豆制品竞争加剧，祖名股份连续四个单季亏损，小配送模式能解盈利困局

Core Viewpoint - Zunming Co., a soybean product manufacturer, reported a revenue of 1.664 billion yuan for 2024, marking a year-on-year increase of 12.58%, but recorded a net loss attributable to shareholders of 25.1361 million yuan, a significant decline of 162.12% compared to the previous year, indicating the company's first loss since its listing in 2021 [1][2]. Financial Performance - The total operating cost for Zunming Co. reached 1.696 billion yuan in 2024, an increase of approximately 19.52% year-on-year, outpacing the revenue growth of 12.58% [3]. - The company's gross profit margin fell to 21.28% in 2024, down 4.83% from the previous year, reflecting pressures on profitability across various sales channels [9]. Cost Structure - Direct materials accounted for 56.77% of the total operating costs, with a year-on-year increase of 14.48% [4]. - Manufacturing costs rose significantly by 28.71% to 316 million yuan, primarily due to increased depreciation [4][11]. - Transportation costs surged by 65.16% to 86.933 million yuan, largely driven by the expansion of a small delivery model [12]. Production Capacity and Utilization - Zunming Co. has expanded its production capacity to over 150,000 tons annually across seven production bases, with the Yangzhou base achieving a utilization rate of 95.16% for fresh soybean products [5]. - Despite the increase in production capacity, the company has faced challenges in achieving profitability due to rising costs and competitive pressures [5][6]. Sales and Market Dynamics - The company's revenue from the distribution model exceeded 1 billion yuan for the first time, reaching 1.047 billion yuan, although the gross margin for this model declined to 18.33% [6][9]. - The competitive landscape in the soybean product industry has intensified, with small workshops undercutting prices, prompting Zunming Co. to increase marketing and promotional expenditures, which rose to a historical high of 264 million yuan [10][12]. Regional Performance - Revenue from Zunming Co.'s home base in Zhejiang province has stagnated, with a slight increase of 0.48% in 2024 after a decline in 2023, while revenues from Jiangsu and other regions grew by 7.77% and 66.93%, respectively [8].