YKA(300999) Cai Jing Wang·2025-04-29 14:34Core Insights - In Q1 2025, the company reported a revenue of 59.079 billion yuan, an increase of 3.15% year-on-year, and a net profit attributable to shareholders of 981 million yuan, up 11.23% year-on-year. The net profit excluding non-recurring items was 862 million yuan, showing a significant increase of 253.91% year-on-year [1] Revenue Analysis - The increase in revenue was primarily driven by higher sales volumes in kitchen foods, feed raw materials, and oil technology products compared to the same period last year [1] - Kitchen food sales grew due to the continuous expansion of sales channels and networks, as well as the development of new products. The profitability of kitchen foods improved significantly, particularly in the flour business, which benefited from a year-on-year decline in wheat prices [1] - Sales of feed raw materials and oil technology products also increased, with significant profit growth attributed to improved soybean crushing margins [1] Profitability and Cash Flow - The net profit excluding non-recurring items was influenced by unrealized gains and losses from derivative financial instruments, structured deposits, and equity financial assets. Realized gains from futures should be included in gross profit, while unrealized gains will be accounted for with future spot sales [2] - The net cash flow from operating activities increased by 109.25% year-on-year, mainly due to changes in procurement timing and settlement methods, which led to a decrease in cash paid for purchasing goods [2]