财是2021-02-24 20:22:00
Choi is 2021-02-24 20:22:00
（报告出品方/作者：国泰君安证券，訾猛、彭瑛）
(Producer / Author: Guotai Junan Securities, Zi Meng, Peng Ying)
报告综述
Summary of the report
国内餐饮业持续发展带动标准化食材需求不断扩容。餐饮市场规模持续增长，食材原料进货成本占营业额比例在 40%左右，餐饮食材供应这一超万亿市场仍在不断扩容。伴随餐饮业监管不断加强，餐饮业规模化连锁化发展，更加要求食材品质稳定、备货高效、安全有保 障，拉动食材标准化。而传统生鲜食材供应链效率低下，表现为信息 阻塞、货品来源分散、加工形式单一、流通环节冗长、高损耗、品质稳定性差、安全无保障，难以满足标准化需求。
The sustainable development of the domestic catering industry has led to the continuous expansion of the demand for standardized food materials. The scale of the catering market continues to grow, and the purchase cost of raw materials accounts for about 40% of the turnover. The over trillion market of catering materials supply is still expanding. With the continuous strengthening of the supervision of the catering industry and the large-scale chain development of the catering industry, it is more required that the quality of food materials be stable, the stock is efficient, and the safety is guaranteed, so as to promote the standardization of food materials. However, the traditional fresh food supply chain is inefficient, which is characterized by information blocking, scattered sources of goods, single processing form, lengthy circulation links, high loss, poor quality stability, and no security, so it is difficult to meet the needs of standardization.
供应链企业规模化发展，速冻食品行业持续受益。需求端看，餐饮业连锁化、规模化发展趋势的背后，是消费者追求食材品质、食品安 全、用餐效率，要求食材标准化程度不断提高，上游供应链企业市场 空间广阔。供给端看，冷链物流及互联网信息技术发展推动货品和信 息流通效率提升，解决传统生鲜食材流通痛点。供需共同驱动下，供 应链企业走向规模化、品牌化、信息化发展。而相对初级生鲜食材， 速冻食品子赛道竞争激烈程度较低，盈利模式较为明晰稳定，强者更 强特征明显，行业不断向标准化和高产品附加值方向发展。
The rapid frozen food industry continues to benefit from the large-scale development of supply chain enterprises. On the demand side, behind the chain and large-scale development trend of the catering industry is consumers' pursuit of food quality, food safety and dining efficiency, which requires the continuous improvement of food material standardization, and the upstream supply chain enterprises have a broad market space. On the supply side, the development of cold chain logistics and Internet information technology promotes the efficiency of goods and information circulation, and solves the pain point of traditional fresh food circulation. Driven by supply and demand, supply chain enterprises are developing towards scale, brand and informatization. Compared with the primary raw materials, the competition of quick-frozen food is less intense, the profit model is more clear and stable, the strong is stronger, and the characteristics are obvious. The industry is developing towards standardization and high product added value.
B 端速冻食品龙头以高效运营制胜，行业有望跑出更多大规模公司。 安井食品作为速冻火锅料制品龙头，从以 B 端为主到 BC 双轮驱动， 全品类、全渠道发展势头迅猛。日冷是日本速冻食品龙头、冷链物流 标杆，紧抓消费趋势，依靠一体化和品牌化经营由一家水产贸易商成 长为大规模企业集团。两家公司以优秀管理和高效运营在成本、品牌 等方面打造竞争优势，实现规模化发展，成为现代供应链典范。亚洲 渔港主打速冻深加工海水产品，垂直领域竞争对手较少；以垂直一体 化和品牌化运营模式聚合生产和物流资源，研发促销、以销定产，具 有轻资产、高周转、高效率等特征；是宜家等大型连锁餐饮客户合作 伙伴。千味央厨是 B 端速冻面米制品专业供应商，以定制品直营和 通用品经销为主，是众多知名连锁餐饮品牌合作伙伴。
The b-end quick-frozen food leader wins with efficient operation, and the industry is expected to run more large-scale companies. As the leader of quick-frozen hotpot products, Anjing food develops rapidly in all categories and channels from b-end to BC two wheel drive. As the leader of quick-frozen food and the benchmark of cold chain logistics in Japan, nikolin has been growing from an aquatic trader to a large-scale enterprise group by relying on integration and brand management. With excellent management and efficient operation, the two companies create competitive advantages in terms of cost and brand, realize large-scale development, and become models of modern supply chain. Asian fishing ports are mainly engaged in quick-frozen deep-processing marine products, with few competitors in the vertical field; they are vertical integration and brand-name operation mode to aggregate production and logistics resources, research and development promotion, and production based on sales, with the characteristics of light assets, high turnover and high efficiency; they are IKEA and other large-scale chain catering customer partners. Qianwei central kitchen is a professional supplier of b-end quick-frozen noodles and rice products. It mainly sells customized products and general-purpose products. It is a partner of many well-known chain catering brands.
1.餐饮业发展拉动标准化食材需求
1. The development of catering industry promotes the demand for standardized food materials
1.1.餐饮市场持续增长，将加速食材标准化
1.1. The catering market continues to grow and will accelerate the standardization of food materials
餐饮市场持续增长，上游食材需求不断扩大。
The catering market continues to grow, and the demand for upstream food materials continues to expand.
近年来餐饮市场规模持续 增长，B 端食材需求规模不断扩大。据国家统计局数据，2014-2019 年 我国餐饮市场规模复合增长率达 10.89%，2019 年餐饮市场规模达到 4.67 万亿元。根据《2019 中国餐饮业年度报告》，食材原料进货成本占营业 额比例在 40%左右，以此为假设，估算 2019 年仅餐饮端食材供应的市 场规模就已达到 1.87 万亿元，行业空间巨大。虽然 2020 年受到新冠疫 情影响，餐饮业景气度短期受到压制，但考虑到居民消费能力有望持续 提升、我国家庭结构变小户数增加等因素，餐饮市场规模未来有望持续 较快增长。
In recent years, the scale of catering market continues to grow, and the demand scale of b-end food materials continues to expand. According to the data of the National Bureau of statistics, the compound growth rate of China's catering market scale from 2014 to 2019 will reach 10.89%, and the catering market scale will reach 4.67 trillion yuan in 2019. According to the annual report of China's catering industry in 2019, the purchase cost of raw materials accounts for about 40% of the turnover. Based on this assumption, it is estimated that the market scale of catering materials supply alone will reach 1.87 trillion yuan in 2019, with huge industry space. Although the prosperity of the catering industry will be suppressed in the short term due to the new epidemic situation in 2020, the scale of the catering market is expected to continue to grow rapidly in the future, taking into account the factors such as the continuous improvement of residents' consumption ability, the smaller the family structure and the increase in the number of households in China.
餐饮业连锁化发展加速食材标准化。
The chain development of catering industry accelerates the standardization of food materials.
餐饮业本身具有消费频次高、消费 者需求差异大等特点，因此长尾效应明显。而我国由于菜系众多、口味 地域差异大、中餐菜品较难标准化等原因，餐饮连锁化率远低于美国、 日本等发达国家。根据欧睿数据，2019 年我国餐饮连锁化率仅为 10%左 右，而美国餐饮连锁化率在 50%以上。美日等国餐饮业的发展经验已经 证明，随着经济社会发展和消费水平提升，人们对饮食健康、食品安全 的重视程度会不断提升，连锁餐饮优势将凸显，这与对菜品差异化、特色化的需求并不矛盾。另一方面，餐饮行业监管不断加强，餐饮业规范化发展不断推进，连锁餐饮会迎来更大发展机会。2015 年商务部发布《关于开展优化环境促进餐饮转型发展试点工作的通知》，鼓励发展连锁经 营。而且，非连锁的中小餐饮门店抗风险能力较弱，在疫情等突发事件或个体因素影响下更容易退出市场。考虑以上因素，我国餐饮连锁化率提升是较为确定的趋势，而连锁餐饮通常要求有稳定的菜品和口味，对食材供应的标准化和稳定性的要求相比非连锁餐饮会更高。
The catering industry itself has the characteristics of high consumption frequency and large differences in consumer demand, so the long tail effect is obvious. However, due to many cuisines, great regional differences in tastes and difficulties in Standardizing Chinese dishes, the rate of chain catering in China is far lower than that in developed countries such as the United States and Japan. According to Euromonitor data, in 2019, China's catering chain rate is only about 10%, while that of the United States is more than 50%. The development experience of the catering industry in the United States, Japan and other countries has proved that with the economic and social development and the improvement of consumption level, people's attention to food health and food safety will continue to increase, and the advantages of chain catering will be highlighted, which is not contradictory to the demand for differentiated and characteristic dishes. On the other hand, with the continuous strengthening of the supervision of the catering industry and the continuous promotion of the standardized development of the catering industry, chain catering will usher in greater development opportunities. In 2015, the Ministry of Commerce issued the notice on carrying out the pilot work of optimizing the environment to promote the transformation and development of catering industry to encourage the development of chain operation. Moreover, small and medium-sized non chain restaurants have weak anti risk ability and are more likely to withdraw from the market under the influence of emergencies such as epidemic situation or individual factors. Considering the above factors, it is a certain trend to increase the rate of chain catering in China. Chain catering usually requires stable dishes and tastes, and the requirements for standardization and stability of food supply will be higher than non chain catering.
长尾餐饮小店对标准化食材的需求亦在扩大。
The demand for standardized food materials in Changwei restaurants is also expanding.
长尾小 B 餐企或门店由于 外卖需求增长、人力成本攀升等原因，出于优化流程、提升响应速度和 服务效率等需求，同样在拉动标准化食材、半成品需求。餐饮业原料和 人工成本占比较高，两项合计平均在 60%以上，对缺乏规模效应的长尾 小店而言成本压力更大。而采用标准化食材、半成品是降低人工成本的有效手段。
Due to the growth of takeout demand and rising labor costs, the long tail small B catering enterprises or stores are also driving the demand for standardized food materials and semi-finished products in order to optimize the process, improve the response speed and service efficiency. The cost of raw materials and labor in the catering industry accounts for a relatively high proportion, with an average of more than 60%. The cost pressure is greater for the long tail stores which lack scale effect. The use of standardized food materials, semi-finished products is an effective means to reduce labor costs.
1.2. 食材上游集中度低，传统供应链效率低下
1.2. The upstream concentration of food materials is low, and the efficiency of traditional supply chain is low
食材上游集中度低，小农特征明显，溯源困难。
The concentration of food materials in the upstream is low, the characteristics of small-scale farmers are obvious, and it is difficult to trace the source.
食材供应链上游行业主 要包括水产、肉类养殖及种植行业，而下游主要为餐饮行业、商超、家 庭。我国农业分散化、碎片化等特征较为明显，不利于下游集中采购和 溯源。这也导致监管困难、食品安全存在隐患。我国 2006 年起施行的 《农产品质量安全法》规定国家将逐步实行农产品质量安全追溯制度， 对农产品实现有效的“农田到餐桌”的全过程监管，从而保证农产品的 质量安全。但是，相比于美国、日本等集中化生产的发达国家，我国分散生产现状下进行全过程规范化管理的难度较大。根据第三次农业普查数据，中国现在的农户有 2.3 亿户，户均经营规模 7.8 亩，远低于美国 单户农场的土地规模。我国水产养殖业、渔业经营者普遍存在小、散、低等特点，水产品的质量追溯和票证核对非常困难。
The upstream industries of food supply chain mainly include aquaculture, Meat Breeding and planting industries, while the downstream industries mainly include catering industry, supermarkets and families. China's agriculture has obvious characteristics of decentralization and fragmentation, which is not conducive to downstream centralized procurement and traceability. This also leads to regulatory difficulties and hidden dangers in food safety. The law of quality and safety of agricultural products, which has been implemented since 2006, stipulates that the state will gradually implement the traceability system of quality and safety of agricultural products, so as to realize the effective supervision of the whole process from farmland to dining table, so as to ensure the quality and safety of agricultural products. However, compared with the United States, Japan and other developed countries with centralized production, it is more difficult to carry out the whole process standardized management under the situation of decentralized production in China. According to the data of the third agricultural census, there are 230 million households in China, with an average operating scale of 7.8 mu, far lower than the land scale of single family farms in the United States. It is very difficult to trace the quality of aquatic products and check the certificates.
我国生鲜食材供应链冗长，流通环节多，信息不对称。由于我国农产品 生产上游较为分散，中间商规模采购困难，生鲜流通依然较多的采用产 销批发市场模式。2019 年全国亿元以上农产品批发市场达 1884 家，内 有摊位数约 46.74 万个。在这种模式下，产品从农户到食材供应商、加 工商，然后再经历多层经销商到达销地批发市场，最后才能送到消费者 的手中，平均流通环节超过 5 级，冗长的流通链条耽延长了生鲜的周转 时间，同时加剧了市场信息不对称、信息传播阻塞，导致流通效率低下。
The supply chain of fresh food materials in China is long, with many circulation links and asymmetric information. Due to the scattered production upstream of agricultural products in China, it is difficult for middlemen to purchase on a large scale, and the fresh circulation still adopts the mode of production and marketing wholesale market. In 2019, there will be 1884 wholesale markets of agricultural products with more than 100 million yuan, with 467400 stalls. In this mode, products from farmers to food suppliers, processors, and then go through multi-layer dealers to the wholesale market, and finally to the hands of consumers. The average circulation link is more than 5 levels, the lengthy circulation chain delays the fresh turnover time, and aggravates the market information asymmetry, information transmission obstruction, leading to low circulation efficiency.
物流基础设施建设较弱，冷链使用率低，生鲜损耗率高。我国冷链市场 尚处于初步发展阶段，冷链仓储设施供应链明显不足，现有人均冷库容 量仅为 0.14 立方米，低于全球人均的 0.2 立方米，远低于冷链发达的日、 美等国。冷链使用率低下导致产品损耗率高。尤其是对低温保鲜要求较 高的海水产品，大多经营者仍旧仅采用家庭小规模冷库，拣选打包也多 是雇佣零时工，货品的整个仓储和包装环节的温度环境条件都缺乏统一 的管理和控制，海水产品本就易产生蛋白变性及腐败变质，冷冻保鲜工 作的不规范进一步加剧了损耗。据统计，我国在运输途中运用低温进行 保鲜的产品不足 20%，水产品、肉类、果蔬的损耗率高达 10%、8%、 15%，与发达国家水平差距大，冷链产业化发展空间巨大。
Logistics infrastructure construction is weak, cold chain utilization rate is low, fresh consumption rate is high. China's cold chain market is still in the initial stage of development, and the supply chain of cold chain storage facilities is obviously insufficient. The existing per capita cold storage capacity is only 0.14 cubic meters, which is lower than the global per capita 0.2 cubic meters, far lower than the developed cold chain countries such as Japan and the United States. Low utilization rate of cold chain leads to high loss rate of products. Especially for the high requirements of low-temperature preservation of marine products, most operators still only use family small-scale cold storage, and most of them employ odd hour workers to pick and pack. The temperature and environmental conditions of the whole storage and packaging process of goods are lack of unified management and control. Marine products are prone to protein denaturation and spoilage, and freezing and preservation workers are hard to work The nonstandard operation further aggravates the loss. According to statistics, less than 20% of our products are kept fresh by using low temperature during transportation, and the loss rates of aquatic products, meat, fruits and vegetables are as high as 10%, 8% and 15%, which is far behind the level of developed countries, and there is a huge space for the development of cold chain industrialization.
货品来源和加工形式单一，用户粘性弱。我国生鲜采购过于依赖农贸批发市场，货源不稳定；即便部分下游客户通过到产地直采能够保证减少断货带来的风险，采后标准化处理程度也很低，多为无任何加工的初级产品，标准化程度低、产品附加值低、利润微薄。据《对外经贸实务》 2014 年文献数据，我国农产品中仅有 1%进行商品化处理，能冷藏储存 的比例不足 20%，深加工比例不足 10%，而美国均在 50%以上；我国的农产品产值与加工产值之比只有 1：1 左右，而美国在 1：3 以上。海水产品在到达终端前也鲜少有加工、预烹制环节，往往只对其进行分杀处 理。尽管近年我国农产品商品化供应链及冷链物流事业有所发展，但上 游货品来源单一和加工单一仍是主流现象，产品难以进行差异化竞争，只能重价格轻产品，通过低价来吸引消费者，限制盈利的同时也难以形 成品牌效应、无法增强用户粘性。
The product source and processing form are single, and the user stickiness is weak. Our country's fresh food purchase relies too much on the wholesale market of agricultural trade, and the source of goods is unstable. Even if some downstream customers can reduce the risk of out of stock through direct purchase to the origin, the degree of post harvest standardization is also very low. Most of them are primary products without any processing, with low degree of standardization, low added value of products and meager profits. According to the literature data of foreign trade practice in 2014, only 1% of China's agricultural products are commercialized, less than 20% of them can be refrigerated and stored, and less than 10% of them can be deeply processed, compared with more than 50% in the United States. The output value of China's agricultural products is only about 1:1, while that of the United States is more than 1:3. Seawater products are rarely processed and pre cooked before they arrive at the terminal, and they are often only killed. Although the commercialized supply chain and cold chain logistics of agricultural products in China have developed in recent years, the single source and single processing of upstream goods are still the mainstream phenomenon. It is difficult for products to carry out differentiated competition. We can only attach importance to price rather than product, attract consumers through low price, limit profits, form brand effect and enhance user stickiness.
2. 食材标准化趋势下，速冻食品供应商持续受益
2. Under the trend of food material standardization, frozen food suppliers continue to benefit
2.1. 供应链企业规模化发展，垂直领域竞争程度不一
2.1. Supply chain enterprises develop on a large scale with different levels of vertical competition
供需共同驱动，餐饮供应链企业规模化、品牌化趋势明显。
Driven by both supply and demand, the catering supply chain enterprises have an obvious trend of scale and brand.
需求端看， 餐饮业监管不断加强、餐企连锁化规模化发展趋势的背后是消费者对食 材品质、食品安全、用餐效率的追求不断提升，要求食材标准化程度不 断提高，上游供应链企业市场空间广阔。供给端看，冷链物流及互联网 信息技术发展推动货品和信息流通效率提升，解决传统生鲜食材流通痛 点。生鲜食材保质期普遍较短，对物流温度、时效要求严格，冷链物流 技术突破以及成本降低是食材供应链提升效率、实现盈利的基石。同时， 互联网、信息化技术的更新使得供需信息阻塞、不对称问题缓解，对食 材产品链全过程进行动态监控成为可能，为货品及信息的高效流通提供 基础，如美菜网、每日优鲜、叮咚买菜正是依托电商崛起。技术发展推 动下，行业整合、集中化趋势更加明显，供应链企业走向规模化、品牌 化、信息化发展。
On the demand side, behind the continuous strengthening of the supervision of the catering industry and the large-scale development trend of food chain enterprises is the continuous improvement of consumers' pursuit of food material quality, food safety and dining efficiency, which requires the continuous improvement of food material standardization and the broad market space of upstream supply chain enterprises. On the supply side, the development of cold chain logistics and Internet information technology promotes the efficiency of goods and information circulation, and solves the pain point of traditional fresh food circulation. The shelf life of fresh food materials is generally short, and the requirements of logistics temperature and timeliness are strict. Cold chain logistics technology breakthrough and cost reduction are the cornerstone of improving the efficiency and achieving profitability of food supply chain. At the same time, the update of Internet and information technology has alleviated the problem of supply and demand information congestion and asymmetry, and made it possible to dynamically monitor the whole process of food product chain, providing the basis for the efficient circulation of goods and information. For example, meicai.com, daiiyouxian.com and dingdong.com are the bases for the rise of e-commerce. Driven by the development of technology, the trend of industry integration and centralization is more obvious, and the supply chain enterprises move towards the development of scale, brand and informatization.
供应链企业各垂直赛道竞争程度存差异，速冻食品最快受益。由于上游 原料端和下游终端仍较为分散，食材供应链企业发展模式呈现多样化特 点，重点布局的领域呈现细分化、垂直化特征。如亚洲渔港、安井食品、 千味央厨的以面向 B 端供应速冻食品为主，但在模式和具体品类上都存 在差异；蜀海供应链、快驴、美菜网也面向 B 端，但蜀海由海底捞孕育， 快驴和美菜则是互联网平台；每日优鲜和叮咚买菜则主要依托互联网面 向 C 端家庭消费。总体而言，蔬菜、水果、肉类等初级食材供应的参与 者较多，并且背后有互联网或餐饮业巨头争夺流量和市场，价格竞争相 对激烈，短时间内较难盈利。而速冻食品供应的专业性相对更强、产品 附加值较高，企业依靠规模效应和运营效率制胜，以成本控制而非流量获取为核心竞争力。因此速冻龙头更能依靠先发优势实现强者更强，竞 争格局较难因为短期技术迭代或模式创新而被颠覆。相对普通生鲜供应 商或平台而言，速冻食品供应商在食材供应链中更易实现稳定盈利。其 中，速冻面米、速冻火锅料制品等子行业相对成熟，而亚洲渔港所在的 速冻海水产品则尚无规模较大或上市企业，竞争对手相对更少。
The competition degree of each vertical track of supply chain enterprises is different, and quick-frozen food benefits the most quickly. As the upstream raw material end and downstream terminal are still relatively scattered, the development mode of food supply chain enterprises presents the characteristics of diversification, and the key areas of layout present the characteristics of differentiation and verticality. For example, Asian fishing port, Anjing food and Qianwei central kitchen mainly supply quick-frozen food to the b-end, but there are differences in modes and specific categories; Shuhai supply chain, Kuailu and meicai.com are also oriented to the b-end, but Shuhai is bred by Haidilao, Kuailu and Meicai are Internet platforms; daily Youxian and dingdong shopping mainly rely on the Internet for the C-end family consumption. Generally speaking, there are more participants in the supply of vegetables, fruits, meat and other primary food materials, and behind them are Internet or catering giants competing for traffic and market. The price competition is relatively fierce, and it is difficult to make profits in a short time. The fast-frozen food supply is more professional and the added value of products is higher. The enterprises rely on scale effect and operation efficiency to win, and take cost control rather than flow acquisition as the core competitiveness. Therefore, the quick-frozen leader can rely on the first mover advantage to realize the stronger, and the competition pattern is difficult to be subverted due to short-term technology iteration or mode innovation. Compared with ordinary fresh food suppliers or platforms, quick-frozen food suppliers are easier to achieve stable profits in the food supply chain. Among them, the sub industries such as quick-frozen noodle rice and quick-frozen hot pot products are relatively mature, while there are no large-scale or listed companies in the quick-frozen seawater products of Asian fishing ports, and there are relatively few competitors.
2.2. 速冻食品不断向标准化、高附加值方向发展
2.2. Quick frozen food is developing towards standardization and high added value
速冻食品由标准化走向规模化和品牌化。在我国速冻食品产业起步之初， 即 20 世纪 80 年代，速冻食品主要以经过简单切割的肉类、水产为主，90 年代起因农副产品逐渐富余、速冻技术进一步发展，速冻面米、鱼糜、 肉制品等调理食品才开始兴起。速冻调理食品因为加工程度较高，其产 品附加值也较高，更易实现差异化和品牌化发展，其本质是速冻肉类、 水产及其他农副产品的深加工和标准化发展。
Quick frozen food is moving from standardization to scale and brand. At the beginning of China's quick-frozen food industry, that is, in the 1980s, quick-frozen food was mainly meat and aquatic products after simple cutting. In the 1990s, due to the gradual surplus of agricultural and sideline products and the further development of quick-frozen technology, quick-frozen noodles, surimi, meat products and other conditioning foods began to rise. Because of its high degree of processing and high added value, quick-frozen prepared food is easier to realize differentiation and brand development. Its essence is the deep processing and standardization development of quick-frozen meat, aquatic products and other agricultural and sideline products.
随着下游需求变迁，速冻食品供应商将持续受益。一方面是加工程度更高的速冻菜肴迎来机遇。由于外卖、到家服务的爆发式增长，B 端对菜 品备货效率要求更高，同时消费者对饮食品质和下厨体验有更大需求， 精致且方便快捷的预制或半成品菜肴更受欢迎。另一方面，差异化、多 样化的速冻调理食品品类正在诞生。火锅业态的高景气发展带动了肉丸、 鱼糜等速冻火锅料制品的快速成长，而火锅以外的餐饮业态同样对水产、 肉禽类深加工速冻调理食品存在快速增长的需求。随着生产加工、冷链 物流技术的持续发展以及消费者对高品质食品的追求，越来越多的优质 水产、肉禽被深度加工成为速冻调理食品，并突破了丸滑火锅料的形式。 如亚洲渔港的主要产品为深加工的速冻海水产品，包括高蛋白、高营养 的鱼虾贝类制品，输出的产品形式接近预制半成品。此类速冻食品未来 发展空间巨大。
As downstream demand changes, frozen food suppliers will continue to benefit. On the one hand, there are opportunities for quick-frozen dishes with a higher degree of processing. Due to the explosive growth of take out and home service, the b-end has higher requirements on the efficiency of food preparation. At the same time, consumers have greater demand for food quality and cooking experience. Exquisite and convenient prefabricated or semi-finished dishes are more popular. On the other hand, differentiated and diversified quick-frozen prepared foods are emerging. The rapid development of hotpot industry has driven the rapid growth of quick-frozen hotpot products such as meatballs and surimi, while the catering industry other than hotpot also has a rapid growth demand for deep-processing quick-frozen prepared foods such as aquatic products, meat and poultry. With the continuous development of production and processing, cold chain logistics technology and consumers' pursuit of high-quality food, more and more high-quality aquatic products, meat and poultry have been deeply processed into quick-frozen prepared food, and have broken through the form of hot pot materials. For example, the main products of Asian fishing ports are deep-processing quick-frozen marine products, including fish, shrimp and shellfish products with high protein and nutrition, and the output form of products is close to prefabricated semi-finished products. This kind of quick-frozen food has huge development space in the future.
3. 亚洲渔港：垂直化经营，打造现代供应链典范
3. Asian fishing port: vertical operation, creating a model of modern supply chain
3.1. 标准化食材供应商，主打速冻海水产品
3.1. Standardized food suppliers, focusing on quick-frozen marine products
亚洲渔港主要经营速冻海水深加工及初加工产品。2004 年以来，公司从 一家食品经销公司逐步转型为以速冻海水深加工产品研发、销售、配送 为主的标准化生鲜餐饮食材供应商，2018 年起陆续拓展了初加工产品、 对外仓储物流服务等业务。公司深加工产品中虾类、鱼类、贝类占比较 大，主要为经过预先烹制、调味的速冻半成品；初加工产品以虾、鲍鱼 为主。
Asian fishing ports are mainly engaged in deep processing and primary processing of frozen sea water. Since 2004, the company has gradually transformed from a food distribution company into a standardized supplier of fresh food and beverage materials, which mainly focuses on the research and development, sales and distribution of deep-processing products of quick-frozen seawater. Since 2018, the company has successively expanded its primary processing products, external warehousing and logistics services and other businesses. Shrimp, fish and shellfish account for a large proportion of the company's deep-processing products, which are mainly semi-finished quick-frozen products after pre cooking and seasoning; shrimp and abalone are the main primary processing products.
公司收入规模持续增长，与大型连锁餐饮客户稳定合作。2019 年公司实现收入 12 亿元、同比增长 32%，初加工业务的拓展拉动收入加速增长。 2017 年公司非经常性损益金额较大，主因公司转让亚食联发 80.10%股权及剩余 19.90%股权收益较大，同时理财资金量增加、取得较多的理财 收益。2017-2019 年公司扣非净利润保持稳定增长。公司产品
The company's revenue scale continues to grow, and has stable cooperation with large chain catering customers. In 2019, the company will achieve a revenue of 1.2 billion yuan, with a year-on-year growth of 32%. The expansion of primary processing business will accelerate the growth of revenue. In 2017, the amount of the company's non recurring profit and loss was relatively large, mainly due to the company's transfer of 80.10% equity and the remaining 19.90% equity of asif Lianfa, and the increase in the amount of financing funds, which resulted in more financing income. From 2017 to 2019, the company's non net profit remained stable growth. Company products
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