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].

"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 ...