证券之星消息，11月3日休闲食品板块较上一交易日上涨1.77%，万辰集团领涨。当日上证指数报收于 3976.52，上涨0.55%。深证成指报收于13404.06，上涨0.19%。休闲食品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300972 | 万辰集团 | 183.88 | 4.02% | 3.31万 | 6.02亿 | | 002820 | 桂发祥 | 13.19 | 3.05% | 15.31万 | 2.01亿 | | 002956 | 西麦食品 | 21.92 | 2.81% | + 3.78万 | 8212.35万 | | 603057 | 紫燕食品 | 18.81 | 2.51% | 4.91万 | 9169.93万 | | 002695 | 煌上煌 | 12.99 | 2.20% | 11.46万 | 1.49 Z | | 603886 | 元祖股份 | 12.53 | 1.87% | 4.03万 | 5009.81万 | | 603517 | ST绝味 ...

2025年上半年，绝味食品营业收入同比减少15.57%，归母净利润同比下滑高达40.71%。 据公开报道，绝味在过去一年里关闭了超过四千家门店，门店数量从约1.6万家锐减至约1.08万家。 《卤味品类发展报告2025》也指出：随着入局者的增多，卤味赛道竞争愈发激烈，叠加消费渐趋谨慎影响，卤味品类市场规模增速有所 放缓。 这三个数据都指向一个问题，鸭脖大王陷入了，并看起来会持续陷入增长困境。于是，他选择开出一家"一口价超市"——一次联合卤味 与零食的新尝试，试图找到一条更具效率且有望实现增长的新赛道。 01 一口价、有零食、新体验 10月中旬，绝味在长沙低调开出了一家集零售与餐饮功能于一体的"超市型"门店。这一新店型的最大亮点在于：彻底取消传统称重计 价，全店商品改为"一口价"模式。 以及，区别于此前的绝味门店，这家"超市"的商品结构、运营模式、空间体验都迎来了创新。iBrandi品创觉得，颇有几番卤味界盒马的 意思。 图源小红书 具体来看，首先是商品结构的变化。店内商品结构品类变多，除了卤制品，干果零食、烘焙糕点、即饮饮品等多个品类也均有涉及， SKU多达90+款。尤其是，在这家店中，其零食类占比反超了卤味本 ...

Group 1: Puma - Puma announced a plan to cut approximately 900 white-collar jobs globally by the end of 2026 due to expected significant sales decline and high operational costs [1] - In Q3 2025, Puma reported a 10.4% decrease in sales to €1.9557 billion, with a net loss of €62.3 million and earnings per share of -€0.42 [1] - The company is facing challenges such as weak brand momentum, high inventory levels, and low distribution quality, but still has potential to rank among the top three global sports brands if reforms are implemented effectively [1] Group 2: Douyin - Douyin has announced ongoing efforts to combat the improper use of minors' images for profit, highlighting the need for continuous improvement in online protection for minors [2] - The platform has removed 37,000 videos and penalized 3,651 accounts for violations related to the exploitation of minors in the past month [2] - Douyin emphasizes that protecting minors online is an ongoing battle that requires legal, technological, and familial support [2] Group 3: Snack Industry - The snack industry, particularly the braised food segment, is experiencing a slowdown in growth and significant adjustments, as evidenced by revenue declines reported by major players like ST Juewei and Huangshanghuang [3] - Experts indicate that high prices and insufficient value-for-money in the braised food sector are facing substantial challenges amid changing consumer willingness and confidence [3] Group 4: Starbucks - Starbucks reported a revenue of $3.105 billion in the Chinese market for the fiscal year 2025, reflecting a 5% year-on-year growth [4] - The company has achieved continuous revenue growth for the fourth consecutive quarter, with same-store sales showing positive growth for the second consecutive quarter [4] - Starbucks' performance indicates that it has successfully built a competitive advantage through product differentiation in a highly competitive coffee market [4]

Core Viewpoint - The company, Juewei Foods, reported significant declines in revenue and net profit for the first three quarters of the year, primarily due to a decrease in product sales influenced by the market environment [1][2]. Financial Performance - For the first three quarters of the year, Juewei Foods' revenue decreased by 15.04% to 4.26 billion yuan, and net profit fell by 36.07% to 435 million yuan [1]. - In the latest third quarter, revenue dropped by 13.98% to 1.44 billion yuan, with net profit declining by 26.46% to 105 million yuan [1]. Sales Channels - The sales revenue from Juewei Foods' marinated food products fell by 16.48% to 3.53 billion yuan in the first three quarters [2]. - Revenue from franchise management also decreased by 21.61% to 42.37 million yuan during the same period [2]. - The number of franchise stores has significantly decreased, with over 4,000 stores closed since June 2024, leaving 10,606 stores as of October 18, 2024 [2]. Product Mix and Market Strategy - Fresh products accounted for approximately 75.35% of total sales in the first three quarters, while packaged products generated only 316 million yuan, representing about 7.42% [2]. - The company has limited presence in e-commerce and fresh food e-commerce channels, with online revenue accounting for only 0.82% in 2024 [2]. Compliance and Regulatory Issues - Juewei Foods faced administrative penalties for failing to disclose over 720 million yuan in revenue from 2017 to 2021, leading to a warning and fines for the company and several executives [4]. - The company has been placed under risk warning, with its stock code changed to "ST Juewei" [4]. Management Response - The management has acknowledged the administrative penalties and is taking corrective actions, including forming a special team to enhance internal controls and compliance [5]. - The company expressed sincere apologies to investors regarding the impact of these issues [5].

点评：2025年是彪马的"战略调整年"。目前，公司正面临多项挑战，包括品牌势头疲软、全渠道库存高 企以及分销质量偏低等。拥有77年历史的彪马仍具有巨大品牌潜力，如果改革得当，仍有机会跻身全球 体育品牌前三，并创造稳健利润。 NO.2抖音：持续打击利用未成年人形象不当牟利行为 抖音近日发布关于持续打击利用未成年人形象不当牟利行为的公告。公告称，近期，抖音平台发现仍有 少量用户利用未成年人形象宣扬幼态性感、发布"举牌""代跳"等违规内容，严重违反平台规则，侵害未 成年人合法权益。平台对此展开深入治理，一旦发现涉嫌违法犯罪的线索，将主动向公安机关报案。近 一个月，针对利用未成年人形象不当牟利的行为内容，平台共清理视频3.7万个，处置利用未成年人营 销的直播间1382个，3651个账号被处不同梯度的处罚。 丨2025年10月31日星期五丨 NO.1彪马将再裁员900人 10月30日，德国运动服装制造商彪马(Puma)公布了2025年第三季度财报。财报显示，经汇率调整后，公 司销售额下降10.4%，至19.557亿欧元；最终净亏损6230万欧元，每股收益为-0.42欧元。彪马表示，鉴 于预期销售额将大幅下滑，将采取进一 ...

Core Viewpoint - The ready-to-eat food industry, particularly the marinated food segment, is experiencing a slowdown in growth and significant adjustments, as indicated by the declining revenues of major players like ST Juewei and Huangshanghuang [1][4]. Group 1: Company Performance - ST Juewei reported a revenue of 1.441 billion yuan for Q3 2025, a year-on-year decrease of 13.98%, with a net profit of 105 million yuan, down 26.46% [1]. - For the first three quarters of 2025, ST Juewei's revenue was 4.260 billion yuan, a decline of 15.04% year-on-year, and net profit fell by 36.07% to 280 million yuan [1]. - Huangshanghuang's revenue for the first three quarters decreased by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan [1][2]. Group 2: Market Challenges - The marinated food industry is facing challenges due to changing consumer preferences, with high prices and insufficient cost-performance ratios impacting sales [1][4]. - ST Juewei attributed its declining net profit primarily to a decrease in sales volume of its main products due to adverse market conditions [1]. - Huangshanghuang noted that changes in consumption scenarios and a decline in single-store revenue contributed to its revenue drop, with a reduction of 762 stores from the previous year [2]. Group 3: Industry Trends - The overall price level of marinated food is considered high, and the lack of value for money is becoming more pronounced as consumer willingness to spend decreases [4]. - The industry is witnessing increased competition from new brands, which is eroding the market share of traditional marinated food brands [4]. - Health consciousness among consumers is rising, leading to reduced demand for high-salt and high-fat marinated products [4].

Core Insights - The article highlights the slowdown and adjustment phase in the braised food industry, particularly affecting major players like ST Juewei and Huang Shanghuang, with both companies reporting revenue declines due to changing consumer preferences and high prices [3][6]. Group 1: Company Performance - ST Juewei reported a revenue of 14.41 billion yuan in Q3 2025, a year-on-year decrease of 13.98%, with net profit down 26.46% to 1.05 billion yuan [3][4]. - For the first three quarters of 2025, ST Juewei's revenue was 42.60 billion yuan, down 15.04% year-on-year, and net profit decreased by 36.07% to 2.80 billion yuan [3][4]. - Huang Shanghuang's revenue for the first three quarters fell by 5.08% to 13.79 billion yuan, while net profit increased by 28.59% to 1.01 billion yuan [3][5]. Group 2: Market Challenges - The decline in sales for ST Juewei is attributed to a challenging market environment affecting the sales volume of its main products [3][5]. - Huang Shanghuang faced a decrease in store count, with 762 fewer stores compared to the end of 2024, contributing to its revenue challenges [5][6]. - The overall high pricing and insufficient cost-performance ratio in the braised food sector are significant challenges, especially as consumer willingness to spend decreases [6][7]. Group 3: Industry Trends - The growth of the braised food sector has been reliant on demographic advantages and increased store numbers, but recent trends show a decline in consumer confidence and spending power [6][7]. - Increased competition from new brands and a shift in consumer health consciousness are impacting traditional brands, leading to a decrease in market share for established players [7].

Core Insights - The braised food industry, once thriving with the "ten thousand store model," is now facing a slowdown in growth and significant adjustments due to declining consumer willingness and high prices [1][4] Group 1: Company Performance - ST Juewei reported a revenue of 1.441 billion yuan for Q3 2025, a year-on-year decrease of 13.98%, with net profit down 26.46% to 105 million yuan [1] - For the first three quarters of 2025, ST Juewei's revenue was 4.260 billion yuan, down 15.04% year-on-year, and net profit decreased by 36.07% to 280 million yuan [1] - Huang Shanghuang's revenue for the first three quarters fell by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan [1][2] Group 2: Market Challenges - The decline in sales for ST Juewei is attributed to a challenging market environment affecting the sales volume of its main products [1] - Huang Shanghuang's revenue drop is linked to changing consumer scenarios and a decrease in store numbers, with a reduction of 762 stores from the end of 2024 [2] - The overall high prices and insufficient cost-performance ratio of braised products are significant challenges for the industry, especially as consumer willingness to spend decreases [4] Group 3: Industry Trends - The growth of the braised food sector relies on demographic advantages and an increase in store numbers, but competition is intensifying with new brands emerging [3][4] - Consumer health awareness is rising, leading to reduced demand for high-salt and high-fat braised products, further impacting sales [4] - The overall price level of braised food is perceived as high, which, combined with declining consumer confidence, poses a substantial challenge to the industry [4]

绝味食品销售渠道太单一？ 门店大幅减少，卤制品卖不动了 自2024年以来，绝味食品的营收净利润就开始负增长。对比2024年前三季度，绝味食品的卤制食品销售收入明显下降，今年前三季度同比下跌了16.48%至 35.27亿元。此外，同期，其来自加盟商管理的收入也下跌了21.61%至4237.39万元。 绝味食品主要依靠加盟店销售休闲卤制品，但是它的加盟店正在持续减少。此前，绝味食品因2024年上半年闭店近千家上了微博热搜引发广泛关注，在这之 后，在2024年财报及2025年半年报，绝味食品未再披露门店数量。而根据第三方平台窄门餐眼，截至今年10月18日，绝味食品拥有门店10606家，对比2024 年6月官方数据的14969家，净减少门店超过4000家。 绝味食品的主要产品为鲜货类产品，今年前三季度占比约75.35%，而其包装产品收入相对较低，为3.16亿元，占比约7.42%。比起其他卤制品公司，绝味食 品在电商渠道、生鲜电商等布局较少，因此其受到门店减少的影响也更大。2024年，其来自线上渠道的收入占比约0.82%。 10月28日，绝味食品公布了三季度报。今年前三季度，其营收同比下降了15.04%至42.60亿元 ...

值得一提的是，ST绝味于2025年9月30日收到中国证券监督管理委员会湖南监管局下发的《行政处罚决 定书》。经查明，ST绝味存在以下违法事实：2017年至2021年期间，ST绝味未确认加盟门店装修业务 收入，导致年度报告少计营业收入，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%。公司2017年至2021年各年年度报告未如实披露营业收入。 新京报贝壳财经讯（记者阎侠）10月28日，ST绝味发布2025年三季度报告。2025年前三季度，ST绝味 实现营业收入约42.6亿元，同比下滑15.04%；归属于上市公司股东的净利润约2.8亿元，同比下滑 36.07%；归属于上市公司股东的扣除非经常性损益的净利润约2.41亿元，同比下滑43.27%。 对于业绩下滑的原因，ST绝味表示，主要原因是公司受行业市场环境的影响，导致主要产品销量下 滑。 根据相关法律法规，湖南监管局决定：对绝味食品股份有限公司责令改正，给予警告，并处以400万元 罚款；对相关责任人均给予警告，并处以金额不等的罚款。 （文章来源：新京报） ...