格隆汇8月27日｜民生证券研报指出，安井食品2025H1净利润6.76亿元，同比-15.8%，其中2025Q2归母 净利润2.81亿元，同比-22.7%。子公司中，新宏业2025H1净利润1254万元，同比+25.2%；新柳伍 2025H1实现净利润-644万元，同比转亏。公司继续坚持"研发一代、生产一代、储备一代"的新品规划思 路，优化"B端及时跟进、C端升级换代"的新产品研发策略及"竞品导向、渠道导向、专柜导向"竞争策 略，在拳头产品锁鲜装系列上继续打造迷你化、条状化，向高端化。公司在今年旺季前明确全面拥抱商 超定制化，由商超根据客户需求选品，通过规模化销量突破形成成本优势，策略推进初期已与沃尔玛、 麦德龙、大润发等多家传统商超及盒马鲜生等新零售渠道在定制化产品开发等方面展开深度合作。外部 需求相对疲软下公司积极调整应对、顺应行业发展变化，多品类多渠道布局，属地化转型持续推进，看 好公司在品类及渠道开拓下的持续增长能力。维持"推荐"评级。 ...

食品加工 | | | | . | | --- | --- | --- | --- | | 评级: | 买入 | 维持 | 1 | 转》2024-10-29 安井食品（603345.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 333.29 | | 流通股本(百万股) | 333.29 | | 市价(元) | 77.06 | | 市值(百万元) | 25,683.25 | | 流通市值(百万元) | 25,683.25 | 请务必阅读正文之后的重要声明部分 全面拥抱定制化，产品驱动稳健发展 ——安井食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 76.04 亿元，同比+0.80%； 归母净利润 6.76 亿元，同比-15.79%；扣非归母净利润 6.03 亿元，同比-21.85%；其 中 25Q2 收入 40.05 亿元，同比+5.69%；归母净利润 ...

Core Viewpoint - Anjuke Foods has officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed company in China's frozen food industry, with an IPO price of HKD 60 per share and net proceeds of HKD 2.302 billion [1][5]. Company Overview - Anjuke Foods Group Co., Ltd. was established in December 2001 and is headquartered in Xiamen, Fujian. The company specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, with brands including "Anjuke," "Frozen Food Mr.," and "Anjuke Little Chef" [3]. - In 2022, Anjuke became the first company in the domestic frozen food industry to achieve annual revenue exceeding CNY 10 billion and profits over CNY 1 billion [3][6]. Financial Performance - In 2024, Anjuke achieved revenue of CNY 15.030 billion, a year-on-year increase of 7.63%, and a net profit of CNY 1.485 billion, a slight increase of 0.46%. The company holds a 6.6% market share, leading the industry [6][9]. - The revenue breakdown for 2024 shows that frozen prepared foods accounted for CNY 7.793 billion (51.9%), frozen dishes for CNY 4.336 billion (28.8%), and frozen noodle products for CNY 2.451 billion (16.3%) [9][10]. Market Position and Strategy - Anjuke has established deep partnerships with major restaurant chains such as Haidilao and Bantiangao, becoming a core supplier. The company has also expanded its product offerings through acquisitions, including a 70% stake in Dingwei Thai for CNY 444.5 million [11]. - The company has successfully created 39 products with annual revenues exceeding CNY 100 million, with the "Fresh Lock" series showing remarkable growth [6][11]. Recent Challenges - In Q1 2025, Anjuke reported a revenue of CNY 3.600 billion, a year-on-year decline of 4.13%, and a net profit of CNY 395 million, down 10.01%. The decline is attributed to a weak consumption environment and seasonal factors [8]. - The management plans to increase the proportion of self-produced prepared dishes to enhance product margins and gradually expand overseas operations [8]. International Expansion - Anjuke's international strategy includes expanding into Southeast Asia, with previous acquisitions in Europe and plans for local partnerships and investments [11][12]. - The company aims to leverage the growing demand for standardized ingredients in the rapidly modernizing Chinese restaurant industry, which has seen an increase in chain restaurant rates from 15% in 2020 to an expected 24% in 2025 [8].

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 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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 15.127 billion yuan in 2024, with a year-on-year growth of 7.7%. The net profit attributable to the parent company was 1.485 billion yuan, reflecting a slight increase of 0.46% year-on-year. However, the first quarter of 2025 saw a decline in revenue to 3.6 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10% year-on-year. The report anticipates a stable profit outlook, although the performance was below expectations [7][5]. - The report emphasizes the company's balanced development strategy, focusing on both "BC" channels and core business strengths. The introduction of new products and the expansion into niche markets are expected to drive growth, positioning the company as a more comprehensive food enterprise [7][5]. - The company maintains a focus on large product lines, with significant revenue contributions from frozen prepared foods, frozen dishes, and frozen noodle products. In 2024, these categories generated revenues of 7.839 billion yuan, 4.349 billion yuan, and 2.465 billion yuan, respectively [7][5]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 15.866 billion yuan, with a year-on-year growth rate of 4.9%. The net profit for 2025 is estimated at 1.524 billion yuan, reflecting a growth of 2.7% [5][8]. - The gross profit margin for 2024 was 23.3%, with a slight increase from the previous year. However, the first quarter of 2025 saw a decrease in gross margin to 23.32% due to rising costs and increased promotional discounts [7][5]. - The company plans to continue its strategy of focusing on 3-5 strategic big products each year, with 39 products generating over 100 million yuan in revenue in 2024 [7][5].

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 ...