Ge Long Hui A P P·2025-09-02 06:25Core Viewpoint - The report from Cinda Securities indicates that Jingzai Food's net profit attributable to shareholders for H1 2025 was 112 million yuan, a year-on-year decrease of 21.9%, with Q2 2025 showing a net profit of 44 million yuan, down 36.3% year-on-year [1] Group 1: Financial Performance - In H1 2025, Jingzai Food achieved a net profit of 112 million yuan, reflecting a decline of 21.9% compared to the previous year [1] - The net profit for Q2 2025 was 44 million yuan, representing a year-on-year decrease of 36.3% [1] Group 2: Product Performance - Fish products maintained steady growth, while the growth rate of quail eggs has slowed down [1] - The company's core growth logic over the past three years has been to expand modern channels to increase the penetration of fish products, with new quail egg products also contributing [1] Group 3: Market Trends - The overall performance of the snack sector in the first half of the year was relatively weak, primarily due to the diminishing channel dividends [1] - Companies like Weilong and Yanjin, which benefit from the konjac product category, have performed relatively better [1] Group 4: Future Outlook - With a more comprehensive channel layout, future growth drivers for snack companies will increasingly rely on core and new product categories [1] - The company has successfully expanded its modern channel and is focusing on developing konjac products, having launched a new product, sesame konjac "Jingmen Baodu," in the first half of the year [1] - It is recommended to closely monitor the company's new product launch rhythm and the performance of konjac and other category products with growth potential [1] Group 5: Revenue Projections - Cinda Securities projects that for 2025-2026, Jingzai Food's revenue and net profit attributable to shareholders will be 246 million yuan and 26 million yuan, and 274 million yuan and 33 million yuan, respectively [1] - The firm maintains a "buy" rating for the company [1]