Shares of ANJOY FOOD (02648) rose close to 8% in Hong Kong trading. At the time of writing, the stock was up 7.74% to HK$73.8, with a turnover of HK$68.64 million.

The move follows recent policy developments. The State Council approved the "15th Five-Year Plan for Expanding Consumption," which sets a target for total retail sales of consumer goods to reach approximately 60 trillion yuan by 2030.

Dongxing Securities analysis suggests that for the food and beverage sector, this round of policy is not merely about short-term consumption stimulus. Instead, it aims to drive the industry into a new phase of concurrent demand improvement and structural upgrading through three main channels: increasing household income, optimizing the consumption environment, and upgrading the consumption mix. In the context of intensified policies to boost consumption, leading companies with growth potential and valuation advantages are expected to see a re-rating.

Guosheng Securities noted that the company, as a leader in China's frozen food industry, holds a leading market share in the two fastest-growing sub-segments: prepared foods and ready-to-eat dishes, continuing to benefit from industry concentration. In Q1 2026, the company leveraged its pricing power to implement effective price adjustments ahead of peers, significantly accelerating revenue growth and leading the profit recovery cycle among competitors, marking a clear inflection point in earnings.

From a medium to long-term perspective, the company has multiple growth drivers, including its product lines such as fresh-lock packaging, grilled sausages, fish ball/slippery foods, and halal foods, alongside international expansion and mergers & acquisitions. The path for product mix upgrading is clear, pointing to promising earnings momentum and potential upside.