Report date: 2026-09-13 | Price data: 2026-09-11 Close (market and capital flow data through that date; stock identity cross-verified via the Shanghai Stock Exchange company page and East Money F9) | Sources: 30 | Report engine: v1 (v2 available)

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Close	79.4 (+0.44% on the day; +1.88% over 5 sessions; +7.22% over 20 sessions)
Market cap	CNY 26.46 billion
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As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

Anjoy Foods Group Co., Ltd. (603345)

Equity Research Report | Industry: Frozen Foods (Frozen Prepared Foods/Frozen Prepared Dishes/Frozen Flour and Rice Products) | Report Date: September 13, 2026 | September 11, 2026 Close (market and fund-flow data through that date; stock identity cross-checked through the Shanghai Stock Exchange company page and Eastmoney F9)

This report was automatically compiled by AI based on publicly available information. It is for reference only and does not constitute investment advice.

1. Executive Summary

Anjoy Foods recorded revenue of RMB 9.266 billion in the first half of 2026, up 21.85% year on year, and net profit attributable to shareholders of RMB 822 million, up 21.62%. Non-recurring-item-adjusted attributable net profit rose 24.81% year on year, representing a clear improvement over the “revenue growth without profit growth” seen in full-year 2025. Quarterly performance, however, was mixed: Q2 2026 revenue was approximately RMB 4.56 billion, attributable net profit was approximately RMB 260 million, and gross margin declined to 17.37%. The company also recognized RMB 46.09 million in inventory impairment losses and RMB 57.12 million in goodwill impairment losses related to Xinliuwu, meaning profitability remained pressured by raw-material costs and impairment charges.

Growth was mainly driven by frozen prepared foods, frozen prepared dishes, and the consolidation of Dingweitai. In Q2 2026, revenue from frozen prepared foods was RMB 2.033 billion, up 16.19% year on year, while revenue from frozen prepared dishes was RMB 1.813 billion, up 14.71%. Revenue from frozen flour and rice products was RMB 527 million, down 9.65%, indicating that the company’s growth focus has become increasingly concentrated in prepared foods and prepared dishes. Distributors accounted for 78.1% of revenue in 1H26. Revenue from new retail and e-commerce channels rose 59.0% year on year, increasing their share to 10.0%. The channel structure remains anchored by distributors and B2B demand.

The company’s long-term investment thesis lies in its “three-pronged” strategy, production localization, upstream integration in surimi, and upgrades to flagship products and consumer-facing product categories. Revenue in 2025 was RMB 16.193 billion, up 7.05%, while attributable net profit fell 8.46% to RMB 1.359 billion. The recovery in 1H26 validates a recovery in the core business, but gross margin had already declined to 21.60% in 2025 and came under further pressure in Q2 2026. Earnings elasticity will continue to depend on raw-material costs, product mix, and capacity utilization. The company is also expanding into frozen baking, halal foods, and overseas markets, and plans to establish an Indonesian joint venture with an investment of approximately US$37.4963 million and a 50.5% stake.

As of the September 11, 2026 close, the share price was RMB 74.75, implying a market capitalization of approximately RMB 24.913 billion and a TTM/static P/E of approximately 16.55x. Technically, the stock was below its MA5, MA10, and MA20. MACD was trading weakly below the zero axis, while RSI had fallen below 50 in the short term. Recent overall main-fund flows showed signs of outflows. Near-term support is at RMB 73.9–74.6, while moving-average resistance is concentrated at RMB 75.5–77.6. These technical signals indicate near-term weakness, although the company’s overall score relative to the food-processing industry remains relatively high.

2. Company Overview

2.1 Basic Information

Item	Details
Full company name	Anjoy Foods Group Co., Ltd.
A-share code/listing venue	603345, Shanghai Stock Exchange; listed on 2017-02-22 (IPO price RMB 11.12, IPO P/E 22.99x, RMB 601 million raised)
H-share code/listing venue	02648.HK, Main Board of the Hong Kong Stock Exchange; listed on 2025-07-04; the first domestic frozen-food company listed in both A+H markets
Registered office/headquarters	No. 2508 Xinyang Road, Haicang District, Xiamen, Fujian Province
Auditor	BDO China Shu Lun Pan Certified Public Accountants (standard unqualified opinion in the 2025 annual report)
Total shares outstanding	333,288,932 shares under the annual-report calculation as of 2026-03-31; 332,128,032 shares after deducting 1,160,900 shares in the repurchase account
Core business	R&D, production, and sales of frozen foods, including frozen prepared foods (mainly frozen surimi products and frozen meat products), frozen prepared dishes, and frozen flour and rice products; the portfolio contains more than 500 products
Brand portfolio	“Anjoy” for frozen prepared foods; “Anjoy,” “Mr. Frozen,” “Anjoy Kitchen,” “Honghu Temptation,” and “Liuwu” for frozen prepared dishes; “Anjoy” for frozen flour and rice products; newly added frozen baking products in 2025 (toast, pineapple buns, scones, soft European bread, bagels, etc.) and the halal-food “Anzhai” project
Flagship-product data	Forty products generated annual revenue of more than RMB 100 million in 2025, including five products exceeding RMB 500 million (versus 39 products above RMB 100 million and four above RMB 500 million in 2024)
Operating strategy	“Three-pronged” strategy (frozen prepared foods, frozen flour and rice products, and frozen prepared dishes); “B2B and B2C, all-channel expansion” channel strategy; “high quality/mid-price” for B2B and “high quality/mid-to-high price” for B2C; localized production
1H26 results	Revenue of RMB 9.266 billion (+21.85%), attributable net profit of RMB 822 million (+21.62%), and adjusted attributable net profit of RMB 753 million (+24.81%) (brokerage-research basis)
Data-gap note	This research was truncated by the tool-step limit after the fourth search round. Data on the concentration of the top five customers and accounts-receivable turnover days/contract liabilities were not obtained. Comparable competitors were not cross-checked individually; relevant positioning descriptions should be marked as pending verification

2.2 Core Businesses and Product Portfolio

Frozen prepared foods (“Anjoy” brand pork meatballs, fish tofu, roe buns, grilled sausages, etc.; Q2 2026 revenue of RMB 2.033 billion, +16.19% year on year, brokerage-research basis)
Frozen prepared dishes (brands including “Anjoy,” “Mr. Frozen,” “Anjoy Kitchen,” “Honghu Temptation,” and “Liuwu,” covering crayfish, shrimp paste, crispy pork, beef/lamb rolls, Qianye tofu, egg dumplings, sauerkraut fish, etc.; Q2 2026 revenue of RMB 1.813 billion, +14.71%)
Frozen flour and rice products (“Anjoy” steamed dumplings, hand-held pancakes, steamed/pan-fried dumplings, shaped buns, milk-flavored steamed buns, brown-sugar steamed buns; Q2 2026 revenue of RMB 527 million, down 9.65%)
Frozen baking (new segment in 2025: 70% of Jiangsu Dingweitai and 100% of Dingyifeng Foods (Taicang) acquired in July 2025 and consolidated in 2H25; products include toast, pineapple buns, scones, soft European bread, and bagels; Q2 2026 revenue of RMB 46 million, with no comparable period)
Halal foods (the “Anzhai” project launched in December 2025 and formally commenced production at Henan Anzhai Foods Co., Ltd. at the end of April 2026)
Other products (Q2 2026 revenue of RMB 131 million, up 50.51%)

2.3 Position in the Upstream and Downstream Chain and Cost/Profit Structure

Anjoy Foods is essentially an asset-heavy frozen-food manufacturer and a regionally strong brand positioned in the lower-middle section of the smile curve. It purchases surimi, livestock and poultry meat, flour and other major raw materials upstream, while pursuing vertical integration in freshwater surimi. Downstream, it primarily serves B2B catering and household consumers through distributors, which accounted for 78.1% of revenue in 1H26. Its 21%–23% gross margin and 8%–10% net margin are materially below those of resource-oriented upstream companies and pure branded consumer businesses. Earnings are generated through a combination of manufacturing scale, channel efficiency, and flagship-product brand premiums.

Procurement model: According to the 2025 annual report, raw and auxiliary materials fall into two categories: (1) bulk commodities, including surimi, livestock and poultry meat, and flour, which are purchased in batches or price-locked according to sales and production needs; and (2) smaller-volume materials, including agricultural by-products, additives, seasonings, and packaging materials, which are purchased according to production plans, orders, and inventory. The procurement department selects suppliers through price comparisons and negotiations.
Cost structure: Surimi is the largest raw material by qualitative assessment, although quantitative figures are inconsistent. The convertible-bond prospectus states that direct materials accounted for more than 70% of core operating costs from 2017 to 2021, based on a reproduced source that was not verified against the original prospectus. Brokerage and media sources estimate that surimi and meat each accounted for approximately 25% of costs in 2021, while soybean protein and oils together accounted for approximately 15%. Hejun Consulting reported in 2023 that frozen surimi represented 36% of total raw-material costs. The 25% and 36% figures could not be cross-checked, and the specific percentage should be based on the latest annual report’s table on major raw-material purchases.
Verifiable historical surimi procurement: Surimi procurement amounted to RMB 1.15866 billion in 2020, up 19.37% year on year, with an average purchase price of RMB 13,700 per tonne (versus RMB 12,300 per tonne in 2019, up 11.38%). The company confirmed during investor research that surimi raw-material procurement amounted to approximately RMB 1.17 billion in 2021.
Supplier concentration: The top five suppliers accounted for 18.58% of procurement in 2019, versus 13.43% in 2018 and 15.63% in 2017. The company stated that its suppliers were relatively dispersed. Xinhongye Foods, which later became a controlled subsidiary, was the largest supplier, with RMB 132 million of purchases in 2019, representing 3.53% of the total. Another Chaguwang webpage shows purchases from the top five suppliers of RMB 1.126 billion, or 10.82% of total procurement, with the largest supplier accounting for 4.60%; however, the year is unclear and the figure is not treated as current. The latest 2025/2026 supplier-concentration figure was not obtained.
Upstream vertical integration: The company acquired a 19% stake in Xinhongye Foods in January 2018 and increased the stake to 90% in August 2021. It acquired 70% of Xinliuwu in September 2022 and also owns Hubei Anrun. A China Merchants Securities channel survey in January 2024 estimated that the company accounted for nearly 50% of national freshwater-surimi procurement and 20% of seawater-surimi procurement, with purchase prices below those of Huifa and Haixin. Hejun Consulting stated in November 2023 that Anjoy controlled two-thirds of the country’s freshwater surimi supply. These estimates are inconsistent, are third-party estimates, and are not company disclosures.
Company statement: In a 2023 research meeting, the company stated that declining marine-fish surimi resources and rising fishing costs made its early positioning in upstream freshwater surimi a safeguard for sufficient supplies of this strategic raw material and supported long-term raw-material price stability.
Logistics costs: Under the localized-production model, production bases cover Liaoning, Shandong, Jiangsu, Fujian, Guangdong, Sichuan, Hubei, and Henan. Brokers estimate that transportation expenses account for approximately 3%, below peers.
Channel mix: According to the 1H26 interim-report summary filed with the Hong Kong Stock Exchange, distributors accounted for 78.1% of revenue and remained the dominant channel. New retail and e-commerce revenue rose 59.0% year on year, increasing its share to 10.0%. The company also operates supermarkets and direct special-channel sales. Consumer-facing products include higher-margin “fresh-lock” products, while catering, institutional catering, hotpot, and malatang remain the core B2B base.
Regional mix: According to brokerage research for Q2 2026, revenue by region was RMB 1.93 billion in East China, RMB 600 million in North China, RMB 590 million in Central China, RMB 470 million in South China, RMB 360 million in Northeast China, RMB 280 million in Southwest China, RMB 270 million in Northwest China, and RMB 40 million overseas. Growth was 16.3% in East China, 20.8% in South China, 17.0% in Central China, and 35.8% overseas, versus only 2.7% in North China and 4.6% in Northeast China. Domestic revenue accounted for 99.0% in 1H26, with East China the main market.
Overseas business: Overseas revenue increased 30.42% year on year in 1H26. Export SKUs rose from more than 40 in the prior-year period to more than 130. The company plans to establish an Indonesian joint venture to build local production and sales capabilities, according to its September 11, 2026 response on the SSE E-interactive platform.
Top-five customer concentration: No citable figure was obtained. The 2025 annual report should be consulted directly for the ratio of sales to the top five customers to total annual sales. Frozen foods are generally characterized by highly dispersed distributors and low customer concentration, but there is no numerical support in this report.
Bargaining relationships: Anjoy is a hybrid manufacturer and brand owner. It acts as a brand owner and supplier to downstream distributors and has channel bargaining power; brokerage research describes distributor stickiness as an “exclusive barrier.” It must bear listing fees, rebates, and similar expenses in supermarkets and new retail. It also faces annual price-reduction negotiations with catering customers, partially offset by total-cost leadership and localized supply.
Receivables and contract liabilities: Absolute accounts receivable, accounts-receivable turnover days, prepayments, accounts payable, contract liabilities, and advances were not obtained. In principle, the distributor model generally generates a favorable working-capital structure through payment before delivery, with higher contract liabilities and lower receivables. However, no numerical support is available and conclusions should be deferred until the 2025 annual report or 2026 interim balance sheet is reviewed.
Supplier/customer concentration: The 2019 top-five supplier ratio was 18.58% (2018: 13.43%; 2017: 15.63%), based on the convertible-bond prospectus. The company stated that suppliers were dispersed and concentration was low. Current 2025/2026 supplier data were not obtained. Top-five customer concentration was also not obtained or cross-checked. The 2024 industry CR5 was only approximately 15%, according to a Guosen Securities August 2026 report, indicating accelerated concentration toward leading players.

Year	Gross margin	Net margin	Brief description
2021	22.11% (22.12% under annual-report basis)	Approximately 7.36%–7.40% (attributable net margin)	Revenue of RMB 9.272 billion. Under the new revenue standard, transportation expenses were reclassified from selling expenses into operating costs. Surimi and meat prices also rose, with the 2020 surimi purchase price up 11.38%, driving gross margin down from 25.68% in 2020
2022	21.95%–21.96%	Approximately 9.04%–9.17%	Revenue of RMB 12.183 billion. High pork, oil, and soybean-protein costs were partly offset through formulation changes, including animal fat replacing palm oil, chicken replacing pork, and surimi replacing meat
2023	23.20%–23.21%	Approximately 10.52%–10.68%	Revenue of RMB 14.045 billion. Raw-material costs declined, scale effects emerged as capacity utilization recovered, and higher-margin consumer products such as fresh-lock products increased their mix
2024	23.29%–23.30%	Approximately 9.82%–10.00%	Revenue of RMB 15.127 billion (+7.7%). Product premiumization lifted gross margin slightly, but slower revenue growth and higher expenses partly offset the improvement; attributable net profit rose only 0.46%
2025	21.60% (H-share annual-report basis)	Approximately 8.39%–8.45%	Revenue of RMB 16.193 billion. Raw-material pressure, the newly consolidated Dingweitai baking business, and margin pressure in prepared dishes such as crayfish weighed on profitability. Inventory and Xinliuwu-related goodwill impairments were recognized, and attributable net profit fell 8.46%
2026Q1/Q2 (supplementary)	Q1 2026: 24.99%; Q2 2026: 17.37% (down 0.63 ppt year on year)	Q1 2026: approximately 12.05%; Q2 2026: approximately 5.69%	Quarterly rather than annual data. Q2 revenue was RMB 4.556 billion (+13.77%). The gross-margin decline was attributed to raw-material pressure. In 1H26, the company recognized RMB 46.09 million of inventory impairment related to volatility in the crayfish segment and RMB 57.12 million of Xinliuwu goodwill impairment

Anjoy is positioned in the lower-middle portion of the smile curve. It is essentially an asset-heavy frozen-food manufacturer plus a regionally strong brand, earning a combination of “manufacturing scale + channel efficiency + flagship-product brand premium,” rather than the high margins of upstream resources or the high premium of pure downstream brands. Its 21%–23% gross margin and 8%–10% net margin support this assessment. The genuine drivers of future margin expansion are: (1) upgrades to higher-margin consumer products, including fresh-lock products, shrimp paste, Meatier grilled sausages, and Linglong packs; (2) capacity utilization and localized-production scale effects; (3) raw-material cost buffers from vertical integration in surimi; and (4) improved capacity-utilization dilution from incremental overseas and halal-food businesses.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting period	Revenue	YoY	Attributable net profit	YoY
1H26 (2026 interim report disclosed on 2026-08-24)	RMB 9.266 billion (RMB 9,266.3404 million)	+21.85%	RMB 822 million (RMB 822,086,578.17)	+21.62%
Q1 2026 (estimated from Zhongcaiwang F10; single source, use with caution)	Approximately RMB 4.71 billion	Approximately +31% (estimate)	Approximately RMB 562 million	Approximately +42% (estimate)
Q2 2026 (estimated from Zhongcaiwang F10; single source, use with caution)	Approximately RMB 4.56 billion	Data unavailable	Approximately RMB 260 million	Data unavailable; meeting notes indicated a clear sequential and year-on-year weakening without specific figures
Q4 2025 (2025 annual report)	RMB 4.822 billion	+19.05%	RMB 410 million	−6.34%
FY2025 (2025 annual report, disclosed on 2026-03-30/31)	RMB 16.193 billion	+7.05%	RMB 1.359 billion	−8.46%
FY2024 (2024 annual report, disclosed on 2025-04-29)	RMB 15.127 billion	+7.70%	RMB 1.485 billion	+0.46%

The latest period is the 2026 interim report, disclosed on 2026-08-24: revenue of RMB 9.266 billion, up 21.85%; attributable net profit of RMB 822 million, up 21.62%; adjusted attributable net profit of RMB 753 million, up 24.81%; basic EPS of RMB 2.48; and an interim cash dividend of RMB 1.733 per share, including tax, totaling approximately RMB 576 million or 70.01% of attributable net profit. The company attributed growth mainly to higher market demand, increases in frozen prepared-food and frozen prepared-dish revenue, and incremental contribution from Dingweitai. Q1 and Q2 figures were estimated from Zhongcaiwang F10 data, with an update date of 2026-03-31. They are single-source estimates and were not independently confirmed by a second source. Full-year 2025 reflected revenue growth without profit growth: revenue of RMB 16.193 billion (+7.05%), attributable net profit of RMB 1.359 billion (−8.46%), adjusted attributable net profit of RMB 1.244 billion (−8.49%), basic EPS of RMB 4.4, and a dividend of RMB 1.44 per share. Sources were cross-checked across Eastmoney, Jiemian, Securities Times, China Fund News, Huafu Securities, Everbright Securities, Pacific Securities, GF Securities, Southwest Securities, China Securities Journal, Donghai Securities, Zhongcaiwang F10, and aastocks.

1H26 revenue and attributable net profit both achieved approximately 22% year-on-year growth, driven mainly by recovering demand, growth in the core frozen prepared-food and frozen prepared-dish businesses, and Dingweitai consolidation. FY2025 showed revenue growth without profit growth, but Q4 revenue rose 19.05% year on year and adjusted attributable net profit rose 5.12%, indicating marginal improvement. According to a Huafu Securities report dated September 10, 2026, Q2 revenue from frozen prepared foods, frozen prepared dishes, frozen flour and rice products, baked foods, and other products was RMB 2.033 billion, RMB 1.813 billion, RMB 527 million, RMB 46 million, and RMB 131 million, respectively, representing growth of 16.19%, 14.71%, −9.65%, not comparable, and 50.51%. The total of approximately RMB 4.55 billion broadly matches reported 1H revenue less Q1 revenue. Frozen flour and rice products declined, while prepared foods and prepared dishes were the main growth drivers.

3.2 Earnings Forecasts

Forecast data represent multi-broker consensus/analyst estimates rather than company disclosures. Consensus figures were compiled by iFinD on 2026-04-02/04-07, based on reports from approximately 26–27 institutions over the preceding six months. The 2026 average net-profit forecast was approximately RMB 1.644–1.661 billion, with a range of RMB 1.479–1.806 billion. The highest and lowest 2026 target prices were RMB 128.25 and RMB 90.97, with an average of approximately RMB 109.95. Forecast sources included Haitong Securities/Guotai Junan (2026-08-28 interim-report review and 2026-04-01 annual-report review), CICC (2026-06-10 initiation), China Post Securities (2026-05-26), CICC (2026-04-02), CITIC Securities (2026-04-02), BOC International (2026-04-07), and Goldman Sachs (2026-01-12). The same iFinD aggregation produced slightly different averages on different dates due to rolling inclusion of reports from different institutions.

Year	Revenue	Attributable net profit	Net-profit growth	EPS
2026E	China Post Securities: RMB 19.068 billion (+17.76%)	Consensus average approximately RMB 1.644–1.661 billion (range RMB 1.479–1.806 billion); CICC RMB 1.800 billion, China Post Securities RMB 1.806 billion, CICC RMB 1.757 billion, CITIC Securities RMB 1.701 billion, BOC International RMB 1.713 billion	Consensus approximately +21%–+22%; CICC +33%, China Post Securities +32.89%	Haitong Securities RMB 5.16 (2026-08-28)/RMB 5.13 (2026-04-01); CICC RMB 5.41
2027E	China Post Securities: RMB 21.07 billion (+10.5%)	CICC RMB 2.110 billion; China Post Securities RMB 2.055 billion	CICC +17%; China Post Securities +13.78%	Haitong Securities RMB 5.88 (2026-08-28)/RMB 5.94 (2026-04-01); CICC RMB 6.34
2028E	China Post Securities: RMB 22.94 billion (+8.87%)	CICC RMB 2.330 billion; China Post Securities RMB 2.270 billion	CICC +10%; China Post Securities +10.45%	Haitong Securities RMB 6.32 (2026-08-28)/RMB 6.64 (2026-04-01); CICC RMB 6.98

3.3 Valuation and Institutional Ratings

Institution	Rating	Date	Comment
Haitong Securities/Guotai Junan	Outperform/Accumulate	2026-08-28	Interim-report review; 25x 2026E P/E and target price of RMB 129; 2026–2028 EPS of RMB 5.16/5.88/6.32
Haitong Securities/Guotai Junan	Outperform/Accumulate	2026-04-01	Annual-report review; target price RMB 128.25; EPS of RMB 5.13/5.94/6.64
CICC	Buy	2026-06-10	Initiation; 20x 2026E P/E and target price of RMB 108.22; 2026–2028 attributable net profit of RMB 1.800/2.110/2.330 billion (+33%/+17%/+10%), EPS of RMB 5.41/6.34/6.98; report-date close RMB 88.50
China Post Securities	Buy	2026-05-26	Raised 2026–2028 revenue forecasts to RMB 19.068/21.07/22.94 billion and attributable net profit to RMB 1.806/2.055/2.270 billion (+32.89%/+13.78%/+10.45%), implying P/E of approximately 18x/16x/14x; no target price; report-date close RMB 98.06
CICC	Outperform	2026-04-02	Target price ≤ RMB 105; 2026 net-profit forecast of RMB 1.757 billion
CITIC Securities	Buy	2026-04-02	Target price ≤ RMB 112; 2026 net-profit forecast of RMB 1.701 billion
BOC International	Buy	2026-04-07	No target price; 2026 net-profit forecast of RMB 1.713 billion
Goldman Sachs	Buy (A and H shares)	2026-01-12	A-share target price RMB 82 and H-share target price HK$71, materially below domestic brokers and based on an earlier date

Based on report-date closing prices of RMB 98.06 on 2026-05-26 and RMB 88.50 on 2026-06-10, and estimated 2026 consensus net profit of approximately RMB 1.7–1.8 billion and EPS of approximately RMB 5.1–5.4, the implied P/E was approximately 16x–18x. Brokers’ reasonable valuation range was 20x–25x, while the stock actually traded at approximately 16x–18x, below their stated reasonable levels. Consensus 2026 attributable net profit was approximately RMB 1.6–1.8 billion, representing growth of approximately 21%–33%. Ratings were mainly Buy or Accumulate, with A-share target prices of RMB 82–129 and mainstream consensus around RMB 105–129. Important uncertainties include the absence of reliable real-time September 2026 data for the latest closing price, market capitalization, TTM P/E, P/B, and dividend yield. The P/E figures above were calculated using report-date closing prices rather than official real-time values. EPS-implied share counts are also estimates and were not directly confirmed. Some sources may report net profit including minority interests, which differs from the company’s attributable-net-profit definition.

4. Recent News and Announcements

4.1 Anjoy Foods Plans to Establish an Indonesian Joint Venture and Build Production and Sales Platforms

Anjoy Foods (603345) plans to establish a joint venture in Indonesia and build local production and sales platforms to expand its overseas business. The relevant announcement was issued in September 2026. A subsidiary plans to invest approximately US$37.4963 million (US$37.5 million) for a 50.5% stake.

4.2 Anjoy Foods’ 2026 Interim Results: Net Profit of RMB 822 Million, Up 21.62%

Anjoy Foods (603345.SH) reported 1H26 net profit of RMB 822 million, up 21.62% year on year.

4.3 Resolution of the Third Meeting of the Sixth Board of Directors

Anjoy Foods (603345) issued the resolution of the third meeting of its sixth Board of Directors on September 10, 2026. The detailed matters considered were not fully listed in the available meeting notes.

4.4 Anjoy Foods to Convene Its First Extraordinary General Meeting of 2026

Anjoy Foods Group will convene its first extraordinary general meeting of 2026 to consider the proposal to appoint an additional independent non-executive director.

4.5 Announcement on Cancellation of Certain Granted but Unexercised Stock Options

Anjoy Foods (603345) issued an announcement on the cancellation of certain stock options granted under its 2023 stock-option incentive plan but not yet exercised.

4.6 Anjoy Foods’ Fund Flows in September 2026

A stock-market bulletin showed net main-fund selling of RMB 5.3671 million on September 11, 2026, and net main-fund buying of RMB 31.1869 million on September 10.

4.7 Changes to Board and Committee Members

Anjoy Foods Group announced changes to Board and committee members. The available notes did not provide the names of the affected individuals or the effective dates.

4.8 Release of 9M25 Results

Anjoy Foods Group released financial results for the nine months ended September 30, 2025. Specific financial figures were not detailed in the available notes.

4.9 Release of the Summary of the 2025 Annual Report

Anjoy Foods Group released the summary of its 2025 annual report. The company code is 603345 and the company abbreviation is Anjoy Foods.

4.10 Brokerage View: Stable Core-Business Growth, Short-Term Non-Recurring Disturbance

Several research reports stated that Anjoy Foods’ core business was growing steadily, while non-recurring factors created short-term volatility. The 2026 interim-report review indicated that Q2 revenue continued to recover but profit came under pressure, with Q2 impairment charges weighing on earnings.

5. Share-Price Performance and Technical Analysis

5.1 Price Overview

Indicator	Value
Stock code/name	603345 Anjoy Foods Group Co., Ltd., Shanghai Stock Exchange Main Board; registered in Xiamen, Fujian
Closing price	RMB 74.75
Change	−RMB 0.89, −1.18%
Open / previous close	RMB 75.25 / RMB 75.64
Intraday high / low	RMB 75.25 / RMB 73.54
Average price	RMB 74.24
Trading range	2.26%
Turnover	1.98% (free-float turnover, SSE basis)
Volume	58,150 lots (= 5.8185 million shares)
Turnover value	RMB 431.98 million (RMB 432 million under SSE data)
Total/free-float shares	333 million / 293 million
Total/free-float market cap	RMB 24.913 billion / RMB 21.924 billion
P/B	1.57x (net assets per share RMB 47.5108; consistent with 74.75/47.51 ≈ 1.57)
P/E basis	TTM/static P/E approximately 16.55x; other sources show static P/E of 18.33x and dynamic P/E of 15.15x, reflecting different definitions and requiring distinction
Next-session limit-up/limit-down prices	RMB 83.20 / RMB 68.08
Three-session sequence	2026-09-09 close RMB 74.35 (−2.84%, turnover 2.19%, turnover value RMB 480 million, low RMB 74.19); 2026-09-10 close RMB 75.64 (+1.74%, turnover 2.65%, turnover value RMB 588 million); 2026-09-11 close RMB 74.75 (−1.18%, turnover 1.98%, turnover value RMB 432 million)
Earlier intraday reference	RMB 77.24 at 10:45 on 2026-09-04 (+2.01%), turnover value RMB 250 million, market cap RMB 25.743 billion (Sohu repost, intraday snapshot only)
52-week high/low	Most overseas data sources show RMB 69.51–112.50; Baidu shows a 52-week high of RMB 111.07. The difference may reflect intraday versus closing highs or different update times; dates were not independently confirmed
Sector/concept tags	Food and beverage—food processing—prepared foods; prepared-food concept, AH share, Shanghai-Hong Kong Stock Connect, CSI 500, margin financing and securities lending; also listed in Hong Kong under code 02648
Operating background	17,100 employees; WSJ/Morningstar excerpts show 2025 revenue of approximately RMB 17.49 billion and 1Y sales growth of 7.16%, for background only

5.2 Technical Indicators

Indicator	Value	Brief interpretation
MA5 / MA10 / MA20 (Jiufang, September 11, 2026 close)	MA5 75.50 / MA10 75.63 / MA20 77.62	Price of 74.75 was below all three moving averages, indicating clear short-term pressure
Moving-average pattern	A bearish “death triangle” formed on August 11; overhead moving-average resistance at RMB 87.33	Medium-term moving-average structure is bearish
MACD	A death cross above the zero axis on August 5; both lines fell below zero on August 14 and have continued to decline weakly	Momentum remains in a weak downtrend
RSI	RSI death cross on September 11; short-term RSI fell below 50	Short-term momentum weakened
Bear-point signal	Daily bearish signal on August 6; the 60-minute chart was also in a bearish zone	Multiple timeframes were weak
Support/resistance	Resistance RMB 84.78; support RMB 73.90; range support RMB 74.61	The stock must first recover the moving averages; support around RMB 73.9 should be monitored
Chip cost	90% cost range RMB 75.03–100.24 on September 11; RMB 74.98–100.67 on September 9; average holding cost RMB 84.77 on the September 9 page	The upper part of the cost distribution is heavy; the current price is near the lower edge of the 90% cost range
Bollinger Bands	Clear upper/middle/lower-band figures unavailable; Eastmoney’s Qian Gu Qian Ping showed no obvious BOLL signal	No specific BOLL figures are provided; using MA20 as an approximate middle band would imply RMB 77–78, but this is an inference rather than an original BOLL value
Eastmoney technical assessment	No obvious MACD, KDJ, RSI, or BOLL signals	This contrasts with the generally weak technical picture
Composite score	69.44, down 7.40 points; stronger than 88.72% of stocks; ranked second among 27 food-processing stocks, versus an industry average of 59.67	Outperformed the industry on a relative basis, although the daily score declined
Main-fund trend	Active recent news flow and signs of main-fund outflows; short-term sideways trading	Consistent with net fund outflows
Historical extrapolation	Next-day rise probability 45.24% (7,811 observations, average change −0.01%); five-day rise probability 48.67% (6,536 observations)	Historical extrapolation, not a forecast
Institutional participation	28.38%, classified as moderate control; one-day main-fund cost RMB 74.24 and 20-day main-fund cost RMB 77.39	Current price is below the 20-day main-fund cost, indicating short-term cost pressure
Moving averages (Investing.com; page timestamp 2026-09-04, ZA page 2026-09-07)	MA5 76.84 / MA10 76.45 / MA20 76.04 / MA50 76.67 / MA100 80.10 / MA200 83.31; RSI(14) 51.728; MACD(12,26) 0.03; ADX(14) 22.219; ATR(14) 0.725	Data are 4–7 trading days older than the report date and are provided only as trend references
MA20 discrepancy	Jiufang MA20 of 77.62 on September 11 versus Investing.com’s 76.04 on September 4	May reflect adjustment method or sample-window differences; MA20 should be described as approximately RMB 77–78
Pivot point	Approximately RMB 76	Old data with limited reference value

As of the September 11, 2026 close, Anjoy Foods traded at RMB 74.75, down 1.18%, with 1.98% turnover and RMB 432 million in turnover value. The stock was below MA5 of 75.50, MA10 of 75.63, and MA20 of 77.62, indicating a bearish short-term moving-average structure. Jiufang showed a death triangle on August 11, resistance at RMB 87.33, a MACD death cross above zero on August 5, a fall of both MACD lines below zero on August 14, an RSI death cross on September 11, and a daily bearish signal on August 6. In contrast, Eastmoney’s composite score was 69.44 and ranked the stock second among 27 food-processing names, although all four technical indicators showed no obvious signal. TTM/static P/E of approximately 16.55x was consistent across multiple sources, while the 15.15x dynamic P/E from STCN was a single-source figure. Most overseas sources showed a 52-week range of RMB 69.51–112.50. No specific Bollinger-band values were obtained; MA20 of approximately RMB 77–78 is used as an explicitly inferred proxy. Main-fund flows were net negative over the past 10 sessions, with approximately RMB 129 million of outflows under Jiufang’s single-source methodology.

5.3 Short-Term Outlook (Next Week; Scenario Analysis for Reference Only)

⚠️ Risk warning: The following content is a subjective scenario analysis based on current technical indicators and fund-flow data. The weights are subjective heuristic judgments, not statistical probabilities. This does not constitute investment advice or a buy/sell instruction.

① Key Technical Levels

Level	Range	Description
Near-term resistance	RMB 75.5–77.6	Dense resistance from MA5 of 75.50, MA10 of 75.63, and MA20 of 77.62. A sustained breakout would require higher volume; above this range, the stock could test the earlier moving-average resistance near RMB 87.33
First support	RMB 73.9–74.6	Corresponds to Jiufang’s RMB 73.90 support and RMB 74.61 range support, and is close to the RMB 74.19 low on September 9. The next reference level if broken is the 52-week low near RMB 69.51
Strong support	RMB 69.5–70.0	Corresponds to the widely reported 52-week low near RMB 69.51. A break below this range would open further downside and should be assessed together with volume and broader-market conditions

② Scenarios for the Next Week

Range-bound consolidation (subjective weight relatively high, approximately 60%; not a statistical probability): The price fluctuates broadly within RMB 73.9–77.6. Conditions include no new fundamental or industry catalyst, daily turnover remaining around RMB 400–600 million, and MA5/MA10 continuing to converge with the share price. Moving-average resistance remains unbroken and MACD stays weak below zero.
Weak downside (subjective weight medium; not a statistical probability): The price moves toward the RMB 73.9 first-support area. If turnover does not expand and outflows continue, a decisive break may target the RMB 69.5–70.0 strong-support area. Triggers include continued main-fund outflows over the past 10 sessions or weakness in the broader market/food-processing sector.
Stronger rebound (subjective weight low; not a statistical probability): The price recovers the RMB 75.5–77.6 moving-average resistance area on higher volume and tests RMB 84.78 or even RMB 87.33. Triggers include a clear catalyst, such as institutional research or positive fundamental news, or a significant increase in daily turnover accompanied by a shift from net outflows to sustained net inflows.

③ Fund-Flow and Liquidity Background

On September 11, 2026, main-fund flows were negative, although two sources differed substantially. Stockstar reported net outflows of RMB 5.3671 million, or 1.24% of turnover, with speculative funds and retail investors recording net inflows of RMB 1.7123 million and RMB 3.6548 million, respectively. Sina reported net fund inflows of negative RMB 18.7142 million and main-fund inflows of negative RMB 13.4518 million. The direction was consistent but the amount differed by almost three times because the definitions and algorithms differed. On September 10, main-fund net inflows were RMB 31.1869 million, while speculative and retail funds recorded outflows of RMB 14.8974 million and RMB 16.2895 million. On September 9, main-fund net outflows were RMB 71.2489 million. Jiufang showed main-fund outflows of RMB 129 million over the past 10 sessions, but its conflicting outflow-ratio figures were not used. Margin-financing and securities-lending data showed a balance of RMB 424 million on September 10, including financing balance of RMB 416 million, down 3.78% sequentially, equal to 1.87% of free-float market capitalization, with net financing purchases of negative RMB 16.3324 million and securities-lending balance of RMB 8.4190 million. Turnover was 1.98% on September 11, with recent three-session turnover values of approximately RMB 430–590 million and turnover rates of 1.98%–2.65%. Shareholder concentration and the structure of the top ten shareholders were not obtained.

A verifiable volume-confirmation signal is as follows: based on the stock’s recent normal range, sustained daily turnover above RMB 600 million, exceeding RMB 588 million on September 10 and clearly above the recent RMB 430–480 million midpoint, together with a shift in main-fund flows from net outflow to net inflow, could indicate fund participation. Conversely, if turnover remains around RMB 400 million and the price falls below RMB 73.9, the weak-downside scenario would gain confirmation.

④ Key Points to Monitor

Whether the RMB 75.5–77.6 moving-average resistance zone can be decisively recovered, particularly with higher turnover.
Whether the RMB 73.9–74.6 first-support zone and RMB 69.5–70.0 strong-support zone hold.
Whether daily turnover can remain above RMB 600 million while main-fund flows turn positive.
Whether MACD can recover from below zero and short-term RSI return above 50.

This scenario analysis is based on the September 11, 2026 close and historical price and technical-indicator calculations. Short-term prices may be affected by news, fund flows, market conditions, and other factors. Technical indicators are lagging and limited, and this analysis does not guarantee future performance or constitute investment advice. Investors should make independent judgments based on the latest market information and bear the associated risks.

6. Industry Structure and Competitor Analysis

6.1 Industry Overview

China’s frozen-food industry was worth approximately RMB 221.2 billion in 2024, according to Frost & Sullivan as cited in the company’s annual report, making China the world’s second-largest frozen-food market. By segment, frozen prepared foods were approximately RMB 56.5 billion, with an expected 2024–2029 CAGR of 7.1%; frozen prepared dishes were approximately RMB 86.8 billion, with an expected CAGR of 16.1%; and frozen flour and rice products were approximately RMB 77.1 billion. The latter segment is increasingly differentiated: traditional dumplings, tangyuan, and zongzi are mature, while newer products such as shumai and hand-held pancakes are the main growth drivers. Industry concentration remains very low, with 2024 CR5 of only approximately 15%, although concentration is accelerating toward leading companies. Rising restaurant-chain penetration, improved cold-chain logistics, and consumer demand for “five reductions” and “four zeroes” clean labels are key trends.

6.2 Competitive Landscape

Market size: China’s frozen-food industry was approximately RMB 221.2 billion in 2024 and the world’s second-largest market.
Segment growth: Frozen prepared dishes were approximately RMB 86.8 billion, with an expected 2024–2029 CAGR of 16.1%; frozen prepared foods were approximately RMB 56.5 billion, with an expected CAGR of 7.1%; frozen flour and rice products were approximately RMB 77.1 billion.
Concentration: Industry CR5 was only approximately 15% in 2024, with concentration accelerating toward leading players.
Company positioning: The company describes itself as “one of the most influential and well-known frozen-food companies in China.” Media and brokers commonly call it the leader in frozen hotpot ingredients and rank it first by market share. In frozen flour and rice products, it focuses on differentiated leavened products rather than traditional tangyuan and dumplings. In prepared foods, it is viewed as a representative of the “frozen-food camp,” pursuing self-production, private-label manufacturing, and acquisitions.
Industry drivers: Rising restaurant-chain penetration, cold-chain logistics, and clean-label consumer trends.
Capacity and resource reserves: 2025 output was 1.1663 million tonnes according to a single-source iFinD F10 figure that was not cross-checked with the annual report. The 2022 private placement issued 48.8849 million shares to 19 investors at RMB 116.08 per share and raised RMB 5.675 billion. New and existing bases were expected to add 713,000 tonnes of annual capacity, approximately 15% of which was allocated to frozen prepared dishes. Cumulative refinancing was RMB 7.075 billion. Capacity utilization was approximately 100% from 2018 to 2021 and declined to 92.24% in 2022. Strategic initiatives include the proposed Indonesian joint venture, the Henan Anzhai halal-food base commencing production at the end of April 2026, and the integration of sausage products as the third major business segment.
Limitation: Comparable competitors were listed mainly based on industry background knowledge. Their latest financial and capacity data were not individually searched and cross-checked; the following positioning descriptions should be considered pending verification.

6.3 Major Competitors

Company	Positioning	Description
Anjoy Foods (603345.SH / 02648.HK)	Frozen-food leader; No. 1 in frozen hotpot ingredients/frozen prepared foods; differentiated focus on leavened frozen flour and rice products; representative “frozen-food camp” prepared-food player	Pending verification: company positioning based on company statements and common broker/media descriptions; “No. 1 market share” is a third-party characterization
Huifa Food	Peer in frozen prepared foods, frozen meatballs, and meat products; used by brokers for surimi purchase-price comparisons	Pending verification: latest financial and capacity data were not searched or cross-checked
Haixin Foods	Peer in frozen surimi products; used by brokers for surimi purchase-price comparisons	Pending verification: latest financial and capacity data were not searched or cross-checked
Sanquan Food	Leading frozen flour and rice company focused on traditional tangyuan and dumplings; competes with Anjoy’s differentiated focus on leavened products	Pending verification: latest financial and capacity data were not searched or cross-checked
Qianwei Central Kitchen	Benchmark B2B frozen flour and rice supplier for catering; overlaps with Anjoy in customers and use cases	Pending verification: latest financial and capacity data were not searched or cross-checked

The comparable-company section has important limitations. The research was truncated by the tool-step limit after the fourth search round. The companies listed were mainly selected based on industry background knowledge, and their latest financial and capacity data were not individually verified. Except for Anjoy Foods itself, all positioning descriptions should be marked “pending verification” and should not be cited as verified conclusions.

7. Risk Factors

Raw-material cost volatility: Surimi is the company’s largest raw material, while livestock and poultry meat, flour, oils, and soybean protein are also significant costs. Gross margin fell to 21.60% in 2025 and 17.37% in Q2 2026. Further raw-material inflation without sufficient price increases or formulation adjustments could compress margins further.
Inventory and impairment risk in prepared dishes: The company recognized RMB 46.09 million in inventory impairment losses in 1H26, explicitly related to volatility in the crayfish segment. Further deterioration in demand, prices, or inventory turnover for crayfish and other products could weigh on profits.
M&A integration and goodwill impairment: Xinliuwu-related goodwill impairment of RMB 57.12 million was recognized in 1H26. If the Dingweitai frozen-baking business or other acquired assets underperform, further goodwill or asset impairment pressure may arise.
Product-mix risk: Q2 revenue from frozen flour and rice products fell 9.65% year on year, while prepared foods and prepared dishes became the main growth drivers. Continued weakness in the flour and rice business, or insufficient growth from new segments, could reduce overall growth stability.
Channel dependence and fee bargaining: Distributors accounted for 78.1% of 1H26 revenue. Supermarket and new-retail channels may involve listing fees and rebates, while B2B catering customers may negotiate prices and annual reductions. Channel expansion may not translate proportionally into profits.
Overseas execution risk: The company plans to invest approximately US$37.4963 million in an Indonesian joint venture for a 50.5% stake. Overseas revenue remains a small share of 1H26 revenue, and local production, sales, supply-chain execution, and post-launch profitability remain uncertain.
Capacity and capital-expenditure absorption: The company operates an asset-heavy manufacturing model and continues to build frozen-baking, halal-food, and overseas production platforms. If demand or capacity utilization falls short, depreciation, expenses, and cash returns may come under pressure.
Technical weakness in the share price: As of September 11, 2026, the share price of RMB 74.75 was below MA5, MA10, and MA20, while MACD remained below zero and main-fund flows were generally negative. A break below RMB 73.9–74.6 could expose the stock to the RMB 69.5–70.0 prior-low area.

8. Conclusion and Outlook

Anjoy Foods’ fundamentals are shifting from profit pressure in 2025 toward simultaneous revenue and profit growth in 1H26. The key drivers are recovery in demand for frozen prepared foods and frozen prepared dishes, channel expansion, and consolidation of Dingweitai. The prepared-dish segment has high growth expectations, while the company’s brand portfolio, localized production, surimi supply security, and broad flagship-product system support continued scale expansion and improved channel efficiency.

The realization of future growth will depend on whether core-business growth can continue, the decline in flour and rice products can stabilize, frozen baking and halal foods can generate meaningful incremental growth, and the Indonesian production and sales platform can deliver satisfactory returns. Broker forecasts expect revenue and attributable net profit to continue growing from 2026 to 2028, but these are consensus estimates rather than company guidance. Actual earnings may still be affected by surimi and meat prices, inventory and impairment in prepared dishes, channel expenses, and M&A integration.

From a valuation perspective, the September 11, 2026 share price implied a static or TTM P/E of approximately 16.55x, below the 20x–25x reasonable valuation range used by some institutions. However, real-time valuation metrics and earnings forecasts vary, and this alone cannot determine future performance. The stock remains under moving-average pressure with weak fund flows. Investors should monitor the RMB 73.9–74.6 support zone, the RMB 75.5–77.6 moving-average resistance zone, and whether turnover can expand sustainably alongside improving fund flows.

Data Sources

This report was automatically searched, compiled, and generated by AI based on publicly available information. Information is current through the September 11, 2026 close, with market and fund-flow data through that date. The stock identity was cross-checked through the Shanghai Stock Exchange company page and Eastmoney F9. Information may differ in timing; company announcements and authoritative data terminals should prevail. This report is for information and research reference only and does not constitute investment advice. Investors should make independent judgments and bear their own investment risks.

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.