千禾味业二季度盈利下滑近九成

Core Viewpoint - Qianhe Flavor Industry (603027.SH) reported a significant decline in revenue and net profit for the first half of 2024, primarily due to negative public sentiment affecting sales performance [2][4]. Financial Performance - The company achieved a revenue of 1.318 billion yuan in the first half of 2024, a year-on-year decrease of 17.07%, and a net profit of 173 million yuan, down 30.81% [2]. - In Q1 2024, revenue was 831 million yuan and net profit was 161 million yuan, while Q2 saw revenue drop to 487 million yuan and net profit fall to 12.75 million yuan, indicating a nearly 30% decline in revenue and over 86% in net profit year-on-year for Q2 [2]. - For the first half of 2025, soy sauce product revenue was 839 million yuan, down 16.09%, and vinegar product revenue was 159 million yuan, down 21.51% [2]. Market Trends - The overall market for basic condiments in China has shown signs of saturation, with the market size growing from 322.4 billion yuan in 2019 to 371.6 billion yuan in 2024, but with a significant slowdown in growth [4]. - The soy sauce industry growth rate for 2024 is projected at only 3.1%, the lowest in a decade, indicating increased competition and market challenges [5]. Competitive Landscape - Major competitors like Haitian Flavor Industry and Lee Kum Kee are expanding their zero-additive product lines, which has negatively impacted Qianhe's market share, particularly in traditional retail channels [5]. - Qianhe's household penetration rate has stagnated, and its market share in traditional large retail stores has been significantly squeezed by competitors [5]. Strategic Initiatives - Qianhe Flavor Industry is focusing on product innovation and channel development, launching new products such as Qianhe Matsutake Soy Sauce and Qianhe Organic Soy Sauce in the first half of 2024 [7]. - The company is enhancing its online presence through content e-commerce and social marketing, aiming to improve brand exposure and conversion efficiency [7]. - Despite the negative impact of public sentiment in March and April, sales showed a rapid recovery in May and June, with online and offline sales increasing by approximately 15% and 2% respectively [7].