On April 15th, Jinzai Food held its 2024 shareholders' meeting and reviewed and approved 11 proposals, including the "2024 Annual Report" and "Shareholder Dividend Return Plan for the Next Three Years (2025-2027)". Zhou Jinsong, Chairman of Jinzai Food, said, "The company will continue to focus on high-quality protein health categories such as leisure fish products, poultry products, and soy products, further cultivate advantageous products such as Jinzai deep-sea anchovy, seven doctoral quail eggs, and Zhou Xianxian Pingjiang dried sauce, promote high-quality growth of the company, and continue to return to investors

Net profit increased by 39.01% year-on-year

In 2024, Jinzai Food achieved a total revenue of 2.412 billion yuan, a year-on-year increase of 16.79%; Realize a net profit attributable to the parent company of 291 million yuan, a year-on-year increase of 39.01%; Deducting non recurring net profit of 261 million yuan, a year-on-year increase of 39.91%. The company's operational quality continues to improve, with a net profit of 76.622 million yuan in the fourth quarter, reaching a historic high for the quarter. This growth is attributed to the company's efforts in product innovation, market expansion, and channel optimization.

In terms of products, the company's leisure fish products, poultry products, soy products, and vegetable products (konjac) achieved sales revenues of 1.533 billion yuan, 509 million yuan, 247 million yuan, and 79 million yuan, respectively, with year-on-year growth of 18.76%, 12.67%, 13.89%, and 9.58%. In 2024, multiple industry first new products will be launched, such as the DHA rich deep sea anchovy that locks in freshness with nitrogen, seven Dr.'s soft boiled quail eggs that can be eaten raw without antibiotics, and Zhou Xianxian Pingjiang dried sauce with probiotics and no preservatives.

Zhou Jinsong stated that the company will rely on multiple research platforms such as the Postdoctoral Innovation and Entrepreneurship Base, Doctoral Innovation Station, and Hunan Health and Leisure Food Engineering Technology Center to create a research highland for healthy snacks. Focusing on health research and development directions such as "30", "3 reductions", and "rich nutrients", the company will continuously innovate and lead the high-quality and healthy development of its product categories.

Overall, the company's offline performance is more impressive, with revenue increasing by approximately 23% year-on-year. On the one hand, the company has further consolidated the achievements of offline channel construction, forming a coordinated development of channels such as circulation, KA, BC, CVS, etc; On the other hand, the snack specialty channel has become a new growth point for offline channels. The company has cooperated with over 100 snack specialty systems such as Snacks Busy, Zhao Yiming, and Xiangxianglai, covering more than 35000 terminal stores. The annual revenue has increased by over 100% year-on-year.

Continuous dividends for the next three years

The shareholders' meeting approved the dividend plan, distributing 3 yuan in cash for every 10 shares. Adding to the previous mid year dividends, the company's dividend amount for 2024 is as high as 179 million yuan, accounting for 61% of the net profit attributable to the parent company, sharing development dividends with investors.
In recent years, we have maintained high dividends, with the annual dividend amount accounting for more than 60% of the net profit attributable to the parent company. In 2024, we launched our first mid year dividend. In the next three years, we will continue to return to investors with high-quality growth and high proportion dividends, "Dong Mifeng Wenji explained on site the shareholder dividend return plan.

Feng Wenji introduced that since its listing in 2020, Jinzai Food has accumulated dividends of over 590 million yuan, which is more than three times the IPO raised 160 million yuan.

The "Shareholders' Dividend Return Plan for the Next Three Years (2025-2027)" states that, subject to meeting the conditions for cash profit distribution, the company will, in principle, conduct cash profit distribution once a year; If conditions permit, the company may distribute mid-term cash profits.

It is worth mentioning that the company has achieved doubled performance in the past three years, with revenue and net profit doubling in 2024 compared to 2021. The return on equity (ROE) of the company has been increasing year by year, reaching as high as 21.26% in 2024.