一鸣食品Q3净利增35.92%：门店提效、产品创新、渠道拓展驱动盈利回暖

Core Insights - The company reported a revenue of 744 million yuan for Q3 2025, marking an 8.52% year-on-year increase, and a net profit of 14.19 million yuan, reflecting a 35.92% growth, indicating robust performance amidst a challenging market environment [1] Store Network - The number of operating stores increased from 1864 to 1902, with a net addition of 38 stores in Q3, showcasing a strategic shift from a decline to growth in store count [2] - The company implemented a tiered market strategy focusing on mature, developing, and nurturing markets, enhancing brand image and customer experience in mature markets while expanding coverage in developing and nurturing markets [2] - The company is transitioning from a "scale-driven" approach to an "efficiency-driven" model, focusing on opening new high-efficiency stores in core East China markets and potential areas [2] Product Innovation - The company is pursuing a dual strategy of high-end and functional product innovation, launching lactose-free high-calcium milk and organic milk series, with the latter winning an award at the China International Agricultural Products Trade Fair [3] - In 2025, the company plans to introduce A2 milk and functional probiotic drinks, targeting high-quality and functional dairy product demands [3] - The company is also expanding into specialized nutrition products for the elderly and children, enhancing its product matrix [3] Channel Expansion - Digitalization of store management is a key focus for the company in 2025, with the completion of retail business platform reconstruction and optimization of the milk bar mini-program to enhance user experience [4] - The company has deployed vending machines in industrial parks and high-traffic areas, creating a complementary sales network with its stores [4] - An intelligent ordering system has been implemented to optimize inventory management, significantly reducing stockouts and excess inventory [4] Conclusion - The company's strategic adjustments across store network, product innovation, and channel expansion demonstrate its proactive and effective approach to adapting to changing consumer markets, establishing a unique competitive advantage for sustainable future growth [6]