Jiajiayue(SH:603708) Xin Lang Cai Jing·2025-04-26 06:31Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but showed growth in non-direct store segments, indicating a shift in business strategy and market dynamics [1][2]. Financial Performance - Q1 2025 revenue was 4.941 billion yuan, a year-on-year decrease of 4.77% - Net profit attributable to shareholders was 142 million yuan, down 3.59% year-on-year - Deducted non-recurring net profit was 141 million yuan, showing a year-on-year increase of 3.92% [1]. Revenue Breakdown - Direct store revenue decreased to 4.448 billion yuan, a decline of 5.24% year-on-year - Revenue from community fresh food supermarkets, hypermarkets, and rural supermarkets was 2.754 billion, 1.183 billion, and 456 million yuan respectively, with year-on-year changes of -3.37%, -6.66%, and -12.95% - Significant decline in rural supermarket revenue attributed to adjustments in business formats and changes in market composition [1]. Regional Performance - Revenue from within the province was 3.572 billion yuan, down 6.93% year-on-year - Revenue from outside the province was 876 million yuan, showing a year-on-year increase of 2.34% [1]. Profitability Metrics - Gross margin for Q1 2025 was 24.29%, an increase of 0.25 percentage points year-on-year - Net margin was 2.91%, a slight decrease of 0.03 percentage points year-on-year - Effective control of expenses with sales, management, R&D, and financial expense ratios at 16.78%, 1.84%, 0.01%, and 1.20% respectively, all showing year-on-year reductions [2]. Future Outlook - The company maintains a strong regional supermarket leadership position, with steady revenue growth from out-of-province stores - Ongoing expansion and supply chain development are expected to further reduce operational costs and enhance regional operational efficiency - Projected revenues for 2025-2027 are 18.543 billion, 19.590 billion, and 20.303 billion yuan, with net profits of 152 million, 179 million, and 203 million yuan respectively, corresponding to PE ratios of 48, 41, and 36 times [2].