Recently, Jinzai food released the relevant financial report, the first three quarters of revenue 1.808 billion yuan, an increase of 2.05%, but the net profit attributable to the parent was only 173 million yuan, a year-on-year decline of 19.51%; the third quarter revenue reached 685 million yuan, an increase of 6.55%, but the net profit fell 14.77%, the first half of this year's performance report also shows that the net profit of revenue double drop.
This not only reflects the weakening of the brand's short-term profitability, but also puts the long-term hidden product structure risks, namely over-reliance on a single category and lack of innovation, back in the spotlight.
From the perspective of product structure, the brand's reliance on the core single product "Jinzai Xiaoyu" is prominent. The 2024 annual report shows that fish products accounted for 63.57% of revenue. In the first half of this year, the proportion of fish products continued to increase to 67.3%. However, the growth rate of fish products slowed down significantly in the first half of the year. Data show that the year-on-year growth rate of category revenue in 2021-2024 is 15.94%, 24.74%, 25.87%, and 18.76% respectively.
In order to seek new growth, the brand launched poultry products as the "second growth curve", such as "small egg round" "seven doctors" and other quail eggs and soft-hearted egg products, although revenue reached 450 million yuan in 2023 and exceeded 500 million yuan in 2024, but in the first half of 2025 revenue plummeted to 196 million yuan, a year-on-year decline of 24%, sales fell 27.88%, reflecting the serious lack of product competitiveness and market fit.
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