JONJEE(SH:600872) Xin Lang Cai Jing·2025-09-01 00:06Core Viewpoint - The gap between Zhongju Gaoxin and industry leader Haitian Flavoring has widened, with Zhongju Gaoxin experiencing significant declines in revenue and profit in the first half of 2025 [2][3]. Financial Performance - In the first half of 2025, Zhongju Gaoxin reported revenue of 2.132 billion yuan, a year-on-year decrease of approximately 18% [3][4]. - The net profit attributable to shareholders was 257 million yuan, down about 26% year-on-year [3][4]. - The company's operating cash flow net amount was 270 million yuan, the lowest level since 2017, representing a decline of 54.36% year-on-year [11][12]. Product Sales - Sales revenue for key products such as soy sauce, chicken essence, and cooking oil all saw declines, with soy sauce revenue at 1.298 billion yuan (down 16.68%), chicken essence at 255 million yuan (down 21.98%), and cooking oil at 109 million yuan (down 49.39%) [4]. - The overall sales revenue from the seasoning segment was 2.098 billion yuan, accounting for 98.41% of total revenue [4]. Regional Performance - Sales revenue decreased across all regions, with the eastern region down 28.64%, southern region down 16.29%, central and western regions down 16.12%, and northern region down 9.64% [4]. Market Strategy - Zhongju Gaoxin has implemented inventory reduction measures targeting leading distributors to optimize supply strategies and aims to reshape the market price system [5][10]. - The company is focusing on strategic adjustments to concentrate on its core seasoning business, planning to gradually divest non-core operations [9]. Leadership Change - The company has appointed 64-year-old Li Ruxiong as the new chairman, following the resignation of former chairman Yu Jianhua [6][10]. - Li Ruxiong faces significant challenges in revitalizing the company's performance amid intense competition in the seasoning industry [10][14].