Core Viewpoint - Jinzai Food, known as the "first stock of fish snacks," reported a decline in both revenue and net profit for the first half of the year, raising concerns about its growth strategy and market competition [1][2]. Financial Performance - In the first half of the year, Jinzai Food achieved revenue of 1.124 billion yuan, a year-on-year decrease of 0.5% [1]. - The net profit attributable to shareholders was 112 million yuan, down 21.86% year-on-year [1]. - The fish product segment, represented by "Jinzai Small Fish," remained the main revenue source, generating 757 million yuan, an increase of 7.61% [1]. - Revenue from the poultry product segment, which includes quail eggs and shredded meat, fell to 196 million yuan, a decline of 24% [1]. Business Strategy and Market Position - Jinzai Food primarily engages in the research, production, and sales of Chinese-style snack foods, including fish, poultry, and bean products [2]. - The company was listed on the Shenzhen Stock Exchange in October 2020 and initially set a "three-year doubling" plan, which was achieved in 2023 [2]. - Following this, a new "three-year doubling" plan was proposed, but growth rates for revenue and profit have significantly slowed [2]. - In the first quarter of this year, revenue was 595 million yuan, a year-on-year increase of 10.27%, while net profit decreased by 8.21% to 68 million yuan [2]. Market Challenges and Opportunities - The company is enhancing cooperation with snack specialty channels and expanding its product SKU while actively exploring overseas markets, with products sold in over 40 countries and regions [3]. - However, there are concerns regarding the costs associated with maintaining channel relationships and the uncertain effectiveness of these partnerships [3]. - Expanding into international markets presents new growth opportunities but also involves challenges such as cultural differences, consumer habits, and complex regulations, requiring significant resources for research and promotion [3].

"鱼类零食第一股"劲仔食品交出一份营收、净利下滑的半年成绩单。8月26日，劲仔食品发布2025年半年报，报告期内，公司实现营业收入11.24亿元，同比 减少0.5%；实现归母净利润1.12亿元，同比减少21.86%。分具体业务来看，以"劲仔小鱼"为代表的鱼制品业务依然是劲仔食品主要营收来源。财报数据显 示，2025年上半年，公司的鱼制品实现营收7.57亿元，同比增长7.61%；豆制品实现营收1.15亿元，同比增长3.61%。值得注意的是，包含鹌鹑蛋和手撕肉干 两大系列产品的禽类制品实现营收1.96亿元，同比减少24%，成为公司唯一下滑的主营品类。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪认为，当下鹌鹑蛋市场竞争激烈，盐津铺子、来伊份、三只松鼠等休闲零食品牌纷纷加码该类型产 品，消费者的选择也越来越多，劲仔食品的鹌鹑蛋产品在品牌知名度、产品创新、营销推广等方面稍有不足就会失去部分消费者，劲仔食品的市场份额也会 随之出现被挤压的情况。 劲仔食品主要从事中式风味休闲食品的研发、生产和销售，主要产品有鱼制品、禽类制品、豆制品等。公司于2020年10月在深交所主板上市，成为"鱼类零 食第一股"。上市之初，劲仔 ...