JONJEE(600872) 新浪财经·2025-04-30 08:32Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, primarily due to the timing of the Spring Festival, proactive inventory adjustments, and a high comparative base from Q1 2024 [1][2]. Revenue Summary - Q1 2025 revenue reached 1.1 billion yuan, a year-on-year decrease of 25.8%, with net profit attributable to shareholders at 180 million yuan, down 24.2% [1]. - Revenue breakdown by product: soy sauce (650 million yuan, -31.6%), chicken essence/chicken powder (130 million yuan, -28.6%), cooking oil (50 million yuan, -50.0%), and other income (200 million yuan, -6.9%) [1]. - Revenue by sales model: distribution (970 million yuan, -30.7%) and direct sales (60 million yuan, +33.3%) [1]. - Revenue by region: Eastern (190 million yuan, -47.7%), Southern (420 million yuan, -19.6%), Central and Western (230 million yuan, -29.0%), and Northern (180 million yuan, -18.7%) [1]. Profitability Analysis - The company maintained a gross margin improvement trend, with Q1 2025 gross margin at 38.7%, up 1.7 percentage points year-on-year [2]. - Expense ratios for Q1 2025: sales (8.6%), management (8.1%), R&D (2.9%), and financial (0.3%), with increases in sales and management expenses [2]. - Net profit margin for Q1 2025 was 16.4%, an increase of 0.3 percentage points year-on-year, with the non-recurring net profit margin also at 16.4%, up 0.4 percentage points [2]. Future Outlook - The company anticipates a recovery in revenue growth following regional adjustments, projecting revenues of 5.66 billion yuan, 5.89 billion yuan, and 6.30 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 2.5%, 4.1%, and 6.9% [2]. - Expected net profits for the same years are 960 million yuan, 1.04 billion yuan, and 1.13 billion yuan, with respective growth rates of 6.9%, 8.4%, and 9.3% [2]. - Earnings per share (EPS) are projected to be 1.2 yuan, 1.3 yuan, and 1.4 yuan for 2025, 2026, and 2027 [2].