ANJOY FOOD (02648) surged over 4% in the morning session, reaching HK$64.65 with a turnover of HK$48.62 million by press time. The company recently released its financial results for the first three quarters of 2025.

Everbright Securities noted that in Q3, ANJOY FOOD achieved total revenue of RMB 3.77 billion, up 6.61% year-on-year, with net profit attributable to shareholders rising 11.8% to RMB 273 million. Non-GAAP net profit grew 15.27% to RMB 264 million. The Q3 gross margin remained stable at 19.99% YoY, supported by a reduced sales proportion of low-margin crayfish products despite rising procurement costs for crayfish and fresh fish.

On the distribution front, Everbright Securities highlighted that Q3 revenue from dealers, special direct sales, supermarkets, and new retail/e-commerce channels reached RMB 2.96 billion, RMB 317 million, RMB 220 million, and RMB 270 million, respectively, showing YoY changes of -0.6%, +68.1%, +28.1%, and +38.1%. While traditional dealer revenue remained flat, the company has actively embraced supermarket customization trends, steadily expanding major supermarket clients. New retail channels, including Hema, also contributed significant growth.

The brokerage emphasized ANJOY FOOD's proactive adjustments in both product and channel strategies, focusing on new product-driven upgrades. With easing industry price competition, the company's profitability continues to recover.