Core Insights - The overall sentiment in the marinated food industry indicates a significant challenge due to high prices and low cost-performance ratio, compounded by declining consumer willingness and confidence [1] Industry Performance - The marinated food sector is experiencing severe differentiation and deep adjustments, with major players showing divergent performance signals [1] - ST Juewei (603517.SH) anticipates its first annual loss since its listing in 2025, projecting a revenue decline of 12.09% to 15.29%, with expected losses between 160 million to 220 million yuan [2] - In contrast, Huang Shang Huang (002695.SZ) forecasts a net profit increase of over 70% for 2025, attributed to low raw material prices and improved operational efficiency [2][3] Store Count Trends - Despite positive profit forecasts, both Huang Shang Huang and Zhou Hei Ya (1458.HK) are reducing their store counts, with Zhou Hei Ya closing inefficient stores, resulting in a decrease from 3031 to 2864 stores [4][5] - Huang Shang Huang's store count dropped from 3660 to 2898 over the past two years, while ST Juewei has not disclosed its store count, but it has reportedly closed over 4000 stores in a year and a half [5] Market Challenges - The marinated food industry faces significant challenges, including competition from snacks, prepared dishes, and hot pot brands, leading to a threat of substitution [6][7] - Product homogeneity is prevalent, with 80% of the top 10 brands offering overlapping products, and there are concerns regarding pricing, as leading brands have an average product price exceeding 50 yuan per jin, which diminishes perceived consumer value [7]

"鸭脖大王"绝味食品迎来上市以来的首次年度亏损。近日，ST绝味（603517）披露了2025年业绩预亏公告。预计营收为53亿元至55亿元，同比下降 12.09%至15.29%。 由于营收下降、生产产能未能充分释放，归母净利润也由盈转亏。公司预计2025年亏损1.6亿元至2.2亿元，上年为盈利2.27亿元，创下2017年上市以来首 亏纪录，也达十余年盈利新低。 2025年前三季度，ST绝味仍实现归母净利润2.8亿元，这意味着公司第四季度单季亏损额高达4.4亿元至5亿元。不过，公司全年扣非后的归母净利润预计 为0.7亿元至1亿元，主业还处盈利状态。 绝味鸭脖北京一门店。图源：网友晒图 对于业绩亏损，ST绝味在公告中明确提及两大核心拖累因素：营业外支出事项增加，以及权益法核算下投资亏损。其中，投资板块的持续失血成为关 键。 "卤味三巨头"的业绩表现分化逐渐加大。1月29日煌上煌发布年度业绩预告，2025年预计归母净利润为7000万元至9000万元，同比增长73.57%至 123.16%。 周黑鸭目前为止尚未发布全年业绩预告，但据其中期报告，到2025上半年周黑鸭实现总收入12.23亿元，净利润1.08亿元，同比增长 ...

但这只是表象。深究其里，主业的失速才是核心症结。2025年，绝味预计营收同比下降12%至15%，这 意味着其赖以生存的鸭脖卖不动了。 除了主业疲软，绝味引以为傲的"美食生态圈"投资也成了财务黑洞。过去几年，绝味大举投资了和府捞 面、书亦烧仙草、廖记棒棒鸡等餐饮品牌。然而，在消费寒冬下，这些被投企业不仅未能贡献利润，反 而成了拖累业绩的包袱。数据显示，绝味已连续三年录得投资净亏损，累计金额超3.7亿元。 同一赛道上，煌上煌和周黑鸭却在寒冬中交出了盈利的答卷。卤味江湖的格局正在发生剧变：曾经 的"一超多强"正演变为"冰火两重天"。 2026年的春节，对"鸭脖一哥"绝味食品来说，注定十分寒冷。 当"月入过万吃不起鸭脖"成为消费者的集体吐槽，当粗放扩张的后遗症集中爆发，绝味鸭脖的这场危 机，不仅是一家企业的滑铁卢，更是整个传统卤味行业转型阵痛的缩影。 1月22日，ST绝味（维权）发布业绩预告，预计2025年归母净利润亏损1.6亿元至2.2亿元。这是公司自 2017年上市以来的首次年度亏损。 绝味的坠落，并非一夜之间，而是多重隐患的集中爆发。 与此同时，在过去的一年半里，绝味鸭脖的门店数量净减少了超过4000家。那个曾 ...

Core Viewpoint - The performance of the "three giants" in the marinated food industry shows a stark contrast, with Huangshanghuang and Zhouheiya experiencing profit growth, while Juewei Foods recorded its first annual loss since its listing [2][5]. Group 1: Company Performance - Huangshanghuang expects a net profit of 70 million to 90 million yuan for 2025, representing a year-on-year growth of 73.57% to 123.16% [4]. - Zhouheiya has not yet released its full-year forecast but reported a total revenue of 1.223 billion yuan and a net profit of 108 million yuan for the first half of 2025, marking a significant year-on-year increase of 228.0% [4]. - In contrast, Juewei Foods anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decline of 12.09% to 15.29% year-on-year, and a net loss of 160 million to 220 million yuan [5]. Group 2: Store Count and Market Dynamics - Juewei Foods had the highest number of stores among the three giants, with 14,969 stores as of mid-2024, but has since seen a significant reduction, with only 10,713 stores remaining by January 2026, a decrease of over 4,000 stores [6]. - Zhouheiya and Huangshanghuang also closed stores, with Zhouheiya reducing its count to 2,864 stores by mid-2025, closing nearly 600 stores, and Huangshanghuang closing over 700 stores in the same period [6]. - Collectively, the three giants closed more than 5,300 stores within approximately six months [7].

与之相反的是绝味食品，近期绝味食品发布业绩预告称，2025年，其预计实现营业收入为53亿元至55亿 元，同比下降12.09%至15.29%；预计归属于上市公司股东的净利润为-1.60亿元至-2.20亿元，归属于上 市公司股东扣除非经常性损益的净利润为7000万元至1.0亿元。而2024年，其预计归属于上市公司股东 的净利润为2.27亿元，归属于上市公司股东扣除非经常性损益的净利润为2.03亿元。这也是绝味食品自 2017年上市以来首次录得年度亏损。 针对业绩预亏原因，绝味食品指出，在整体经济趋稳的大背景下，消费行业仍面临结构性调整压力。 2025年，公司经营持续承压，营业收入有所下降，生产产能未充分释放，多方面因素综合影响导致利润 下降。另外，营业外支出事项增加以及权益法核算下投资亏损，进而对其业绩变动造成较大影响。 近期卤味上市公司相继发布年度业绩预告，其中"卤味三巨头"的业绩表现呈现两极分化：煌上煌 （002695）与周黑鸭利润增长，而门店最多的绝味食品却自上市以来首次录得年度亏损。 股价上三巨头亦表现欠佳，其中市值对比上市首日，仅煌上煌显示增长约32亿元，绝味、周黑鸭分别减 少约18亿元、119亿港元。 ...

记者丨高雅宁 刘雪莹 也就是说，在约半年时间内， 卤味三巨头共闭店超5300家。 编辑丨曾静娇 近期卤味上市公司相继发布年度业绩预告，其中"卤味三巨头"的业绩表现呈现两极分化：煌上煌与周黑鸭利润增长，而门店最多的绝味食品却 自上市以来首次录得年度亏损。 股价上三巨头亦表现欠佳，其中市值对比上市首日，仅煌上煌显示增长约32亿元，绝味、周黑鸭分别减少约18亿元、119亿港元。 | | 序号 证券代码 | 证券简称 | 总市值1 | | 总市值1 | | | --- | --- | --- | --- | --- | --- | --- | | | | | ［交易日期］最新收盘日 | | ［交易日期］ 上市首日 | | | | | | ［単位］ ［単位］ ［単位］ ［ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ］ ［ ［ ］ ［ ］ ［ ［ ］ | | ［単位］ ［ 元 | | | ... | 603517.SH ST绝味 | | | 77.144 ...

长江商报消息●长江商报记者 黄聪 当下，卤味行业正遭遇"增长瓶颈"，绝味食品（ST绝味，603517.SH）业绩也受到影响。 1月23日，绝味食品发布2025年度业绩预告，公司预计2025年度实现归属于母公司所有者的净利润（简 称"归母净利润"）为-1.6亿元至-2.2亿元，与上年同期相比，将出现亏损。 同时，绝味食品预计2025年度实现营业收入53亿元到55亿元，同比下降12.09%到15.29%。 绝味食品表示，在整体经济趋稳的大背景下，消费行业仍面临结构性调整压力。 值得注意的是，2022年9月，绝味食品发布的2022年股票期权激励计划（草案）（更正后）中，公司 2025年的营业收入目标为109.37亿元。 由此来看，2025年，绝味食品百亿营收目标仅完成了48.46%至50.29%。 对此，绝味食品表示，在整体经济趋稳的大背景下，消费行业仍面临结构性调整压力。报告期内公司经 营持续承压，本期营业收入有所下降，生产产能未充分释放，多方面因素综合影响导致利润下降。另 外，营业外支出事项增加以及权益法核算下投资亏损，进而对公司本期业绩变动造成较大影响。 值得注意的是，2025年前三季度，绝味食品实现营业收入 ...

今日多条要点，一起来看详情↓ ↓ ↓ 妙可蓝多创始人柴琇被免职，蒙牛系高管接任 妙可蓝多1月25日公告，创始人柴琇被免去副董事长、总经理及法定代表人职务，但仍保留董事职位。新任总经理蒯玉龙由蒙牛派驻，此前担任公司财务 总监，2025年起任行政总经理。蒙牛现为妙可蓝多控股股东，持股37%，柴琇仍为第二大股东（持股14.92%）。 同日公告披露，并购基金担保的吉林耀 禾经贸逾期未偿还蒙牛债务，蒙牛已提起仲裁并接管境外资产。柴琇曾承诺对基金担保导致的损失全额补偿，但未履行承诺，公司就此提起仲裁。目前仲 裁尚未开庭，对公司净利润的影响尚不确定。柴琇曾带领妙可蓝多凭借奶酪棒业务高速增长（2018-2021年营收年复合增长率超50%），此次人事变动与 公司债务风险交织，引发市场关注。 图：中通快递 2025年我国批发和零售业增加值14.6万亿元，创历史新高 1月23日，据商务部消息，2025年，我国批发和零售业增加值14.6万亿元，同比增长5.0%，占GDP比重为10.4%，创历史新高。其中，仓储会员店、无人值 守商店零售额保持两位数增长。批发和零售业发展势头良好，为全方位扩大国内需求、建设强大国内市场提供有力支撑。（观 ...

Core Viewpoint - In 2025, Juewei Foods is expected to report its first loss since its listing eight years ago, with projected revenue declining by 12.09% to 15.29% and a net loss of 1.6 billion to 2.2 billion yuan [2][3] Financial Performance - Juewei Foods anticipates a revenue of 5.3 billion to 5.5 billion yuan for 2025, a decrease of 7.57 billion to 9.57 billion yuan compared to the previous year [2] - The company reported a net profit loss of 1.6 billion to 2.2 billion yuan, marking a shift from profit to loss [2] - In 2024, Juewei Foods experienced a revenue decline of 13.84%, with total revenue at 6.257 billion yuan, the first revenue drop since its IPO [6][8] - For the first three quarters of 2025, revenue was 4.26 billion yuan, down 15.04%, and net profit was 280 million yuan, down 36.07% [7] Operational Challenges - The decline in performance is attributed to structural adjustments in the consumer sector, insufficient release of production capacity, and increased operating expenses [2][3] - The number of stores decreased significantly, from 15,950 at the end of 2023 to 10,606 by early October 2025, with over 5,000 stores closed in less than two years [6] Industry Context - The overall leisure food industry, particularly the marinated food sector, is facing collective pressure, with major competitors also reporting revenue declines [8][9] - In the first half of 2025, Juewei Foods led the revenue among four major marinated food companies but also experienced the highest revenue decline of 15.57% [8] - Competitors like Zhou Hei Ya and Huang Shang Huang have shown positive profit growth, contrasting with Juewei Foods' negative profit trajectory [8] Strategic Response - To address declining performance, Juewei Foods is focusing on the marinated food segment and exploring innovative operational strategies [9] - The company launched a new product line, "Juewei Hot Marinated Cup," in November 2025, marking a shift from cold marinated products to hot meal offerings [9]

Core Viewpoint - ST Juewei (referred to as "Juewei Food") announced a projected revenue of 5.3 billion to 5.5 billion yuan, a year-on-year decline of 12.09% to 15.29%, and a projected net profit attributable to shareholders of -160 million to -220 million yuan, marking the first annual loss since its listing in 2017 [2][4]. Financial Performance - For the first three quarters of 2025, Juewei Food achieved a net profit of 280 million yuan, indicating a significant fourth-quarter loss of 440 million to 500 million yuan [4]. - The company's revenue fluctuated from 6.623 billion yuan in 2022 to 7.261 billion yuan in 2023, then dropped to 6.257 billion yuan in 2024, a year-on-year decline of 13.84% [5]. - The net profit attributable to shareholders decreased from 235 million yuan in 2022 to 344 million yuan in 2023, and further down to 227 million yuan in 2024, a year-on-year drop of 34.04% [5]. Regulatory Issues - Juewei Food faced regulatory scrutiny due to unrecognized franchise store renovation income from 2017 to 2021, resulting in a correction order, a warning, and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau [5]. - The company was publicly reprimanded by the Shanghai Stock Exchange, leading to its stock being placed under risk warning and changing its name to "ST Juewei" [5]. Market Challenges - The company is experiencing a decline in the number of franchise stores, which peaked at 15,950 in 2023 and has since decreased to 10,713 by January 2026, a reduction of 5,237 stores [7][8]. - The revenue from poultry products, primarily duck necks, has decreased from 3.444 billion yuan in the first three quarters of 2023 to 2.434 billion yuan in the first three quarters of 2025, a decline of over 1 billion yuan [9]. Strategic Adjustments - In response to market challenges, Juewei Food is shifting its strategy from focusing solely on duck necks to a broader approach in the marinated food sector, launching new products like the "Hot Marinated Cup" priced at 4.9 yuan [9]. - The company is also venturing into the restaurant sector, opening a fast-food outlet named "Juewei Pot" in Shenzhen, which offers a range of dishes priced between 26.9 yuan and 39.9 yuan [9][11]. Consumer Trust Issues - Juewei Food is facing declining consumer trust, highlighted by a controversy over misleading pricing practices and food safety concerns, including reports of counterfeit health certificates among staff [11][13].