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 parents was 243 million yuan, a year-on-year decline of 16.7%, while non-recurring net profit saw an even wider decline of 22.8%.
Entering the first quarter of 2026, revenue showed clear recovery, reaching 739 million yuan, up 24.16% year-on-year, but net profit grew only 5.48%, indicating that structural divergence has not fully converged.
Over the past year, JINZAI significantly increased its brand investment. Focusing on core products such as &#34;Deep Sea Anchovy,&#34; the company continuously strengthened exposure through variety show sponsorships, holiday marketing, and social media content, penetrating the &#34;delicious and healthy&#34; brand mindset into young consumer groups.
In 2025, the company's selling expenses rose 10.75% year-on-year to 320 million yuan, among which brand promotion fees increased by 25.5% compared to the previous year, and advertising expenditure reached nearly 100 million yuan.
This strategy essentially involves front-loading expenses, trading short-term profits for long-term brand momentum, and is also a passive choice under the background of channel structure changes.
The discount snack channels expanded rapidly over the past two years, reshaping industry distribution logic.
Unlike traditional distribution systems, these channels place greater emphasis on terminal sales velocity and cost-effectiveness, requiring higher brand awareness. For JINZAI, if it fails to establish stable recognition in consumers' minds, it will be difficult to secure sustained shelf space in high-turnover systems.
Core products and channel structures continue to stabilize the basic business.
In 2025, revenue from the company's core product, Deep Sea Anchovy, exceeded 1.6 billion yuan, continuing to play a stabilizing role. Around this core, the company built a multi-category matrix including fish products, quail eggs, and dried tofu, forming a &#34;one dominant, multiple strong&#34; product structure.
At the channel level, the company deepened cooperation with discount systems such as Snack Very Much, Zhao Yiming, and Hao Xiang Lai, achieving terminal coverage exceeding 45,000 stores. This drove direct operation model revenue to grow 47.8% year-on-year, becoming one of the primary sources of incremental growth.
Beyond discount channels, JINZAI did not retreat from traditional channels but instead pursued a more granular rebalancing simultaneously.
In 2025, the number of distributors increased net by 279, bringing the total to 3,685, a year-on-year increase of 8.19%. On the other hand, the company strengthened control over terminal points and supermarket display capabilities, pushing offline channel revenue to grow 3.8% for the full year, with the second half accelerating to 6.32%.
The effectiveness of channel adjustments has already begun to manifest.
From the fourth quarter of 2025 to the first quarter of 2026, based on consolidated figures, the company's revenue growth rate was approximately 11.2% year-on-year. Analysts believe the main drivers were strong sales of boxed products in the snack discount channels, alongside steady recovery in traditional supermarket channels.
Profit-side changes still require time to materialize.
In 2025, the company's gross margin was 29.3%, down 1.2 percentage points year-on-year, mainly affected by rising raw material costs for dried fish and low capacity utilization rates for quail eggs.
Entering the first quarter of 2026, the gross margin further declined to 27%, but the difference between gross margin and selling expense ratio decreased by only 0.1 percentage points, remaining basically stable.
According to plans, the company continues along the current path. In its 2026 operational plan, JINZAI will continue to advance brand upgrades, refined channel management, and digital supply chain construction.
Whether the early investments can successfully deliver the 20% growth target in 2026 remains to be seen.

JINZAI FOOD, Anchored by Discount Channels, Awaits Profit Growth to Catch Up with Revenue