JONJEE(SH:600872) Xin Lang Cai Jing·2025-10-25 08:30Core Insights - The company reported a revenue of 3.16 billion yuan for Q1-Q3 2025, a year-on-year decrease of 20.0% [1] - The net profit attributable to shareholders for Q1-Q3 2025 was 380 million yuan, down 34.1% year-on-year [1] - The company is still undergoing adjustments, leading to pressure on performance [1] Revenue Breakdown - In Q3 2025, the company achieved a revenue of 1.02 billion yuan, a decline of 22.8% year-on-year [1] - Revenue by product category in Q3 2025: soy sauce 600 million yuan (-19.2%), chicken essence/chicken powder 140 million yuan (-24.2%), cooking oil 90 million yuan (-31.6%), others 130 million yuan (-8.8%) [1] - Revenue by sales model in Q3 2025: distribution 890 million yuan (-23.1%), direct sales 70 million yuan (+57.4%) [1] - Revenue by region in Q3 2025: Eastern 210 million yuan (-27.3%), Southern 420 million yuan (-19.7%), Central/Western 210 million yuan (-11.5%), Northern 120 million yuan (-20.3%) [1] Distributor Insights - As of Q3 2025, the company had a total of 2,898 distributors, with a net increase of 99 distributors compared to Q2 2025 [1] - Distributor growth by region in Q3 2025: Eastern +17, Southern +21, Central/Western +12, Northern +49 [1] Profitability Analysis - The gross profit margin for Q3 2025 was 39.5%, an increase of 0.7 percentage points year-on-year [2] - Sales expense ratio increased significantly, with sales/management/R&D expense ratios rising by 8.1, 1.9, and 0.4 percentage points respectively [2] - The net profit margin attributable to shareholders decreased by 5.0 percentage points to 12.0% year-on-year [2] Future Projections - Revenue projections for 2025-2027 are 4.11 billion, 4.37 billion, and 4.77 billion yuan, with year-on-year changes of -25.5%, +6.2%, and +9.2% respectively [2] - Net profit projections for 2025-2027 are 550 million, 660 million, and 790 million yuan, with year-on-year changes of -38.5%, +20.0%, and +19.3% respectively [2]