仲景食品研发“仲景元气参”，入局大健康能开拓新出路

Core Viewpoint - Zhongjing Food is attempting to enter the health food market with its newly developed product "Zhongjing Yuanqi Ginseng" as its growth in mushroom sauce sales slows down [1][2] Group 1: Company Overview - Zhongjing Food's major shareholder is Henan Wanxi Holdings Co., Ltd., which holds 37.44% of the shares, and is controlled by the "Wanxi" family [2] - The company has maintained continuous revenue growth in the mushroom sauce category for 11 years, but is now facing a slowdown in performance [3] Group 2: Financial Performance - In 2023 and 2024, Zhongjing Food achieved revenues of 994 million and 1.098 billion respectively, with growth rates declining from 12.77% to 10.4% [3] - The net profit for 2024 was 175 million, showing a significant drop in growth rate from 36.72% to 1.81% [3] - In Q1 2025, the company reported revenues of 280 million, a year-on-year increase of only 1.1%, while net profit decreased by 4.8% to 48 million [3] Group 3: Cost and Margin Challenges - The gross margin for Zhongjing Food's main business dropped from 41.62% in 2023 to 39.19% in 2024 [4] - Sales expenses surged to 180 million in 2024, a 21.02% increase, with marketing costs rising by 40.45% to 75.58 million [4] Group 4: Market Strategy and Future Outlook - Zhongjing Food is shifting its focus to the health food sector, aiming to leverage its brand advantages and explore new growth paths [1][5] - The health food market in China is projected to reach 1.2 trillion by 2025, with a compound annual growth rate exceeding 15% [5] - Despite the potential in the health food sector, the company is currently struggling with traditional business growth and profitability challenges [5]