文｜食安时代 从财报中还能看出品牌的毛利水平正持续承压，毛利率从上年同期的32.53%降至29.66%，这已是该指标连续5年中期下滑且累计降幅超12个百分点，前三季 度实现毛利为30.32%，相对去年而言下跌了4.76%，该品牌的盈利压力正随着毛利水平的持续下滑而不断增大。 这也是休闲零食行业内的普遍现象，今年前三季度来伊份毛利率同比下降了9.16%至31.58%，而且在之前的半年报中该品牌就提及销售毛利额下滑；今年前 三季度三只松鼠的毛利率下降了0.70个百分点至25.27%；另一品牌2025年第三季度的毛利率为24.52%，相比二季度虽上升了3.1个百分点，但与去年同期的 33.1%的毛利率相比减少8.6个百分点。 实际上，在当下大环境下无论是消费能力还是消费意愿都在下降，休闲零食行业作为"非刚需"品类所经受的挑战更严峻，头部企业尚且如此，更别提中小品 牌了，未来，整个行业的"马太效应"会进一步凸显，但也有数据显示行业整体仍具备较大发展空间，2025年中国休闲零食市场总体规模预计突破1.6万亿 元，保持约6%-8%的年均增长率。 这也说明行业内各品牌应该将重点放到升级供应链、产品创新等方面，以产品力带动毛 ...

Core Viewpoint - Jinzai Food, known as the "first stock of fish snacks," reported a decline in revenue and profit for the first half of 2025, reflecting broader industry challenges faced by snack companies in the A-share market [1][7]. Company Performance - Jinzai Food's revenue for the first half of 2025 was 1.124 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders was 112 million yuan, down 21.86% [1]. - Despite growth in sales of fish and bean products, the company faced declines in quail egg and konjac products, with online sales also contributing to the performance drop [1][7]. - The company maintained a robust "basic plate," with fish product revenue at 757 million yuan (up 7.61%) and bean product revenue at 115 million yuan (up 3.61%) [5]. Product Category Insights - The poultry product category, which had been a growth driver, saw a revenue decline of 24% in the first half of 2025, totaling 196 million yuan [2]. - The vegetable product category also experienced a decline of 10.69%, with revenue at 34.05 million yuan [4]. - Jinzai's poultry products, including shredded meat and quail eggs, had previously shown significant growth, but increased competition and price pressures have led to a slowdown [3][4]. Industry Context - The A-share snack industry is facing collective challenges, with major companies like Good Products and Laiyifen reporting significant losses in the first half of 2025 [7][8]. - The competitive landscape has intensified, with rising customer acquisition costs and a shift in consumer behavior impacting both online and offline sales channels [9]. Strategic Adjustments - In response to current challenges, Jinzai Food has made personnel adjustments, appointing Tong Jingming as the new deputy general manager to bring fresh operational insights [6]. - The company plans to focus on channel construction as a key strategy moving forward, addressing the decline in online sales due to community group buying distributors exiting the market [7].

Core Insights - Jinzai Food, known as the "first stock of fish snacks," reported a decline in both revenue and net profit for the first half of 2025, with revenue at 1.124 billion yuan, down 0.5% year-on-year, and net profit at 112 million yuan, down 21.86% [2] - The fish products segment, represented by "Jinzai Small Fish," remains the primary revenue source, generating 757 million yuan, a year-on-year increase of 7.61%, while poultry products saw a significant decline of 24% to 196 million yuan [2] Business Performance - Jinzai Food's revenue growth slowed significantly in 2024, with revenue growth dropping from 41.26% in the previous year to 16.79%, and net profit growth decreasing from 68.17% to 39.01% [3] - In Q1 2025, the company achieved revenue of 595 million yuan, a year-on-year increase of 10.27%, but net profit decreased by 8.21% to 68 million yuan [3] Strategic Initiatives - The company is enhancing cooperation with snack specialty channels and expanding its product SKU offerings while actively exploring overseas markets, with products sold in over 40 countries and regions [4] - While expanding into overseas markets presents new growth opportunities, it also poses challenges such as cultural differences and complex regulations, requiring significant resources for research and promotion [4]