JONJEE(600872) 搜狐财经·2025-05-21 16:32Core Viewpoint - The condiment industry is experiencing significant challenges, with many companies reporting declining revenues and profits, indicating a survival battle driven by cost and innovation rather than marketing alone [1][3][11]. Revenue and Profit Trends - Among 18 listed condiment companies, 40% reported revenue declines in their 2024 reports, with leading firms like Xue Tian Salt Industry and Zhong Ju Gao Xin seeing net profits nearly halved [1][3]. - In Q1 2025, over half of the companies continued to experience revenue shrinkage, with Tian Wei Food's net profit plummeting over 57% [1][3][11]. - Xue Tian Salt Industry's 2024 net profit was 8.93 billion yuan, down over 57% year-on-year, with Q1 2025 showing a further decline in revenue by 27.24% [4][9]. Company-Specific Performance - Hai Tian Wei Ye reported a 9.53% increase in 2024 revenue to 26.901 billion yuan, while Zhong Ju Gao Xin's net profit fell by 47.37% to 8.93 billion yuan [2][9]. - Tian Wei Food's Q1 revenue dropped by 24.80%, with net profit down over 57% [5][11]. - Jia Jia Food faced a loss exceeding 200 million yuan in 2024, attributed to declining sales and increased market expenses [9]. Distribution Channel Dynamics - The industry is undergoing severe channel disruptions, with companies like Fuling Zha Cai cutting over 607 distributors, while Xue Tian Salt Industry reduced its out-of-province outlets by over 3,000 [1][12][17]. - In contrast, Jia Long Food saw a significant increase in its distributor count, growing by 242.95% [12][13]. Sales and Marketing Expenses - Sales expenses are rising across the industry, with Lian Hua Holdings' sales expenses surging by 80% despite a revenue increase of 25.98% [18][20]. - Hai Tian Wei Ye's sales expenses reached 1.628 billion yuan, up 24.73%, while its R&D expenses grew by only 17.35% [20].