Group 1 - The company reported Q3 2025 revenue of 685 million yuan, a year-on-year increase of 6.55%, and a net profit attributable to shareholders of 61 million yuan, a year-on-year decrease of 14.77% [1] - Gross margin decreased to 28.93%, down 1.14 percentage points year-on-year, primarily due to an increase in the proportion of low-margin channels and the production launch at the Beihai base [1] - Operating expenses increased, with a total expense ratio of 19.47%, up 2.13 percentage points year-on-year, including a sales expense ratio of 13.82%, up 1.59 percentage points, and a management expense ratio of 3.85%, up 0.44 percentage points [1] Group 2 - The company is enhancing its channel layout, with ongoing cooperation in the snack channel and improvements in traditional channel efficiency, while also exploring new high-end membership store channels [1] - The company has accelerated its product launch speed this year, introducing new items such as "Yuanqi Dried Tofu" and "Konjac Dried Fish," which are expected to contribute to revenue growth as distribution progresses [1] - Revenue projections for 2025-2027 are 2.509 billion, 2.871 billion, and 3.300 billion yuan, with year-on-year growth rates of 4.02%, 14.43%, and 14.93% respectively [2]

中证报中证网讯（王珞）10月23日晚，劲仔食品发布2025年三季报。前三季度，公司实现营收18.08亿 元，同比增长2.05%，实现净利润1.73亿元，扣非净利润1.42亿元。 量贩零食渠道营收增长超50% 其中，第三季度公司实现营收6.85亿元，同比增长6.55%，创单季度历史新高；实现净利润6138.63万 元，扣非净利润5545.79万元。董秘丰文姬表示，下半年以来，公司加大新品铺市、优化渠道策略，成 果初步显现。 面对不断变化的市场形势，劲仔食品积极优化渠道布局，在持续推进线上渠道、流通渠道、现代渠道的 同时，加速拓展量贩零食、即时零售等新兴渠道，实现全渠道稳健发展。 此外，劲仔食品已于9月26日完成第三次股份回购，回购金额为9999.17万元，约为前两次回购金额之 和。上市以来，公司累计斥资约2亿元用于股份回购，同时累计分红6.38亿元，分红金额约为IPO募资净 额的4倍，以持续回报投资者，推动公司长远健康发展。 三季度以来，公司依托自身优势渠道，推行"3+1+N"产品布局，围绕鱼制品、魔芋及其他大单品展开， 通过不同产品的"组合拳"，为消费者提供更多的美味选择，发挥超级大单品的优势，带动第二、第三 ...

Core Viewpoint - Jinzhai Food Group Co., Ltd. reported a revenue of 1.808 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 2.05%, with the third quarter achieving a record high revenue of 685 million yuan, up 6.55% year-on-year, attributed to new product launches and optimized channel strategies [1] Group 1: Financial Performance - The company achieved a revenue of 1.808 billion yuan in the first three quarters of 2025, reflecting a 2.05% increase year-on-year [1] - In the third quarter, the revenue reached 685 million yuan, representing a 6.55% year-on-year growth and setting a new quarterly record [1] Group 2: Product Development and Innovation - Jinzhai Food invested over 38 million yuan in R&D in the first three quarters of this year, an increase of approximately 11% year-on-year [2] - The company has established multiple health research and development systems, leveraging various scientific platforms to enhance its core competitiveness [2] - New products such as "Jingmen Baodu" and "Konjac Dried Fish" were launched to enrich the product line and stimulate growth in the konjac category [1][2] Group 3: Market Strategy and Channel Optimization - The company is actively optimizing its channel layout, focusing on online, distribution, and modern channels while expanding into emerging channels like bulk snacks and instant retail [2] - Revenue from the bulk snack channel grew by over 50% year-on-year in the first three quarters [2] - The company collaborates with over 100 snack specialty systems, covering more than 40,000 retail outlets [2] Group 4: Share Buyback and Dividends - Jinzhai Food completed its third share buyback on September 26, with a total amount of approximately 99.99 million yuan, representing 1.79% of the company's total share capital [3] - Cumulatively, the company has spent around 200 million yuan on share buybacks and distributed 638 million yuan in dividends, which is about four times the net amount raised during the IPO [3]