Ge Long Hui·2025-10-24 08:14Core Viewpoint - Dongwu Securities report indicates that Jingzai Food achieved a net profit attributable to shareholders of 173 million yuan in Q1-Q3 2025, a year-on-year decrease of 19.5%, with Q3 net profit at 61 million yuan, down 14.8% year-on-year [1] Revenue Performance - Revenue growth has turned positive, with core product categories such as fish products expected to see double-digit growth, while soybean products remain stable [1] - Quail egg sales have experienced a decline due to a high base effect [1] Channel Development - The snack wholesale channel has progressed smoothly, maintaining rapid growth this year, and revenue is expected to accelerate further with the increase in SKUs introduced [1] - The main distribution channel is currently in a plateau phase due to a weak environment, but internal adjustments are being made to identify new growth points [1] Future Outlook - The decline in quail egg sales is expected to ease, with no further drag on growth anticipated entering 2026 [1] - The marginal improvement in Q3 aligns with expectations, indicating a gradual recovery from the bottom of the fundamentals, and the previous profit forecast is maintained with a "buy" rating [1]