Capital, Earnings & M&A
The Two Faces of Anjoy: Becoming No.1, But Making Money Harder
In 2016, Meituan's Wang Xing described the '4321' rule in business, where many sectors consolidate from many to four, then three, then two, with the leader emerging. Anjoy Foods (603345.SH), starting from Xiamen, used a 'rural encirclement of cities' strategy to overtake Sanquan and become the frozen food leader, but its profitability is declining.
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