煌上煌前三季度营收五连降

Core Viewpoint - The company has reported a decline in revenue for the fifth consecutive year in the first three quarters, despite an increase in net profit, indicating challenges in its core business and the need for strategic shifts [2][3]. Financial Performance - In Q3, the company achieved revenue of 394 million yuan, a year-on-year increase of 0.62%, while net profit attributable to shareholders was 24.11 million yuan, up 34.31% [2]. - For the first three quarters, the company reported revenue of 1.379 billion yuan, a year-on-year decrease of 5.08%, and a net profit of 101 million yuan, an increase of 28.59% [2]. - Historical revenue figures for the first three quarters from 2021 to 2024 show a consistent decline, with revenues of 1.933 billion yuan, 1.618 billion yuan, 1.581 billion yuan, and 1.452 billion yuan, reflecting year-on-year decreases of 0.05%, 16.33%, 2.29%, and 8.11% respectively [2]. Market Challenges - The company has acknowledged challenges such as changes in consumer scenarios, declining single-store revenue for traditional products, and unmet expectations in store expansion, leading to negative revenue growth [2][3]. - The company announced a delay in the construction of its Hainan food processing and cold chain storage center project to December 31, 2026, due to market environment changes and unmet expansion expectations [2]. Strategic Initiatives - The company is actively seeking a second growth curve, having acquired a 51% stake in Fujian Lixing Food Co., Ltd. for 495 million yuan, which specializes in freeze-dried foods [3][4]. - The acquisition is expected to help the company leverage Lixing's sales channels and market resources, diversify its market reach, and apply advanced freeze-drying technology to enhance its product offerings [4]. - Following the acquisition, the company's goodwill surged from 22.42 million yuan at the beginning of the year to 335 million yuan in Q3, indicating a significant increase in intangible assets [4]. Future Considerations - Analysts suggest that the surge in goodwill raises concerns about potential premium risks associated with the acquisition, which could lead to substantial goodwill impairment if Lixing's performance does not meet expectations [4]. - The freeze-dried food segment is positioned well within the trends of consumer upgrading and convenience, aligning with the company's existing market positioning [4].