Core Viewpoint - The company, Jinzhai Food, has decided to withdraw from the investment fund "Yueyang Caijin Taiyou Industrial Investment Partnership" and significantly reduce its investment in another fund, focusing on its core business amidst slowing revenue growth and rising advertising costs [1][6][10]. Investment Fund Withdrawal - Jinzhai Food announced its exit from the "Yueyang Caijin Taiyou Industrial Fund," which it co-established in September 2021 with a total fund size of 500 million yuan, where Jinzhai's planned contribution was 20 million yuan [2][4]. - The company also reduced its stake in the "Xiangxinli Private Equity Fund" from 19.60% to 6.86% by transferring an unfulfilled contribution of 65 million yuan to another company [5][6]. Focus on Core Business - The decision to withdraw from these funds is part of Jinzhai Food's strategy to concentrate on its main operations, optimize asset structure, and ensure sustainable development [6][7]. - The company aims to double its revenue and net profit by 2026 compared to 2023, despite facing challenges such as a decline in net profit in the first quarter of 2024 [11]. Financial Performance - Jinzhai Food has experienced steady revenue growth over the past three years, with revenues of 1.462 billion yuan, 2.065 billion yuan, and 2.412 billion yuan from 2022 to 2024, and net profits of 125 million yuan, 210 million yuan, and 291.3 million yuan respectively [10]. - However, advertising expenses surged by 180% in the last year, leading to a noticeable slowdown in revenue growth, with a revenue growth rate of 16.79% in 2024 compared to 41.26% in 2023 [10][11].

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.02 CNY based on a 23x valuation multiple [2][4]. Core Insights - The company has a strategic plan for rapid growth, aiming to double its performance by 2026 through new product launches and channel optimization [1][15]. - The quail egg segment is expected to regain growth through adjustments and new product introductions, while the small fish products will benefit from increased market coverage [16][2]. - The company is well-positioned in the fish product market, with a projected sales revenue growth of 17.4% and a net profit growth of 14.3% in 2025 [2][3]. Summary by Sections Company Overview - The company focuses on leisure food, developing three main categories: fish products, poultry products, and bean products, with notable brands including "Jinzai" and "Xiaodan Yuanyuan" [5][17]. Growth Drivers - The company has a strong product development capability, with successful launches like the "soft-boiled quail egg" and "fresh bean curd" [1][15]. - The small fish segment has maintained a leading market position, with revenue expected to reach 15.33 billion CNY in 2024, continuing a trend of double-digit growth [28][34]. Financial Projections - The company forecasts sales revenue of 2,831.65 million CNY in 2025, with a net profit of 332.99 million CNY, reflecting a growth rate of 14.3% [3][2]. - The projected earnings per share (EPS) for 2025 is 0.74 CNY, with a dynamic price-to-earnings (PE) ratio of 19.5 [2][3]. Market Position - The company holds a 13.95% market share in the quail egg segment, positioning it as a leading player despite competitive pressures [44][46]. - The overall market for leisure fish products is expected to grow significantly, with projections indicating a market size of 300 billion CNY by 2025 [34][2]. Channel Strategy - The company is expanding its traditional and emerging channels, including membership supermarkets and online platforms, to enhance market penetration [54][56]. - The diversification of channels is expected to support stable growth, with significant investments in e-commerce and live streaming sales [56][55].

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 17.02 RMB based on a 23x valuation multiple [2][4]. Core Viewpoints - The company has a strategic plan for rapid growth, aiming to double its performance by 2026 through new product development and channel optimization [1][15]. - The quail egg segment is expected to regain growth momentum, while the small fish products will continue to grow steadily with increased market coverage [16][2]. - The company is well-positioned in the fish product market, with a projected sales revenue growth of 17.4% and a net profit growth of 14.3% in 2025 [2][3]. Summary by Sections Company Overview - The company focuses on the leisure food sector, developing three main categories: fish products, poultry products, and bean products, with notable brands including "Jinzai" and "Xiaodan Yuanyuan" [5][17]. Growth Drivers - The company has a solid channel management strategy, although it still lags behind top competitors in terms of channel coverage and quality [1][15]. - New product innovations, such as the "soft-boiled quail egg" and "fresh bean curd," are expected to drive performance [1][16]. Financial Projections - For 2025, the company is projected to achieve sales revenue of 2.83 billion RMB, with a net profit of 333 million RMB, reflecting a growth rate of 14.3% [3][2]. - The earnings per share (EPS) is expected to be 0.74 RMB, with a dynamic price-to-earnings (PE) ratio of 19.5 [2][3]. Market Position - The company is a leader in the small fish product market, with a market share expected to increase as the overall market grows from 200 billion RMB in 2020 to an estimated 600 billion RMB by 2030 [34][2]. - The quail egg segment has a market share of approximately 13.95%, positioning the company favorably against competitors [44][46]. Channel Strategy - The company is expanding its traditional and emerging channels, including membership supermarkets and online platforms, to enhance market penetration [54][56]. - The company has established a strong presence in both offline and online channels, with significant growth in membership systems and e-commerce platforms [56][57].

Group 1 - The company has participated in the establishment of a private equity fund with a total scale of 500 million RMB, contributing 20 million RMB as a limited partner [1] - The company has transferred its entire equity stake of 20 million RMB in the fund to Beijing Different Remarkable Enterprise Management Development Center (Limited Partnership) for a price of 5 million RMB, with the remaining capital contribution to be fulfilled by the new partner [2] - The transfer of equity does not constitute a related party transaction or a major asset restructuring, and does not require approval from relevant authorities [2][3] Group 2 - The exit from the investment fund is aligned with the company's actual situation and future development plans, allowing the company to consolidate funds and focus on its core business [3] - The exit will not have a significant impact on the company's financial status or operational activities, ensuring the protection of the interests of the company and its shareholders, particularly minority shareholders [3]

证券代码：003000 证券简称：劲仔食品 公告编号：2025-039 劲仔食品集团股份有限公司 关于公司参与投资产业基金公告的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、与专业投资机构合作投资概述 劲仔食品集团股份有限公司（以下简称"公司"）于 2021 年 9 月 1 日召开 总经理办公会审议通过了《关于公司参与投资产业基金的议案》，同意公司作为 有限合伙人以自有资金 2,000 万元人民币与岳阳市财金高新产业投资有限公司、 岳阳市城市建设投资集团有限公司、北京江河源控股有限公司、北京嘉源置业投 资有限公司、北京嘉润鸿达置业有限公司、北京海悟实业有限公司、湖南天巽康 太投资合伙企业（有限合伙）、岳阳建设工程集团有限公司、美事达投资控股股 份有限公司、北京泰有系创业投资管理有限公司共同出资成立岳阳市财金泰有产 业投资合伙企业（有限合伙），基金规模为 50,000 万元人民币。合伙企业岳阳 市财金泰有产业投资合伙企业（有限合伙）完成了工商登记手续，并按照《证券 投资基金法》和《私募投资基金监督管理暂行办法》等法律法规的要求在中国证 券投资基金 ...

Summary of the Conference Call for Jin Zai Food Industry Overview - The snack industry remains vibrant, with mainstream snack companies projected to maintain over 20% revenue and profit growth in 2025, indicating overall industry health [4][5] - The industry is entering a quality improvement phase, with new channels and product categories providing investment opportunities [4][7] Company Insights: Jin Zai Food - Jin Zai Food is positioned as a leading player in the leisure snack sector, with a relatively low valuation and potential for performance improvement [2][6] - The company has a clear growth path for its major products, including flavored fish products, quail eggs, tofu, and konjac, which are expected to drive revenue and profit growth through new channels [2][6] Key Product Performances - **Flavored Fish Products**: Achieved double-digit growth in Q1 2025, with expectations for further growth through product upgrades and channel expansion [2][8] - **Quail Eggs**: As the second-largest category, product upgrades like selenium-enriched and soft-boiled quail eggs are performing well, with improved profitability expected as competition eases in 2025 [2][10] - **Tofu**: The market potential is significant, with Jin Zai leveraging 35 years of production experience to introduce innovative short-shelf-life products, aiming for rapid growth in 2025 [2][11] - **Konjac**: While not as large as competitors, it is expected to grow quickly due to category benefits and new flavor introductions [2][11][20] Financial Projections - Revenue forecasts for Jin Zai Food from 2025 to 2027 are projected at 2.89 billion, 3.434 billion, and 4.1 billion yuan, reflecting year-on-year growth rates of 19.82%, 19%, and 20% respectively [3][21] - The company is expected to achieve a profit growth rate of around 18% in 2025, surpassing market expectations of 13% [21] Strategic Initiatives - Jin Zai Food is adopting an omnichannel strategy, with significant potential for offline channel expansion, including entry into membership-based supermarkets like Sam's Club [2][12] - The company aims for a revenue growth rate of approximately 20% in 2025, with continuous improvement in profitability [12][13] Investment Rationale - Jin Zai Food is recommended due to its low valuation and potential for performance improvement, supported by a clear growth path for major products and expansion into new channels [6][22] - The company is expected to leverage high-potential channels and premium membership supermarkets to enhance revenue, with a target price of 19 to 23 yuan based on a PE ratio of 25 to 30 times [3][21] Conclusion - The investment logic for Jin Zai Food centers on growth driven by new channels and significant potential in product categories, positioning it as a compelling investment opportunity in the snack industry [22]

关于 2023 年限制性股票激励计划首次授予部分 第二个限售期解除限售股份上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：003000 证券简称：劲仔食品 公告编号：2025-38 劲仔食品集团股份有限公司 3、2023 年 4 月 12 日，公司对 2023 年限制性股票激励计划内幕信息知情人 及激励对象买卖公司股票情况进行了自查，并披露了《关于 2023 年限制性股票 激励计划内幕信息知情人及激励对象买卖公司股票情况的自查报告》。 劲仔食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二个解除限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》及公司《2023 年限制性股票激励计划》的 相关规定，公司已经办理完成了 2023 年限制性股票首次授予部分第二个解除限 售期涉及的股份上市流通手续，符合解除限售条件的 24 名激励对象可解除限售 股份共计 1,540,000 股，占目前 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is a leading brand in the snack food sector, with a clear growth path for its major products. Fish products provide a stable foundation, while quail eggs are expected to create a second growth curve. Potential categories like tofu and konjac have significant growth opportunities, and the expansion into new channels in 2025 is anticipated to drive revenue and profit beyond expectations [1][2][4] Summary by Sections Major Product Growth - The company's major product, deep-sea fish, has shown double-digit growth in Q1 2025 despite a high base from the previous year. The company expects rapid growth in fish products due to channel deepening and breakthroughs in new high-potential channels [2] - Quail eggs are positioned as the second growth curve, with ongoing product upgrades such as selenium-enriched and soft-boiled quail eggs. The company aims to enhance profitability and gross margin through differentiated products and brand innovation [2] - Potential products like tofu and konjac are in a rapid cultivation phase, with innovative offerings like short-shelf-life tofu and new flavors of konjac sauce expected to drive significant growth [2] New Channel Expansion - The company has a clear omnichannel strategy, with successful offline channel expansion and stable growth in distribution channels. High-potential channels like membership-based supermarkets are progressing well, and the snack wholesale channel is expected to maintain rapid growth in 2025 [3] - Although online channels saw a decline in Q1 2025, they are entering a recovery phase, with expectations for future growth. The entry into new high-potential channels is expected to further enhance profitability [3] Revenue and Profit Forecast - The market anticipates the company will achieve mid-double-digit revenue growth in 2025, with profit growth lagging behind revenue due to adjustments in online channels and competition in the quail egg sector. However, the company is expected to exceed market expectations for revenue and slightly improve net profit margins [4] - The revenue projections for 2025-2027 are estimated at 28.9 billion, 34.34 billion, and 41.04 billion yuan, with year-on-year growth rates of 19.82%, 18.83%, and 19.51% respectively. Net profit is projected to be 3.43 billion, 4.18 billion, and 5.15 billion yuan, with growth rates of 17.85%, 21.82%, and 23.18% respectively [11]

证券代码：003000 证券简称：劲仔食品 公告编号：2025-037 劲仔食品集团股份有限公司 关于选举职工董事的公告 林锐新，男，中国籍，无境外永久居留权。1990 年 10 月出生，本科学历。 2013 年至 2016 年就职于湖南日报报业集团任记者；2016 年至 2017 年就职于湖 南腾湘科技有限公司任记者；2017 年至 2018 年就职于深圳前海华人金融控股集 团有限公司任媒介主管；2018 年至 2020 年就职于长沙远大住宅工业集团股份有 限公司任品推经理；2020 年加入劲仔食品集团股份有限公司，现任公司职工董 事、高级公共事务经理。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 劲仔食品集团股份有限公司（以下简称"公司"）为完善公司治理结构，依 据《公司法》等法律法规、规范性文件及《公司章程》等有关规定，于 2025 年 5 月 16 日召开职工代表大会，会议审议通过选举林锐新（简历附后）为公司第 三届董事会职工董事，任期至公司第三届董事会任期届满之日止。 林锐新先生具备相关任职条件，不存在《公司法》《公司章程》中规定的不 得担任董事 ...

证券代码：003000 证券简称：劲仔食品 公告编号：2025-036 劲仔食品集团股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会没有否决议案的情形； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开情况 1、会议召集人：公司董事会 2、会议时间： 现场会议时间：2025 年 5 月 15 日（星期四）下午 15:00； 网络投票时间：2025 年 5 月 15 日，其中： A、通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 15 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00。 B、通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 15 日（现场股东会召开当日）上午 9:15 至当日下午 15:00。 3、会议主持人：董事长周劲松先生。 4、现场会议召开地点：湖南省长沙市开福区万达广场 A 座写字楼 46 楼公司 会议室。 5、会议召开方式：现场表决与网络投票相结合的方式。 6、本次股东会的召集 ...