Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - The company reported a total revenue of 1.245 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 40.39%. The net profit attributable to shareholders was 174 million yuan, up 43.34%, while the net profit excluding non-recurring items reached 154 million yuan, increasing by 46.99% [2][5] - In Q3 2025, the total revenue was 474 million yuan, reflecting a year-on-year growth of 32.7%. The net profit attributable to shareholders was approximately 65.33 million yuan, up 44.79%, and the net profit excluding non-recurring items was about 60.90 million yuan, increasing by 39.31% [2][5] Summary by Sections Revenue Growth - The company's main business revenue for the first three quarters of 2025 reached 1.236 billion yuan, a year-on-year increase of 40.28%, primarily driven by meat products. Poultry products contributed 1.077 billion yuan, accounting for 87.17% of total revenue, which is an increase of 4.03 percentage points year-on-year. The proportion of livestock and vegetable products has slightly decreased [11] - The sales structure has significantly improved, with revenue from the Southeast region reaching 719 million yuan, accounting for 58.19% of total revenue, and a year-on-year growth of 113.72%. The Southwest region's revenue share decreased from 49.39% to 34.15% [11] Channel Structure - The channel structure continues to shift towards offline sales, with offline channel revenue for Q1-Q3 2025 at 1.162 billion yuan, making up 94.02% of total revenue. Online channel revenue increased to 73.86 million yuan, with a year-on-year growth of 67.89%, but still accounts for less than 6% of total revenue [11] Profitability and Cost Control - The company's net profit margin for Q1-Q3 2025 increased by 0.29 percentage points to 13.96%. However, the gross profit margin decreased by 2.73 percentage points to 27.33%. The expense ratio decreased by 3.3 percentage points to 11.6% [11] - In Q3 2025, the net profit margin improved by 1.15 percentage points to 13.78%, while the gross profit margin decreased by 1.95 percentage points to 26.95%. The expense ratio also decreased by 1.71 percentage points to 11.2% [11] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 218 million yuan, 256 million yuan, and 287 million yuan for 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.51 yuan, 0.60 yuan, and 0.67 yuan, with price-to-earnings (PE) ratios of 26, 22, and 20 times, respectively [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown strong performance in offline channels, with a significant increase in profitability driven by cost reductions [3][6] - The company reported a revenue of 1.245 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 40.39%, and a net profit of 174 million yuan, up 43.34% year-on-year [5][6] - The company is recognized as a leader in the marinated snack sector, particularly known for its spicy chicken feet products [7] Financial Performance - In Q3 2025, the company achieved a revenue of 474 million yuan, a year-on-year increase of 32.70%, with net profit reaching 65 million yuan, up 44.79% year-on-year [5][6] - The revenue growth was driven by core product categories, with poultry products growing by 36.1% year-on-year [6] - The company’s gross margin decreased by 1.95 percentage points to 26.95% in Q3 2025, attributed to a higher proportion of low-margin channels [6] Channel Performance - Offline channels outperformed online channels in Q3 2025, with offline revenue growing by 33.6% compared to 17.7% for online [6] - The growth in offline channels is primarily due to the expansion of the Sam's Club channel and the stabilization of traditional channels [6] Future Outlook - The company is expected to continue benefiting from cost reductions and improved channel capabilities, which will enhance long-term growth prospects [6][7] - Revenue projections for 2025-2027 are estimated at 1.636 billion, 1.956 billion, and 2.229 billion yuan, respectively, with corresponding net profits of 228 million, 293 million, and 337 million yuan [7][8]

Core Insights - The company reported Q3 2025 revenue of 474 million yuan, a year-on-year increase of 32.70%, and a net profit attributable to shareholders of 65 million yuan, up 44.79% year-on-year [1] - The poultry products segment continues to experience rapid growth, with Q3 2025 meat product revenue reaching 446 million yuan, a 34.74% increase year-on-year, and poultry products revenue at 418 million yuan, up 36.12% year-on-year [1] - The Southeast region showed significant growth with Q3 2025 revenue of 270 million yuan, a 59.6% increase year-on-year, while the Southwest region also saw recovery with 166 million yuan, an 8.8% increase [1] Financial Performance - Gross margin decreased to 26.95%, down 1.95 percentage points year-on-year, primarily due to channel structure impacts [2] - Operating expense ratio improved to 11.20%, down 1.71 percentage points year-on-year, with sales expense ratio at 8.32% and management expense ratio at 2.69% [2] - Net profit margin increased to 13.78%, up 1.15 percentage points year-on-year, driven by fair value changes contributing to net profit margin improvement [2] Product and Channel Strategy - The company maintains a strong market position in traditional large single products, with significant room for national expansion and new product launches like chicken feet tendons [2] - The company is leveraging strong product innovation capabilities to expand in membership stores, and increasing investments in snack wholesale and e-commerce channels for rapid growth [2] - The decline in chicken feet prices this year is expected to enhance profit elasticity if low price levels persist into next year [2] Future Projections - Revenue projections for 2025-2027 are 1.675 billion, 2.058 billion, and 2.366 billion yuan, representing year-on-year growth rates of 41.66%, 22.84%, and 14.98% respectively [3] - Expected net profits for the same period are 229 million, 281 million, and 317 million yuan, with corresponding year-on-year growth rates of 45.70%, 22.76%, and 12.60% [3] - The projected price-to-earnings ratios for 2025-2027 are 22.0, 17.9, and 15.9 times, maintaining a "recommended" rating [3]

证券代码：603697 证券简称：有友食品 公告编号：2025-077 有友食品股份有限公司 2025 年三季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、2025 年三季度主要经营数据 1、主营业务收入按产品类别分类情况 注：本公告表格中如存在合计数与各分项数值之和尾数不符的情况，均为四舍五入原因形成。 2、主营业务收入按销售地区分类情况 单位：万元 | 项目 | 2025 年 1-9 | 月 | 2024 年 1-9 月 | | | --- | --- | --- | --- | --- | | | 金额 | 占比 | 金额 | 占比 | | 东南区域 | 71,914.14 | 58.19% | 33,648.79 | 38.19% | | 西南区域 | 42,205.27 | 34.15% | 43,512.27 | 49.39% | | 其他区域 | 9,467.81 | 7.66% | 10,941.63 | 12.42% | | 合 计 | 123,587.22 | 100.00% ...

Core Viewpoint - The company, Jin Zai Food, has shown a mixed performance in its financial results, with revenue growth in the third quarter but a decline in net profit, indicating challenges in maintaining profitability amidst rising costs and competitive pressures [1][3]. Financial Performance - For the third quarter, Jin Zai Food reported a revenue increase of 6.55% year-on-year, reaching 684.53 million yuan, while net profit decreased by 14.77% to 60.83 million yuan [1][3]. - In the first three quarters of the year, the company's revenue grew by 2.05% to 1.808 billion yuan, but net profit fell by 19.51% to 173 million yuan [3][5]. - The basic and diluted earnings per share for the current period were both 0.1362 yuan, reflecting a decrease of 15.03% [1]. Cost and Margin Analysis - The company's operating costs increased by 3.56% to 1.279 billion yuan in the first three quarters, leading to a decline in overall gross margin by 3.40 percentage points to 29.25% [2][5]. - In the first half of the year, the gross margin was reported at 29.45%, with only the gross margin for bean products showing an increase, while fish and poultry products experienced a decline greater than the overall average [2]. Strategic Responses - In response to rising raw material costs, Jin Zai Food has indicated a strategic approach to inventory management and supply chain optimization, particularly for fish products, by building strategic stockpiles and expanding global sourcing [2]. - The company has also focused on enhancing its upstream supply chain for quail eggs to meet product innovation needs, ensuring a supply of high-quality eggs that meet specific standards [2]. Expense Trends - Sales expenses increased by 13.18% to 250 million yuan in the first three quarters, with over 40% allocated to brand promotion [5]. - Management expenses rose by 19.06% to 74.92 million yuan, while research and development expenses increased by 11.09% to 38.54 million yuan [5].

Core Viewpoint - The report from Huaxin Securities indicates that Jingzai Food's net profit attributable to the parent company for the first half of 2025 is 112 million yuan, a decrease of 22% year-on-year, with Q2 net profit at 44 million yuan, down 36% year-on-year. The company's performance is under short-term pressure, and attention should be paid to the results of product channel adjustments [1] Financial Performance - In H1 2025, the revenue from various product categories showed mixed results: fish products increased by 8% to 757 million yuan, bean products rose by 4% to 115 million yuan, while vegetable products and poultry products saw declines of 11% to 34 million yuan and 24% to 196 million yuan respectively. Fish and bean products maintained stable growth, while poultry products faced short-term pressure due to industry demand, seasonal shifts, and channel changes [1] - The company's revenue from distribution and direct sales in H1 2025 was 792 million yuan (down 9%) and 332 million yuan (up 29%) respectively, indicating strong growth in direct sales [1] Channel Performance - Online and offline channel revenues in H1 2025 were 185 million yuan (down 7%) and 939 million yuan (up 1%) respectively. The online channel experienced a decline due to community group buying impacts, while the offline channel expanded its coverage, reaching over 300,000 terminals and more than 3,500 distributors. The revenue from snack specialty channels continued to grow significantly [1] Strategic Initiatives - The company is accelerating the development of customized new products, exploring emerging channels, and actively promoting overseas market expansion. With the promotion of new products and deepening of channels, there is potential for incremental contributions to the company [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating short-term pressure on performance due to various factors including rising raw material costs and changes in sales channels [1][2]. Financial Performance - Total revenue for H1 2025 was 1.124 billion yuan, a decrease of 1% year-on-year, with a net profit of 112 million yuan, down 22% [1]. - In Q2 2025, total revenue was 528 million yuan, a decline of 10%, with a net profit of 44 million yuan, down 36% [1]. Profitability Analysis - The gross margin decreased by 2 percentage points to 28.93%, primarily due to rising raw material prices and weakened scale effects [2]. - The net profit margin fell by 4 percentage points to 8.42%, indicating short-term pressure on profitability [2]. Product and Channel Performance - Revenue from various product categories showed mixed results: fish products and bean products increased by 8% and 4% respectively, while vegetable products and poultry products decreased by 11% and 24% respectively [3]. - The company’s revenue from distribution channels decreased by 9%, while direct sales increased by 29%, highlighting strong growth in direct sales [3]. - Online sales declined by 7% due to community group buying impacts, while offline sales grew by 1%, with the company expanding its coverage to over 300,000 terminals and more than 3,500 distributors [3]. Future Outlook - The company is accelerating the development of customized new products and exploring emerging channels, with expectations for growth from new product promotions and channel deepening [4]. - EPS forecasts for 2025-2027 have been adjusted to 0.58, 0.68, and 0.80 yuan respectively, with current stock prices corresponding to PE ratios of 22, 18, and 16 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 771 million yuan for the first half of 2025, representing a year-on-year increase of 45.59%. The net profit attributable to shareholders was 108 million yuan, up 42.47%, while the net profit excluding non-recurring items was 92.78 million yuan, an increase of 52.51% [2][4] - In the second quarter of 2025, total revenue reached 388 million yuan, reflecting a year-on-year growth of 52.45%. The net profit attributable to shareholders was 58.15 million yuan, a significant increase of 77.03%, and the net profit excluding non-recurring items was 49.19 million yuan, up 87.86% [2][4] - The company is focusing on new product launches and channel adjustments, particularly in the Sam's Club channel, which is expected to drive future growth [9] Financial Performance Summary - For the first half of 2025, the company's net profit margin decreased by 0.31 percentage points to 14.07%, while the gross margin fell by 3.27 percentage points to 27.57%. The expense ratio decreased by 4.4 percentage points to 11.85% [9] - In the second quarter of 2025, the net profit margin improved by 2.08 percentage points to 14.99%, with a gross margin of 28.04% [9] - The company plans to distribute a cash dividend of 0.23 yuan per share, which represents 90.69% of the net profit attributable to shareholders for the period [9] Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 230 million yuan, 262 million yuan, and 293 million yuan for the years 2025, 2026, and 2027, respectively. The corresponding earnings per share (EPS) are projected to be 0.54 yuan, 0.61 yuan, and 0.69 yuan, with price-to-earnings (PE) ratios of 26, 23, and 21 times, respectively [9]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a slight decrease in revenue for the first half of 2025, with total revenue of 1.12 billion yuan, a year-on-year decrease of 0.50%, and a net profit of 1.12 billion yuan, down 21.86% year-on-year [1]. - The online channel has been adjusted, while the fish products segment showed stable performance, with fish products revenue increasing by 7.61% year-on-year [2]. - The company's gross margin has been impacted by a reduction in scale and rising raw material costs, leading to a short-term decline in profitability [3]. Summary by Sections Financial Performance - In 25H1, the company achieved revenue of 1.12 billion yuan, with a net profit of 1.12 billion yuan, reflecting a decrease of 21.86% year-on-year. The second quarter saw revenue of 528 million yuan, down 10.37% year-on-year, and a net profit of 44 million yuan, down 36.27% year-on-year [1]. - Revenue from online and offline channels in 25H1 was 185 million yuan and 939 million yuan, respectively, with online sales decreasing by 6.82% and offline sales increasing by 0.85% [2]. Product Performance - Revenue from various product categories in 25H1 included fish products at 757 million yuan (up 7.61%), vegetable products at 225 million yuan (up 14.30%), while quail eggs saw a decline due to price competition [2]. Profitability and Costs - The gross margin for 25H1 was 29.45%, with a decrease in the second quarter to 28.93%, reflecting cost pressures and reduced scale effects [3]. - The selling expense ratio increased to 13.81% in 25H1, attributed to enhanced brand building and promotional expenses [3]. Earnings Forecast and Valuation - The net profit forecast for 2025-2027 has been revised down to 254 million yuan, 302 million yuan, and 359 million yuan, respectively, with corresponding EPS of 0.56, 0.67, and 0.80 yuan [4]. - The current stock price corresponds to a P/E ratio of 22 for 2025, 19 for 2026, and 16 for 2027 [4].

Investment Rating - The investment rating for the company is "Buy" [5][7]. Core Views - The company is currently in an adjustment phase, with performance under pressure due to intensified external competition and diminishing channel benefits. However, there are expectations for gradual improvement in the second half of the year, alongside the anticipation of new product launches [5][8]. - Revenue forecasts for 2025-2027 are updated to 2.543 billion, 2.790 billion, and 3.078 billion yuan, reflecting year-on-year growth of 5.4%, 9.7%, and 10.3% respectively. The net profit attributable to the parent company is projected to be 251 million, 333 million, and 390 million yuan, with a year-on-year change of -13.9%, +32.9%, and +17.1% respectively [5][9]. Revenue and Profit Analysis - For Q2 2025, the company reported revenue of 528 million yuan, a decrease of 10.37%, and a net profit of 44 million yuan, down 36.27%. For the first half of 2025, revenue was 1.124 billion yuan, a slight decline of 0.5%, with a net profit of 112 million yuan, down 21.86% [8]. - In terms of product categories, revenue for fish products and bean products increased by 7.6% and 3.6% respectively, while poultry products saw a decline of 24.0% [8]. - The company's gross margin decreased by 1.8 percentage points in Q2 2025, primarily due to rising fish dry costs, leading to a net profit margin decline of 3.4 percentage points [8]. Channel Performance - In the first half of 2025, offline revenue grew by 0.9% while online revenue decreased by 6.8%. The offline channel showed growth in bulk sales, but modern and circulation channels performed weakly. Online sales, particularly on platforms like Douyin, faced significant adjustments, with overall GMV down 24% [8][9].