up 30.76% YoY [8]. Financial Projections - The company is projected to achieve net profits of 1.580 billion yuan in 2025, 1.732 billion yuan in 2026, and 1.892 billion yuan in 2027, with corresponding EPS of 5.39, 5.91, and 6.45 yuan [6][8]. - The P/E ratio is expected to decrease from 14.6 in 2024 to 11.4 in 2027, indicating a potential increase in valuation attractiveness [6][8].