“零添加”不灵，千禾味业陷入业绩阵痛期

Core Viewpoint - Qianhe Flavor Industry reported a decline in both revenue and net profit for 2024, marking the first revenue drop since its IPO in 2016, raising concerns about its future development amid increased market competition and regulatory changes regarding its "zero-additive" concept [1][3][5]. Financial Performance - In 2024, Qianhe Flavor Industry achieved revenue of 3.073 billion yuan, a year-on-year decrease of 4.16%, and a net profit of 514 million yuan, down 3.07% [3]. - The decline in revenue continued into Q1 2025, with revenue of 831 million yuan, a decrease of 7.15%, while net profit rose by 3.67% to 161 million yuan [3]. - The soy sauce business, which accounts for over 60% of revenue, saw a revenue decline of 3.75%, while the vinegar segment, making up over 10%, experienced a 12.52% drop [4]. Market Competition - Increased competition in the "zero-additive" sector, particularly from rivals like Haitian Flavor Industry, has led to market share erosion for Qianhe Flavor Industry [3][5]. - The company's reliance on the "zero-additive" concept has been challenged by new regulations prohibiting the use of such marketing terms, necessitating a shift in its marketing strategy [6]. Strategic Response - Qianhe Flavor Industry plans to focus on optimizing product structure and enhancing cost control to improve profitability [3][4]. - The company aims to strengthen its brand and channel development, emphasizing high-quality products to meet consumer health and taste demands [4][6]. - New product initiatives include a 30% reduced-salt soy sauce, which has already captured 5% of soy sauce revenue, and plans for a dedicated production line for customized products targeting infants and the elderly [6][7]. Future Outlook - Experts suggest that Qianhe Flavor Industry must innovate and differentiate its products to build a competitive edge and enhance brand recognition [7]. - The company is expected to adapt its marketing strategies in response to regulatory changes while continuing to explore functional product extensions to attract consumers [6][7].