营收利润双降 劲仔食品新“三年倍增”计划遇阻

Core Viewpoint - Jinzai Food, known as the "first stock of fish snacks," reported a decline in both revenue and net profit for the first half of the year, raising concerns about its growth strategy and market competition [1][2]. Financial Performance - In the first half of the year, Jinzai Food achieved revenue of 1.124 billion yuan, a year-on-year decrease of 0.5% [1]. - The net profit attributable to shareholders was 112 million yuan, down 21.86% year-on-year [1]. - The fish product segment, represented by "Jinzai Small Fish," remained the main revenue source, generating 757 million yuan, an increase of 7.61% [1]. - Revenue from the poultry product segment, which includes quail eggs and shredded meat, fell to 196 million yuan, a decline of 24% [1]. Business Strategy and Market Position - Jinzai Food primarily engages in the research, production, and sales of Chinese-style snack foods, including fish, poultry, and bean products [2]. - The company was listed on the Shenzhen Stock Exchange in October 2020 and initially set a "three-year doubling" plan, which was achieved in 2023 [2]. - Following this, a new "three-year doubling" plan was proposed, but growth rates for revenue and profit have significantly slowed [2]. - In the first quarter of this year, revenue was 595 million yuan, a year-on-year increase of 10.27%, while net profit decreased by 8.21% to 68 million yuan [2]. Market Challenges and Opportunities - The company is enhancing cooperation with snack specialty channels and expanding its product SKU while actively exploring overseas markets, with products sold in over 40 countries and regions [3]. - However, there are concerns regarding the costs associated with maintaining channel relationships and the uncertain effectiveness of these partnerships [3]. - Expanding into international markets presents new growth opportunities but also involves challenges such as cultural differences, consumer habits, and complex regulations, requiring significant resources for research and promotion [3].