ANJOY FOOD (02648) rose nearly 4%, reaching a high of HK$80.8, marking a new record since its listing. As of the time of writing, the stock was up 3.8% at HK$80.6, with a turnover of HK$78.6093 million. According to a Donghai Securities research report citing data from Mashang Ying, the overall performance of food and beverage categories improved in Q4 2025, with frozen food sales increasing by 6.5% year-on-year, showing sequential improvement. By category, hotpot balls, frozen sausages, and shrimp paste saw their share rise, with sales growing approximately 15%, 45%, and 55% year-on-year, respectively. Pizza and prepared frozen beef products posted sales growth rates exceeding 35% and 25% year-on-year, while crispy fried meat sales increased by about 20%, showing rapid expansion. ANJOY FOOD has strengthened its efforts in consumer-facing hotpot balls and frozen sausages, further increasing its market share. Caixin Securities noted that looking ahead, the company is transitioning from a channel-driven to a product-driven strategy, which is expected to help it capture industry growth opportunities and gain additional market share. Specifically, the prepared frozen products segment, as the company's foundation, is anticipated to resume volume and price growth driven by products like the "Fresh Lock" series. Frozen rice and flour products are expected to gradually recover growth through product transformation and channel support. The frozen prepared dishes segment, with its lineup including shrimp paste, crispy fried meat, grilled sausages, and beef and lamb rolls, is likely to maintain a growth rate faster than the overall market.