劲仔食品（003000）：25Q3点评：费投见效，静待新品发力

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company reported steady growth in its small fish product line, with strong performance in bulk sales channels. The investment in expenses is showing results, and the company is awaiting the impact of new products, particularly from the konjac category, to drive future growth [6][8] Financial Performance Summary - For Q3 2025, the company achieved revenue of 685 million yuan, representing a year-on-year increase of 6.55%. However, the net profit attributable to the parent company was 61 million yuan, down 14.77% year-on-year [10] - For the first three quarters of 2025, total revenue reached 1.808 billion yuan, up 2.05% year-on-year, while the net profit attributable to the parent company was 173 million yuan, a decrease of 19.51% year-on-year [10] - The company’s gross margin decreased by 1.1 percentage points year-on-year, primarily due to changes in channel structure and an increase in the proportion of lower-margin bulk sales channels [7] - The company expects to achieve total revenue of 2.504 billion yuan in 2025, with a year-on-year growth of 3.8%, and net profit of 238 million yuan, reflecting a decline of 18.2% [11] Product and Channel Performance - The small fish product line is expected to maintain steady growth, contributing significantly to revenue increases. The tofu product line remained flat, while quail eggs showed a slight improvement in decline. The konjac products are being introduced into quantitative and distribution channels, with new products showing strong potential [10] - The offline channel is expected to grow faster than the overall company growth, with bulk sales channels continuing their rapid growth trend through new product displays and an expanded SKU matrix. Traditional offline channels are slightly under pressure due to competition from bulk sales [10]