Jinzai Foods, supported by wholesale channels, is still waiting for profits to catch up with revenue.

Jinzai Food has entered a phase of rebalancing profitability and growth.

In 2025, the company achieved operating revenue of 2.443 billion yuan, a year-on-year increase of 1.28%; net profit attributable to shareholders was 243 million yuan, a decrease of 16.7%, and the decline in net profit excluding non-recurring items further expanded to 22.8%.

In the first quarter of 2026, revenue saw significant recovery, reaching 739 million yuan, up 24.16% year-on-year, but net profit grew only 5.48%, and structural divergence has not fully converged.

Over the past year, Jinzai has markedly stepped up its branding efforts. Focusing on core products like "deep-sea anchovy," the company has continued to strengthen exposure through variety show sponsorships, holiday marketing, and social media content, permeating the "delicious and healthy" brand image to young consumers.

In 2025, the company's sales expenses grew 10.75% year-on-year to 320 million yuan, with brand promotion costs up 25.5% from the previous year, and spending on advertising and publicity close to 100 million yuan.

Essentially, this approach is to front-load expenses, utilizing short-term profits for long-term brand momentum, and is also a passive choice amid changes in channel structure.

Bulk snack channels have rapidly expanded over the last two years, reshaping industry distribution logic.

Different from traditional distributor systems, such channels emphasize terminal sales and cost-effectiveness, with higher requirements for brand awareness. For Jinzai, if stable brand recognition cannot be established in consumers’ minds, it will be hard to secure sustained shelf space in high-turnover systems.

Major single products and channel structure have still maintained the foundation.

In 2025, revenue from the company’s core product, deep-sea anchovy, exceeded 1.6 billion yuan, continuing to play the role of a stabilizer. Around this core, the company has built a multi-category matrix including fish products, quail eggs, and bean curd, forming a "one strong, many robust" product structure.

At the channel level, the company deepened cooperation with bulk systems such as Snack Is Busy, Zhao Yiming, Haoxianglai, with terminal coverage exceeding 45,000 stores, leading to a 47.8% year-on-year growth in direct sales revenue, becoming one of the main sources of incremental growth.

Outside the bulk channels, Jinzai has not contracted traditional channels, but is carrying out a finer round of rebalancing in parallel.

In 2025, the number of distributors net increased by 279, reaching a total of 3,685, up 8.19% year-on-year; meanwhile, the company strengthened direct control of terminals and supermarket display capabilities, driving offline channel revenue up 3.8% year-on-year, with growth accelerating to 6.32% in the second half.

The effects of channel adjustments have already become evident.

From the fourth quarter of 2025 to the first quarter of 2026 on a consolidated basis, the company’s revenue saw approximately 11.2% year-on-year growth, mainly driven—according to analysis—by robust sales of boxed products in bulk snack channels, while traditional supermarket channels are also steadily recovering.

Changes in profitability still need time to materialize.

In 2025, the company’s gross profit margin was 29.3%, down 1.2 percentage points year-on-year, mainly due to rising raw material costs for dried fish and low utilization rates of quail egg production capacity.

Entering the first quarter of 2026, gross margin further declined to 27%, but the margin between gross profit and sales only fell by 0.1 percentage points, basically remaining stable.

From the planning perspective, the company is still continuing on its current path. In the 2026 business plan, Jinzai will continue brand upgrading, refined channel management, and digital supply chain construction.

Whether the earlier investments can successfully realize the 20% growth target in 2026 remains to be seen.

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