经销商减少，夫妻肺片卖不动，紫燕食品前三季度营收净利双降

Core Insights - Ziyan Food, known as the "first stock of夫妻肺片," reported a revenue decline of 6.43% year-on-year to 2.514 billion yuan in the first three quarters of the year, with a net profit drop of 44.21% to 248 million yuan [1][2] - In Q3, revenue increased by 1.75% year-on-year to 1.041 billion yuan, while net profit decreased by 42.48% to 110 million yuan [1][2] Financial Performance - Revenue for the first three quarters: 2.514 billion yuan, down 6.43% year-on-year [2] - Q3 revenue: 1.041 billion yuan, up 1.75% year-on-year [2] - Net profit for the first three quarters: 248 million yuan, down 44.21% year-on-year [2] - Q3 net profit: 110 million yuan, down 42.48% year-on-year [2] - Gross profit margin decreased by 14.09 percentage points to 22.52% in the first three quarters [2] Product Performance - Fresh product revenue declined by 10.45% to 2.003 billion yuan in the first three quarters [3] - Revenue from the flagship product,夫妻肺片, fell by 15.92% to 676 million yuan [3] - Whole poultry revenue decreased by 16.12% to 541 million yuan [3] - Revenue from spicy snacks increased by 2.62% to 236 million yuan [3] - Revenue from pre-packaged and other products grew by 26.79% to 336 million yuan [3] Distribution and Store Growth - Revenue from the distribution model accounted for nearly 80% of total revenue, but the number of cooperating distributors decreased from 112 to 97 year-on-year [4] - As of June 30, 2024, Ziyan Food had 6,308 stores in China, with only 29 being direct-operated [4] - The net increase in stores for the first half of 2024 was 103, a significant slowdown compared to previous years [4]