Anjoy Foods Group Co., Ltd.
Interim Evaluation Report on the 2026 Corporate Value and
Return Enhancement Action Plan
Anjoy Foods Group Co., Ltd. (hereinafter referred to "Company" or "Anjoy"), in
order to proactively respond to the investor-oriented development philosophy of
"putting investors first", and strive to achieve the goal of high-quality development of
company, issued the Evaluation Report on the 2025 Annual Corporate Value and
Return Enhancement Action Plan and the 2026 Annual Corporate Value and Return
Enhancement Action Plan on 31 March 2026, conducted a periodic review of the
implementation progress and results of the plan. The interim evaluation of the
progress of the action plan is hereby announced as follows:
I: Focusing on Core Business and Improving Operational Quality
In 2026, the Company closely adhered to the strategic theme of strengthening our core
business and systematically advanced the dual improvement of operational efficiency
and profitability. In the first half of 2026, the Company generated revenue of
RMB9.266 billion, representing a year-on-year increase of 21.85% compared with the
first half of 2025; net profit attributable to shareholders of the listed company was
RMB822 million, up by 21.62% year-on-year; and net profit attributable to
shareholders of the listed company after deducting non-recurring gains and losses was
RMB753 million, up by 24.81% year-on-year.
Since 2025, we have upgraded our core strategy from "Channel-Driven" to "New
Product-Driven", and shifted our value realization path from "Cost Reduction and
Efficiency Enhancement" to "Quality and Efficiency Enhancement", placing greater
emphasis on building differentiated competitive barriers through product innovation
and quality upgrading. Against this backdrop, we continued to roll out new products
and near-new products with higher gross margins and greater market competitiveness
to our distributors, optimizing their profit structure; at the same time, by advancing
the construction of star-rated retail stores and implementing the "KOL" Cultivation
Initiative to empower our distributors in localized content marketing and short-video
traffic generation, we have adopted multiple measures to improve the operational
efficiency and market responsiveness of our channel terminals.
From 2025 to the first half of 2026, the Company's newly-developed products and
recently-launched products delivered strong market performance. The Lock-Fresh
product line, as high-margin products for individual customers, has seen simultaneous
revenue and profit growth for consecutive years. This product line has now been
updated to version 6.0, with the addition of multiple new strip - and stick-shaped
products suitable for various home cooking scenarios, such as hot pots and
home-cooked stir-fries; the 400g vacuum sealed exquisite series successfully entered
the mid-range price segment and achieved higher growth rates; the 100g paste
products delivered outstanding performance, with the shrimp paste series being a key
entry point for the cooperation with major supermarket chains and gaining particular
market recognition; meaty sausage series, as a key product strategically entering the
grilled sausage market for individual consumers, became a new growth engine;
tiger-skin fried eggs effectively facilitated the Company to expand into new channels,
such as spicy poached dishes and Maocai, with the differentiated form compared to
traditional meatball products; among the "Six Rising Stars " rice-and-flour product
lineup under the youth-oriented figurative buns segment, corn-shaped buns and
orange-shaped buns were particularly popular in the market. New distinctive products,
including rose-shaped cake, dual-color Malay sponge cake and traditional pork
steamed bun, were also launched. With exclusive specifications developed for group
meals in Southern China, the Company effectively reduced the intensity of
homogeneous competition in the rice and flour product market. The family bucket
assorted pack for hot pot ingredients received positive feedback from the market, and
the Company will continue to expand its product offerings by introducing multiple
combo-size options in 2026. Ding Wei Tai's frozen bakery products, such as toast and
bagels, also grew steadily through new-style tea beverage and partner supermarket
channels.
The Lock-Fresh product line version 6.0 100g Shrimp Paste
Following two years of accumulation and market testing, the Company’s supply chain
capabilities in the grilled sausage sector have become increasingly mature, production
processes have been continuously optimized, and the channel structure has become
more diversified. Recognizing the broad growth potential of the grilled sausage
segment, the Company has further focused on grilled sausage products this year by
integrating and coordinating its sausage products. These include five major product
series, namely Hot Pot Sausage Series, Grade A Volcanic Stone Grilled Sausage,
Grade B Volcanic Stone Grilled Sausage, Meaty Sausage Series and Taiwanese Style
Grilled Sausage Series, and they were positioned as the third largest segment of the
Company’s principal business. In 2026, on one hand, the Company will continue to
launch new products based on its existing volcanic stone grilled sausage products,
which are suitable for braised deli sections, tourist attractions, oden, malatang and
other channels, to expand its grilled sausage series for business customers. On the
other hand, for individual consumers, the Company has implemented differentiated
upgrades in weight and packaging for meaty sausages launched in 2025, and has set
up dedicated grilled-sausage counters at retail outlets to enrich SKU and enhance
end-market performance. In terms of production capacity, the Company has continued
to expand and upgrade its fully automated, intelligent and specialized sausage
production base, thereby comprehensively consolidating the production capacity
foundation for the sausage category. Leveraging continuously optimized production
processes and scale advantages, it has steadily improved the overall profitability of
the sausage category.
Grilling Machine Volcanic Stone Grilled Sausage
II: Emphasizing Investor Returns and Sharing Business Achievements
The Company has always adhered to the core philosophy of sharing development
results with shareholders, placed great emphasis on reasonable investment returns for
investors, maintained the continuity, stability and predictability of our profit
distribution policy, and taken into overall consideration the capital requirements for
the Company's long-term development and the overall interests of all shareholders.
The Company has established a scientific, transparent and sustainable investor return
mechanism. In 2025, the Company's total cash dividends amounted to RMB 952
million (inclusive of tax), accounting for 70.01% of the Company's net profit
attributable to shareholders of the listed company as reported in the 2025 consolidated
financial statements (audited). The estimated cash dividends for the first half of 2026
are RMB 576 million (inclusive of tax), accounting for 70.01% of the Company's net
profit attributable to shareholders of the listed company as reported in the
consolidated financial statements for the first half of 2026 (unaudited). The
Company's dividend payout ratio has increased from 30.02% in 2022 to 53.17% in
years. The actual dividend payout ratio significantly exceeds the 40% threshold
stipulated in the Company's articles of association, demonstrating the Company's firm
commitment to sharing development results with its shareholders.
III: Persisting in R&D Innovation and Cultivating the Company's New Quality
Productive Forces
Driving industrial transformation and upgrading through the cultivation of new
quality productive forces, the Company is building a full-chain innovation ecosystem
that bridges technology R&D and market commercialization.
The Company has established a distributed R&D framework with Anjoy's distinctive
characteristics, setting up R&D centers at each of its production bases across the
country, each responsible for the development of categories such as hot pot foods,
grilled sausages, and quick-frozen flour and rice items. By implementing a localized
R&D mechanism, the Company ensures that product innovation closely aligns with
regional market preferences, thereby accelerating the efficiency of the entire
innovation cycle from laboratory to shelf.
The Company always adheres to its new product planning strategy of “one generation
in development, one in production and one in reserve”, focusing on the core demands
of individual customers regarding safety, health, nutrition, and clean label by closely
tracking the development trends of the “five lows” (low sugar, less oil, low sodium,
low fat, and low calorie) and the “four frees” (sucrose-free, dye-free, artificial
flavoring-free, and preservative-free) in fast moving consumer goods. It drives brand
transformation and upgrading through product innovation, achieving the dual benefits
of brand enhancement and sales facilitation. In 2025, the Company's new products
delivered strong market performance. The Hot Pot Food Assorted Pack, shrimp paste
series, meaty sausage series, and figurative buns (including corn-shaped buns and
orange-shaped buns) all received positive market recognition, validating the
Company's efficient capacity for translating innovation into commercial results. In
products segment, including dual-color rose-shaped cakes, persimmon-shaped buns,
and apple-shaped buns, while also introducing new sausage products tailored for
diverse scenarios such as supermarket deli sections and tourist attractions,
continuously enriching the product mix and reinforcing the foundation for long-term
growth.
Juicy Plump Sausage rose-shaped cakes
The Company is vigorously promoting full collaboration and connectivity across IT,
digitalization, and smart manufacturing. By leveraging and customizing both internal
R&D and external technologies, the Company has achieved full-process digitalization
from strategic planning to business execution, thereby enhancing the timeliness and
scientific nature of decision-making and comprehensive management. The Business
Intelligence (BI) system of the Company enables real-time analysis of information
across various dimensions, including products, customers, regional markets and
marketing policies, and also cost analysis and refined management at the production
end. With the enhanced decision-making capabilities brought by digitalization, the
Company has strengthened communication and collaboration with distributors,
ensured production efficiency and further improved quality control mechanisms. The
comprehensive digitalized quality control system of the Company enables full-process
traceability from raw material sourcing, through production, packaging and logistics,
to customer receipt.
IV. Strengthening Investor Communication Through Multiple Channels
In the first half of 2026, the Company continued to deepen the investor relations
management and actively built an efficient, transparent and multi-dimensional
communication system. During the period, the Company successfully held the 2025
annual results briefing via the SSE Roadshow Center platform, combining video
webcast with online text interaction, and actively participated in the 2025 Annual
Report Results Briefing and Online Collective Investor Reception Day for listed
companies in the Xiamen jurisdiction, effectively expanding the reach and
effectiveness of investor communications.
In terms of day-to-day communication, the Company has consistently maintained a
comprehensive and multi-channel investor communication mechanism, with
particular emphasis on protecting the legitimate rights and interests of minority
shareholders. In the first half of 2026, the Company responded to investor concerns
through the SSE e-Interactive platform in a timely manner, answering a total of 29
questions with a 100% response rate, which demonstrates that the Company attaches
great importance to addressing investor needs. Through results briefings, roadshows,
on-site investor visits and other approaches, the Company has continued to facilitate
in-depth dialogue between management and investors, enhancing mutual trust and
understanding, and enabling the capital market to gain a more comprehensive and
objective understanding of the Company's value.
To further ensure information transparency and fairness, the Company has maintained
a monthly disclosure of investor relations activity records during the reporting period,
detailing investor concerns raised during surveys and the Company's responses,
thereby ensuring that all shareholders have equal access to operational information.
Going forward, the Company will continue to refine its communication strategy,
expand communication channels, and drive higher-quality development of its investor
relations management.
V. Improving Governance and Standardized Operations
In the first half of 2026, the Company successfully completed the election of a new
Board of Directors, ensuring an orderly transition of its governance structure.
Following the election, the chairpersons of the special committees for Audit,
Nomination, Remuneration and Evaluation, and Sustainability are all independent
non-executive directors. Furthermore, the professional backgrounds of the
chairpersons are highly aligned with their respective committee mandates. This
arrangement enables each committee to maintain an independent and objective
stance in deliberating on material matters, while also better leveraging the
professional expertise of independent directors, who are able to provide targeted
opinions and recommendations on financial audit, talent selection, performance
evaluation, and ESG matters.
During the reporting period, the Company convened one shareholders' meeting, two
Board meetings, ten meetings of special committees of the Board, and one
independent directors' meeting, ensuring the orderly functioning of its governance
mechanisms. Through the independent directors' meeting system, independent
directors have actively participated in decision-making and oversight, contributing to
a continuous improvement in the quality of Board decisions.
In parallel, the Company further strengthened its ESG management and actively
advanced sustainability-related initiatives. As of the disclosure date of this report,
based on the latest 2025 ESG rating results, the Company's Wind ESG rating has been
upgraded from BBB to A, and its HuaZheng ESG rating has been upgraded from BBB
to AA, with the Company ranking first in the industry in the Governance dimension.
These rating results reflect the market's positive recognition of the Company's
sustainability practices and demonstrate the Company's progress in
ESG performance during this period.
VI. Reinforcing Performance Responsibilities of Key Personnel
During the reporting period, we placed great emphasis on the performance of duties
and risk management of the key personnel, including our controlling shareholder, our
actual controller, directors and senior management, and strengthened accountability
mechanisms as well as incentive and constraint mechanisms, further consolidating our
accountability framework for corporate governance. We strictly implemented the
provisions of the Remuneration Management Rules for Directors and Senior
Management regarding compensation structure, stipulating that the remuneration of
directors and senior management consists of base salary, performance-based
compensation and long-term incentive income, of which performance-based
compensation shall account for no less than 50% of the total of base salary and
performance-based compensation in principle. Meanwhile, the performance-based
compensation of directors and senior management is linked to our annual
performance, with a certain percentage of such compensation retained for payment
after the disclosure of the annual report.
During the year, we have progressively established a regular and diversified training
mechanism for the key personnel, actively organized the study of regulatory policies,
communicated the latest regulatory requirements in a timely manner, and
continuously arranged for directors and senior management to participate in
professional training to enhance their performance capabilities and risk awareness,
strengthen legal and compliance awareness, and further consolidate the governance
capabilities of our management team, thereby enhancing organizational dynamism
and promoting a steady improvement in our overall governance standards.
VII. Conclusion and Outlook
In the first half of 2026, the Company made targeted efforts in core areas including
improving operational quality, enhancing shareholder returns, and optimizing
corporate governance and information disclosure, with all work streams achieving
positive results as planned.
Looking ahead to the second half of the year, the Company will continue to balance
steady operations with reform and innovation. On the one hand, we will focus on our
core business to strengthen our competitiveness,; on the other hand, we will continue
to optimize capital allocation and strive to create long-term value for our shareholders.
The Company's management and all employees will remain confident and pragmatic
in their efforts, driving the successful completion of all annual targets and objectives
with high quality.
VIII. Risk Warning
The Company's plans and development strategies referred to in this action plan are
forward-looking statements that do not constitute historical facts, nor do they
constitute any substantive commitment made by the Company to investors. Investors
are advised to exercise caution to the relevant risks.
Board of Directors
Anjoy Foods Group Co., Ltd.
August 24, 2026
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