Investment Rating - The industry investment rating is "Increase" [4][32]. Core Viewpoints - The frozen food industry is expected to see demand recovery, with product innovation playing a crucial role in overcoming challenges [6][29]. - The revenue from the downstream catering sector is anticipated to maintain a recovery trend in 2026, while profit margins are expected to gradually improve due to cost control and product innovation [6][29]. - The market size of China's frozen food sector is projected to reach 213.1 billion by 2025, up from 168.8 billion at the end of 2022 [8]. Summary by Sections Industry Overview - The frozen food industry faced a slowdown in growth during the first three quarters of 2025 due to fluctuations in catering demand and other adverse factors, but signs of recovery were noted in Q4 [6][29]. - The total market value of the industry is approximately 45,795.07 billion [1]. Market Trends - The national catering revenue from January to October 2025 reached 46,188 billion, showing a year-on-year growth of 3.3% [7]. - The chain rate in the catering industry is expected to rise to 25% in 2025, indicating significant room for growth compared to the U.S. and Japan [8]. Product Performance - In the first half of 2025, the frozen food category in supermarkets grew by 5%, contrasting with a decline of 9.5% in the same period last year [9]. - There is a structural shift in the market, with traditional staple categories under pressure while snack categories like pizza and frozen dim sum show strong growth potential [9]. Channel Development - The frozen food companies are actively responding to the demand from large chain supermarkets, leading to an increase in sales through these channels [15]. - New retail channels are also showing significant growth, contributing to the overall performance of the industry [15]. Cost and Profitability - The prices of most food raw materials have decreased, alleviating some cost pressures for frozen food companies, although packaging costs remain high [21]. - The combined revenue growth of key companies in the frozen food sector was 3.0% year-on-year for the first three quarters of 2025, with a notable acceleration in Q3 [29]. Company-Specific Insights - Anjiu Foods is expected to benefit from the gradual recovery in catering and the continuous expansion of new customers, leading to a potential increase in profitability [31]. - Qianwei Yangchu is focusing on product innovation and expanding its market presence through both B2B and B2C channels, indicating strong long-term growth potential [31]. - Lihai Foods is actively developing new products and strengthening partnerships with key clients, positioning itself well for future growth in the baking sector [31].

Core Insights - Guangdong's first county-level overseas warehouse in New Zealand is set to expand, facilitating trade between Chaozhou enterprises and New Zealand [1] - Chaozhou's foreign trade is showing resilience, with a reported import and export value of 282.9 billion yuan in 2024, marking an 11.7% year-on-year increase [1][2] - The overseas warehouse model is becoming crucial for Chaozhou businesses to enhance logistics and payment processes, thereby supporting brand development [1][4] Group 1: Trade Performance - Chaozhou's foreign trade for the first four months of the year reached 80.9 billion yuan, a 4% increase year-on-year, with exports at 67.2 billion yuan, up 7.8% [2] - Key export products include ceramics (21.9 billion yuan), food (8.2 billion yuan), and footwear (5.2 billion yuan) [2] Group 2: Industry Development - Chaozhou is focusing on industrial transformation, leveraging traditional industries like ceramics and food while also investing in emerging sectors such as new materials and biomedicine [2] - The city aims to create a 100 billion yuan advanced ceramics manufacturing cluster [2] Group 3: Market Opportunities - Chaozhou's ceramics and food products align well with New Zealand's market demands, particularly in high-end building materials and food products for the local Chinese community [3] - The New Zealand county-level overseas warehouse project has already attracted over 20 enterprises, including leading ceramics companies [3] Group 4: Support for SMEs - The government is promoting cross-border e-commerce and enhancing overseas warehouse infrastructure to support small and medium-sized enterprises (SMEs) [4] - The New Zealand county-level overseas warehouse project aims to reduce entry barriers for SMEs by offering shared services and flexible inventory management [5] Group 5: Logistics and Sales Support - The project will provide comprehensive trade services, including logistics support and damage coordination during transportation [5] - A dedicated marketing team will be established to assist enterprises in achieving effective sales connections in New Zealand [6]

Core Insights - The global Chinese cuisine market is experiencing significant growth, with an annual increase of 11%, expected to surpass $1.2 trillion in 2023 [1] - The export of prepared dishes is a key growth driver, with the Chinese prepared food industry projected to reach 600 billion RMB in 2024 and potentially exceed 1 trillion RMB in the next 1-2 years [1] - The globalization of supply chains is crucial for the successful international expansion of Chinese cuisine, which is seen as an "invisible battlefield" [1] Industry Overview - In 2024, the overall output value of China's food industry is estimated to be around 12 trillion RMB, with agriculture at 9 trillion RMB and restaurant revenue at 5.5 trillion RMB [2] - The total GDP of China in 2024 is projected to be 135 trillion RMB, with agriculture and the restaurant industry together exceeding 20 trillion RMB, making it the largest livelihood industry [2] - China's agricultural product export value is expected to reach approximately $90 billion in 2024, with prepared food exports amounting to 173.2 billion RMB, accounting for 27% of agricultural exports [2] Market Dynamics - The rapid development of the prepared food industry is attributed to significant changes in the supply chain structure, technological innovations, and shifts in consumer perceptions, particularly due to advancements in cold chain logistics [2] - The historical context of Chinese cuisine's international presence dates back to the large-scale labor exports starting in 1860, with a significant number of Chinese restaurants now operating globally [2] - There are approximately 1,566 million Chinese restaurants in China, employing fewer than 40 million people, indicating a strong trend towards international expansion [3] Regional Insights - Guangdong province is highlighted as a potential leader in the prepared food industry, with a GDP of 14 trillion RMB and restaurant revenue of 600 million RMB in 2024, positioning it as a key player in the global food industry [3]