Core Viewpoint - Qianwei Yangchu reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in maintaining profitability amidst rising sales expenses and declining gross margins in key product categories [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 82 million yuan, down 32.57% year-on-year [1]. - For Q1 2025, operating revenue was 470 million yuan, reflecting a 1.5% year-on-year growth, while net profit continued to decline by 37.71% to 20 million yuan [1]. - The overall gross margin for 2024 was 23.38%, a slight decrease of 0.03% year-on-year [2]. Product Segment Performance - The main product categories include staple foods, snacks, baked goods, and frozen prepared dishes. The staple food segment generated 913 million yuan in revenue, down 6.88%, but with a gross margin increase to 26.97% [2]. - The snack segment saw a revenue decline of 13.79% to 438 million yuan, with a gross margin of 19.76%, down 0.39% [2]. - The frozen prepared dishes segment experienced significant growth, with revenue increasing by 273.39% to 141 million yuan and a gross margin of 14.87%, up 1.78% [2]. Sales Channel Analysis - Direct sales channels generated 808 million yuan, a 4.34% increase, but with a gross margin of 20.02%, down 0.99% [2]. - Distribution channels accounted for 1.05 billion yuan in revenue, a decrease of 6.04%, while the gross margin improved to 25.97%, up 0.91% [2][4]. Expense Trends - Sales expenses for 2024 reached 100 million yuan, a 13.33% increase, with a sales expense ratio of 5.40%, up 0.72 percentage points [5]. - In Q1 2025, sales expenses surged by 38.12% to 37 million yuan, resulting in a sales expense ratio of 8.01%, an increase of 2.12 percentage points [5].

每经记者 范芊芊 每经编辑 董兴生 4月9日下午，金字火腿（002515.SZ，股价5.23元，市值63.32亿元）召开2024年度业绩说明会。《每日 经济新闻》记者以投资者身份提问公司预制菜业务进展。 金字火腿董事、总裁兼财务总监周国华回复称，公司目前有6款预制菜，尚处于不断开发及市场试销 中。预制菜销售收入占公司营业收入比例很小。将不断采用新技术开发新产品，拓宽销售渠道。 根据金字火腿此前发布的2024年业绩，2024年公司实现营收3.44亿元，同比增长9.62%；归母净利润为 6217.30万元，同比增长55.19%。从金字火腿近些年业绩来看，2024年是金字火腿营收重回增长的一 年，归母净利润规模也达到了近7年来的高位。 但需要注意的是，金字火腿2024年的营收规模较2020年的超7亿元仍然相差较远，归母净利润的增长也 主要得益于在去年出售了一家子公司。目前，金字火腿的支柱性产品仍然是火腿，营收占比超50%，但 毛利率在去年有所下滑。 金字火腿在财报中称，公司将坚持"大力发展火腿产业，重点发展传统肉制品，积极发展预制肉类"的战 略思路。传统肉制品业务面临挑战，金字火腿也在拓展预制肉类，但进展一直较慢， ...