公司被证监局处罚，股票被ST，卤味龙头绝味食品股份有限公司（以下简称"绝味食品"或"ST绝味"） 进入多事之秋。 在过往许多信披违法违规案例中，企业往往会为了让业绩更好看而虚增营业收入或净利润，而绝味食品 为何少计营收呢？对此，绝味食品并未对外透露具体原因。而在经济学家宋清辉看来，类似绝味食品这 种未如实披露营业收入的情况比较鲜见，此举目的或许不是为了让报表"好看"以吸引投资者，而是为了 让报表"可控"，从而有助于实现管理层对利润的平滑调节、规避税务或更灵活地支配资金的目的。比如 在经营业绩较好的年份将部分收入，如装修收入等隐匿或延迟确认，以形成"利润蓄水池"。与此同时， 将装修收入未确认并保留在体系外，也便于公司管理层在体外灵活使用这笔资金，而无需经过上市公司 严格的审批和监管流程。 宋清辉向新京报记者表示，少计营收，虽然不像虚增利润那样直接欺骗投资者，但后果同样严重，且具 有更强的不确定性和风险性。此举也说明公司内部控制系统存在重大缺陷，财务流程失控，严重损害公 司治理形象。对股民而言，如果股民是基于公司收入的"稳定性和可持续性"作出投资决策，那么少计营 收的行为会让他们误判公司的真实成长轨迹，从而导致出 ...

行业研究 证 券 研 究 报 告 食品饮料行业 2025 年三季报前瞻 推荐（维持） 白酒加速出清，大众逐渐改善 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 证券分析师：严文炀 邮箱：yanwenyang@hcyjs.com 执业编号：S0360525070006 证券分析师：董广阳 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 126 | 0.02 | | 总市值(亿元) | 46,653.82 | 3.99 | ...

绝味鸭脖位于天津的一家门店 ◎记者 荆淮侨 截至2025年上半年，绝味食品的加盟商委员会体系已拥有116个战区委工作小组，链接了3000余家加盟 商。 对于无数加盟商和一线员工而言，这也是无须背井离乡的"家门口经济"。以社区店为主的模式，投资门 槛相对可控，吸引了大量创业者和小微投资者。据公司介绍，整个体系——门店、物流及工业体系—— 直接带动了近4万人就业，为大量当地居民提供了稳定的收入来源。 公司方面表示，通过这一稳健的加盟体系，不仅保障了终端产品的品质如一，也为基层提供了大量、稳 定的就业岗位和创业平台，成为激活区域微观经济的"毛细血管"。 从街头小摊到全国连锁，卤味食品的香气飘进千家万户。在不分南北、老少咸宜的食谱上，鸭脖无疑是 不可或缺的一款美食。作为中国卤味行业的领军企业，自2005年在长沙开设首家门店，绝味食品以一根 鸭脖为起点，构建起一个覆盖全国、深入城乡的美食王国。 绝味食品有关负责人在接受上海证券报记者采访时表示，通过上万家门店组成的网络，让鲜食直达消费 者手中，这条看似简单的连线，却是公司逐步成长为"卤味巨头"的核心能力之一。当这些优势与"扩内 需，促消费"碰撞，也能在培育新消费生态、释 ...

Core Insights - The article highlights the growth and expansion of Juewei Foods, a leading player in the Chinese marinated food industry, which started in 2005 and has developed a nationwide network of over ten thousand stores [2][3] - Juewei Foods has shifted its strategy from broad expansion to deep exploration of consumer needs, focusing on enhancing product offerings and operational efficiency to adapt to changing market dynamics [5][6] Group 1: Business Model and Operations - Juewei Foods utilizes a robust supply chain and distribution network, ensuring fresh products reach thousands of stores daily, which is crucial for maintaining product quality [3][4] - The company has established a comprehensive franchise system that connects over 3,000 franchisees, creating job opportunities for nearly 40,000 individuals and supporting local economies [4][6] Group 2: Strategic Focus and Market Trends - The company is responding to the evolving consumer landscape by investing in product development, with a reported R&D expenditure of 24.7 million yuan, a 9.44% increase year-on-year, aimed at creating healthier and regionally customized products [7] - Juewei Foods is committed to social responsibility, engaging in initiatives that support rural revitalization and establishing long-term partnerships with suppliers to stabilize raw material prices [8][9] Group 3: Financial Performance and Shareholder Returns - Since its listing, Juewei Foods has distributed a total of 2.364 billion yuan in cash dividends, demonstrating its commitment to sharing growth with investors [8] - The company plans to distribute nearly 200 million yuan in cash dividends for the 2024 fiscal year, reinforcing its focus on shareholder returns [8]

Core Insights - The Chinese restaurant food chain franchise industry is undergoing significant transformation, driven by macroeconomic recovery and increasing consumer spending power, leading to market expansion and digital transformation [1][4][9] Market Overview - The Chinese restaurant food market is projected to reach 12.6 trillion yuan, with a compound annual growth rate (CAGR) of approximately 7.2% from 2020 to 2024, driven by both service and retail sectors [9] - The restaurant service sector is recovering strongly post-pandemic, with an annual growth rate nearing 9%, while food retail is experiencing structural upgrades with high-value subcategories [9][10] Consumer Behavior - Urban and rural consumer spending is showing a recovery trend, with urban residents' spending growing at a CAGR of 6.4% and rural residents at 8.9% from 2020 to 2024, indicating strong demand for food and beverages [6] - The at-home dining market is rapidly growing at a CAGR of 18.4%, reflecting changing consumer preferences towards convenience and health [10][36] Industry Trends - The chain rate in the restaurant sector is expected to rise from 15% in 2020 to 24% by 2025, indicating a shift towards more standardized and digitalized operations [12] - The differentiation in chain categories is evident, with ready-to-drink beverages leading in chain rates, while traditional Chinese cuisine and barbecue lag behind due to lower standardization [15] Investment Opportunities - The at-home dining segment is favored by franchisees due to its lower investment threshold and shorter return on investment period, with monthly sales per store ranging from 80,000 to 200,000 yuan and a gross margin of 30-40% [34][35] - Franchisees are increasingly considering brands with clear operational support and profitability models, leading to a dual selection mechanism between brands and franchisees [48] Competitive Landscape - The competitive environment is shifting from rapid expansion to refined operations, with franchisees focusing on quality site selection and cost management to avoid saturated markets [24] - Major brands like Guoquan Shihui are emerging as leaders in the at-home dining segment, offering a diverse product matrix and strong operational support [39][40] Digital Transformation - The industry is recognizing the need for digital transformation to manage the complexities of expanding franchise networks, with data-driven decision-making becoming essential for operational efficiency [44] Franchisee Dynamics - The rise of professional franchisees with prior successful experiences is reshaping the franchise landscape, with brands focusing on nurturing successful cases to encourage repeat investments [47][48]

Group 1 - ST Juewei experienced a limit-up in trading, with an increase of 4.98% [2] - The trading volume exceeded 200 million yuan [2]

Core Points - Awei Food (603517.SH) was fined 4 million yuan by the Hunan Securities Regulatory Bureau for failing to recognize revenue from franchise store renovation business from 2017 to 2021, leading to understated annual report revenue [1] - The former chairman and general manager Dai Wenjun was fined 2 million yuan, the financial director Peng Caigang was fined 1.5 million yuan, and the board secretary Peng Gangyi was fined 1 million yuan [1]

根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税和利息损失等。权益受损的证券 投资者可以向有管辖权的法院提起民事赔偿诉讼。 由于绝味食品涉嫌信息披露违法违规（诱空型），被中国证监会处罚，为维护证券投资者合法权益，上 海汉联律师事务所宋一欣律师向曾经购买过绝味食品的证券投资者展开诉讼代理征集，代理投资者索赔 诉讼，权益受损的证券投资者可以向前述律师进行索赔登记。（宋一欣律师专栏） 宋一欣律师认为，绝味食品案的索赔条件为：2018年4月16日至2024年8月15日间卖出绝味食品股票或债 券等证券市场公开发行产品，并在2024年8月16日及买入之后或继续持有的受损投资者，可以办理索赔 登记。（绝味食品维权入口） 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年10月1日，绝味食品股份有限公司(简称：绝味食品，代码：603517)发布《关于收到中国证券监 督管理委员会湖南监管局行政处罚决定书的公告》。 经中国证 ...

恒指公司发布通知称，由于绝味食品股份有限公司已被列为ST股票，故不再符合纳入恒生指数系列的 标准。因此，于2025年10月24日（星期五）收市后，绝味食品股份有限公司将从恒生A股(可投资)指数 等指数中被剔除。 ...

Core Viewpoint - ST Juewei has been penalized for failing to disclose revenue accurately from 2017 to 2021, leading to a fine of 4 million yuan and warnings for key executives [2][3][4]. Group 1: Regulatory Actions - ST Juewei received an administrative penalty decision from Hunan Securities Regulatory Bureau, confirming violations of information disclosure laws [1][2]. - The company was found to have underreported revenue from franchise store renovation, with discrepancies in annual reports ranging from 1.64% to 5.48% over the years [2][4]. - The penalties include a warning and fines for the company and its executives, totaling 4 million yuan for the company, 200,000 yuan for the chairman, and lesser amounts for other executives [3][4]. Group 2: Financial Performance - In the first half of 2025, ST Juewei reported revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71% [4]. - The company attributed the performance decline to a decrease in sales volume during the reporting period [4]. Group 3: Future Actions - ST Juewei plans to adjust its financial statements in response to the penalty and strengthen internal control processes [4]. - The company aims to apply for the removal of risk warnings once conditions are met [4].