The company is a well-known domestic enterprise located in Fujian, focusing on the condiment segment, and its “An Ji” has won a well-known national trademark. The company focuses on compound condiments, and the products have a high market share. In the future, the company will focus more on the “pork flavor” position. We are optimistic about the launch of the company's innovative products and the gradual improvement of channels. The company has focused on the condiment industry segment for 20 years, focusing on compound condiments. The company was founded in 1995 and is one of the well-known domestic compound seasoning enterprises. It has led and participated in the drafting and formulation of many national standards and industry standards for condiments. Since its establishment, the company has been focusing on R&D, production and sales of condiments. The main products include more than 500 varieties in five categories, including compound seasoning powder, natural extract seasoning, spices, sauces, and flavored soups. The company's operating income for the 12-14 years was 305 million, 268 million, and 279 million, respectively, and net profit was 63 million, 53 million and 57 million, respectively. The company's leading products are compound seasoning powders, including pork rib flavor seasoning, beef broth seasoning, beef flavor seasoning, chicken powder, etc. The 13-year production of this type of product was 16,600 tons, accounting for 7.6% of the total production of 22 comparable companies, and had a high market share. At the same time, in the past three years, it accounted for 76.29%, 80.42%, and 78.64% of the company's main business revenue. It is the main source of the company's revenue and profit. The company's sales are mainly concentrated in south-central and eastern China, with the two regions accounting for about 90% of sales. The industry is developing rapidly, and compound seasonings are leading the future development trend. The condiment industry is a typical “small product, big market”. China's annual condiment turnover accounts for about 10% of the food industry's turnover, which is mainly distributed to the catering industry and consumer consumption, of which about 70% of condiments are sold to the catering industry. China's condiment industry is in a period of rapid development. In the past ten years, the average growth rate of the industry is as high as 15%, and the growth rate of some emerging products is over 30%. The total output value of the industry exceeds 140 billion yuan, and the total output is over 10 million tons. We believe that condiments have the characteristics of being simple, convenient, tasty, portable, etc., and can significantly improve the taste of food and enhance the quality of life. With the further increase in residents' income, market demand for the production and diversity of condiments will surely increase. At the same time, due to changes in consumer lifestyle habits, living standards, and food tastes, condiments have changed from a single type to a complex type (flavor type), so there is great room for future development of compound seasonings. The “Anji” brand has obvious advantages, and the dealer-dominated marketing network spreads throughout the country. The company's “Anji” trademark won a well-known trademark in China in 2011, and has high popularity and brand influence in the field of compound seasoning powder. Among them, the market share of the pork rib flavor king series products is among the highest among similar products, and good brand and word of mouth have helped the company win a stable customer base. The company's sales channels are mainly distribution channels, supplemented by catering channels, special communication channels and overseas channels, covering 25 provinces, autonomous regions and municipalities directly under the Central Government. The number of dealers is more than 400, and it has absolute competitiveness in the Central South and East China regions with Fujian as the core. The company's channel mainly uses a dealer agency system. In 2014, distribution revenue accounted for 96.36%, and there is a trend of further increase. In the future, the company will further strengthen and expand its channel construction to gain a higher market share. Furthermore, the company has its own competitive advantages in terms of quality control, production processes and formulations, and product development capabilities, etc., and is one of the condiment companies whose products can be directly exported to the European Union. The main focus is on “pork flavor” to clearly position the brand image, and innovative products are the driving force for future profit growth. In the future, the company will continue to focus on the condiment industry. Among the leading compound condiments, it will further focus on the relevant pork-flavored seasoning powder represented by “Prime Rib Flavor” to seize the market share of pork-flavored seasonings in the Chinese market, and brand the “pork flavor” as “Anji Food”, thus strengthening the image of “An Ji” among customers. At the same time, the company will continue to develop and optimize products, and develop innovative products such as edible fungus extract and Tetra Pak packaged bone broth to better satisfy consumers. We believe that the company currently has full technical, production and management capabilities for products such as edible fungus extract and Tetra Pak packaged bone broth, and has established a perfect sales network. With the good market recognition of the company's products, the launch of innovative products will directly hit consumers in the market with increasing demand for diverse condiments, and innovative products will become the company's new profit growth point. Fund-raising projects are in line with market trends. The company has raised capital for the five projects it plans to invest in. Among them, the two main investment projects are for the production of Tetra Pak seasoned bone broth products and edible fungus extract, accounting for a total of 62% of the total investment. The new products developed by the fund-raising project meet market demand and are in line with future trends. After the project is delivered, it will effectively expand the company's product supply categories and increase the company's original product system, thereby increasing the market share of the products and enhancing the company's pricing capacity and profitability. We are optimistic about this fund-raising project, which will help consolidate and enhance the company's position in the industry. Profit forecasts and investment advice. Based on the calculation of 30 million shares issued in this IPO and a total share capital of 120 million shares after issuance, the company's EPS for 15-17 is estimated to be 0.49/0.62/0.64 yuan respectively. Referring to the PE valuations of comparable listed companies, the company was given 30-40xPE in 2015, with a corresponding price of 14.7-19.6 yuan. A subscription is recommended. Major uncertainties. Food safety risks, fund-raising project risks.