研报掘金丨华鑫证券：维持劲仔食品“买入”评级，业绩短期承压，关注调整成效

Core Viewpoint - The report from Huaxin Securities indicates that Jingzai Food's net profit attributable to the parent company for the first half of 2025 is 112 million yuan, a decrease of 22% year-on-year, with Q2 net profit at 44 million yuan, down 36% year-on-year. The company's performance is under short-term pressure, and attention should be paid to the results of product channel adjustments [1] Financial Performance - In H1 2025, the revenue from various product categories showed mixed results: fish products increased by 8% to 757 million yuan, bean products rose by 4% to 115 million yuan, while vegetable products and poultry products saw declines of 11% to 34 million yuan and 24% to 196 million yuan respectively. Fish and bean products maintained stable growth, while poultry products faced short-term pressure due to industry demand, seasonal shifts, and channel changes [1] - The company's revenue from distribution and direct sales in H1 2025 was 792 million yuan (down 9%) and 332 million yuan (up 29%) respectively, indicating strong growth in direct sales [1] Channel Performance - Online and offline channel revenues in H1 2025 were 185 million yuan (down 7%) and 939 million yuan (up 1%) respectively. The online channel experienced a decline due to community group buying impacts, while the offline channel expanded its coverage, reaching over 300,000 terminals and more than 3,500 distributors. The revenue from snack specialty channels continued to grow significantly [1] Strategic Initiatives - The company is accelerating the development of customized new products, exploring emerging channels, and actively promoting overseas market expansion. With the promotion of new products and deepening of channels, there is potential for incremental contributions to the company [1]