劲仔食品(003000)2025年三季报点评：营收顺利转正 环比逐步改善

Core Viewpoint - The company achieved positive revenue growth in Q3 2025, with a narrowing decline in profits, driven by deeper collaboration with wholesale channels and gradual market introduction of new products [1][2]. Group 1: Financial Performance - For Q1-Q3 2025, the company reported revenue of 1.808 billion yuan, a year-on-year increase of 2.05%, and a net profit attributable to shareholders of 173 million yuan, a year-on-year decrease of 19.51% [2]. - In Q3 2025, the company achieved revenue of 685 million yuan, a year-on-year increase of 6.55%, and a net profit of 61 million yuan, a year-on-year decrease of 14.77% [2]. - The gross profit margin in Q3 2025 was 28.9%, down 1.1 percentage points year-on-year, indicating stabilization despite pressures from raw material costs and competition [3]. Group 2: Cost and Investment - The company maintained significant investment in sales, management, R&D, and finance, with respective expense ratios increasing year-on-year [3]. - The net profit margin in Q3 2025 was 8.9%, down 2.2 percentage points year-on-year, reflecting the impact of increased expenses and competitive pressures [3]. Group 3: Market Strategy and Product Development - The company is focusing on expanding its presence in the wholesale snack channel, with an emphasis on diversifying product categories and increasing SKU offerings [3]. - New product development is centered around differentiated offerings in fish products, quail eggs, and bean products, with a focus on health marketing to drive sales growth [3]. - The company is also actively promoting popular products in various channels, which is expected to gradually boost performance [3].