Shanghai Ziyan Foods (SH:603057) 光大证券研究·2025-04-23 09:10Core Viewpoint - The company, Ziyan Food, reported a decline in revenue for 2024, with a total revenue of 3.363 billion yuan, down 5.28% year-on-year, while net profit increased by 4.50% to 346 million yuan [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 676 million yuan, a decrease of 7.88% year-on-year, with a net loss of 2.49 million yuan compared to a loss of 9.92 million yuan in the same period last year [3] - For Q1 2025, the revenue was 564 million yuan, down 18.86% year-on-year, with a net profit of 15.22 million yuan, a significant drop of 71.80% [3] - The company's gross profit margin for 2024 was 22.93%, with a decline in Q1 2025 to 18.16%, attributed to rising import beef prices [5] Group 2: Product Category Performance - The fresh goods category saw a revenue of 2.804 billion yuan in 2024, down 6.65% year-on-year, with specific products like "Husband and Wife Lung Slices" and "Whole Chicken" experiencing declines of 9.84% and 8.95% respectively [4] - In Q4 2024 and Q1 2025, the fresh goods category generated revenues of 544 million yuan and 446 million yuan, reflecting year-on-year declines of 10.50% and 20.60% respectively [4] - The revenue from the core region, East China, decreased by 5.97% in 2024, while other regions like North China and South China saw declines of 18.20% and 16.41% respectively [4] Group 3: Cost and Expense Analysis - The sales expense ratio for 2024 was 5.24%, increasing to 6.21% in Q1 2025, indicating a rise in costs due to declining revenue [5] - The management expense ratio also increased from 5.24% in 2024 to 8.43% in Q1 2025, reflecting the impact of reduced scale effects [5] - The net profit margin for 2024 was 10.30%, which dropped to 2.70% in Q1 2025, showing significant pressure on profitability [5]