预热许久，12月23日，仲景食品通过官方公告宣布了其西洋参新品的推出。根据公告，仲景食品于近期 推出了西洋参浓缩液与西洋参茶两款新品，每袋产品含西洋参皂苷100mg，是首款核心营养成分含量明 确的西洋参健康饮品。 在调味品主业承压的背景下，仲景食品正式跨界大健康领域。业界认为，从香菇酱到西洋参系列产品， 仲景食品这次跨度不小的转身，虽有其控股股东"宛西系"深厚的中医药背景支撑，但也面临着市场接受 度存疑、药食同源产品同类竞争等挑战。 跨界开卖 以香菇酱为标志性产品的仲景食品跨界卖起了西洋参产品。 12月23日，仲景食品发布公告称，公司推出即开即饮型的西洋参浓缩液、即冲热饮型的西洋参茶两款新 品，每袋产品含西洋参皂苷100mg，是首款核心营养成分含量明确的西洋参健康饮品，旨在为消费者提 供一种安心、可靠的现代食养解决方案。 目前，仲景食品推出的西洋参浓缩液与西洋参茶已在线上平台上架销售，线下渠道仍在拓展中。在天猫 和京东两个平台的官方旗舰店中，两款产品均设置了9.9元的尝鲜价，正装价格则位于79元至199元区 间。截至发稿，在天猫"仲景元气旗舰店"内，西洋参浓缩液与西洋参茶多个规格链接均显示"0人付 款"；京东 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company's Q3 revenue and net profit attributable to shareholders increased by 0.11% and 9.10% year-on-year, respectively, with revenue showing improvement on a quarter-on-quarter basis. The net profit margin benefited from a decrease in raw material costs [1][4]. - The performance of mushroom sauce remains stable, while scallion oil sauce faces growth challenges. The company is actively addressing competitive issues and developing new channels, indicating that the scallion oil sauce has not yet reached its ceiling. There are expectations for a combination of online and offline channels to drive category recovery, along with contributions from other new products [1][4]. - The company anticipates EPS of 1.25 and 1.27 yuan for 2025 and 2026, respectively, corresponding to a valuation of 23X for 2025 [1][4]. Financial Performance Summary - For the first nine months of 2025, the company achieved revenue of 826 million yuan, a year-on-year decrease of 1.56%, and a net profit of 154 million yuan, an increase of 3.18%. In Q3 alone, revenue was 300 million yuan, up 0.11% year-on-year, and net profit was 53 million yuan, up 9.10% year-on-year [4]. - The gross margin for Q3 was 43.76%, an increase of 2.8 percentage points year-on-year, primarily due to lower prices for raw materials such as pepper and scallions. The selling expense ratio was 14.40%, down 0.5 percentage points year-on-year, while the management expense ratio was 5.93%, up 1.7 percentage points year-on-year [4]. - The company expects continued cost benefits and improved production efficiency from the launch of smart production lines, along with structural optimization leading to sustained gross margin improvement [4]. Future Outlook - The company is optimistic about the stable growth of mushroom sauce and anticipates new products like garlic sauce and zero-fat spicy sauce to contribute to growth in the coming year [4]. - The report highlights that the company is reducing promotional expenses in a weak recovery consumer environment, which, combined with cost reductions, is expected to enhance profitability [4].