以下文章来源于FBIF食品饮料创新 ，作者FBIF 这是新消费智库第 2 6 9 4 期文章 新消费导读 气味是立体的，它总能轻易唤起被封存许久的记忆。 拥挤闷热的车厢，五湖四海的口音。此时，泡面的水要比往常少，最好没 过面饼就收手，如果放了榨菜和火腿肠，那可以适当再增加一点。但，水 稍多一点，这一路上就得更加小心慢慢挪动。 作者 ： Pr i d e 编辑： Pa n d a 审核： Single 来源：FBIF食品饮料创新 FBIF食品饮料创新 . 深度，创新 捧着泡面碗，从车厢有热水供应的这头挪到自己的位置，是一项高难度的挑战：人多、空间小，热水还不能撒。 "啤酒饮料矿泉水。" "花生瓜子八宝粥。" "来，腿收一下。" 有经验的，往往会挑准时机，默默推算小推车折返的时间，借机紧跟开出的 "大道"，用较为轻松的方式回到自己的位置。但无论如何，一路 上，那碗被端在手里的泡面，随着步伐摇晃出的香味，提醒着大家可以吃点什么了。 于是，嗑瓜子的咔咔声、啃泡椒凤爪的嘶哈声、吃泡面的吸溜声以及向列车员的询价声，与各种香味融合，在某节车厢里浓缩为了数代人的记 忆。 图片来源：央视新闻 1999 年，中国国务院公布了新的 ...

2025年10月13日，周黑鸭在优质运营、创新突破、社会贡献等指标中表现优异，根据经观受尊敬企业组 委会初步评估，入围《经济观察报》2024—2025年度受尊敬企业。 ...

周黑鸭 20251010 摘要 周黑鸭 2025 年上半年业绩实现底部反转，利润超 1 亿元，得益于门店 梳理、员工激励及线上引流等措施，单店效益恢复双位数提升，同店增 速恢复至小个位数增长。全年预计保持百分之大几十的利润增速。 门店策略调整：2024 年关闭部分门店后，2025 年中门店数量为 2,800 多家，直营与特许门店占比 6:4。下半年恢复增长，目标维持 3,000 家 左右，关注门店质量而非数量，预计每年门店增长规模控制在个位数。 流通渠道成为中期发展战略重点，2024 年渠道业务规模不到 1 亿， 2025 年目标翻倍至 2 亿，已进入山姆会员商店并计划推出更多单品。 2026 年目标 5 亿，希望三年内达到 10 亿规模。 海外市场布局启动，2025 年以贸易形式进入马来西亚 Mix 超市，上架 20 多个 SKU 产品，并计划开设首家海外门店。未来拓展至北美市场， 建立本土化供应链，三年内希望达到亿元级别收入。 成本控制方面，周黑鸭通过向主要供应商采购并储备优质小型供应商库， 制定灵活采购策略，有效控制压副产品原材料成本，并拓展蔬菜、海鲜 类产品以分散成本压力。 Q&A 请介绍一下周黑鸭在 ...

气味是立体的，它总能轻易唤起被封存许久的记忆。 拥挤闷热的车厢，五湖四海的口音。此时，泡面的水要比往常少，最好没过面饼就收手，如果放了榨菜和火腿肠，那可以适当再增加一点。但，水稍多一 点，这一路上就得更加小心慢慢挪动。 图片来源：央视新闻 捧着泡面碗，从车厢有热水供应的这头挪到自己的位置，是一项高难度的挑战：人多、空间小，热水还不能撒。 "啤酒饮料矿泉水。" "花生瓜子八宝粥。" "来，腿收一下。" 有经验的，往往会挑准时机，默默推算小推车折返的时间，借机紧跟开出的"大道"，用较为轻松的方式回到自己的位置。但无论如何，一路上，那碗被端 在手里的泡面，随着步伐摇晃出的香味，提醒着大家可以吃点什么了。 于是，嗑瓜子的咔咔声、啃泡椒凤爪的嘶哈声、吃泡面的吸溜声以及向列车员的询价声，与各种香味融合，在某节车厢里浓缩为了数代人的记忆。 1999年，中国国务院公布了新的《全国年节及纪念日放假办法》，决定将春节、"五一""十一"的休息时间与前后的双休日拼接，从而形成7天的长假。同 年的国庆，成为第一个"黄金周"。中国旅游研究院数据显示，这一年"黄金周"全国出游人数达2800万人次，旅游综合收入141亿元，假日旅游热潮席卷全 ...

Core Insights - The article discusses the evolution of food and beverage consumption on trains in China, highlighting the shift from basic sustenance to experience-oriented products that enhance travel enjoyment [4][6][20]. Group 1: Historical Context - In 1999, the introduction of the "Golden Week" holiday led to a surge in domestic travel, with 28 million trips taken and a total tourism revenue of 14.1 billion yuan [1]. - By 2024, domestic travel during the National Day holiday reached 765 million trips, generating a total expenditure of 700.8 billion yuan [2]. Group 2: Changing Consumer Preferences - Consumers now prefer visually appealing and emotionally satisfying food and beverage options during travel, moving beyond mere hydration and sustenance [4][6]. - The demand for experience-oriented products is expected to surpass last year's levels during the National Day holiday [6]. Group 3: Food and Beverage Innovations - The introduction of instant noodles, particularly the iconic Kang Shifu beef noodles in 1992, revolutionized train food consumption, meeting the needs of travelers for convenience and affordability [8][11]. - The rise of various snack options, such as spicy chicken feet and eight-treasure porridge, reflects a diversification in train food offerings, catering to modern consumer tastes [12][16]. Group 4: Packaging and Preservation Advances - The introduction of "modified atmosphere packaging" by brands like Zhou Hei Ya has extended the shelf life of ready-to-eat products, making them more suitable for train travel [22][23]. - The growth of portable and fresh options, such as freeze-dried coffee and instant fruit teas, indicates a trend towards convenience and quality in travel snacks [25][26][28]. Group 5: Cultural and Regional Influences - The emergence of cultural-themed ice creams and regional snacks on trains highlights a growing emphasis on local experiences and culinary diversity during travel [34][36]. - Passengers are increasingly exposed to regional specialties, enhancing their travel experience and connecting them to local cultures [38][41].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 周黑鴨國際控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01458 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | USD | | 0 | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,00 ...

从万店竞赛到集体瘦身，标志着卤味行业告别规模至上的时代。 你多久没啃过鸭脖了？街边的卤味店越开越多，曾风光无限的"卤味三巨头"——绝味食品、周黑鸭、煌上煌，日子却越来越不好过。 近日，绝味食品因信披违规被冠上"ST"的帽子，并遭强制停牌。据披露，2017年至2021年间，公司未按规定确认加盟门店装修业务收入，导致年度报告 少计营业收入，少计金额占对应年度公开披露营业收入的比例分别为5.48%、3.79%、2.20%、2.39%、1.64%。 外界对绝味隐瞒收入的原因猜测不少，可以确定的是，该事件不仅暴露出公司内部控制的漏洞，也暴露出整个卤味行业的困局。 5年前，煌上煌提出"用五年时间开出1万家门店"，4年前周黑鸭也提出"万家规模"计划，而绝味食品更是早在2019年达成万店规模。 但在今年上半年，三巨头营收集体下滑，批量关店成了自救的统一手段。传统增长模式的失灵，是比"监管帽子"更致命的存在。 加盟和直营，都逃不过寒冬 这次让绝味食品陷入危机的加盟模式，曾是其迅速崛起的利器。 2005年，绝味食品创始人戴文军辞去医药公司市场部的经理职务，投身卤制品行业。此时，煌上煌与周黑鸭已初步实现连锁化、标准化，在各自省份拥 ...

Group 1 - The 2025 China Food Exhibition (Guangzhou) opened on September 26, attracting nearly 1,000 food and beverage companies from over 40 countries and regions, showcasing the latest products in the global food industry [1] - The Wuhan Trade Promotion Exhibition Group, consisting of over 20 local enterprises, participated in the event to connect with global food industry opportunities and secure orders [2] - Popular products from Wuhan, such as hot dry noodles and various specialty foods, drew significant attention, with long queues at booths like Fang's Food and Jin Hui Quan [2][4] Group 2 - The president of the Wuhan Food Industry Association highlighted the strong market potential and cross-regional appeal of Wuhan's specialty foods, indicating a successful reception at the exhibition [4] - The Wuhan Trade Promotion Association has organized participation in the China Food Exhibition for three consecutive years, aiming to promote local flavors internationally and establish trade channels [4]

Core Viewpoint - The article discusses the challenges faced by the braised food industry, highlighting a significant decline in sales and store numbers, leading to a competitive and cost-pressured environment for both small shop owners and major brands [5][11]. Group 1: Challenges Faced by Small Shop Owners - Small shop owners like Wang Lei are experiencing increased operational costs, with rent rising from 5,500 yuan to 8,000 yuan and monthly profits dropping to around 3,000 yuan [6][9]. - Consumer sensitivity to prices has heightened, leading to reduced foot traffic and sales, with daily revenues dropping to 800 yuan [7][9]. - The market is saturated with over 20 competing braised food shops within a 500-meter radius, intensifying competition and forcing some shops to offer discounts that franchise owners cannot match [9][10]. Group 2: Performance of Major Brands - Major brands like Juewei, Zhou Hei Ya, and Huang Shang Huang reported significant revenue declines in 2024, with Juewei's revenue down 13.84% to 6.257 billion yuan and net profit down 34.04% to 227 million yuan [7][8][13]. - Despite revenue drops, some brands managed to maintain or even increase profit margins through cost-cutting measures, with Huang Shang Huang's net profit increasing by 26.9% despite a revenue decline [14][15]. - The number of stores for these major brands has decreased significantly, with Juewei closing 5,112 stores (32% reduction) and Huang Shang Huang reducing its store count by nearly 30% [15][16]. Group 3: Pricing and Consumer Sentiment - The pricing strategy of major brands has led to consumer backlash, with products priced significantly higher than traditional food items, causing many to perceive them as overpriced [17][19]. - A survey indicated that 47.2% of consumers would reduce purchases if prices increased by over 10%, reflecting a shift in consumer behavior towards seeking better value [18][24]. - The perception of braised food as a luxury item rather than an affordable snack has emerged, with social media discussions highlighting the disconnect between price and consumer expectations [17][20]. Group 4: Industry Trends and Future Outlook - The braised food industry is undergoing structural adjustments, with rising costs, intense competition, and changing consumer preferences posing significant challenges [26][25]. - The article suggests that brands need to focus on improving cost-effectiveness and product diversity to meet evolving consumer demands, particularly in the context of online shopping trends [27][28]. - The future of the industry may depend on the ability of brands to redefine their relationship with consumers and adapt to a market that increasingly values affordability and quality [29].

Core Insights - The article highlights the significant challenges faced by the snack food industry, particularly the braised food segment, as consumer preferences shift and competition intensifies [1][3][20] Group 1: Industry Performance - The revenue of major braised food companies has declined, with companies like Juewei reporting a 13.84% drop in revenue to 6.257 billion yuan and a 34.04% decrease in net profit to 227 million yuan in 2024 [3][7] - The overall market is experiencing a downturn, with consumer traffic visibly decreasing and price sensitivity increasing among customers [3][4] - The number of stores for major brands has significantly reduced, with Juewei closing over 5,000 stores from 2024, marking a 32% decrease [9][11] Group 2: Cost and Competition - Rising operational costs, including rent and labor, have pressured profit margins, with average monthly profits for small store owners dropping to around 3,000 yuan [4][22] - Intense competition has led to price wars, with some stores offering discounts that smaller franchisees cannot match [6][22] - The industry is facing severe homogenization, with over 70% similarity in product offerings, leading to a decline in profit margins [22] Group 3: Consumer Behavior - Consumer preferences are shifting towards more affordable options, with nearly 60% of consumers indicating they would reduce their purchase frequency due to high prices [20][24] - The perception of braised food as overpriced has become prevalent, with social media discussions highlighting the lack of value for money [12][14] - The trend of DIY cooking at home is gaining traction, as consumers seek to save money and control flavors, further impacting traditional sales [22][24] Group 4: Strategic Adjustments - Industry experts suggest that companies need to refocus on value for money to regain consumer trust and market share [24] - There is a call for innovation in product offerings to meet the evolving tastes of younger consumers while maintaining classic product advantages [24] - The future of the industry may depend on how well companies can redefine their relationship with consumers in a changing market landscape [24]