Revenue growth rate declines in 2025: Yanjinpuzi attributes this to proactive adjustments in e-commerce channels, resulting in decreased channel revenue but an improved profit model | Earnings call insights

①Zhang Yang, the company's Secretary of the Board, stated that the overall revenue growth rate in 2025 will be at a recent-year low. The core reason is the company’s proactive adjustment of its e-commerce business, which led to a noticeable decline in channel revenue post-adjustment. However, the profit model and product mix have improved and are now more aligned with the company’s long-term strategy. ②Zhang Yang noted that the konjac snack industry is still in its growth phase, and the company maintains an optimistic stance towards future competition. This year, the price of konjac flour has generally trended downward.

cls.cnApr 15 21:14

Yanjinpuzi (002847) 2025 Annual Report Commentary: Major adjustments in online channels drive continued high growth of key products.

Event: The company released its 2025 annual report. In 2025, the company achieved operating revenue of 5.762 billion/+8.64%, net profit attributable to shareholders of 748 million/+16.9%, and non-recurring net profit attributable to shareholders of 715 million/+25.86%.

Shenwan Hongyuan ResearchApr 14 07:41

Research Report Insights | Donghai Securities: Reiterates 'Buy' Rating for Yanjinpuzi, Rapid Growth in Konjac Category, Steady Expansion of Offline Channels

Donghai Securities research report pointed out that the konjac category of Yanjin Shop is experiencing rapid growth, with steady expansion in offline channels. The company is projected to achieve revenue of 5.762 billion yuan in 2025, representing a year-on-year increase of 8.64%; net profit attributable to shareholders is expected to reach 748 million yuan, up 16.95% year-on-year. The konjac snack segment has achieved significant growth and remains in its growth phase, with an anticipated annual growth rate exceeding 30% in 2026. Seafood snacks, egg products, dried fruits, and jelly have demonstrated resilient growth, while other categories experienced declines, but are expected to show continuous improvement by 2026. Additionally, the gross margin for konjac snacks and egg products in 2025 was 34.48%, respectively.

Gelonghui FinanceApr 13 17:22 · Ratings

Yanjinpuzi (002847): Rapid increase in konjac product sales, steady growth in offline channels

Event: The company released its 2025 annual report. In 2025, the company achieved a revenue of 5.762 billion yuan, representing a year-on-year increase of 8.64%; net profit attributable to shareholders reached 748 million yuan, marking a year-on-year growth of 16.95%. In Q4, revenue amounted to 1.3 billion yuan.

Donghai SecuritiesApr 12 00:00

Yanjinpuzi (002847): Strategic adjustments actively implemented in 2025, with continued growth in the core category of konjac.

The company announced its 2025 performance: Total operating revenue reached 5.76 billion yuan in 2025, representing a year-on-year increase of 8.6%; Net profit attributable to shareholders reached 750 million yuan, up 16.9% year-on-year; Non-recurring net profit attributable to shareholders amounted to 710 million yuan.

Guosen SecuritiesApr 10 10:12

GF Securities: It is expected that the performance adjustment for baijiu will continue, while the per-ton price of mass-market products is likely to experience a moderate increase.

The baijiu sector, after undergoing a four-year adjustment period, is expected to enter a new development phase in 2026.

Zhitong FinanceApr 10 09:55