JONJEE(SH:600872) Cai Jing Wang·2025-04-09 02:22Core Viewpoint - In 2024, Zhongju Gaoxin (600872.SH) aims to implement its three-year strategy of "Rebuilding a New Chubang for High-Quality Development," achieving steady growth in revenue and profit while enhancing its product and channel strategies [1][2][9]. Financial Performance - In 2024, Zhongju Gaoxin reported a revenue of 5.519 billion yuan, a year-on-year increase of 7.39% [1][8] - The net profit attributable to shareholders, after deducting non-recurring gains and losses, reached 671 million yuan, up 27.97% year-on-year [1][8] - Operating cash flow net amount was 1.088 billion yuan, reflecting a 29.20% increase year-on-year [1][8] Product and Market Strategy - The company launched 29 new products across various categories, focusing on health-oriented features such as "low salt" and "organic" [3] - Chubang brand remains a leader in the basic seasoning market, ranking second in the soy sauce category and third in oyster sauce according to the C-BPI index [2][3] - The soy sauce category accounted for 61.44% of total revenue, while chicken essence and cooking oil contributed 13.89% and 11.67% respectively, indicating a diversification in product structure [3] Brand and Marketing Initiatives - Zhongju Gaoxin has enhanced its brand presence through emotional and cultural marketing themes, such as "Home Cooking" [4] - The appointment of celebrity spokesperson Nicholas Tse is expected to broaden market reach [4] - E-commerce sales grew over 30% year-on-year, with significant increases on platforms like JD.com, which saw a 40% growth [4][7] Channel Optimization - The company increased its number of distributors by 470, bringing the total to 2,554, a year-on-year growth of 22.55% [5] - Coverage rates reached 75.35% in county areas and 95.81% in prefecture-level cities, enhancing market penetration [5] - A new "four-quadrant" distributor management system was implemented to improve operational efficiency and resource allocation [6] Operational Efficiency - The company achieved a reduction in operating costs to 3.323 billion yuan, a decrease of 3.9% year-on-year [8] - The weighted average return on net assets after deducting non-recurring gains was 13.69%, reflecting a slight improvement [8] - The overall cash flow quality improved significantly, supporting the company's internal growth capabilities [8][9]