In 2025, revenue growth exceeds 7%, and the full-year dividend payout ratio exceeds 70%: Anjoy pursues steady progress while maintaining stability

In a market where industry competition is clearly differentiated and price wars are gradually easing, the certainty of profitability and real monetary returns have become new standards for testing a company’s fundamental strength.

On March 30th, the leading domestic frozen food company, Anjoy Food (603345.SH; 02648.HK), released its full-year 2025 performance report. During the reporting period, the company achieved operating revenue of 16.19B yuan, a year-on-year increase of 7.05%; net profit attributable to shareholders of the listed company was 1.36B yuan. At the same time, Anjoy maintained high dividends; in 2025, the total dividend payout is expected to reach 952 million yuan, with a payout ratio of 70.01%. Among them, the mid-year dividend in 2025 exceeded 470 million yuan, ranking relatively high among consumer companies.

The core of Anjoy’s steady growth lies in its continuous product line expansion and comprehensive channel deepening.

In 2025, Anjoy Food began covering a broader range of new consumption scenarios, from the frequently sold-out black tiger shrimp balls in Sam’s Club, to “fresh-locked” products in Hema’s cold storage, and various convenient heated instant noodle snacks. Anjoy’s new products focus on innovation across five dimensions: raw materials, processes, appearance, packaging, and concepts, continuously promoting structured upgrades across all categories. This allows consumers to access products in scenarios such as single-person meals and group gatherings, as well as mid-to-high-end retail settings, making them popular among young consumers.

Moreover, Anjoy is expanding its business footprint, turning its attention to the billion-yuan frozen baking track and the broad halal market. This steady and progressive frozen food leader is gradually opening new growth spaces.

Annual revenue growth of 7%

Quarterly revenue surpassing 4.8 billion yuan

In a market environment with clearly differentiated industry competition, Anjoy Food still demonstrates resilient growth and high-quality profitability. In 2025, the company achieved operating revenue of 16.19B yuan, up 7.05% year-on-year; net profit attributable to the parent was 1.36B yuan. After excluding goodwill impairment and related impacts, the company’s actual profit showed positive growth, maintaining a steady operational progress.

Quarterly performance shows a clear recovery path: starting from the third quarter, performance gradually stabilized, with revenue of 3.77B yuan, both revenue and profit increasing year-on-year; entering the fourth quarter, operational momentum was significantly released, with revenue reaching 4.82B yuan, a year-on-year increase of 19%. Net profit attributable to the parent was 410 million yuan, and net cash flow from operating activities reached 2.32B yuan. Whether year-on-year or quarter-on-quarter, core indicators improved markedly, and profitability quality also increased.

Notably, in the fourth quarter profit calculation, the company made a one-time impairment provision of about 182 million yuan for goodwill. This impairment is a one-time accounting treatment mainly related to valuation adjustments of historical acquisitions, which does not affect the company’s cash-generating ability from core operations and helps further solidify asset quality.

While income steadily grows, the company’s cost control measures are also showing results. In 2025, Anjoy’s selling expenses were 970 million yuan, down 2% year-on-year; management expenses decreased more significantly, down 17.6% to 420 million yuan, with a continued optimization of the expense structure supporting profit release.

With the concentrated clearance of goodwill impairments at the end of 2025, potential financial risks are fully released. Moving into 2026, Anjoy has completed phased adjustments in asset quality and cost structure, significantly reducing operational burdens, and is expected to further expand performance growth space on the basis of “lightweight operation.”

Selling more and earning steadily

What has Anjoy done right?

Anjoy Food Co-CEO and General Manager Zhang Qingmiao stated that in the current market environment, consumers are increasingly pursuing the unity of “cost performance” and “quality-price ratio.” The company has upgraded its previous channel-driven strategy to focus mainly on new product-driven development, shifting the benefit model from “cost reduction and efficiency increase” to “quality improvement and efficiency increase,” emphasizing product innovation and quality enhancement to participate in competition.

Specifically, since last year, Anjoy has made more detailed distinctions in its product lines. As of now, the company has over 500 SKUs. On the consumer side, Anjoy focuses on high-margin, high-quality products. For example, it has developed mid-range priced vacuum-packed series of 400 grams, and 100-gram shrimp balls, and has launched hot-selling “fresh-locked” and “Meat Dodo” grilled sausages tailored to Generation Z and single-person households’ “delicate home” needs. These products have become favorites among young consumers.

Anjoy’s Meat Dodo grilled sausages

On the B2B side, Anjoy continues to raise product standards and added value. For example, it launched fresh-killed tender fish balls and “Six Little Dragons” of rice and noodles that cater to the trend of youthful and diversified dining, such as corn buns, orange buns, and other shaped buns, as well as uniquely styled fried eggs with tiger skin. The development of new products has effectively helped the company expand into emerging catering channels like hot pot and spicy hot pot, further strengthening its presence among young consumers.

In the new year, Anjoy plans to launch high-end grilled sausages and “fresh-locked” series, and continue expanding its shaped dim sum matrix. Through structured upgrades across all categories, Anjoy is driving sustained performance growth with strong product strength.

In terms of channel structure, Anjoy has completed a comprehensive layout of emerging growth channels.

On one hand, for sinking markets, Anjoy has deeply empowered traditional distributors and increased the density of its distribution network. By continuously optimizing distributor structures and implementing refined management, Anjoy helps traditional distributors transform from “sit-in merchants,” “mobile merchants,” and “terminal merchants” into “platform merchants.” This not only extends the channel’s capillaries deeper and wider into sinking markets but also solidifies Anjoy’s fundamental position. In the reporting period, revenue from new retail and e-commerce increased by 31.76% year-on-year.

On the other hand, Anjoy has achieved deep penetration into offline shopping scenarios among mid-to-high-end consumer groups. The company has successfully entered representative new consumption channels such as Sam’s Club, Hema, Auchan, and regional chains like Pang Donglai. Additionally, with online platforms empowering supermarket systems, Anjoy has strengthened online O2O sales through supermarkets, expanded partnerships with third-party online sales platforms like Meituan Flash Purchase and JD.com, and actively participated in live-streaming sales events at major supermarkets.

From traditional farmers’ markets to picky high-end supermarkets in first- and second-tier cities, and online sales platforms, Anjoy’s presence is everywhere.

More importantly, at the end of 2025, Anjoy further optimized and upgraded its “Big B Customization” business. To meet the personalized needs of key clients such as specialty stores, supermarkets, and new retail, Anjoy is reconstructing its customization model, shifting from traditional “inventory production” to “order-based production,” and promoting small-batch, multi-batch flexible manufacturing. Meanwhile, Anjoy has reorganized its organizational structure, establishing a dedicated customization department, breaking down departmental barriers, and achieving efficient collaboration across R&D, sales, and production. Personalized and customized services for large clients and export businesses, as well as tailored product solutions across different channels, will remain a focus for Anjoy’s deepening of its customization business in 2026.

“Frozen food industry barriers are not high, but building large-scale operations, systematic management capabilities, and offering flexible customized products are quite challenging. This is precisely Anjoy’s advantage. Anjoy can leverage economies of scale to achieve overall cost leadership, and its rich product range and diverse channel layout create an invisible moat,” industry analysts believe. The ability to continuously innovate product portfolios, seamlessly switch and coordinate across multiple channels, has become an invisible competitive moat that keeps Anjoy leading the industry.

High dividends on one hand, “new curves” on the other

Anjoy seeks new growth trajectories

According to the financial report, Anjoy’s 2025 semi-annual profit distribution plan has been implemented, with a total cash dividend of about 473 million yuan (including tax, including Hong Kong stocks). The dividend payout ratio is locked at 70.02%. This marks the company’s ninth consecutive year and 14th time implementing dividends. Currently, its cumulative cash dividends have reached 3.7B yuan.

In an era of stock competition, abundant cash flow not only rewards shareholders but also provides Anjoy with “ammunition” for external exploration, laying the groundwork for next high growth.

While maintaining its core competitiveness in frozen foods, Anjoy is extending its strategic reach into higher-growth, higher-profit niche tracks. The financial report disclosed that in 2025, Anjoy made significant acquisitions, including a 70% stake in Jiangsu Dingweitai, a 100% stake in Dingyifeng Food, and entered the billion-yuan frozen baking track with products like toast and bagels. Additionally, Anjoy allocated 361 million yuan from its fundraising to expand baking capacity. This investment has already yielded returns: during the reporting period, Anjoy increased baking food revenue by over 67.95 million yuan.

Furthermore, in December 2025, Anjoy acquired and officially launched the “Anzhai” brand, entering the broad halal food market. Currently, Henan Anzhai Food has obtained production licenses and product barcodes, with the first batch of five products progressing smoothly.

Beyond category breakthroughs, Anjoy’s overseas expansion is quietly advancing.

In July 2025, Anjoy successfully listed on the main board of the Hong Kong Stock Exchange, becoming the first domestic frozen food company to list on both “A+H” markets, and was included in the Hong Kong Stock Connect in early August. By September 2025, nine Anjoy products had entered over 200 Wellcome stores in Hong Kong.

Anjoy’s listing in Hong Kong

Using Hong Kong as a springboard, Anjoy’s overseas reach extends across Southeast Asia. Frost & Sullivan forecasts that from 2024 to 2029, the global frozen food industry will grow at a compound annual rate of 6.0%. Southeast Asia’s frozen food market, still in its early stages, is characterized by dispersed competition but large population bases and consumption potential, with cultural and eating habits similar to China. The region is expected to see a CAGR of 14% from 2024 to 2029, experiencing rapid development.

Anjoy Food’s entry into the Hong Kong market

According to the financial report, Anjoy has signed agreements with distributors in multiple Southeast Asian countries, with export volumes steadily increasing. Moreover, the company plans to expand and develop sales channels in Europe and North America through strategic partnerships and acquisitions, extending its domestic economies of scale overseas.

“Currently, the competition in the frozen food industry has shifted from simple scale expansion to a comprehensive contest of product structure, channel efficiency, and supply chain capabilities,” said an industry analyst who has long followed the food and beverage sector. “Anjoy’s continuous investment in product iteration, channel coverage, and customization capabilities allows it to maintain steady growth and high profitability even as industry competition intensifies.”

The analyst further noted that after completing the dual-platform setup of A+H shares, Anjoy’s financial capacity and internationalization channels are both open. Its future expansion in Southeast Asia and broader overseas markets will be a key factor influencing the company’s valuation potential.

In a context of slowing industry growth, few companies can simultaneously balance dividend returns and new growth strategies. Anjoy’s “stability” and “progress” are laying the foundation for its next phase of growth.

(This article does not constitute any investment advice; information disclosures are based on company announcements. Investors operate at their own risk.)