商超、电商双渠道下滑 盐津铺子业绩增速创三年最差

Core Insights - The company reported revenue of 2.941 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 373 million yuan, up 16.7% [1] - This represents the slowest growth in revenue and profit metrics for the company in the past three years, indicating a potential slowdown in growth momentum [1] - The company focuses on six major product categories, including spicy snacks, baked potato products, deep-sea snacks, egg snacks, dried fruits and nuts, and konjac jelly pudding [1] Revenue Performance - The main revenue driver, spicy snacks, contributed 1.32 billion yuan, approximately 45% of total revenue, with a year-on-year growth of 47.05% [1] - The growth in spicy snacks heavily relied on konjac products, which generated 790 million yuan, a significant increase of 155.1% [1] - Other categories such as dried fruit jelly, deep-sea snacks, and egg snacks also saw revenue growth, while baked potato products experienced a notable decline, with revenue of 459 million yuan, down 18.42% [2] Channel Strategy - The company's strategic focus is on distribution channels, which include direct sales to key account supermarkets, distribution and emerging channels, and e-commerce [2] - Direct sales to key account supermarkets saw a significant decline, with revenue of 63 million yuan, down 42% year-on-year, accounting for only 2.14% of total revenue [2] - E-commerce contributed 19.54% of revenue, with a slight decrease of 1%, while distribution and other new channels performed well, generating 2.303 billion yuan, a year-on-year increase of 30%, making up 78.32% of total revenue [2] International Expansion - The company's international strategy is beginning to show results, with plans to invest 30 million USD to establish a konjac production base in Thailand by 2025 [2] - The company aims to launch localized konjac products under the Mowon brand, focusing on Southeast Asia and expanding into Japan, South Korea, and Europe and the United States [2] - Revenue from overseas markets reached 96.35 million yuan, a significant increase from 141,700 yuan in the previous period [2] Profitability and Cost Management - The company's operating costs rose by 24.67% to 2.068 billion yuan, driven by a more than 30% increase in the average procurement price of key raw materials [3] - The gross profit margin decreased to 29.66%, down 2.87 percentage points, marking the fifth consecutive year of mid-year decline [5] - Despite rising costs, the company managed to reduce selling and administrative expenses, leading to a slight decrease in net profit margin from 13.03% to 12.57% [5] Market Reaction - Following the earnings announcement, the company's stock opened higher but later declined, closing at 72.33 yuan, down 2.2%, with a total market capitalization of 19.7 billion yuan [5]