多维调整难止颓势，“麻花大王”桂发祥Q3净利锐减逾六成

Core Viewpoint - The traditional Chinese brand Gui Fa Xiang (002820.SZ) reported a significant decline in both revenue and net profit in its Q3 financial report, indicating a challenging operational environment and a shift from growth to contraction [1][2]. Group 1: Financial Performance - Gui Fa Xiang achieved a revenue of 377 million yuan in Q3, a year-on-year decrease of 6.23% [1]. - The net profit attributable to shareholders plummeted by 97.15% to 1.0196 million yuan, nearing a loss position [1]. - In the first half of the year, the company reported a net loss of 3.91 million yuan, marking its first half-year loss since 2022 [1]. Group 2: Product and Market Dynamics - The sales volume of the company's signature product, the "Eighteen Street Ma Hua," grew by 7.1% in 2024, but revenue from this product only increased by 0.47%, indicating a "volume increase but price drop" scenario [1]. - The decline in revenue is attributed to competitive pricing strategies aimed at maintaining market share, which have led to stagnant total revenue despite increased sales volume [1]. - The company faces competition not only from other traditional brands but also from national snack brands like Three Squirrels and Liangpinpuzi, which have intensified market pressures [1]. Group 3: Channel and Marketing Strategies - E-commerce emerged as the only channel with significant revenue growth, increasing by 21.69% to 26.9346 million yuan, while traditional channels, particularly in Tianjin, have seen declines [2]. - The company has increased its advertising expenditures by 11.11% in an effort to enhance brand visibility in tourist areas and major transport hubs [2]. - Despite opening five new direct stores in key locations in Tianjin, the effectiveness of these new openings remains uncertain, and the overall performance of direct sales has not improved [2].