JONJEE(SH:600872) 光大证券研究·2025-10-27 23:04Core Viewpoint - The company reported a significant decline in revenue and net profit for the third quarter of 2025, indicating ongoing challenges in its operational strategy and market conditions [4][5]. Revenue Performance - For the first three quarters of 2025, the company achieved revenue of 3.156 billion, down 20.01% year-on-year, with a net profit of 380 million, down 34.07% year-on-year [4]. - In Q3 2025, revenue was 1.025 billion, a decrease of 22.84% year-on-year, and net profit was 123 million, down 45.66% year-on-year [4]. Product Segment Analysis - Revenue declines were observed across various product categories: soy sauce (-17.50%), chicken essence and powder (-22.76%), cooking oil (-42.67%), and others (-4.90%) for the first three quarters of 2025 [5]. - In Q3 2025, the revenue changes were: soy sauce (-19.2%), chicken essence and powder (-24.2%), cooking oil (-31.6%), and others (-8.8%) [5]. Sales Channel Insights - Revenue from distribution channels decreased by 21.06% in the first three quarters, while direct sales increased by 43.99% [5]. - In Q3 2025, distribution revenue fell by 23.07%, but direct sales surged by 57.44% [5]. Regional Performance - Revenue declines varied by region: Eastern (-28.21%), Southern (-17.48%), Central and Western (-14.68%), and Northern (-12.78%) for the first three quarters of 2025 [6]. - In Q3 2025, the regional revenue changes were: Eastern (-27.32%), Southern (-19.67%), Central and Western (-11.52%), and Northern (-20.26%) [6]. Cost and Margin Analysis - The company's gross margin for the first three quarters of 2025 was 39.2%, an increase of 1.84 percentage points year-on-year, primarily due to sustained raw material cost benefits [8]. - The net profit margin for the first three quarters was 12.0%, down 2.57 percentage points year-on-year [8]. Strategic Focus and Future Outlook - The company is undergoing significant reforms, with a focus on improving channel management and operational efficiency [9]. - Key areas of focus include enhancing connections with restaurant clients and improving internal operations under new leadership [9].