2025 年4 月29 日，劲仔食品发布2025 年一季报，2025Q1 实现营收5.95 亿元，同比+10.27%；归母净利 润0.68 亿元，同比-8.21%；扣非归母净利润0.53 亿元，同比-8.61%。 投资要点: 事件: 2025Q1 收入增速维稳，汇兑收益扰动盈利水平。2025Q1 营收同比+10.3%，预计鱼制品延续2024 年势 能表现较好，鹌鹑蛋仍在调整阶段。2025Q1 毛利率29.91%，同比-0.11pct。2025Q1 销售/管理/财务费用 率同比+0.24/+0.17/+1.13pct，财务费用率有较大涨幅，系汇兑收益减少所致，2025Q1 财务费用同比 +72.55%。综合影响下，2025Q1 公司实现归母净利率11.35%，同比-2.28pct。 2025 年3 月25 日，劲仔食品发布2024 年年报，2024 年公司实现营收24.12 亿元，同比+16.79%；归母净 利润2.91 亿元，同比+39.01%；扣非归母净利润2.61 亿元，同比+39.91%。 经营基本盘稳健，期待后续新渠道和新品发力。渠道端，公司线下经营基本盘增长稳定，零食量贩增长 较快，后续有望通过发力 ...

研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn 联系人 ： 黄诗汶 S0350124040004 huangsw01@ghzq.com.cn [Table_Title] 经营基本盘稳健，静待品类增势回升 2025 年 05 月 01 日 公司研究 评级：买入(维持) ——劲仔食品（003000）2024 年报和 2025 一季 报点评 最近一年走势 事件: 2025 年 3 月 25 日，劲仔食品发布 2024 年年报，2024 年公司实现营收 24.12 亿元，同比+16.79%；归母净利润 2.91 亿元，同比+39.01%；扣 非归母净利润 2.61 亿元，同比+39.91%。 2025 年 4 月 29 日，劲仔食品发布 2025 年一季报，2025Q1 实现营收 5.95 亿元，同比+10.27%；归母净利润 0.68 亿元，同比-8.21%；扣非归 母净利润 0.53 亿元，同比-8.61%。 | 表现 | | 1M | 3M | 12M | | --- | - ...

劲仔食品集团股份有限公司 投资者关系活动记录表 证券代码： 003000 证券简称：劲仔食品 编号：2025-002 投资者关系活 动类别 □特定对象调研 □ 分析师会议 □媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑ 其他（电话会议） 参与单位名称 及人员姓名 详见附件 时间 2025 年 4 月 29 日 地点 线上电话会议 上市公司接待 人员姓名 董事、副总经理、董事会秘书 丰文姬 副总经理、财务总监 康厚峰 证券事务代表 涂卓 投资者关系活 动主要内容介 绍 一、请介绍公司 2025 年第一季度的经营情况？ 答：公司 2025 年第一季度营收 5.95 亿元，同比增长 10.27%， 净利润 6,755 万元。公司线下渠道拓展顺利，零食专营渠道增速 相对较快，流通渠道增长稳定，BC 超等高势能渠道拓展稳定；线 上渠道略有下滑，其中电商社区团购渠道表现稍弱。公司主要品 类休闲鱼制品、豆制品均实现稳定增长。公司净利率相对稳定， 净利润因财务费用受汇兑损益的影响略有波动。 二、公司鹌鹑蛋业务情况和展望如何，如何看待鹌鹑蛋整体 的市场空间和竞争机会？ 答：2024 年鹌鹑蛋业务整体 ...

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 8.2% to 70 million yuan, indicating pressure on profitability despite revenue growth [1][2]. Product Dimension - The company focuses on core product categories such as fish, eggs, and beans, aiming to create healthier snack foods and continuously upgrading product quality [1]. - The brand recognition of the company's small fish products is strong, with current promotions for deep-sea anchovies expected to enhance brand strength [1]. - In the quail egg sector, the company leads the industry with its soft-boiled quail eggs, driving structural upgrades in the market [1]. - The company differentiates its bean products through short-shelf-life bean curd, establishing a competitive edge [1]. Channel Dimension - The company has significantly enhanced its sales system, upgrading traditional channels and focusing on high-quality store selections, display enhancements, and promotional investments [1]. - The company has expanded its collaboration with over 100 snack systems, covering more than 35,000 terminals, and is exporting to over 40 overseas markets [1]. Financial Performance - The net profit margin decreased by 2.3 percentage points to 11.3% due to cost pressures and reduced foreign exchange gains [2]. - The gross profit margin slightly decreased by 0.1 percentage points to 29.9%, while the sales expense ratio increased by 0.2 percentage points to 13.4% [2]. - The company is actively developing anchovy resources globally to strengthen its supply chain and ensure core raw material supply [2]. Growth Forecast - The company is expected to achieve revenue growth of 17.7%, 14.7%, and 13.3% from 2025 to 2027, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [2]. - The net profit attributable to shareholders is projected to grow by 14.1%, 16.4%, and 13.7% during the same period, reaching 330 million, 390 million, and 440 million yuan respectively [2]. - The company maintains a "buy" rating based on its product expansion and channel growth potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported Q1 2025 revenue of 595 million yuan, a year-on-year increase of 10.3%, while net profit attributable to shareholders was 68 million yuan, a decline of 8.2% year-on-year. The revenue met expectations, but profit fell short [6] - The long-term growth potential of the company is viewed positively due to a clear strategy focused on product quality and brand reputation, particularly in fish, egg, and bean products [6] - The company is expected to see revenue growth driven by fish and bean products, with a focus on new channel breakthroughs in the upcoming quarters [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,788 million yuan, with a year-on-year growth rate of 15.6%. Net profit is projected at 331 million yuan, reflecting a 13.6% increase [5] - The gross profit margin for Q1 2025 was reported at 29.91%, a slight decrease of 0.11 percentage points year-on-year, primarily due to rising raw material costs [6] - The company’s return on equity (ROE) is projected to be 19.5% for 2025, with a gradual increase expected in subsequent years [5]

证券代码：003000 证券简称：劲仔食品 公告编号：2025-028 劲仔食品集团股份有限公司 2023 年限制性股票激励计划首次授予第二个解除限售期 解除限售条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 劲仔食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二个解除限售期解除限售条件成就的议案》。 鉴于公司《2023 年限制性股票激励计划》规定的首次授予的限制性股票第二个 限售期将于 2025 年 5 月 21 日届满，公司及相关激励对象的各项考核指标均已满 足《2023 年限制性股票激励计划》规定的第二个解除限售期解除限售条件。本 次符合解除限售条件的激励对象为 24 人，可解除限售的限制性股票数量为 154 万股，占目前公司股本总额的 0.3415%。根据公司 2023 年第二次临时股东大会 的授权，公司将按照规定为本次限制性股票激励对象办理第二次解除限售相关事 宜。 现将有关事项公告如下： 一、公司 ...

Core Viewpoint - The company reported a mixed performance in Q1 2025, with revenue growth but a decline in net profit, indicating potential challenges in profitability despite revenue increases [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 595 million yuan, a year-on-year increase of 10.26% [1]. - The net profit attributable to shareholders was 68 million yuan, down 8.21% year-on-year, while the net profit excluding non-recurring items was 53 million yuan, a decrease of 8.61% [1]. - The gross margin for Q1 2025 was 29.91%, a decline of 0.11 percentage points year-on-year, primarily due to rising costs of raw materials [2]. - The company’s expense ratio increased to 19.01%, up 1.68 percentage points year-on-year, with sales expenses at 13.36%, management expenses at 4.05%, R&D expenses at 1.98%, and financial expenses at -0.37% [2]. - The net profit margin for Q1 2025 was 11.34%, down 2.28 percentage points year-on-year, while the net profit margin excluding non-recurring items was 8.96%, a decrease of 1.85 percentage points [2]. Growth Drivers - The company is focusing on channel expansion through fast-growing avenues such as snack wholesale, membership stores, and e-commerce, with product innovation expected to drive growth [2]. - Key products like quail eggs, soft-boiled quail eggs, and short-shelf-life tofu are being pushed for wider distribution, which is anticipated to contribute to revenue growth [2]. Future Projections - Revenue forecasts for 2025-2027 are 2.896 billion, 3.436 billion, and 4.083 billion yuan, representing year-on-year growth rates of 20.08%, 18.63%, and 18.85% respectively [3]. - Expected net profits for the same period are 316 million, 372 million, and 443 million yuan, with growth rates of 8.53%, 17.61%, and 19.11% respectively [3]. - The projected price-to-earnings ratios for 2025-2027 are 18.4, 15.6, and 13.1 times [3].

证券代码：003000 证券简称：劲仔食品 公告编号：2025-027 劲仔食品集团股份有限公司 关于公司 2023 年员工持股计划预留授予部分 锁定期届满暨解锁条件成就的公告 （三）2023 年 9 月 7 日，公司收到中国证券登记结算有限责任公司深圳分 公司下发的《证券过户登记确认书》，"劲仔食品集团股份有限公司回购专用证 券账户"所持有的 39.6 万股公司股票已于 2023 年 9 月 6 日非交易过户至"劲仔食 品集团股份有限公司－2023 年员工持股计划"，过户股份数量占公司目前总股本 的 0.09% ， 过 户 价 格 为 5.96 元 / 股 。 具 体 内 容 详 见 公 司 巨 潮 资 讯 网 (http://www.cninfo.com.cn)披露的相关公告。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 劲仔食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于公司 2023 年员工持股计划预留授予部分锁定期届满暨解锁条件成就的议案》。鉴于 公司 ...

Financial Performance - The basic earnings per share (EPS) for Q1 2025 is 0.1516 yuan, a decrease of 8.4% compared to Q1 2024's 0.1655 yuan, but an increase from Q1 2023's 0.0904 yuan [1] - The operating revenue for Q1 2025 is 5.95 billion yuan, reflecting a growth of 10.19% from 5.4 billion yuan in Q1 2024 and a significant increase from 4.37 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 is 0.68 billion yuan, down by 8.11% from 0.74 billion yuan in Q1 2024, but up from 0.39 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 is 4.64%, a decline of 15.64% from 5.50% in Q1 2024, but an improvement from 3.56% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 13,575.23 million shares, accounting for 44.62% of the circulating shares, with a decrease of 173.06 million shares compared to the previous period [1] - The largest shareholder, Zhou Jinsong, holds 4,308.14 million shares, representing 14.16% of the total share capital, with no change in holdings [2] - The second-largest shareholder, Li Bingyu, holds 3,621.02 million shares, which is 11.91% of the total, also unchanged [2] - Cai Yuanhua increased holdings by 161.78 million shares to 1,932.63 million shares, representing 6.35% of the total [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [2]