Core Viewpoint - ST Juewei has reported a significant decline in both revenue and net profit for the third quarter of 2025, reflecting ongoing challenges in the industry and market environment [1][5]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.26 billion CNY, a decrease of 15.04% year-on-year [1][3]. - The net profit attributable to shareholders was 280 million CNY, down 36.07% year-on-year, while the net profit excluding non-recurring items was 241 million CNY, a decline of 43.27% [1][2]. - In Q3 2025, revenue was 1.44 billion CNY, a decrease of 13.98% year-on-year, with a net profit of 105 million CNY, down 26.46% [1][2]. Revenue Breakdown - The main business revenue for the first three quarters was 4.17 billion CNY, with the majority coming from the sale of marinated food, which accounted for 3.53 billion CNY or 84.63% of total revenue [3][4]. - The sales revenue from marinated food decreased by 16.49% compared to the same period in 2024 [3]. Regulatory Issues - The company faced regulatory penalties due to underreporting revenue from franchise store renovations between 2017 and 2021, resulting in a warning and a fine of 4 million CNY from the Hunan Securities Regulatory Bureau [4][5]. - Following these issues, the company's stock was reclassified to "ST Juewei," indicating other risk warnings [4]. Market Performance - As of October 28, 2025, ST Juewei's stock closed at 13.46 CNY, with a market capitalization of 8.157 billion CNY [5][6].

Core Insights - ST Juewei reported a decline in revenue and net profit for Q3 2025, with revenue at 1.441 billion yuan, a year-on-year decrease of 13.98%, and net profit at 105 million yuan, down 26.46% [1] - For the first three quarters of 2025, the company recorded revenue of 4.260 billion yuan, a year-on-year decline of 15.04%, and net profit of 280 million yuan, down 36.07% [1] - The decline in performance is primarily attributed to the adverse impact of the industry market environment, leading to a decrease in sales of key products [1]

Core Insights - The leisure snack industry is facing significant challenges, with many companies reporting declining performance in their Q3 2025 results, highlighting the impact of macroeconomic uncertainties on consumer spending [1][4][7] Performance Overview - Wanchen Group reported the best performance among listed companies, achieving a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit of 855 million yuan, up 917.04% [1] - Ganyuan Foods experienced a revenue decline of 4.5% to 1.53 billion yuan and a net profit drop of 43.7% to 156 million yuan [1] - Yanjinpuzi achieved a revenue of 4.427 billion yuan, a year-on-year increase of 14.67%, with a net profit of 605 million yuan, up 22.63% [2] - Jinzhai Foods reported a revenue of 1.808 billion yuan, a slight increase of 2.05%, but a net profit decline of 19.51% [2] - Three Squirrels saw a revenue increase of 8.22% to 7.759 billion yuan, but a significant net profit drop of 52.9% to 161 million yuan [3] Market Dynamics - The overall decline in net profits across the leisure snack sector reflects the industry's struggle amid economic downturns, as these products are not considered necessities [4][6] - Analysts suggest that the industry must innovate and adapt to survive, as the "Matthew Effect" will increasingly favor stronger brands while weaker ones may struggle [4][5] - The rise of bulk snack formats has not replaced traditional snack brands but has created opportunities for lesser-known brands, which may eventually be overshadowed by established names [4][5] Consumer Behavior and Pricing - The overall market size for snacks is increasing, but individual companies may experience declining revenues due to price reductions and stable consumer demand [5][6] - Companies are pressured to improve efficiency in their supply chains and marketing strategies to maintain profitability amid shrinking margins [6][7] - The industry is facing a critical juncture where survival is at stake, as highlighted by the challenges faced by major players like Liangpinpuzi [7]

证券代码：603517 证券简称：ST 绝味 公告编号：2025-080 绝味食品股份有限公司 2025 年前三季度经营数据公告 单位：元 币种：人民币 | 分行业 | 金额 | 占比 | | --- | --- | --- | | 卤制食品销售 | 3,526,559,504.06 | 84.63% | | 加盟商管理 | 42,373,925.37 | 1.02% | | 集采业务 | 159,714,358.16 | 3.83% | | 供应链物流 | 422,689,746.20 | 10.14% | | 其他 | 15,843,262.27 | 0.38% | | 主营业务收入小计 | 4,167,180,796.06 | 100.00% | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 绝味食品股份有限公司（以下简称"公司"）根据上海证券交易所《上市公 司行业信息披露指引第十四号—食品制造》相关规定，现将公司 2025 年前三季 度经营数据（未经审计）公告如下： 一、报告期经营情况 2025 年 1-9 月 ...

证券代码：603517 证券简称：ST 绝味 公告编号：2025-081 绝味食品股份有限公司 关于全资子公司参与股权投资基金的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 投资标的名称 | 宁波番茄叁号股权投资合伙企业（有限合伙） | | | --- | --- | --- | | 投资金额（万元） | 4,950 | | | 投资进展阶段 | 完成 交易要素变更 □√ 进展 | 终止 | | 特别风险提示（如有请勾选） | 募集失败 | | | | 未能完成备案登记 | | | | 提前终止 | | | | 发生重大变更 | | | | □√ 其他：本基金后续运作受到经济环境、行业周 | | | | 期、投资方案设计、投资标的经营管理等多种因 | | | | 素影响，可能存在投资收益不及预期等风险。公 | | | | 司将密切关注本基金后续进展，并严格按照上海 | | | | 证券交易所相关法规要求，及时履行披露义务。 | | | | 敬请广大投资者审慎决策，注意投资风险。 | ...

证券代码：603517 证券简称：ST 绝味 公告编号：2025-079 绝味食品股份有限公司 第六届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 绝味食品股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日以书面、 电话和电子邮件方式向全体董事发出第六届董事会第五次会议的通知和材料，并 于 2025 年 10 月 27 日在公司会议室以现场结合通讯表决方式召开，会议由董事 长戴文军主持，会议应到董事 7 人，实到 7 人。公司董事会秘书及其他高级管理 人员列席会议。会议的通知、召开及审议程序符合《公司法》等法律法规及《公 司章程》的规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于<2025 年第三季度报告>的议案》 具体内容详见公司于同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年第三季度报告》。 本议案已经公司董事会审计委员会审议通过，并同意提交董事会审议。 表决结果为：7 票同意，0 票反对，0 票弃 ...

绝味食品股份有限公司 2025 年第三季度报告 绝味食品股份有限公司 2025 年第三季度报告 证券代码：603517 证券简称：ST 绝味 绝味食品股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 项目 本报告期 本报告期比上年 同期增减变动幅 度(%) 年初至报告期末 年初至报告期末 比上年同期增减 变动幅度(%) 营业收入 1,440,712,246.75 -13.98 4,260,389,716.54 -15.04 利润总额 159,065,409.16 -25.59 434,760,711.08 -32.21 归 ...

董事会秘书工作细则 绝味食品股份有限公司 董事会秘书工作细则 第一章 总则 第一条 为了促进绝味食品股份有限公司（以下简称"公司"）的规范运作 ，明确董事会秘书的职责权限，充分发挥董事会秘书的作用，根据《公司法》《 证券法》《上海证券交易所股票上市规则》等有关法律法规的规定，并依据《公 司章程》《董事会议事规则》《信息披露事务管理制度》的规定，制定本细则。 第二条 公司设董事会秘书一名。董事会秘书是公司与证券监管机构、证券 交易所之间的指定联络人，是公司高级管理人员，对公司和董事会负责。董事会 秘书应遵守法律、行政法规、部门规章和《公司章程》的有关规定，承担高级管 理人员的有关法律责任，对公司负有诚信和勤勉义务，不得利用职权为自己或他 人谋取利益。 第三章 任职资格 第三条 公司董事会秘书的任职资格： （一）具备履行职务所必需的财务、法律、金融、企业管理等方面的专业知 识； （二）具有良好的职业道德和个人品质，严格遵守有关法律、法规和规章制 度，能够忠诚地履行职责； （三）熟悉公司经营管理情况，具有良好的组织协调能力和沟通能力； （四）取得证券交易所颁发的董事会秘书培训合格证书。 第四条 具有下列情形之一的， ...

Core Viewpoint - The company, Juewei Foods, has faced significant regulatory penalties due to underreporting revenue from franchise store renovation services from 2017 to 2021, leading to a warning and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau, and its stock has been marked as "ST" (special treatment) [1][5][6] Group 1: Regulatory Actions and Financial Impact - Juewei Foods was found to have underreported revenue, with the unrecognized income amounting to approximately 724 million yuan over five years, affecting reported revenues by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively [2][3] - The company received a total fine of 4 million yuan, with additional fines imposed on key executives, including 2 million yuan for the former chairman [5][6] - Following the penalties, Juewei Foods was removed from several indices, including the Hang Seng A-Share Index, marking a significant reputational blow [7][9] Group 2: Historical Context and Governance Issues - Juewei Foods has a history of regulatory warnings, including incidents in 2021 and 2023 related to improper disclosures and governance failures [8][9] - The continuous nature of these violations indicates a systemic failure in internal controls and governance, raising concerns about the company's operational integrity [9] Group 3: Financial Performance and Market Position - The company reported a decline in revenue for the first time since its listing, with a 13.84% drop in 2024 and a further 15.57% decrease in the first half of 2025 [10][11] - The number of operational stores has decreased significantly, from 14,969 to 10,606, indicating challenges in maintaining its franchise model [11][12] - Juewei Foods is attempting to pivot its strategy by focusing on innovation and operational efficiency to adapt to market changes [12]

Investment Rating - The report maintains a recommendation for the liquor sector, indicating a bottoming out phase with potential for recovery in the future [2]. Core Insights - The liquor industry is experiencing a significant decline in sales, with an expected drop of over 20% in overall sales volume. However, there are signs of month-on-month improvement, and the decline is narrowing [5][9]. - Major liquor companies like Moutai and Wuliangye are showing strong recovery in payment collection, with over 80% collection rates, while regional brands are performing adequately [5][9]. - The report emphasizes the importance of focusing on high-quality liquor brands that are likely to recover faster, such as Moutai and Fenjiu, while also highlighting the need to monitor companies undergoing significant changes [6][9]. Summary by Sections 1. Liquor Sector: Q3 Accelerated Decline and Bottoming Out - The liquor sector is facing a 20%+ decline in sales due to external demand shocks, with a gradual improvement expected in the coming months [5][9]. - High-end liquor brands are expected to show resilience, with Moutai projected to achieve a 3% revenue growth in Q3, while Wuliangye is expected to see a 20% revenue decline [10][11]. - The report indicates that companies are adjusting their strategies to reduce channel pressure and improve operational efficiency [9][10]. 2. Consumer Goods Sector: Overall Demand Weakness, Structural Resilience - The consumer goods sector is experiencing overall weak demand, but segments like snacks and beverages are showing higher resilience [17][24]. - The report notes that while the demand for dairy and beer remains stable, the restaurant supply chain is still under pressure [17][24]. - Raw material prices are generally declining, which may provide some cost relief to companies in the sector [24][25]. 3. Investment Recommendations: Focus on Liquor Bottoming Catalysts and Selective Consumer Goods Trends - The report suggests focusing on liquor companies that are at the bottom of their cycles, with Moutai and Fenjiu being primary recommendations [6][9]. - For consumer goods, the report highlights the potential of snack and beverage companies, recommending brands that are well-positioned to benefit from current trends [6][17].