佳禾食品转型阵痛与破局：咖啡+植物基双轮驱动 能否破解利润困局？

Core Viewpoint - Jiahe Food is transitioning from an "OEM" to a "consumer brand" amid pressure on its core business of plant-based creamers, which has historically been central to the new tea beverage supply chain [1][7] Financial Performance - In the first three quarters of 2025, Jiahe Food reported a revenue of 1.77 billion yuan, a year-on-year increase of 5.3%, but the net profit attributable to shareholders was only 26 million yuan, a significant decline of 68.5% [2][8] - The decline in net profit is primarily due to rising raw material costs and increased marketing expenses, which have severely impacted cash flow, with a 99% year-on-year drop in net cash flow from operating activities [2][8] - However, the third quarter showed signs of recovery, with revenue of 583 million yuan, a slight decrease of 3.9%, and a net profit of 13.57 million yuan, reflecting a 2.7% year-on-year growth, ending a streak of declining profits [2][8] Strategic Transformation - Jiahe Food's transformation strategy focuses on expanding its plant-based and coffee segments, aiming for a 2B2C collaborative ecosystem [3][9] - The coffee business has become a key focus, with significant progress in production capacity, including the launch of a 5,000-ton roasted coffee bean production line [3][9] - The coffee market in China is projected to reach nearly 130 billion yuan by 2025, with over 260,000 stores, indicating a robust growth opportunity for Jiahe Food [3][9] B2B Relationships - The company maintains strong partnerships with major domestic and international chain restaurants and food enterprises, including traditional clients like Xiangpiaopiao and Wahaha, as well as new tea brands like Hushang Auntie and Mixue Ice City [4][10] - Jiahe Food's plant-based creamers have been upgraded to "zero trans fat," aligning with health consumption trends and attempting to maintain its market position amid the "de-plant-based cream" trend [4][10] Challenges in Transformation - Despite a clear transformation direction, Jiahe Food faces multiple challenges that hinder its profitability recovery, including rising raw material costs and intense competition [5][11] - The increase in raw material procurement costs has directly impacted profit margins, while ongoing marketing investments are necessary for building C-end brands [5][11] - As a traditional B-end company, Jiahe Food is still in the early stages of C-end brand development, facing challenges in brand recognition and sustainable pricing strategies [5][11]