Konjac defeats potato chips; Salt Jinzhi’s number one category changes hands; the company plans to distribute 10 yuan in dividends for every 10 shares in 2025.

On the evening of April 7, the snack leisure leader company Yanjinpuzi (SZ002847) released its 2025 results. The report shows that for the full year, the company achieved operating revenue of 5.762 billion yuan, up 8.64% year-on-year; net profit attributable to shareholders reached 748 million yuan, up 16.95% year-on-year, with performance delivering steady growth.

While improving profitability, Yanjinpuzi also provided a generous dividend proposal. It plans to distribute cash dividends of 10 yuan for every 10 shares to all shareholders (including tax).

The most eye-catching thing in the financial report is the massive change in the company’s product structure. The konjac snack category, which used to be a “small category,” saw explosive growth in 2025. Sales revenue surged 107.23% year-on-year to 1.737 billion yuan, surpassing baked potato products in one fell swoop and becoming the company’s No. 1 category.

Revenue and net profit both increase; plans to distribute 10 yuan for every 10 shares

Based on steady improvement in its performance, Yanjinpuzi put forward a generous dividend plan. The company plans to distribute cash dividends of 10 yuan for every 10 shares to all shareholders (including tax), totaling approximately 273 million yuan in cash dividends.

This is not the company’s entire cash dividend for FY2025. The announcement shows that the company implemented an interim profit distribution on December 5, 2025, distributing approximately 109 million yuan in cash dividends. If the annual dividend proposal is carried out, Yanjinpuzi’s total cumulative cash dividends for 2025 will reach approximately 382 million yuan, accounting for about 51.07% of the net profit attributable to shareholders for 2025.

From the perspective of product structure, one of Yanjinpuzi’s biggest highlights in 2025 is undoubtedly the emergence of konjac snacks. According to the financial report, the full-year revenue from konjac snacks reached 1.737 billion yuan, up 107.23% year-on-year, and their share of total revenue jumped from 15.81% in 2024 to 30.15%, successfully replacing baked potato products and becoming the company’s No. 1 core category.

However, Yanjinpuzi also explained that as the key raw material, the average purchase price of konjac refined powder last year changed by more than 30% compared with the same period of the previous year. The main reasons include: on the supply side, extreme weather risks led to supply fluctuations; and because the price of fresh konjac was at a low level in 2023, farmers’ willingness to plant weakened, resulting in a downward trend in domestic fresh konjac output starting from 2024. On the demand side, driven by konjac’s health attributes, consumption demand for it as a food ingredient increased significantly, and with the expansion of the snack industry and the entry of new companies, competition in procuring konjac refined powder intensified, pushing up the raw-material premium space.

In contrast, the baked potato products, which used to be the main driver of revenue, saw some contraction during the reporting period, achieving revenue of 898 million yuan, down 22.43% year-on-year. Revenue from seafood snacks, healthy egg products, and dried fruit and jelly maintained relatively steady growth last year.

In addition to the breakout of the konjac category, rapid growth in overseas business also became a major highlight of the financial report. In 2025, the company’s overseas market revenue reached 171 million yuan, up 172.47% year-on-year.

Sales to “Customer One” reached 1.777 billion yuan, accounting for more than 30% of total revenue

At the channel level, Yanjinpuzi significantly increased the share of sales to specific large customers.

The annual report shows that in 2025, the company’s combined sales to its top five customers were 2.467 billion yuan, accounting for 42.81% of total annual sales, whereas in 2024, sales to the top five customers were 1.718 billion yuan, accounting for 32.39% of total annual sales.

In 2025, Yanjinpuzi’s sales to its largest customer, “Customer One,” reached 1.777 billion yuan, representing 30.85% of total annual sales. This means that nearly one-third of the company’s revenue comes from this major customer.

The rise of snack wholesale channels is profoundly reshaping the leisure snack industry landscape, and Yanjinpuzi is also capturing this trend. Last year, Yanjinpuzi’s offline channel revenue accounted for 84.01% of revenue, totaling 4.841 billion yuan. In describing its business model, Yanjinpuzi said that it has deepened cooperation with leading snack wholesale channels such as “MingMing Very Busy Group” and “Snacks with Ming.”

In addition to deepening cooperation with leading snack discount stores, the company is also actively expanding its distributor network. By the end of 2025, the company’s number of distributors had increased to 4,367, up 21.75% year-on-year from 3,587 at the end of 2024.

From a regional distribution perspective, distributor growth was especially rapid in northern markets. Data shows that the number of distributors in Northeast China increased 54.17% year-on-year, while the Northwest region grew 35.94% year-on-year. The reason behind this is that the company’s channel deepening and nationwide rollout are being accelerated.

The Daily Economic News