证券研究报告 | 2025年10月29日 盐津铺子（002847.SZ） 优于大市 渠道策略调整致三季度收入增速放缓，盈利能力较快提升 公司公布 2025 年三季度业绩：3Q25 实现营业总收入 14.9 亿元，同比+6.0%； 实现归母净利润 2.3 亿元，同比+33.5%；实现扣非归母净利润 2.2 亿元，同 比+45.0%。 Q3 收入增速放缓，系渠道端主动调整。Q3 公司收入同比+6.0%，增速环比有所 放缓，主要系公司主动调整渠道结构，收缩了电商渠道部分低毛利品类的销 售。分品类看，核心品类大魔王魔芋延续强劲增长，预计仍实现翻倍式增长， 持续贡献主要增量。分渠道看，定量流通渠道增速领衔，量贩零食渠道维持 较高增速，电商渠道 Q3 收入下滑接近 40%，系主要拖累。 Q3 盈利能力大幅提升，着力提升经营质量。1）毛利率端，受益于公司产品结 构的优化，大单品占比进一步提升，Q3 毛利率在原料成本高位的情况下仍 有 1pp 的同比提升。2）费用有效管控，销售费用率同比-3.5pp，与公司主 动调整电商渠道有关，减少了低回报率的部分线上营销费用投入。管理/研 发/财务费用率分别同比+0.1/-0.2/+0. ...

Financial Performance - The company achieved a revenue of 1.124 billion CNY and a net profit of 112 million CNY in the first half of 2025 [2] - Key product categories such as leisure fish products and bean products showed stable growth, while poultry products faced challenges due to industry demand fluctuations and channel changes [2] Product Development - The company is focusing on upgrading its quail egg products to "antibiotic-free" versions to enhance quality-price ratio and expand market reach [3] - The konjac product line generated 79 million CNY in revenue last year, becoming a "billion-level" product, with ongoing R&D efforts to enhance competitiveness [3] Channel Strategy - The snack specialty channel has seen rapid growth, with plans for deeper cooperation and product adaptation to meet channel needs [4] - The company is actively pursuing partnerships with membership stores, developing new product forms tailored to this channel [4] Strategic Adjustments - The company will maintain its focus on healthy and tasty snacks, shifting its strategy to prioritize channel development and deeper cooperation with partners [5] - Emphasis will be placed on adapting products to various channel characteristics to ensure sustainable growth [5]

Group 1: Zhou Dasheng - Zhou Dasheng's operations in 2024 and Q1 of this year are impacted by gold price fluctuations, prompting the company to adopt various measures [1] - The company is enhancing research and development of gold and non-gold products, diversifying product offerings, adjusting brand matrix, and advancing retail models and digital transformation [1] - Gross margin improvement is attributed to the increase in self-operated business proportion and product mix optimization, with gold inventory accounting for 70% of total inventory, of which 20% is gold leasing [1] - The "National Treasure" brand will be upgraded to "National Treasure Cultural Collection Gold Products Leader," focusing on comprehensive enhancements in brand, product, and operations [1] - Zhou Dasheng's classic positioning is in the intangible cultural heritage sector, with the "Zhuge Pavilion" adopting a light asset, high gross margin, and high turnover model [1] - 30% of franchise stores are located in first and second-tier cities, while 70% are in third-tier and below cities, with the initial investment in inventory accounting for 90% of store opening costs [1] Group 2: Jin Zai Food - Jin Zai Food reported Q1 2025 revenue of 595 million, a year-on-year increase of 10.27%, with a net profit of 67.55 million [2] - The company is successfully expanding offline channels, with rapid growth in snack specialty channels and stable growth in circulation channels, while online channels have seen a slight decline [2] - The quail egg business is expected to achieve double-digit growth in 2024, with the company implementing differentiated, branded, and long-term development strategies, launching the "Seven Doctors" brand and innovative products [2] - Overseas sales revenue reached approximately 34 million, a 90% year-on-year increase, focusing on breakthroughs in the Southeast Asian market with products tailored to local tastes [2] - Growth in the bean products segment is driven by quality upgrades of traditional dried tofu and the introduction of new products like "Zhou Fresh Fresh" short-shelf-life dried tofu and fresh mixed shaking dried tofu [2] - The deep-sea eel fish segment continues to grow rapidly, achieving double-digit growth in Q1, with a focus on core category research and innovation, as well as expanding new channels and blank points [2] - The company aims to enhance quail egg gross margins through supply chain optimization, innovative product launches, increased brand investment, and improved capacity utilization [2]