JONJEE(SH:600872) Changjiang Securities·2025-09-07 13:15Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's total revenue for H1 2025 is 2.132 billion yuan, a year-on-year decrease of 18.58%. The net profit attributable to shareholders is 257 million yuan, down 26.56% year-on-year, while the net profit excluding non-recurring items is 263 million yuan, a decrease of 22.53% year-on-year [2][4] - In Q2 2025, the total revenue is 1.03 billion yuan, a year-on-year decline of 9.11%. The net profit attributable to shareholders is 75.78 million yuan, down 31.57% year-on-year, and the net profit excluding non-recurring items is 82.78 million yuan, a decrease of 19.46% year-on-year [2][4] Revenue Analysis - Revenue decline is narrowing, with the main product soy sauce turning positive. For H1 2025, revenue breakdown shows soy sauce at 1.298 billion yuan (-16.68%), chicken essence and powder at 255 million yuan (-21.98%), edible oil at 109 million yuan (-49.39%), and others at 331 million yuan (-3.23%). In Q2 2025, soy sauce revenue increased by 6.39% [5] - Channel adjustments are ongoing, with Q2 pressure easing. Direct sales channel grew rapidly, with core online categories exceeding 60% growth in H1 2025 [5] Cost and Profitability - Cost reductions improved gross margin, but personnel expenses increased. The net profit margin for H1 2025 decreased by 1.31 percentage points to 12.05%. The gross margin increased by 2.42 percentage points to 39.05%, while the expense ratio rose by 4.12 percentage points to 25.16% [6] - In Q2 2025, the net profit margin decreased by 2.41 percentage points to 7.35%, with a gross margin of 39.39% [6] Operational Adjustments - The company is undergoing channel adjustments, with short-term revenue pressure. However, positive signals such as improved gross margins and accelerated online channels are emerging. With the new board in place, governance structure optimization is expected to lead to a new operational phase [7] - Looking ahead, the company aims to enhance operations around the themes of "strengthening fundamentals, diversification, and efficiency." As channel inventory is gradually digested and pricing systems are streamlined, long-term growth momentum is anticipated to be released [7]