卤味品牌集体"快餐化"。 近日，煌上煌热卤店正式开业，一改传统卤味店即买即走的模式，摆上休闲桌椅，卖热卤、米饭、米粉和饮品。 不止煌上煌，周黑鸭、绝味食品、久久鸭等一众卤味品牌纷纷拓展产品线，搭配米粉、米饭、面条、肉夹馍等主食，走向"快餐化"，直接卷入眼下竞争最 激烈的刚需餐饮。 01. 套餐8.9元起， 煌上煌开热卤店"自救" 煌上煌这家热卤店开在江西南昌红谷滩区地铁万科广场，11月28日已经正式营业。 红餐网观察发现，热卤店整体仍保持品牌原有的橙色调简约风格，在原有的卤味档口处新增了大锅和明档厨房，顾客能清晰地看到食材在锅中卤制的过 程。进门右侧则放置了部分桌椅，大约能供5-8个人用餐。其门头下方还打出了"新鲜热卤，隔夜不卖"的标语。 在产品端，煌上煌热卤店主打热卤系列，还提供卤粉、炒饭、凉菜和饮品等产品，总SKU30+，相比煌上煌卤味档口店要更加精简，后者SKU为50+。 从定价来看，人均消费在30-40元区间，与卤味档口店类似，不过热卤店通过"热卤+主食+饮品"的组合套餐，让产品更具性价比，也能覆盖午餐、晚餐、 夜宵等消费场景。 比如其推出的两款23.9元的套餐——"一人食量大管饱套餐"有手撕酱鸭炒饭 ...

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 公司名稱: 周黑鴨國際控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 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 | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 20 ...

2025年11月19日，周黑鸭卤制专用辣椒开发战略合作签约仪式在周黑鸭总部隆重举行。周黑鸭携手四川 翠宏食品、四川川椒种业达成深度合作，三方以优势互补为基础、联合创新为核心，共同开发适合卤味 产业应用的辣椒新品种，这既是周黑鸭首次布局上游香辛料定制开发，更是卤味行业中达成香辛料定向 开发的突破性举措。 在周黑鸭的主导下，三方将整合在辣椒种质资源开发、种植加工、产业运用等领域的核心资源，聚焦卤 制产业的特殊需求，实现从辣椒种质资源开发、种植加工、产业运用的全链条协同，为卤味行业香辛料 供应模式树立新范式。 作为卤味行业推进香辛料定向开发的企业，周黑鸭此次战略布局，不仅体现了企业在供应链管控与产品 品质上的前瞻性，也展现了其推动产业标准化与品质升级的责任担当。该合作模式有望为整个卤味行业 树立供应链上游整合的新标杆，助力整个行业向更高质量发展迈进。 作为卤味行业的企业，周黑鸭基于对卤制工艺、风味稳定性与原料品质的长期洞察，牵头推动此次三方 合作。四川翠宏食品在辣椒加工领域实力突出，具备成熟的种植产区与加工技术能力；四川川椒种业则 在辣椒种质资源开发与种植技术上占据行业优势。 未来，周黑鸭将持续携手产业链伙伴共同推 ...

作为卤味行业的领军企业，周黑鸭基于对卤制工艺、风味稳定性与原料品质的长期洞察，牵头推动此次 三方合作。四川翠宏食品在辣椒加工领域实力突出，具备成熟的种植产区与加工技术能力；四川川椒种 业则在辣椒种质资源开发与种植技术上占据行业优势。 在周黑鸭的主导下，三方将整合在辣椒种质资源开发、种植加工、产业运用等领域的核心资源，聚焦卤 制产业的特殊需求，实现从辣椒种质资源开发、种植加工、产业运用的全链条协同，为卤味行业香辛料 供应模式树立新范式。 目前，卤味行业普遍采用的辣椒原料多依赖多区域采购，存在风味波动、供应不稳定等痛点。多年以 来，周黑鸭通过与头部辣椒种植加工企业进行源头直采，用行业最高标准验收及工艺流程管控等方式保 证产品质量和口味稳定。这一次，敢为人先，追求极致产品品质的周黑鸭更是再一次突破创新，拉通从 辣椒选育、种植到加工的全链路，此举通过定向培育辣椒种质，并在新疆指定产区推进标准化种植，实 现"专种、专供、专用"，全面定向优化辣椒在香味、辣度和耐煮性等方面的表现，使其更契合卤制工 艺，更好地适配周黑鸭门店消费者的需求。 不仅从源头保障了周黑鸭产品口感的统一性与稳定性，为消费者带来更优质、更可靠的味觉体验， ...

目前，卤味行业普遍采用的辣椒原料多依赖多区域采购，存在风味波动、供应不稳定等痛点。 多年以 来， 周黑鸭通过与头部辣椒种植加工企业进行源头直采，用行业最高标准验收及工艺流程管控等方式 保证产品质量和口味稳定。这一次，敢为人先，追求极致产品品质的周黑鸭更是再一次突破创新，拉通 从辣椒选育、种植到加工的全链路，此举通过定向培育辣椒种质，并在新疆指定产区推进标准化种植， 实现"专种、专供、专用"，全面定向优化辣椒在香味、辣度和耐煮性等方面的表现，使其更契合卤制工 艺，更好的适配周黑鸭门店消费者的需求。 不仅从源头保障了周黑鸭产品口感的统一性与稳定性，为消费者带来更优质、更可靠的味觉体验，也将 提升辣椒产业的技术水平与应用前景，同时为卤味行业香辛料供应的标准化、规模化、优质化树立新标 杆。 作为卤味行业首家推进香辛料定向开发的企业，周黑鸭此次战略布局，不仅体现了企业在供应链管控与 产品品质上的前瞻性，也展现了行业领导者推动产业标准化与品质升级的责任担当。该合作模式有望为 整个卤味行业树立供应链上游整合的新标杆，助力整个行业向更高质量发展迈进。 未来，周黑鸭将持续携手产业链伙伴共同推进卤味行业的发展进程，为消费者创造口 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The food and beverage industry is experiencing a transformation driven by health-conscious consumer trends, product innovation, and channel expansion, with companies actively enhancing their product offerings and exploring overseas markets [1][9]. - In the liquor segment, the supply side is undergoing continuous changes to seek growth, while the demand side is gradually recovering, highlighting the absolute investment value in the industry [2][3]. - The beverage sector is focusing on product innovation and network expansion to uncover growth potential, with a strong emphasis on health upgrades and premiumization [4][7]. Summary by Relevant Sections Liquor Industry - **Water Well**: The company is optimizing its product matrix and plans to launch a new high-end product in 2025, focusing on brand collaboration and expanding its terminal network [2]. - **Jiu Gui Jiu**: The brand is implementing a strategic focus on brand depth and product line simplification, with expectations for improved sales performance [3]. - **She De Jiu Ye**: The company is maintaining its core strategy while expanding its product offerings, particularly in e-commerce, to drive growth [3]. Beverage Industry - **Kang Shi Fu**: The company is committed to innovation and quality, focusing on expanding its product range to meet diverse consumer needs [4]. - **Unified Enterprises**: The company is experiencing stable performance with a focus on product innovation and market expansion, particularly in the instant noodle and beverage segments [7]. - **Hua Run Beverage**: Short-term performance is under pressure due to competition, but long-term growth prospects remain strong due to the essential nature of its products [7]. Health and Wellness Trends - **Anqi Yeast**: The company is targeting over 10% revenue growth, with a focus on expanding its overseas market presence and maintaining cost advantages [9]. - **Xian Le Health**: The company is advancing its global strategy and product innovation to capture new consumer trends, with a focus on high-margin products [9]. - **Jian Yi Health**: The company is enhancing its probiotic offerings and expanding its product lines to meet evolving consumer demands [10]. Overall Market Trends - The food and beverage industry is witnessing a shift towards healthier products and innovative marketing strategies, with companies adapting to changing consumer preferences and exploring new growth avenues [1][4].

Core Insights - The article discusses the decline of the duck neck snack industry, highlighting the closure of 5,600 stores and the loss of consumer interest among young people [1] - Major brands like Juewei, Zhou Hei Ya, and Huang Shang Huang are facing significant challenges, including store closures, financial losses, and a drop in consumer trust [1][6] Group 1: Industry Overview - The duck neck snack was once a staple of nightlife, with brands rapidly expanding and attracting franchisees due to perceived profitability [1][3] - By 2019, the market began to saturate, leading to a decline in single-store revenue as competition increased [3] - In the first half of 2025, Zhou Hei Ya reported revenue of 1.223 billion, a decrease of 2.9% year-on-year, while Huang Shang Huang's revenue was 984 million, down 7.19% year-on-year [1] Group 2: Business Model Challenges - The franchise model initially appeared profitable due to upfront fees and bundled services, but market saturation led to diminishing returns for franchisees [3][8] - Zhou Hei Ya's focus on high-end locations resulted in high rental costs, making its business model vulnerable during economic downturns [3][6] - The number of franchise stores for Zhou Hei Ya decreased to 1,291 by the first half of 2025, indicating a contraction in its business [3] Group 3: Consumer Behavior and Market Trends - The menu offerings of these brands have remained stagnant, failing to innovate and attract younger consumers who prefer trendy and novel options [4][8] - Price increases have alienated consumers, as the cost of duck neck snacks has approached that of full meals, leading to a perception of reduced value [6][8] - The combination of quality control issues, lack of product innovation, and rising prices has contributed to a significant decline in brand loyalty and consumer interest [6][8] Group 4: Financial Impact - The combined revenue of the three major brands decreased by nearly 1 billion in the first half of 2025, reflecting a systemic contraction in the industry [8] - Juewei has faced severe financial issues, leading to its designation as ST (special treatment) in the capital market, with its market value evaporating by 80% from its peak [1][6] - Zhou Hei Ya has been forced to make layoffs and internal adjustments due to declining revenue and increased operational costs [6]

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10月31日 狀態: 新提交 FF301 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11月4日 I. 法定/註冊股本變動 | 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 | | 50,000 | 本月底法定/註冊股本總額： ...

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, yielding predictable returns [2] - It discusses the existence of competitive advantages, or "moats," in consumer enterprises, which differ from those in technology companies [4][12] Consumer Moats - There are four key demand-side moats: - Brand Effect: Particularly crucial in specialized fields like healthcare and education, where consumer decision-making costs are high [4] - Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, exemplified by platforms like Xiaohongshu [4] - Switching Costs: Consumers face significant hurdles in changing systems or brands after investing time and resources [5] - Economies of Scope: The advantage of one-stop shopping, as seen in businesses that offer a wider variety of products [5] Supply-Side Moats - Four key supply-side moats include: - Economies of Scale: Early entrants can leverage high prices initially and then reduce costs through increased sales volume [7] - Learning Curve: Knowledge barriers built through cumulative production make it difficult for newcomers to compete [8] - Resource Monopoly: Control over unique recipes, licenses, or prime locations can provide significant advantages [9] - Economies of Scope in Supply: Optimizing costs through coordinated supply networks and utilizing by-products [11] Entrepreneurial Characteristics - The article notes that consumer entrepreneurs require a broader skill set compared to tech entrepreneurs, who may excel in specific areas [13][14] - A framework called "VISIBLE" is introduced, representing key traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [15] Investment Preferences - The company prefers investing in product-oriented founders over marketing-oriented ones, as the former tend to provide more stable long-term growth [17]

Core Insights - The focus of investment has shifted towards consumer sectors since 2011, with a notable success rate compared to technology projects, which often yield unpredictable outcomes [2] - Consumer enterprises possess competitive advantages, or "moats," that differ from technology firms, requiring a more complex and comprehensive approach to understanding their success [4] Demand-Side Moats - Brand Effect: In specialized fields like healthcare and education, brand importance increases due to high decision-making costs for consumers [4] - Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, exemplified by platforms like Xiaohongshu [5] - Switching Costs: Consumers face significant hurdles in changing systems or brands after investing time and resources, as seen with operating systems like Windows [5] - Economies of Scope: Consumers benefit from one-stop shopping experiences, as demonstrated by stores offering a wider variety of products [5] Supply-Side Moats - Economies of Scale: Early entrants can leverage high initial prices to achieve cost advantages through increased sales volume, maintaining a competitive edge [7] - Learning Curve: Accumulated production knowledge creates barriers for newcomers, emphasizing the importance of continuous learning and innovation [8] - Resource Monopoly: Unique recipes, industry licenses, and prime locations can provide significant advantages, even if they seem temporary [9] - Supply-Side Economies of Scope: Optimizing product supply through network coordination can lead to cost efficiencies [11] Entrepreneurial Characteristics - Consumer entrepreneurs require a broader skill set compared to tech founders, who may excel in specific areas [13][14] - A framework called "VISIBLE" outlines essential traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [15] - Investment preferences lean towards product-oriented founders for stability, as opposed to marketing-focused ones, which may lead to rapid but volatile growth [17]