Core Viewpoint - Anji Food (603696) has been ordered to rectify its accounting practices and fundraising usage due to violations identified by the Fujian Regulatory Bureau of the China Securities Regulatory Commission [1][2][3] Group 1: Regulatory Actions - The Fujian Regulatory Bureau has issued a decision requiring Anji Food to correct its accounting irregularities and improper use of raised funds [1][2] - Key executives, including Chairman Lin Xiaofang, General Manager Lin Runze, and CFO Chen Yong'an, are held responsible for these violations and are subject to regulatory discussions [1][3] - Anji Food is mandated to enhance its compliance with securities laws and improve its financial accounting practices to prevent future violations [3] Group 2: Financial Performance - In Q3, Anji Food reported revenue of 181 million yuan, a year-on-year increase of 6.96%, but net profit fell by 25.27% to approximately 9.43 million yuan [4] - The company's non-recurring net profit for the quarter was 8.44 million yuan, showing a significant year-on-year growth of 80.95% [4] - For the first three quarters, Anji Food achieved a total revenue of 467 million yuan, up 3% year-on-year, and a net profit of approximately 23.22 million yuan, an increase of 8.95% [4] Group 3: Product and Sales Performance - The main business of Anji Food includes the research, production, and sales of seasoning products, with a notable decline in sales of compound seasonings by 7.74% [4] - While offline sales decreased by 9.83% to 119 million yuan, online sales grew by 24.85% to 23.94 million yuan, indicating progress in e-commerce strategies [5]

Core Viewpoint - The third Yulin International Spice Industry Expo has opened, focusing on enhancing the spice industry through international cooperation and showcasing local and ASEAN spice products [1][3]. Group 1: Event Overview - The expo is themed "Yulin Spices, World Flavors" and has attracted over 700 representatives from various countries and industries [1][3]. - The event is organized by the China Chamber of Commerce for Import and Export of Foodstuffs and Native Produce, with support from various local associations and companies [3]. Group 2: Strategic Collaborations - Eight industry experts were appointed to the Spice Industry Expert Committee, marking a new phase for the Yulin spice industry [3][6]. - Strategic cooperation agreements were signed between the Yulin Spice Association and several organizations, including the Hunan Pepper Industry Alliance and the Yulin Normal University Business School, to promote resource sharing and talent development [3][8]. Group 3: Exhibition Features - The expo features a dual-mode display of "physical store showcases + venue exhibitions," with 139 exhibition booths covering an area of 180,000 square meters [8]. - Various themed exhibition areas are present, including local spice showcases, international spice displays from ASEAN countries, and technology-enhanced exhibits demonstrating the digital transformation of the spice industry [9]. - Nearly 200 well-known companies are participating, presenting high-quality products such as spices, seasonings, and prepared dishes, thereby fostering connectivity within the domestic and international spice industries [9].

2025 年前三季度与行业相关的定期经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露>第十四号—食 品制造》 的相关要求，安记食品股份有限公司（以下简称"公司"）现将公司 2025 年第三 季度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 证券代码：603696 证券简称：安记食品 公告编号：2025-046 安记食品股份有限公司 3、 地区分布 | 产品分类 | 2025 年前三季度 | 2024 年前三季度 | 同比变动 | | --- | --- | --- | --- | | | （1-9 月） | （1-9 月） | | | 华东 | 7,382.69 | 7,680.07 | -3.87 | | 中南 | 6,364.05 | 6,910.81 | -7.91 | | 华北 | 177.03 | 178.27 | -0.70 | | 东北 | 93.37 | 80.96 | 15.33 | | 海外 | 9 ...

Group 1 - Guangzhou Commodity Exchange officially launched the trading variety of dried tangerine peel in the spot trading hall on September 1 [1] - The first bulk shrimp order for supply chain financial products was successfully executed at the China-ASEAN Seafood Exchange on September 5 [2] - The North Bay (Guangxi) Bulk Commodity Trading Platform surpassed a cumulative trading volume of 100 billion yuan on September 12 [2] Group 2 - A strategic cooperation agreement was signed between Xinjiang Agricultural Products Trading Center and HuanTian Smart Technology Co., focusing on deep collaboration in the digital services of the agricultural industry on September 15 [2] - The "Futures Daily" data product "Market Overview" was registered at the Zhengzhou Data Trading Center on September 16 [2] - Hong Kong's Chief Executive, John Lee, announced plans to collaborate with exchanges in the Greater Bay Area to explore new businesses in bulk commodity trading and carbon trading, establishing a "Bulk Commodity Strategy Committee" on September 17 [2] Group 3 - The Hubei Provincial Local Financial Administration announced the cancellation of business qualifications for several local trading venues on September 18, affecting eight trading centers [2] - The launch ceremony for the spice digital trading platform was successfully held in Dezhou, Shandong on September 20 [3] - The Cotton and Yarn Trading Platform of the China Cotton and Yarn Trading Center officially commenced operations in Urumqi on September 22 [4] Group 4 - The Hunan International Low-Carbon Technology Trading Center was inaugurated on September 23, as one of the ten retained trading venues in Hunan Province [4] - The Zhejiang International Bulk Commodity Trading Center successfully executed the first national green power certificate digital RMB settlement on September 26 [4] - The Hubei Provincial Local Financial Administration released a draft for public opinion on the supervision and management of local trading venues on September 29, with feedback due by October 29, 2025 [4] - Zhongsheng Guojin (Daqing) Energy Technology Co., Ltd. successfully conducted three pre-sale transactions of liquefied natural gas (LNG) at the Chongqing Oil and Gas Trading Center on September 30, with a total pre-sale volume of 330 tons [4]

Core Insights - The launch of the smart trading platform for spices in Yang'an Town, Shandong Province, aims to enhance the digitalization of spice trading and improve supply chain efficiency [1] Industry Overview - Yang'an Town is recognized as the largest distribution center for condiments in China, holding over 40% market share in compound spices and exporting to more than 70 countries and regions globally [1] - The smart trading platform integrates the entire process of sales, procurement, warehousing, logistics, and testing, utilizing IoT, blockchain, and AI technologies [1] Company Developments - The platform is a collaboration between Yang'an Town Condiment Group and the Yellow River Commodity Exchange, introducing an innovative "electronic warehouse receipt + fund supervision" mechanism [1] - To ensure efficient supply chain operations, the platform has established nine delivery warehouses across the country, including those of Yang'an Town Condiment Group and Guangxi Guiwu Logistics, facilitating seamless online and offline connections [1] - Since its trial run in June, the platform has registered over 200 trading companies, achieving a transaction volume of 58 million yuan [1]

Core Insights - The launch of the smart trading platform in Yang'an Town, Shandong, marks a significant step for "China's Flavor Capital" into the global digital trade era for spices, showcasing a model for traditional industry upgrades under rural revitalization [1] - The platform utilizes digital technologies to address long-standing issues in spice trade, such as information asymmetry and low logistics efficiency, thereby enhancing trade efficiency and quality assurance [2][3] Group 1: Digital Transformation - An 800,000 yuan cross-border transaction was completed in 10 minutes, demonstrating the efficiency of the platform [2] - The integration of IoT and blockchain technologies has established an "electronic warehouse receipt + fund supervision" mechanism, fundamentally resolving quality disputes through certification by international testing agency SGS [3] - Logistics cycles from Guangxi to Southeast Asia have been shortened by 5 days, with costs reduced by 12%, and the time for factory inspections has been compressed from 3 days to 4 hours [3] Group 2: Collaborative Development - The success of Yang'an Town is attributed not only to technological innovation but also to breaking the "solo" industrial dilemma through collaborative efforts [3] - Initiatives include government and enterprise partnerships to create shared laboratories, saving small and medium-sized enterprises over 150,000 yuan annually in testing costs [3] - The establishment of a seasoning group consolidates the purchasing needs of over 20 enterprises, reducing raw material prices by 10%-15% [3] Group 3: Global Market Expansion - During the trial operation, over 200 registered traders achieved a transaction volume of 58 million yuan, with 67% being small merchants, highlighting the inclusivity of digital technology [4] - The spices from Yang'an Town have been exported to 70 countries and regions, transitioning from selling raw materials to products, and now to brands on a global scale [4] - The experience of Yang'an Town illustrates that high-quality development in county economies is a systematic project involving digital empowerment, collaborative development, and a global perspective [4]

Summary of Yihai International Conference Call Company Overview - **Company**: Yihai International - **Industry**: Food and Seasoning Products Key Points Industry and Market Performance - Yihai International's overseas business grew over 30% in the first half of the year, with third-party business growth nearing 50% [2][4] - The company is penetrating the Southeast Asian market through distributors, focusing on the Chinese community and gradually entering mainstream local markets [2][4] - The B-end market shows significant potential, with expectations for continued doubling growth in the second half of the year, despite a potential slowdown next year due to a higher base [2][3] Financial Performance and Projections - The overseas market's profit margin is currently lower than the domestic market, with third-party gross margins around 50% but less favorable cost-effectiveness [5][6] - By 2025, the overseas business scale is projected to reach approximately 200 million RMB, with operational costs impacting profitability [6] - By 2027, the overseas business is expected to achieve a cost-effectiveness ratio similar to the domestic market, potentially reaching comparable net profit levels [6] Product Development and Strategy - The company has made progress in KA channels, providing customized products for major retailers like Walmart and Hema [2][7] - The introduction of new flavors is challenging due to the overall weakness in the restaurant industry, leading to a focus on regional products rather than nationwide hits [8][9] - The company plans to enhance its product structure by increasing the proportion of small B customers, which have higher gross margins [16][23] Cost Management and Profitability - Raw material costs are expected to remain stable, with minor increases not significantly impacting overall profitability [15] - The company aims to maintain gross margins between 23% and 25% through self-production of key ingredients [14][15] - Net profit is influenced by fluctuating expense rates, with expectations for slight improvement in the second half of the year [17] Future Outlook - The company remains optimistic about the B-end market, anticipating continued high growth rates as the restaurant industry recovers [23][22] - Yihai International's competitive edge lies in its pricing and quality advantages in the B-end market, allowing for market share growth despite industry challenges [20][21] Shareholder Returns and Capital Expenditure - The company maintains a generous dividend policy with no significant changes anticipated [18][19] - There are no major capital expenditure plans, as current production capacity is sufficient [19] Conclusion - Yihai International is positioned for growth in both domestic and overseas markets, with strategic initiatives aimed at enhancing profitability and market share in the competitive food and seasoning industry. The focus on B-end market expansion and cost management will be crucial for sustaining growth in the coming years [2][3][23]

证券代码：603696 证券简称：安记食品 公告编号：2025-032 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披 露>第十四号—食品制造》 的相关要求，安记食品股份有限公司（以下简称"公司"）现将 公司 2025 年半年度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 1、 产品类别 单位：万元 币种：人民币 | 产品分类 | 2025 年半年度 | 2024 年半年度 | 同比变动 | | --- | --- | --- | --- | | 复合调味粉 | 7,726.94 | 8,222.95 | -6.03 | | 香辛料 | 923.82 | 947.66 | -2.52 | | 风味清汤 | 59.48 | 59.03 | 0.76 | | 酱类调味品 | 927.88 | 958.04 | -3.15 | | 天然提取物调味料 | 245.83 | 346.68 | -29.09 | | 小计 | 9, ...

Core Viewpoint - The 113th National Sugar and Wine Fair showcases a diverse range of products in the seasoning and ingredient exhibition area, highlighting the growth and innovation within the seasoning industry, as well as the collaboration between traditional brands and new entrants in the market [6][12][20]. Group 1: Exhibition Highlights - The seasoning and ingredient exhibition area features a wide variety of products, including essential seasonings like soy sauce, vinegar, and sugar, as well as compound seasonings that cater to diverse cooking needs, particularly appealing to young consumers and the restaurant industry [6][12]. - Notable brands such as Angel Yeast, COFCO, and Shandong Yuhuang Grain and Oil are present, alongside innovative new brands that contribute to a strong brand aggregation effect [6][12]. - The exhibition also emphasizes local agricultural products and unique regional flavors, promoting the integration of county-level products into the national agricultural collaboration network [7][10]. Group 2: Competition Dynamics - The exhibition features a competition between traditional well-established brands and emerging new brands, creating a dynamic "battle" in the seasoning industry [12][13]. - Established brands leverage their deep-rooted heritage and manufacturing expertise to maintain market presence, while new brands utilize innovative product designs and social media to connect with younger consumers [14][17]. - The ongoing evolution of consumer preferences and market demands will continue to drive competition and innovation in the seasoning industry [18][19].

Core Insights - The overall price index of Linyi Mall decreased slightly this week, indicating a minor decline in market prices across various categories [1] Price Index Summary - **Grain and Food Category**: The price index for grain and food increased to 95.11 points, up by 0.04 points, driven by rising prices in oil and food products, while other subcategories remained stable or saw minor declines [1] - **Board Category**: The price index for boards fell to 97.20 points, down by 0.27 points, due to weak demand and a slight decrease in raw material prices, leading to lower average sales prices [2] - **Home Appliances and Audio-Visual Equipment**: The index for this category decreased to 103.11 points, down by 0.15 points, primarily due to price drops in cooling and kitchen appliances, despite some seasonal sales boosts [3] - **Steel Category**: The steel price index dropped to 98.35 points, down by 0.11 points, as construction activity slowed due to adverse weather, leading to reduced demand and lower prices [4] - **Clothing and Accessories**: The index for clothing and accessories fell to 104.83 points, down by 0.07 points, influenced by price reductions in footwear and overall weak consumer demand [5] - **Furniture Category**: The furniture price index decreased to 89.03 points, down by 0.06 points, reflecting weakened market demand due to the sluggish real estate sector [6]