Shanghai Ziyan Foods (SH:603057) 光大证券研究·2025-10-27 23:04Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the market and operational performance [4][5]. Financial Performance - For Q1-Q3 2025, the company achieved a revenue of 2.514 billion yuan, a year-on-year decrease of 6.43%, and a net profit attributable to shareholders of 194 million yuan, down 44.37% year-on-year [4]. - In Q3 2025, the company recorded a revenue of 1.041 billion yuan, an increase of 1.75% year-on-year, but the net profit decreased by 40.66% to 9 million yuan [4]. Product Performance - Fresh product sales showed improvement, with Q3 2025 fresh product revenue reaching 874 million yuan, a slight increase of 0.08% year-on-year [5]. - Key product categories such as "夫妻肺片" and "整禽类" experienced revenue declines of 13.71% and 6.67% respectively, while "香辣休闲" and "其他鲜货" saw increases of 4.92% and 27.39% [5]. Regional Performance - Revenue performance varied across regions in Q3 2025, with East China generating 698 million yuan (down 1.92% year-on-year) and South China showing significant growth of 73.13% [5]. - The company is also exploring overseas markets, achieving 11 million yuan in revenue from international operations in Q1-Q3 2025 [5]. Profitability Metrics - The gross margin for Q1-Q3 2025 was 22.52%, with a slight decrease to 22.92% in Q3 2025, reflecting a year-on-year decline of 5.61 percentage points [6]. - The net profit margin for Q1-Q3 2025 was 7.72%, which decreased by 6.15 percentage points year-on-year in Q3 2025 [6].