Zhongjing Food(SZ:300908) Xin Lang Cai Jing·2025-04-24 06:49Core Viewpoint - The company reported a slight increase in revenue for Q1 2025, but a decline in net profit, indicating mixed performance amidst rising costs and increased expenses [1][2]. Financial Performance - Q1 2025 revenue reached 280 million, a year-on-year increase of 1.1%, reversing the previous quarter's decline of 0.4% [1]. - The gross margin improved both year-on-year by 1.4 percentage points to 45.9% and quarter-on-quarter by 7.5 percentage points [1]. - The net profit attributable to shareholders was 48 million, a year-on-year decrease of 4.8%, while the non-recurring net profit was 47 million, down 5.0% year-on-year [1]. - The company's net profit margin and non-recurring net profit margin both decreased by 1.1 percentage points to 17.5% and 17.1%, respectively [1]. Outlook for 2025 - The company plans to focus on promoting new products such as garlic sauce and zero-fat spicy sauce, with an emphasis on e-commerce channels and existing pharmacy systems [2]. - The company aims to deepen market penetration in the regions of its 61 sales offices and enhance the offline customer experience to boost sales [2]. - Despite rising raw material costs, the company anticipates an overall improvement in gross margin for 2025 compared to 2024, driven by price adjustments and a slight increase in mushroom prices [2]. - Revenue projections for 2025-2027 are 1.14 billion, 1.23 billion, and 1.32 billion, reflecting year-on-year growth rates of 4.0%, 7.6%, and 7.7%, respectively [2]. - Expected net profits for the same period are 190 million, 210 million, and 230 million, with year-on-year growth rates of 9.7%, 7.4%, and 9.4% [2].