Core Viewpoint - The competitive landscape in the marinated food sector is intensifying, leading to a decline in sales for Ziyan Food, with both revenue and net profit experiencing significant year-on-year decreases in the first three quarters of the year [1][2]. Financial Performance - In the first three quarters, the company achieved operating revenue of 2.514 billion yuan, a year-on-year decrease of 6.43%; net profit attributable to shareholders was 194 million yuan, down 44.37%; and net profit after deducting non-recurring gains and losses was 165 million yuan, a decline of 45.22% [1]. - In the third quarter alone, the company reported operating revenue of 1.041 billion yuan, a year-on-year increase of 1.75%; however, net profit attributable to shareholders was 89.54 million yuan, down 40.66% [1]. Product Performance - Key products such as "Husband and Wife Lung Slices" and whole poultry products saw revenue declines of 15.91% and 16.10%, respectively, in the first three quarters [2]. - Overall revenue from fresh products dropped by 11.33% to 2.003 billion yuan, while income from franchise fees, store management fees, and information system usage fees decreased by 12.59% to 44.476 million yuan [2]. - In contrast, pre-packaged and other products achieved revenue of 336 million yuan, marking a year-on-year growth of 26.78% [2]. Market Context - The marinated food sector is under pressure due to increased competition and cautious consumer spending, with market growth slowing down [2]. - The market size for marinated food in China is projected to be 157.3 billion yuan in 2024, with a slight increase to 162 billion yuan expected in 2025 [2]. Business Model Insights - The company's distribution model revenue fell by 12.79% to 1.951 billion yuan, with the number of distributors decreasing by three to 97 by the end of the third quarter [2]. - Conversely, the direct sales model showed strong performance, generating revenue of 73.792 million yuan, a year-on-year increase of 46.17% [3]. Strategic Initiatives - The company is focusing on expanding its brand presence among younger consumers by launching campus stores and penetrating overseas markets through a combination of Chinese supermarkets and direct sales [3]. - Profitability is being challenged by rising costs in labor and logistics, as well as increased promotional efforts to capture market share [3].

证券代码：603057 证券简称：紫燕食品 公告编号：2025-069 紫燕食品集团股份有限公司 2025 年前三季度经营数据公告 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法律责任。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露》(第 十四号——食品制造)的相关规定，现将紫燕食品集团股份有限公司（以下简称 "公司"）2025 年前三季度主要经营数据（未经审计）公告如下： 一、 公司 2025 年前三季度主要经营情况 3、主营业务按区域分类情况： 单位：元 币种：人民币 | 分地区 | 2025 年 1-9 月 | | | --- | --- | --- | | | 金额 | 占比 | | 华东 | 1,697,249,485.68 | 68.99% | | 华中 | 287,418,253.56 | 11.68% | | 西南 | 249,014,570.67 | 10.12% | | 华北 | 87,806,768.03 | 3.57% | | 华南 | 71,485,765.66 | 2.91% | | 西北 ...

证券代码：603057 证券简称：紫燕食品 公告编号：2025-057 3、主营业务按区域分类情况： | | 单位：元 | 币种：人民币 | | --- | --- | --- | | 分地区 | 2025 年 1-6 月 | | | | 金额 | 占比 | | 华东 | 998,954,071.17 | 68.96% | | 华中 | 166,508,156.54 | 11.49% | | 西南 | 142,540,880.93 | 9.84% | | 华北 | 55,043,560.88 | 3.80% | | 华南 | 40,716,101.82 | 2.81% | | 西北 | 20,044,365.65 | 1.38% | | 东北 | 7,575,875.37 | 0.52% | | 境外 | 6,487,324.00 | 0.45% | | 其他 | 10,738,190.35 | 0.74% | | 主营业务收入小计 | 1,448,608,526.70 | 100.00% | 紫燕食品集团股份有限公司 2025 年半年度经营数据公告 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 ...