休闲食品 | | | 2025-03-29 2、《收入增速承压，成本红利延续》 2024-10-24 劲仔食品（003000.SZ） 证券研究报告/公司点评报告 2025 年 08 月 27 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 450.89 | | 流通股本(百万股) | 300.39 | | 市价(元) | 13.32 | | 市值(百万元) | 6,005.91 | | 流通市值(百万元) | 4,001.24 | 新品新渠道加速拓展，业绩短期承压 ——劲仔食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 11.24 亿元（同比-0.50%）， 归母净利润 1.12 亿元（同比-21.86%），扣非净利润 0.87 亿元（同比-28.94%）。其 中 25Q2，公司实现营业收入 5.28 亿元（同比-10.37%），归母净利润 0.44 亿元（同 比-36.27%），扣非净利润 0.34 亿元（同比- ...

Core Viewpoint - Jinzhai Food Group Co., Ltd. reported strong financial performance in the first half of 2025, with revenue of 1.124 billion yuan and a net profit of 112 million yuan, while maintaining a commitment to innovation and quality in its product offerings [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.124 billion yuan and a net profit attributable to shareholders of 112 million yuan [1]. - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling 44.7289 million yuan (including tax) [1]. - Since its listing, Jinzhai Food has distributed a total of 638 million yuan in dividends, approximately four times the net amount raised during its initial public offering [1]. Product Development - The company focuses on high-quality protein products, including leisure fish products, poultry products, and bean products, achieving a revenue of 757 million yuan from leisure fish products, a year-on-year increase of 7.61% [1]. - Jinzhai Food has launched several innovative bean curd products, including preservative-free and probiotic options, and has entered high-potential channels [1][2]. - The company has introduced the industry's first antibiotic-free, ready-to-eat soft-boiled quail eggs and is upgrading its quail egg products to be entirely antibiotic-free [2]. Research and Development - Jinzhai Food has a research and development expense rate higher than the industry average, with R&D investment of 25.8 million yuan in the first half of the year, a year-on-year increase of approximately 18% [2]. - The company has established multiple research platforms, including a postdoctoral innovation and entrepreneurship practice base and a health snack engineering technology center [2]. Channel Strategy - The company is expanding its presence in various channels, including traditional supermarkets, bulk snacks, content e-commerce, and overseas markets [2]. - Direct sales revenue grew by over 29% in the first half of the year, while overseas revenue increased by 40%, indicating the effectiveness of its omnichannel strategy [2]. - The bulk snack channel saw revenue growth of over 50% in the same period, with plans to accelerate new product launches [2]. Brand Development - The brand "Jinzhai" was included in the first batch of China's consumer brand list published by the Ministry of Industry and Information Technology, becoming the only snack brand from Hunan on the list [3]. - The company has engaged in various youth-oriented marketing activities, including sponsoring "New Rap 2025" and hosting events like "Super Brand Day" [3]. Production Capacity - In July, the Jinzhai Beihai Leisure Food Smart Industrial Park was officially opened, marking a strategic decision to enhance internationalization efforts [3]. - The Beihai location is positioned to facilitate expansion into ASEAN markets and leverage the Belt and Road Initiative to enhance global market reach [3].

Group 1: Sales Performance - The company's overseas market sales revenue for 2024 is approximately $34 million, representing a year-on-year increase of about 90% [2] - In Q1 2025, the company reported revenue of $595 million, a year-on-year growth of 10.27%, with a net profit of $67.55 million [4] - The company's contract liabilities decreased from $150 million at the beginning of the quarter to $70 million by the end, indicating a significant reduction [5] Group 2: Product Development and Innovation - The company has developed multiple konjac products and plans to innovate based on market needs to enhance sales scale [3] - In 2024, the company launched several innovative products, including nitrogen-packed deep-sea fish rich in DHA and zero-additive quail eggs [4] - The company focuses on three main categories: fish products, poultry products, and bean products, with six major product lines [4] Group 3: Market Strategy and Brand Development - The company is enhancing brand awareness through collaborations with celebrities and influencers on social media platforms [5] - There are no current plans to invest in snack chain stores to increase market share [4] - The company emphasizes a high dividend policy, having introduced mid-term dividends in 2024 [4] Group 4: Operational Challenges and Responses - The company faces challenges in its internationalization strategy but is actively working to develop products that meet local tastes and standards [2] - The negative change in operating cash flow in Q1 was primarily due to increased cash payments for goods and services [3] - The company has no current plans for share reduction but will disclose any future plans as required [3]

Core Insights - The company aims to establish a professional brand image centered around a big product model, focusing on high-quality protein categories such as leisure fish products, poultry products, and bean products [1] - In 2024, the company achieved a revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [1] - The company launched innovative products such as nitrogen-packed deep-sea fish rich in DHA and zero-additive products, seeking differentiated competition and leading category upgrades [1] Product Performance - Revenue from the core categories of fish products, poultry products, and bean products all saw growth in 2024, with the deep-sea fish product growing by 18.76% and exceeding 1.5 billion yuan in revenue [1] - The company plans to continue product innovation through the establishment of a food research institute, focusing on nutritional health and differentiated competitive products [2] Channel Development - In 2024, offline channel revenue grew by 23%, with a product gross margin increase of 3.1%, and the snack specialty channel became a new growth point [2] - The company partnered with over 100 snack systems, covering more than 35,000 terminals, resulting in a year-on-year revenue growth of over 100% [2] Shareholder Returns - The company proposed a cash dividend of 3.0 yuan per 10 shares for 2024, with a total cash dividend amounting to 179 million yuan, accounting for 61.46% of the net profit attributable to shareholders [2] - The company has maintained a high dividend payout ratio of over 60% in recent years and plans to continue this trend with a minimum of 20% dividend payout in the next three years [3]

Core Viewpoint - The company is committed to a health-focused product strategy, emphasizing the growth of its key products and plans for shareholder returns [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.412 billion yuan, a year-on-year increase of 16.79% [1] - The net profit attributable to shareholders reached 291 million yuan, up 39.01% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 261 million yuan, reflecting a 39.91% increase [1] Strategic Focus - The company is implementing a health-oriented "big single product" strategy, which has led to significant sales growth and market recognition [1][2] - The company has launched multiple innovative products in 2024, supported by various research platforms to enhance product competitiveness [1] Market Positioning - The company has established partnerships with over 100 snack specialty channels, covering more than 35,000 terminal stores, with this channel's revenue growing over 100% year-on-year [2] - The company emphasizes the importance of product quality and consumer education in driving sales and market growth [2] Shareholder Returns - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 179 million yuan, which is 61% of the net profit attributable to shareholders [2] - The company has a three-year dividend return plan, committing to distribute at least 20% of the annual distributable profit in cash if conditions allow [3] - Since its IPO, the company has distributed over 590 million yuan in dividends, significantly exceeding its initial fundraising amount [3]

Core Viewpoint - The company aims to focus on high-quality protein health products, including leisure fish products, poultry products, and bean products, to drive high-quality growth and continue to return value to investors [1] Financial Performance - In 2024, the company achieved a total revenue of 2.412 billion yuan, representing a year-on-year growth of 16.79% - The net profit attributable to shareholders reached 291 million yuan, up 39.01% year-on-year, while the net profit excluding non-recurring items was 261 million yuan, increasing by 39.91% [2] - In Q4 2024, the net profit reached 76.62 million yuan, marking a historical quarterly high [2] Product Sales Breakdown - Sales revenue from leisure fish products, poultry products, bean products, and vegetable products (konjac) were 1.533 billion yuan, 509 million yuan, 247 million yuan, and 79 million yuan respectively, with year-on-year growth rates of 18.76%, 12.67%, 13.89%, and 9.58% [2] Innovation and R&D - The company launched several industry-first innovative products in 2024, including DHA-rich deep-sea fish, antibiotic-free quail eggs, and probiotic soy products without preservatives [2] - The company plans to leverage various research platforms to create a high ground for healthy snack research, focusing on health-oriented development [2] Market Expansion and Strategy - The company is enhancing cooperation with high-end membership stores like Hema to provide customized products and services [3] - Currently, overseas market business is relatively small, but operations have been established in over 30 countries and regions, including Southeast Asia, Japan, South Korea, and Europe and America [3] - The overseas market is expected to grow significantly, outpacing domestic market growth [3] Dividend Policy - The company approved a dividend plan of 3 yuan per 10 shares, with a total dividend amount of 179 million yuan for 2024, accounting for 61% of the net profit attributable to shareholders [3] - The company has maintained a high dividend payout ratio of over 60% of net profit in recent years and introduced mid-year dividends for the first time in 2024 [3] - Since its IPO in 2020, the company has distributed over 590 million yuan in dividends, more than three times the raised funds of 160 million yuan [3]

Group 1: Key Recommendations - The report highlights the strong growth potential of Jin Zai Food (003000) in the fish product sector, with a robust offline channel performance [8] - In 2024, Jin Zai Food achieved a total revenue of 2.412 billion yuan, representing a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% year-on-year [8] - The revenue from fish products exceeded 1.5 billion yuan for the first time, with a significant growth rate of 18.76% [9] Group 2: Financial Performance - In Q4 2024, Jin Zai Food reported a revenue of 640 million yuan, reflecting an 11.92% year-on-year increase, while the net profit was 77 million yuan, a slight increase of 0.31% [8] - The gross profit margin for 2024 was 30.47%, an increase of 2.3 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [11] - The company expects stable raw material costs in 2025, which will support profitability [11] Group 3: Market Dynamics - The online sales of Jin Zai Food decreased by 6.15% year-on-year to 391 million yuan in 2024, while offline sales increased by 22.58% to 2.021 billion yuan [10] - The company plans to focus on high-potential channels in 2025, enhancing traditional distribution and optimizing product offerings for modern channels [10] - The number of distributors increased to 3,406, with a net growth of 349 distributors across seven major regions [9] Group 4: Industry Insights - The global AI market is projected to reach 6.16 trillion yuan in 2024, growing at a rate of 30.1% year-on-year, with expectations to expand to 11.64 trillion yuan by 2027 [15] - The report indicates that the AI large model industry is expected to grow at a CAGR of 36.23% over the next five years, with increasing competition among leading firms [16] - AI large models are becoming central to the AI industry chain, with applications in natural language processing, image recognition, and voice recognition [16]