JINZAI FOOD GROUP CO.(SZ:003000) Xin Lang Cai Jing·2025-08-28 09:25Group 1 - The company reported a revenue of 1.12 billion yuan for H1 2025, a year-on-year decline of 0.5%, and a net profit attributable to shareholders of 110 million yuan, down 21.9% year-on-year [1] - Due to increased short-term expenses, profit margins are under pressure, leading to a downward revision of profit forecasts for 2025-2027, with expected net profits of 320 million (-20 million), 400 million (-20 million), and 510 million (-20 million) yuan, representing year-on-year growth of 10.8%, 24.8%, and 26.1% respectively [1] - The company is positioned as a leading player in the spicy snack segment, investing in marketing to boost performance during peak seasons, maintaining a "buy" rating [1] Group 2 - In Q2 2025, the company's revenue declined by 10.4% year-on-year due to intensified external competition [2] - For H1 2025, revenue from fish products, poultry products, bean products, and vegetable products was 760 million, 200 million, 110 million, and 30 million yuan respectively, with year-on-year changes of +7.6%, -24.0%, +3.6%, and -10.7% [2] - The company achieved a gross margin of 29.5% for H1 2025, a decrease of 0.95 percentage points, with Q2 2025 gross margin at 28.9%, down 1.8 percentage points year-on-year [2] - The sales expense ratio for Q2 2025 was 14.3%, up 2.2 percentage points year-on-year, primarily due to investments in new media promotion [2] - The company is expanding its product matrix and enhancing multi-channel coverage, with expectations for new products like soft-boiled quail eggs and short-shelf-life bean curd to perform well in emerging sales channels [2]