近期，巴中市市场监督管理局持续组织实施市级"你点我检"食品抽检，抽取了餐饮食品；食用油、油脂及其制品；酒类；食用农产品；乳制品；饮料；冷冻 饮品；调味品；薯类和膨化食品；肉制品；糕点；豆制品；蔬菜制品；蜂产品；炒货食品及坚果制品；淀粉及淀粉制品；速冻食品；粮食加工品等18类食品 本次食品安全监督抽检情况详见附件。消费者如有异议或建议，请拨打投诉举报电话12315反映。 特此通告。 2.合格项目信息表 巴中市市场监督管理局 2025年11月22日 附件1 本次检验项目 一、粮食加工品 （一）抽检依据 GB 2760 食品安全国家标准 食品添加剂使用标准 GB 2761 食品安全国家标准 食品中真菌毒素限量 GB 2762 食品安全国家标准 食品中污染物限量 GB 5009.15 食品安全国家标准 食品中镉的测定 GB 5009.22 食品安全国家标准 食品中黄曲霉毒素B族和G族的测定 GB 5009.27 食品安全国家标准 食品中苯并（a）芘的测定 GB 5009.96 食品安全国家标准 食品中赭曲霉毒素 A的测定 GB 5009.111 食品安全国家标准 食品中脱氧雪腐镰刀菌烯醇及其乙酰化衍生物的测定 GB ...

Group 1 - The core viewpoint is that the Urumqi Market Supervision Bureau is actively guiding food production enterprises to enhance compliance awareness and ensure food safety for consumers [1][3][4] Group 2 - The bureau emphasizes strict control over the production process, ensuring a clean and well-maintained production environment, and prohibiting the use of non-food materials in production [3] - A total of over 20 food production enterprises have been inspected, with 4 issues identified and rectified, effectively eliminating food safety risks [3] - The bureau is focused on ensuring proper labeling of food products, providing corrective guidance to enterprises with non-compliant labels [3] - The bureau has conducted 6 batches of food safety inspections with a 100% pass rate, focusing on edible oils, beverages, vegetable products, and alcoholic beverages [3] - Future plans include increasing regulatory guidance for food production enterprises and promoting standardization and normalization in the industry [4]

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 Viewpoint - The increasing public concern over food additives in China is primarily due to illegal use and abuse by food producers, rather than the additives themselves [1][2] Group 1: Regulatory Actions - The State Administration for Market Regulation has launched a comprehensive action against the abuse of food additives, resulting in 13,180 cases being investigated, with a total amount involved of 23.31 million yuan and fines totaling 90.38 million yuan [1] - The action emphasizes the "strictest" food safety requirements and aims to address the public's concerns regarding the excessive and unauthorized use of food additives throughout the food supply chain [1][2] Group 2: Industry Guidelines - The initiative promotes the principle of "non-essential not to add," encouraging companies to minimize the use of food additives and to adhere strictly to relevant standards [2] - Industry organizations are urged to advocate for responsible practices in the development and labeling of food products, ensuring accurate representation of any food additives used [2] Group 3: Inspection Results - In the first three quarters of the year, 2.27 million batches of food additives were inspected, with a non-compliance rate of 0.93%, a slight decrease from the previous year [3] - The inspection covered various food categories, focusing on those with a history of issues related to food additives, such as agricultural products and processed grains [3] Group 4: Enforcement Measures - Regulatory authorities are actively addressing non-compliant products by enforcing recalls and administrative penalties, and referring serious cases to judicial authorities for criminal prosecution [4] - Future efforts will continue to focus on enhancing monitoring and inspection of food additives to combat illegal practices and reinforce the effectiveness of the comprehensive governance actions [4]

Core Insights - The National Market Supervision Administration reported on the inspection tasks related to food additives for the first three quarters of this year, indicating a total of 2.2745 million batches inspected with a non-compliance rate of 0.93%, a decrease of 0.02 percentage points compared to the same period last year [1] Group 1: Inspection Overview - A total of 2.2745 million batches of food additives were inspected, with 21,200 batches found to be non-compliant [1] - The non-compliance rate of 0.93% reflects a slight improvement from the previous year [1] Group 2: Sampling Methodology - Inspections were conducted using a combination of offline and online methods, covering 31 provinces and major e-commerce platforms [1] - Offline sampling included wholesale markets, farmers' markets, grocery stores, and dining establishments, while online sampling focused on platforms like Pinduoduo, Douyin, and Taobao [1] Group 3: Focus Areas - The inspections targeted 21 major food categories known for issues with food additives, particularly those labeled as "zero additives" or "no preservatives" [1] - Key inspection items included 10 types of food additives across 31 testing projects, focusing on sweeteners, colorants, preservatives, leavening agents, color protectants, and bleaching agents [1] Group 4: Results and Actions - No non-compliant samples were found in seven major food categories, including beverages and dairy products [1] - However, violations were detected in 14 categories, with common issues related to the use of sulfur dioxide as a bleaching agent, sweeteners like saccharin, and preservatives such as dehydroacetic acid [1] - The market supervision authorities took immediate action against non-compliant products, including recalls and legal penalties for offending companies [1]

Core Insights - The latest food safety inspection results reveal violations in the use of food additives across 14 categories, with the main non-compliance issues being the bleaching agent sulfur dioxide, sweetener saccharin, and preservative dehydroacetic acid [1][2] Group 1: Inspection Results - In the first three quarters of this year, the national market regulatory authorities completed inspections involving 2.2745 million batches of food additives, with 21,200 batches found non-compliant, resulting in a non-compliance rate of 0.93%, a decrease of 0.02 percentage points compared to the same period last year [1] - The inspection focused on 21 major food categories known for issues related to the excessive use of food additives, particularly those labeled as "zero additive" or "no preservatives" [2] Group 2: Regulatory Actions - The market regulatory authorities are actively conducting investigations and taking action against non-compliant food products, including requiring companies to remove and recall non-compliant items, and imposing administrative penalties on offending food production and operation enterprises [2] - The regulatory framework includes a comprehensive governance action initiated by six departments, including the State Council Food Safety Office, aimed at addressing the misuse of food additives [1][2]

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]

Core Points - The report indicates that out of 215 food samples tested, 211 were found to be compliant with safety standards, while 4 samples were deemed non-compliant, highlighting a compliance rate of approximately 98.14% [2][3] - The tested food products included a variety of categories such as edible agricultural products, fruit products, meat products, root and puffed foods, vegetable products, and tea-related products [2][3] Summary by Category Compliance Results - Total samples tested: 215 - Compliant samples: 211 - Non-compliant samples: 4 - Compliance rate: 98.14% [2][3] Product Categories - Main categories tested included: - Edible agricultural products - Fruit products - Meat products - Root and puffed foods - Vegetable products - Tea and related products [2][3] Testing Standards - The testing was conducted based on national food safety standards, specifically GB 2762-2022 for contaminant limits and GB 2760-2024 for food additives [2][3]

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].