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The catering industry struggled to survive in the first half of the year, and the performance growth of Anhui Anjing Foods (603345.SH), a leading frozen food company at the upstream of the industry chain, was also under pressure.

On the evening of August 19, Anhui Food released its 2024 semi-annual report, which showed that during the reporting period, the company achieved operating income of 7.544 billion yuan, a year-on-year increase of 9.42%; net profit attributable to shareholders of listed companies was 803 million yuan, a year-on-year increase of 9.17%.

Although revenue and net profit still increased, Anjing Food's growth momentum slowed significantly compared to the double-digit growth in the semi-annual reports of the previous three years.

Industry competition "rolls" to the leading companies

By product, Anjing Food's revenue mainly comes from quick-frozen prepared foods including fish tofu and fish balls; quick-frozen noodle and rice products including steamed buns and scallion pancakes; and quick-frozen dishes, i.e. pre-prepared meals, including crayfish, black fish fillets, and crispy pork.

In the first half of the year, Anjing Foods' revenue from quick-frozen prepared foods and quick-frozen rice and noodles products was RMB 3.833 billion and RMB 1.291 billion, up 21.86% and 1.37% year-on-year, respectively. The revenue from quick-frozen dishes was RMB 2.208 billion, but the growth rate was only 0.40%.