Financial Associated Press, October 25 (Reporter Lu Tingting)According to the third quarterly report disclosed by 002511.SZ this evening, the company did not increase its income from January to September this year, with net profit down nearly 40% from the same period last year. It is worth noting that since 2021, Zhongshun Jie Rou net profit has fallen for two years in a row, and it remains to be seen whether the full-year profit in 2023 can return to the "growth" track.

Financial data show that revenue in the first three quarters of Zhongshun Jierou rose 11.60% to 6.823 billion yuan compared with the same period last year; net profit from home fell 39.74% to 165 million yuan; and net cash flow from operating activities increased 68.56% to 792 million yuan.

The revenue of Zhongshun Jierou from 2020 to 2022 was 7.824 billion yuan, 9.15 billion yuan and 8.57 billion yuan respectively, and the net profit of returning mother was 906 million yuan, 581 million yuan and 350 million yuan respectively, showing a downward trend year by year. It means that in order to achieve positive profit growth in 2023, the company needs to achieve at least 185 million yuan in net profit in a single quarter of Q4, while the company's net profit in the fourth quarter from 2020 to 2022 is 234 million yuan, 96.6723 million yuan and 75.4618 million yuan respectively.

In addition, according to the equity incentive plan implemented by Zhongshun Jierou, in the performance evaluation at the company level, Zhongshun Jierou set the target of the first exercise period for operating income of not less than 10 billion yuan in 2023. According to the financial data of the first three quarters, there is still a gap of 3.177 billion yuan to achieve this goal.

Talking about revenue catch-up measures and confidence in achieving the expected goals for the whole year, Zhongshun Jierou previously said in the online collective reception day for investors of listed companies in Guangdong that in the second half of the year, the autumn school year and the online Singles Day War were fully played, the Spring Festival pressure action was launched ahead of schedule, the whole region and all channels were fully engaged, and various category resources and team organizational strength were used to comprehensively pursue the goal.

At the business level, Zhongshun Jierou also did not increase profits in the first half of the year due to the impact of high pulp inventory and rising energy prices. It is understood that the pulp cost consumed in production accounts for 40% of Shunjie rou's production cost, and the pulp price has dropped since the beginning of this year compared with the previous year. Market analysis believes that with the low-cost wood pulp gradually put into production, the cost pressure of the follow-up company is expected to weaken, and there is room for profit margin to be repaired.

A few days ago, the reporter called the securities department of the company as an investor, and the staff said that the impact of high-priced pulp inventory was gradually receding.

Data show that by the end of June 2023, the inventory amount of Zhongshun Jierou was 35.07% lower than that at the end of 2022, mainly due to the reduction of raw materials of the company; by the end of September 2023, the inventory amount of the company was 15.48% lower than that at the beginning of this year.

Judging from the performance of the secondary market, Zhongshun Jierou's share price has fallen by 50.19% since 2021. As of today's close, the company's share price is at 10.21 yuan per share.