8月22日13时02分，海欣食品出现快速反弹行情，5分钟内涨幅超过2%，该时段成交金额达5700.31万 元。当日主力资金净流入430.02万元，近五个交易日累计净流入166.80万元。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 截至2025年8月22日收盘，海欣食品股价报4.44元，较前一交易日下跌0.04元，跌幅0.89%。当日开盘价 为4.47元，最高触及4.52元，最低下探4.35元，全天振幅3.79%，成交量为20.06万手，成交金额0.89亿 元。 海欣食品主要从事速冻鱼肉制品及肉制品的生产和销售，产品包括速冻鱼糜制品、速冻肉制品等。公司 所属行业为食品饮料板块，具有预制菜、社区团购等业务属性。 ...

Group 1 - The latest stock price of Anjuke Foods is 74.13 yuan, with a slight increase of 0.08 yuan from the previous trading day [1] - The stock reached a high of 74.63 yuan and a low of 73.92 yuan during the trading session, with a total transaction volume of 290 million yuan [1] - Anjuke Foods primarily engages in the research, production, and sales of frozen food, including frozen fish paste products and frozen meat products, and is part of the food and beverage sector [1] Group 2 - On August 5, a block trade occurred for Anjuke Foods, involving 88,500 shares with a transaction value of 5.903 million yuan at a price of 66.70 yuan, which is a 10.02% discount compared to the closing price of that day [1] - This block trade accounted for 2.03% of the total transaction amount on that day [1] - The net outflow of main funds for Anjuke Foods on that day was 13.7565 million yuan, with a cumulative net outflow of 34.6874 million yuan over the past five days [1]

Core Insights - The beef cattle industry in Jingyuan County, Ningxia, is a traditional stronghold for local economic development, with the Jingyuan Yellow Cattle brand valued at over 3.5 billion yuan [1] - The county has implemented comprehensive support policies for the entire industry chain, enhancing breeding scale and industrialization levels [1][2] Industry Development - As of now, there are over 6,800 beef cattle farmers in Jingyuan County, accounting for 30% of the rural resident households [1] - The county has attracted external beef processing enterprises and nurtured local businesses to extend the industry chain [2] Product Innovation - The Ningxia Yuan Niu Agricultural and Animal Husbandry Technology Co., Ltd. has improved beef preservation from 3 days to 7 days while reducing costs by 30% through modern packaging techniques [2] - Jingyuan County has developed over 50 products in four major series, including premium cuts and frozen beef products, which are sold through various retail channels [2] Market Expansion - Currently, there are 96 sales outlets for Jingyuan Yellow Beef across the country, with products distributed to over 20 provinces and cities, including major urban centers [3] - The products are available in large supermarkets and online platforms, enhancing market reach [3] Future Projections - By the end of 2025, the beef cattle population in Jingyuan County is expected to reach 120,000, with livestock output value projected to be 390 million yuan, contributing to an overall industry chain value exceeding 1 billion yuan [4]

Core Viewpoint - Anjiu Food Group Co., Ltd. has received approval from the China Securities Regulatory Commission for the issuance of up to 59,521,400 overseas listed ordinary shares, marking a significant step in the company's internationalization strategy [2] Group 1: Company Overview - Anjiu Food is a leading player in China's frozen food industry, holding a 6.2% market share in 2023, making it the industry leader [3] - The company has a market share of 12.7% in the frozen prepared food segment, which is four times that of the second-place competitor, and leads the frozen dish products market with a 4.9% share, surpassing the combined share of the second to fourth competitors [3] Group 2: Competitive Advantages - The company has established a comprehensive multi-channel sales network with over 2,000 distributors, covering traditional distribution, supermarkets, catering, and e-commerce [4] - Anjiu Food offers a diverse product matrix with over 400 SKUs across four main categories: frozen fish products, frozen meat products, frozen noodle and rice products, and frozen dish products [4] - The company has a strong focus on research and development, possessing a national-level enterprise technology center and holding 150 international management system certifications [4] Group 3: Strategic Significance of H-Share Listing - The H-share listing will provide multiple development opportunities, including expanding international financing channels and optimizing the capital structure [5] - It will enhance the company's international brand influence and support overseas market expansion [5] - The listing is expected to attract international strategic investors, improving corporate governance and laying the groundwork for future cross-border mergers and acquisitions [5] Group 4: Future Outlook - The frozen food industry is anticipated to experience broader growth due to ongoing consumption upgrades and the trend of restaurant chain expansion [6] - Anjiu Food aims to leverage its comprehensive product matrix, strong R&D capabilities, and extensive sales network to further enhance its leading position as industry concentration increases [6]

Summary of Company and Industry Insights from Conference Call Company Overview - **Company**: Anjijia Food - **Industry**: Frozen Food Industry Key Financial Performance - **2024 Revenue**: 101.04 billion CNY, up 7.85% YoY, with major contributions from: - **Prepared Foods**: 78.39 billion CNY, growth of 15.4 billion CNY, driven by rapid growth in fresh-keeping products, revenue share increased to 10.5%, expected price close to 11.5 CNY/kg [2][3] - **Frozen Dishes**: 43.5 billion CNY, growth of 4.7%, notable increases in small crispy meat and shrimp slides, but shrimp tails declined due to price fluctuations [2][3] - **Frozen Noodles and Rice**: Close to 25 billion CNY, down 3.14% YoY, impacted by industry competition and price declines [2][3] - **Gross Margin**: 23.3% for 2024, up 0.09 percentage points, with improvements in frozen prepared foods and stable margins in fresh-keeping products [2][7] - **Net Profit**: Slight increase of 0.47%, affected by increased stock incentive costs and higher investments in roasted chicken and chicken sausages [2][7] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million CNY in revenue, accounting for 70% of total sales, with stable growth in frozen fish products [2][5] - **Dividend Policy**: Increased payout ratio from 30% to 40%, with a cash dividend ratio of 65% for 2024, leading to a total payout ratio of 70% [4][12] - **New Product Strategy for 2025**: Focus on cost-effectiveness for B-end products and upgrading C-end products, with expected growth of 15%-20% for fresh-keeping products [4][16] Market Dynamics - **Channel Performance**: - **Distributor Channel**: 9% growth, reaching 123 billion CNY - **Direct Sales**: Down 4% due to decreased sales in chain stores - **E-commerce**: Slight decline of 2%, totaling 3.12 billion CNY, mainly due to the shutdown of the Qingliu 5 e-commerce platform [6] - **Competition**: Price competition in frozen noodles has intensified since 2023, with promotional efforts increasing to capture market share, leading to profit pressure [21][22] Future Outlook - **2025 Q1 Performance**: Revenue of 36 billion CNY, down approximately 4% YoY; net profit of 3.95 billion CNY, down 10% YoY, affected by consumer environment and seasonal factors [8][9] - **Government Subsidies**: Increased by approximately 30 million CNY in Q1 due to the return of previously owed funds, positively impacting financial status [10] - **Cost Control**: Anticipated increase in costs due to raw material prices, but efforts in bulk procurement and centralized production are expected to mitigate impacts [36] Industry Trends - **Frozen Hot Pot and Noodle Market**: Expected growth despite price competition, with signs of recovery noted in April [18][19] - **Small Enterprises**: Many small businesses are at breakeven points, reflecting intense competition and survival pressures [27][28] - **Market Share**: The company maintains a leading market share across various segments, with ongoing efforts to innovate and respond to market demands [28] Conclusion - The company is positioned for moderate growth in 2024 and 2025, with strategic initiatives focused on product innovation, cost control, and market expansion. The competitive landscape remains challenging, but the company’s strong market position and proactive strategies are expected to sustain its growth trajectory.

Group 1 - The company is making significant adjustments to its new product strategy for 2025, differentiating between B-end and C-end strategies, with B-end focusing on "timely follow-up" and C-end shifting to "upgrade and replace" [1] - In the frozen fish paste and meat products segment, the company plans to launch a new 6.0 strip product that is smaller in weight, catering to single-person and small family consumption [1] - The company aims to enhance its competitive advantage in frozen dishes, with plans to introduce a 250g pack of volcanic stone grilled sausages for C-end, emphasizing flavor and packaging [1] Group 2 - The company acknowledges the competitive landscape in the frozen prepared foods and frozen noodle products sectors, focusing on leveraging its market share and channel advantages [2] - The acquisition of Dingwei Thai is based on three main strategies: product complementarity, channel complementarity, and the potential for premium pricing in the domestic frozen baking sector [2] - The company plans to enhance its product structure and optimize its market position by focusing on core products and developing new varieties in the frozen noodle category [2]

Core Viewpoint - Haixin Food's annual report for 2024 shows a slight decline in revenue and a significant increase in net loss, indicating challenges in its core frozen fish and meat product business while experiencing growth in the prepared dishes segment [1][8]. Revenue Performance - In 2024, Haixin Food achieved a total revenue of 1.706 billion yuan, a year-on-year decrease of 0.54% [1]. - The revenue from frozen fish and meat products declined by 18.17%, significantly impacting overall performance [1][6]. - Conversely, revenue from prepared dishes surged by 61.11%, reaching 482 million yuan, providing some support to overall revenue stability [1][8]. Business Trends - The revenue from the core frozen fish and meat product segment has been on a downward trend for five consecutive years, with figures dropping from 1.435 billion yuan in 2020 to 1.051 billion yuan in 2024 [6][7]. - The proportion of revenue from this segment has decreased from around 90% to approximately 60% of total revenue [7]. Capacity Expansion and Challenges - A new factory in Lianjiang with an annual production capacity of 100,000 tons for frozen fish products was completed and put into operation in July 2024, despite the ongoing decline in sales volume [7]. - The company had previously expanded capacity in response to strong performance in 2019, but has since faced a prolonged contraction in this business segment [7][9]. Financial Performance - The company reported a net loss of 43 million yuan for 2024, with the loss margin increasing by 266.05% year-on-year [1]. - Financial pressures are evident, with a 43.68% decrease in cash reserves to 156 million yuan by the end of 2024, alongside rising short-term borrowings [10][11]. Strategic Focus - In response to ongoing challenges, Haixin Food's 2025 operational strategy emphasizes "profit prioritization" through cost control, efficiency improvements, and brand building [11].