Core Viewpoint - The company reported a record high revenue for Q3 2025, driven by steady growth in core product categories and a strong performance in offline channels, particularly in the snack segment [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 1.808 billion yuan, with Q3 revenue reaching 685 million yuan, marking a year-on-year increase of 6.55%. Net profit for the first three quarters was 173 million yuan, with a non-recurring net profit of 142 million yuan [1]. Product Categories - The core product categories, including fish and meat products, showed steady growth, while the performance of soybean products remained stable. Quail egg products faced temporary pressure due to industry demand fluctuations and channel changes [2]. Channel Strategy - The offline channel maintained stable growth, with the snack channel experiencing a year-on-year growth rate exceeding 50%, becoming a significant growth driver. The online channel faced slight declines due to impacts from new media channels and community group buying [2][3]. Key Products and Market Strategy - The deep-sea anchovy emerged as a leading product in the snack fish segment, benefiting from an enhanced all-channel strategy and increased investment in terminal displays. The company sees potential for further penetration in the market and plans to optimize brand image and product innovation [3]. Cost and Expenses - The slight decline in gross margin was attributed to changes in channel structure, with a shift towards lower-margin offline snack channels. The company is actively expanding overseas supply channels to mitigate raw material cost uncertainties, particularly for anchovies [4]. Sales and Marketing Focus - Increased sales expenses were primarily due to higher brand promotion and personnel costs. The company aims to enhance brand presence through terminal display improvements and plans to maintain market expense investment to boost profitability [4].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.1%, while the net profit attributable to the parent company decreased by 19.5% [4] - In Q3 2025, the company achieved a revenue of 680 million yuan, a year-on-year increase of 6.5%, but the net profit attributable to the parent company fell by 14.8% [4] - The company is expected to benefit from seasonal demand and new product launches, maintaining a positive outlook despite short-term profit pressures [4][5] Financial Performance Summary - Revenue projections for 2025-2027 are 2.49 billion, 2.80 billion, and 3.18 billion yuan, with year-on-year growth rates of 3.2%, 12.6%, and 13.5% respectively [4] - The net profit projections for the same period are 250 million, 310 million, and 360 million yuan, with year-on-year changes of -14.9%, +24.0%, and +17.3% respectively [4] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.5, 17.4, and 14.8 times respectively [4] Product and Channel Performance - The company’s new product lines, particularly fish products, are expected to maintain double-digit growth, while egg products face high base effects [5] - The company is expanding its product matrix and enhancing channel coverage, with positive performance anticipated from new products and emerging sales channels [6] Cost and Margin Analysis - The gross margin for Q3 2025 was 28.9%, a decrease of 1.1 percentage points, primarily due to raw material costs [6] - The sales expense ratio increased to 13.8%, up 1.6 percentage points year-on-year, while management expenses also saw a rise [6]

Group 1: Financial Performance - The company achieved a revenue of 1.808 billion CNY in the first three quarters of 2025, with Q3 revenue reaching 685 million CNY, marking a historical high with a year-on-year growth of 6.55% [2][3] - Net profit for the first three quarters was 173 million CNY, with a non-recurring net profit of 142 million CNY [2] - The main products, fish and meat products, showed steady growth, while quail eggs faced challenges due to industry demand fluctuations and channel changes [2] Group 2: Product Development and Market Strategy - The core product, deep-sea anchovy, holds a leading position in its category, with ongoing investments in product innovation and brand enhancement [3] - The company is focused on a multi-channel development strategy, enhancing product display and increasing brand exposure in the snack channel, which has seen over 50% year-on-year growth [4][3] - New product launches, such as "Jingmen Explosive Belly," and customized products based on channel needs are part of the strategy to enrich the product SKU [2] Group 3: Cost and Profitability - The company's gross margin has slightly decreased due to changes in channel structure, with lower margins in new media channels and increased operational costs in offline snack channels [4][5] - The main raw material, anchovy, has uncertain costs due to ongoing procurement cycles, while other materials like soybeans and oil remain stable [5] - Sales expenses have increased primarily due to brand promotion and personnel costs, with plans to maintain market investment to enhance profitability [6]

Core Viewpoint - The company reported a slight increase in revenue for Q1-Q3 2025, but a significant decline in net profit, indicating challenges in profitability despite revenue growth [4][6]. Group 1: Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 1.808 billion yuan, a year-on-year increase of 2.05%, while the net profit attributable to shareholders was 173 million yuan, a decrease of 19.51% [4]. - In Q3 2025 alone, the company recorded a revenue of 685 million yuan, up 6.55% year-on-year, but the net profit dropped by 14.77% to 61 million yuan [4]. - The gross profit margin for Q1-Q3 and Q3 2025 was 29.25% and 28.93% respectively, with a year-on-year decline of 1.14 percentage points for Q3 [6]. Group 2: Product and Channel Strategy - The company improved its revenue growth in Q3 2025 compared to Q2 2025, driven by fish products and snack wholesale channels [5]. - New product development accelerated, with the launch of items like sesame sauce beef tripe and marinated tofu, aiming to leverage market opportunities [5]. - The company is focusing on enhancing channel construction and deepening cooperation with snack wholesale channels, which has led to a steady increase in sales [5]. Group 3: Cost Management and Profitability - The company emphasized cost efficiency, with a slight increase in the sales expense ratio to 13.82% in Q3 2025, reflecting increased promotional spending [6]. - The net profit margin for Q1-Q3 and Q3 2025 was 9.56% and 8.89% respectively, showing a year-on-year decline of 2.22 percentage points for Q3, but an improvement compared to Q2 2025 [6][7]. - The stability of fish product costs in the new procurement season is expected to support profitability, despite high prices for konjac raw materials [7].

Core Viewpoint - The recent quarterly report of Jinzai Food (003000.SZ) indicates a revenue increase without profit growth, with a slight revenue growth of 2.05% year-on-year to 1.808 billion yuan, marking the lowest growth rate since its listing in 2020. The net profit attributable to shareholders decreased by 19.51% to 173 million yuan [3][4]. Group 1: Q3 Performance - In Q3, Jinzai Food achieved a revenue of 685 million yuan, with year-on-year and quarter-on-quarter growth of 6.55% and 29.52%, respectively. However, the net profit decreased by 14.77% year-on-year to 60.83 million yuan, indicating ongoing pressure on profitability [5][7]. - The company has been focusing on the development, production, and sales of Chinese-style snack foods, with major products including fish products, poultry products, and bean products. Revenue growth rates from 2021 to 2024 were 22.21%, 31.59%, 41.26%, and 16.79%, respectively [5][6]. - The company has expanded its distribution channels, increasing the number of distributors to 3,502, up by 336 from the previous year. However, the core sales model's distributor revenue declined by 9.25% to 792 million yuan [5][6]. Group 2: Product Performance - The growth of fish products, a key revenue driver, showed signs of slowing down, with a revenue of 757 million yuan in the first half of the year, a year-on-year increase of 7.61%, accounting for approximately 67.4% of total revenue. The growth rate has significantly decreased from 16.64% in the previous year [11][12]. - The company has been focusing on poultry products as a second growth curve, with revenue from this segment reaching 450 million yuan in 2023. However, in 2025, poultry product sales dropped by 27.88% year-on-year, leading to a revenue decline of 24% to 196 million yuan [12][13]. Group 3: Financial Metrics - The gross profit margin for Q3 decreased by 1.14 percentage points to 28.93%, influenced by changes in channel structure and the performance of different sales models [7][10]. - Sales expenses reached a record high of 250 million yuan in the first three quarters, with Q3 sales expenses at 95 million yuan, resulting in a sales expense ratio of 13.82%, an increase of 1.59 percentage points year-on-year [10].

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company reported steady growth in its small fish product line, with strong performance in bulk sales channels. The investment in expenses is showing results, and the company is awaiting the impact of new products, particularly from the konjac category, to drive future growth [6][8] Financial Performance Summary - For Q3 2025, the company achieved revenue of 685 million yuan, representing a year-on-year increase of 6.55%. However, the net profit attributable to the parent company was 61 million yuan, down 14.77% year-on-year [10] - For the first three quarters of 2025, total revenue reached 1.808 billion yuan, up 2.05% year-on-year, while the net profit attributable to the parent company was 173 million yuan, a decrease of 19.51% year-on-year [10] - The company’s gross margin decreased by 1.1 percentage points year-on-year, primarily due to changes in channel structure and an increase in the proportion of lower-margin bulk sales channels [7] - The company expects to achieve total revenue of 2.504 billion yuan in 2025, with a year-on-year growth of 3.8%, and net profit of 238 million yuan, reflecting a decline of 18.2% [11] Product and Channel Performance - The small fish product line is expected to maintain steady growth, contributing significantly to revenue increases. The tofu product line remained flat, while quail eggs showed a slight improvement in decline. The konjac products are being introduced into quantitative and distribution channels, with new products showing strong potential [10] - The offline channel is expected to grow faster than the overall company growth, with bulk sales channels continuing their rapid growth trend through new product displays and an expanded SKU matrix. Traditional offline channels are slightly under pressure due to competition from bulk sales [10]

Core Viewpoint - The company reported a slight increase in revenue for the first three quarters of 2025, but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.808 billion yuan, a year-on-year increase of 2.05%, while net profit attributable to shareholders was 173 million yuan, a decrease of 19.51% [1]. - In Q3 2025 alone, revenue reached 685 million yuan, up 6.55% year-on-year, but net profit fell to 61 million yuan, down 14.77% [1]. Product and Channel Strategy - The company accelerated new product launches and strengthened channel development, with significant contributions from fish products and snack wholesale channels [2]. - New products such as sesame sauce tripe and marinated tofu were introduced, aiming to leverage market opportunities and enhance product distribution speed [2]. - The company is focusing on improving its presence in the snack wholesale channel and has seen steady growth in overseas markets, although e-commerce channels are currently undergoing adjustments due to declining traffic [2]. Cost and Profitability Analysis - The gross margin for Q1-Q3 2025 was 29.25%, slightly decreasing to 28.93% in Q3, primarily due to rising raw material costs [3]. - The company maintained a sales expense ratio of 13.81% for Q1-Q3 2025, with a slight increase in Q3, reflecting investments in brand building and channel development [3]. - The net profit margin for Q1-Q3 2025 was 9.56%, decreasing to 8.89% in Q3, but showing improvement compared to Q2 due to enhanced efficiency in expense usage and scale effects [3]. Earnings Forecast and Valuation - The company maintains its profit forecasts for 2025-2027, with expected earnings per share (EPS) of 0.56, 0.67, and 0.80 yuan respectively, corresponding to price-to-earnings (P/E) ratios of 21, 18, and 15 times [4]. - The company's product strategy is clear, and it is actively expanding through multiple channels, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a revenue of 1.808 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 2.05%. However, the net profit attributable to shareholders decreased by 19.51% to 173 million yuan [1]. - In Q3 2025, the company reported a revenue of 685 million yuan, a year-on-year increase of 6.55%, while the net profit attributable to shareholders was 61 million yuan, down 14.77% [1][2]. - The company is accelerating new product launches and strengthening channel construction, with significant improvements in revenue growth driven by fish products and snack wholesale channels [2]. - The gross profit margin for the first three quarters of 2025 was 29.25%, with a slight decrease in Q3 to 28.93% due to rising raw material costs [3]. - The company is focusing on improving cost efficiency, with a net profit margin of 9.56% for the first three quarters of 2025, showing a sequential improvement compared to Q2 [3]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 1.808 billion yuan and a net profit of 173 million yuan, with a decrease in net profit margin to 8.89% in Q3 [1][3]. - The company’s revenue growth rate for 2025 is projected at 1.94%, with a net profit forecast of 254 million yuan, reflecting a decline of 12.77% [5]. Product and Market Strategy - The company is enhancing its product lineup with new offerings such as sesame sauce tripe and marinated tofu, aiming to leverage market trends and improve distribution speed [2]. - The company is also expanding its presence in overseas markets and adjusting its e-commerce strategy in response to declining traffic [2]. Cost and Profitability - The gross profit margin is under pressure due to increased costs of raw materials, particularly for fish and konjac products, but the company expects stable costs in the upcoming procurement season [3]. - The report indicates a focus on improving the efficiency of expense utilization, with a sales expense ratio of 13.81% for Q1-Q3 2025 [3]. Valuation and Forecast - The earnings per share (EPS) for 2025 is estimated at 0.56 yuan, with corresponding price-to-earnings (P/E) ratios of 21, 18, and 15 for 2025-2027 [4][5]. - The company’s strategy is clear, with active multi-channel expansion, supporting the "Buy" rating [4].

瑞财经 刘治颖 10月23日，劲仔食品(SZ003000)发布2025年三季度报告。 | | ○ 高管列表 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 姓名 | 性别 | 年龄 | 学历 | 持股数(股) | 薪酬(元) | 职务 | | 1 | 周劲松 | 男 | 53 | - | 1.723亿 | 67.00万 | lul 董事长,总经理,法定代表人 | | 2 | 童镜明 | 島 | 51 | - | l | -- | 副总经理 | | 3 | 丰文姬 | 女 | 37 | 本科 | 70.00万 | 97.08万 | latl 副总经理,非独立董事,董事会 | | ব | 苏彻辉 | 女 | 48 | - | 61.25万 | 66.38万 | lall 副总经理 | | 5 | 康厚峰 | 男 | 43 | 硕士 | 70.00万 | 97.08万 | Lil 副总经理,财务总监 | | 6 | 沈清武 | 島 | 52 | 博士 | 0 | 2.330万 | GIL 非独立董事 | | 7 | 林锐新 ...

Core Insights - The company reported a revenue of 1.81 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was 170 million yuan, a decrease of 19.5% year-on-year [1] - In Q3 2025, the company achieved a revenue of 680 million yuan, up 6.5% year-on-year, with a net profit of 60 million yuan, down 14.8% year-on-year [1] Revenue and Profit Analysis - The core product categories showed stable growth, with Q3 2025 revenue growth turning positive, driven by enhanced fish product displays and the introduction of new products like konjac-based dishes [1] - The company benefited from the growth in bulk sales channels, increasing the number of SKUs in snack retail [1] Cost and Margin Insights - In Q3 2025, the net profit margin was 8.9%, down 2.2 percentage points year-on-year but improved by 0.5 percentage points quarter-on-quarter [1] - The gross margin for Q3 2025 was 28.9%, a decrease of 1.1 percentage points year-on-year, primarily due to channel structure impacts [1] - Selling expense ratio increased to 13.8%, up 1.6 percentage points year-on-year, attributed to increased advertising investments [1] Future Outlook - The company expects continued improvement in Q4 2025, with sustained momentum in fish products and new konjac-based offerings [2] - There is potential for further collaboration in the snack retail channel, with opportunities for larger packaging to create more consumption scenarios [2] - Long-term strategies focus on channel development and continuous innovation in healthy products, which are anticipated to drive revenue growth [2] Investment Projections - Projected net profits for 2025 to 2027 are 240 million, 290 million, and 340 million yuan, reflecting a year-on-year change of -18%, +22%, and +15% respectively, with corresponding PE ratios of 22, 18, and 16 times [2]