Core Viewpoint - The report from Xinda Securities indicates that Yanjinpuzi's net profit attributable to shareholders for H1 2025 reached 370 million yuan, representing a year-on-year increase of 16.7% [1] - In Q2 2025, the net profit attributable to shareholders was 200 million yuan, showing a year-on-year growth of 21.8% [1] - The company has adjusted its strategy to focus on core product categories, with revenue from its core product, konjac products, increasing by 155% year-on-year to 790 million yuan in H1 2025, indicating the initial success of its big product strategy [1] Financial Performance - Yanjinpuzi's H1 2025 net profit was 370 million yuan, up 16.7% year-on-year [1] - Q2 2025 net profit was 200 million yuan, reflecting a 21.8% year-on-year increase [1] - Revenue from konjac products in H1 2025 reached 790 million yuan, a significant increase of 155% year-on-year [1] Strategic Outlook - The company is expected to leverage the strong performance of konjac products to transition from a channel-focused company to a product-focused company [1] - There is a focus on monitoring the performance of key products such as quail eggs, fish tofu, and dried fruits, which are potential core products [1] - Profitability is anticipated to improve due to advantages in supply chain extension and the scale effects from focusing on core products [1] Investment Recommendation - The report maintains a "buy" rating for the company, emphasizing the importance of the performance of konjac products and potential core products [1]

Core Viewpoint - Anjoy Foods Group Co., Ltd. reported a slight increase in revenue but a significant decline in net profit for the first half of 2025, indicating challenges in maintaining profitability amidst rising costs and market competition [2][3]. Financial Performance - Revenue for the first half of 2025 reached approximately RMB 7.60 billion, a 0.80% increase compared to RMB 7.54 billion in the same period last year [3]. - Total profit decreased by 16.51% to RMB 886.31 million from RMB 1.06 billion year-on-year [3]. - Net profit attributable to shareholders fell by 15.79% to RMB 675.94 million from RMB 802.65 million [3]. - The net cash flow from operating activities was negative at RMB -162.92 million, a decline of 132% compared to the previous year [3]. - The company's net assets increased by 2.98% to RMB 13.34 billion, while total assets decreased by 1.65% to RMB 17.09 billion [3]. Industry Overview - The Chinese frozen food industry is projected to reach a market size of approximately RMB 221.2 billion in 2024, making it the second-largest frozen food market globally [3]. - The frozen prepared food segment is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2029, driven by diverse dining preferences and increasing demand for quality products [3]. - The frozen dish segment is anticipated to grow at a CAGR of 16.1% during the same period, as industry standards improve and consumer demand for convenient, high-quality meals rises [3]. - The frozen noodle and rice products market is projected to reach RMB 77.1 billion in 2024, with traditional products maturing and new offerings gaining traction [3]. Business Operations - Anjoy Foods specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, establishing a significant marketing network centered in East China [3][4]. - The company offers over 500 products, including fish tofu, fish balls, and various frozen dishes under multiple brands [4][5]. - The company has adopted a multi-brand strategy to cater to different market segments and enhance its product offerings [5]. Strategic Initiatives - Anjoy Foods is focusing on product innovation and market expansion, with a strategy to develop 3-5 strategic flagship products annually [5][13]. - The company is enhancing its supply chain efficiency through digitalization and AI integration, aiming to improve procurement, production, and sales processes [15][18]. - Recent acquisitions, including a 70% stake in Jiangsu Dingweitai Food Co., Ltd., are aimed at expanding into the frozen baking sector and enhancing product offerings [15][16]. Market Positioning - The company is actively pursuing opportunities in both domestic and international markets, with plans to leverage its recent Hong Kong listing to expand its global footprint [16]. - Anjoy Foods is adapting to changing consumer preferences by focusing on high-quality, customized products and enhancing its online and offline sales channels [12][14].

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...

Core Viewpoint - The article emphasizes the strategic planning and operational improvements of Yanjinpuzi, highlighting its transition from a channel-driven model to a product-driven model, which is expected to enhance profitability and market competitiveness [2][3]. Group 1: Strategic Planning and Profitability - Yanjinpuzi has developed a diversified channel structure and successfully built brand categories, which supports mid-term growth through the expansion of key products [2]. - The company is expected to increase its sales expenses in 2024 due to brand building efforts, but a reduction in sales expense ratio is anticipated in 2025 as low-cost channels gain a larger share [2]. - The increase in the proportion of high-margin products is projected to improve the company's net profit margin [2]. Group 2: Product Development and Platform Strategy - Yanjinpuzi has established a replicable success model for key products, particularly in the categories of "Big Devil" and "Egg King," and is advancing towards a platform-based category strategy [3]. - The sales of konjac products are expected to continue increasing, while quail eggs have gained market share despite intense price competition [3]. - The company plans to introduce new deep-sea snack brands and enhance upstream collaborations in fish paste production to strengthen its competitive edge [3]. Group 3: Channel Strategy and Market Expansion - Yanjinpuzi's channel strategy effectively combines market trends with its own capabilities, focusing on high-value membership stores and overseas markets for growth [4]. - The establishment of a separate division for membership stores is aimed at accelerating channel breakthroughs [4]. - The company plans to leverage its konjac products to enter the Southeast Asian market, with local production facilities to reduce transportation costs [4].