Core Viewpoint - Qinqin Food has returned to profitability in 2024 after three years of losses, driven by a slight revenue increase and improved cost management [2][5]. Financial Performance - In 2024, Qinqin Food achieved revenue of 996 million yuan, a year-on-year increase of 1.5%, and a net profit attributable to shareholders of 21.13 million yuan, compared to a loss of 2.002 million yuan in the previous year [2]. - The company's revenue growth has slowed compared to previous years, and it has not yet returned to the revenue scale of over 1 billion yuan seen in 2015 [6]. Product Performance - Jelly products remain the largest revenue contributor, generating sales of 531 million yuan in 2024, a decrease of approximately 6.5% year-on-year, accounting for 53.2% of total revenue [3]. - The seasoning business also performed poorly, with sales declining by 6.6% in 2024 [3]. - Conversely, the puffed food category saw growth, achieving sales of 312 million yuan, a year-on-year increase of 13.7% [3]. Growth Drivers - Other product categories, including candy, dried fruits, nuts, biscuits, baked goods, and rice wine, experienced a 30% increase in sales, primarily due to the introduction of new rice wine products [4]. - Qinqin Food established its first rice wine production base in Xiaogan, Hubei, which began trial production in 2020 [4]. Strategic Adjustments - The company has been adjusting its investment strategy, closing a loss-making production base in Ningxia and recording a one-time disposal loss of approximately 6.1 million yuan [7][8]. - In 2024, Qinqin Food reported no net losses from fair value changes, a significant improvement compared to previous years [7]. Profitability and Cost Management - The gross profit margin for 2024 was 28.3%, an increase of 1.9 percentage points year-on-year, although it has decreased from 42.4% a decade ago [8]. - The company is focusing on enhancing profitability through improved production management and cost control, while also exploring investment opportunities in rapidly growing consumer goods companies [7][8].
果冻销售未达目标，米酒卖得好老牌休闲零食企业亲亲食品去年扭亏为盈