Jiahe Foods(SH:605300) Haitong Securities International·2025-11-04 07:42Investment Rating - The report maintains a "Neutral" rating for the company [4][9]. Core Insights - The company is actively optimizing its product structure, leading to a revenue decline in Q3, but profit margins remained stable. Future focus will be on the 2C business and coffee segment [1][4]. - The revenue for the first three quarters of 2025 increased by 5.27% year-on-year, while the gross profit margin decreased by 4.26 percentage points to 12.56% [4][9]. - The net profit attributable to shareholders saw a significant decline of 68.54% year-on-year, with the net profit margin dropping by 3.45 percentage points to 1.47% [4][9]. Financial Summary - Total revenue for 2023 is projected at 2,841 million RMB, with a forecasted decline to 2,311 million RMB in 2024, followed by a slight recovery in 2025 to 2,352 million RMB [3][6]. - Net profit attributable to shareholders is expected to drop from 258 million RMB in 2023 to 84 million RMB in 2024, with a further decline to 47 million RMB in 2025 [3][6]. - The earnings per share (EPS) is forecasted to be 0.57 RMB in 2023, decreasing to 0.18 RMB in 2024, and recovering to 0.10 RMB in 2025 [3][6]. Product Performance - In Q3, the non-dairy creamer segment saw a decline of 2.60% year-on-year, while coffee and plant-based products experienced significant growth of 56.67% and 62.51% respectively [4][9]. - The syrup segment faced a substantial decline of 54.27%, contributing to the overall revenue drop due to the company's product optimization strategy [4][9]. 2C Business Development - The company has achieved a breakthrough in its 2C business, with revenue reaching 57.57 million RMB in the first half of 2025, marking a year-on-year increase of 132.77% [4][9]. - The company employs a dual-drive strategy focusing on both B2B and B2C, with significant investment in online platforms such as TikTok, Pinduoduo, JD.com, and Tmall [4][9].