Anjoy food(SH:603345)2025-12-10 01:57Summary of Conference Call Records Industry Overview - The conference call focuses on the frozen food and seasoning supply chain industry, particularly the performance of various companies within this sector, including Anjijia (安井), Sinian (思念), Sanquan (三全), Wanzai (湾仔), Central Kitchen (央厨), and Zhiweixiang (知味香) [1][6][25]. Key Points and Arguments Market Performance - From September to November, the restaurant channel experienced a recovery, driven by seasonal festivities, brand promotions, and the flexibility of direct sales models. However, the average growth rates for seasoning and frozen products from January to November were 4.9% and 9%, respectively, falling short of annual expectations [1][3][5]. - In November, frozen product shipments increased by 13.3% year-on-year, while seasoning grew by 6.5%. Despite this, the overall growth for the year remains below targets [3]. Company Performance - Anjijia achieved sales of over 1 billion yuan from January to November, with expectations to reach 1.2-1.3 billion yuan by year-end. Sinian reached around 800 million yuan, while Sanquan and Wanzai saw minimal growth of 3% and 2%, respectively. Central Kitchen faced a decline of 7% [1][6]. - Anjijia's growth is attributed to new product categories, diversified channels, and freezer placements in community stores [7]. Channel Strategy - The company is expanding into stable and high-potential channels such as community group buying and community stores, which, despite a small share, have maintained double-digit growth for three consecutive years, with an expected growth rate of 20%-25% this year [10][9]. - The choice to focus on community channels over snack wholesale is due to the latter's instability and reliance on low-margin products [9]. Consumer Trends - There is a growing demand for diverse and quality frozen foods, with pre-prepared items like dumplings and sausages gaining popularity. Anjijia's new products, such as meatballs and purple sweet potato glutinous rice balls, have seen significant growth, with sausages increasing by 110% [17][18]. Pricing and Competition - The frozen food market experienced significant price fluctuations from July to October, stabilizing in November. Upcoming promotions are expected around major holidays, although the overall promotional intensity has not changed significantly compared to last year [12][13][15]. - Smaller companies in the frozen food sector are facing exit pressures due to intense price competition from well-known brands, which has led to reduced sales volumes [16]. Future Outlook - The pre-prepared food industry is expected to become more standardized and concentrated, although no dominant players are anticipated in the short term. The market is still in a maturation phase, with brands needing to strengthen their positions [25][26]. - The timing of the 2026 Spring Festival is expected to positively impact sales in the first quarter of 2026, with a projected increase in sales contribution to 35%-40% of the annual total [21][22]. Additional Important Insights - The company has received support from manufacturers in the form of promotional activities and product sampling, which has aided in the growth of new channels [11]. - The current retail environment is unstable, making it challenging to ensure sustained consumer loyalty, even with new product launches [20]. - The transition from traditional distribution channels to direct consumer markets is ongoing, but the company still heavily relies on distributors for approximately 90% of its business [19].