Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.

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。（南都） 【#绝味食品上市以来首现亏损# 预计2025年亏损超1.6亿】1月22日，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，其营业收入有所下降，生产产能未充分释放，多方面因素综合影响导致利 润下降。 ...

这里给个投资小技巧，消费股选股早不是看门店数量了，核心看单店盈利和产品创新。那些还在盲目开 店、没有提效动作的，直接绕开；真正能走下去的，要么有强供应链控成本，要么能做高毛利新品、抓 线上渠道，这才是消费股的新核心。卤味下半场的竞争，早就从比谁开得多变成比谁活得稳，区域平价 卤味、线上品牌还在分流客源，传统巨头不转型就是死路一条。那消费赛道还有没有机会？接着往下 听，帮主给你划重点。 总结下来，卤味首亏不是偶然，是行业从规模扩张到效率比拼的必然。给大家的行动指令很明确，选消 费股，先看单店营收、再看产品创新和渠道布局，避开那些靠开店堆规模、多元化乱投资的企业，聚焦 有核心壁垒的细分龙头。我是帮主郑重，点赞收藏，下条拆解消费赛道真正的优质标的，咱们赚长期稳 钱！ 各位朋友，我是帮主郑重，做20年财经记者专做中长线投资，卤味行业这回真的变天了！绝味食品上市 八年首次年度亏损，亏了1.6到2.2亿，门店关了五千多家，连周黑鸭、煌上煌也跟着闭店收缩，曾经靠 开店就能赚钱的卤味赛道，现在彻底进入下半场，这背后的投资逻辑，咱今儿唠透。 帮主说句实在的，做了20年财经，见多了靠规模扩张的行业红利，卤味就是典型，但现在单店营 ...

1月22日，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，其营业收入有所下降，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。 19个月净减少门店超4000家 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2026年1月20日，绝味食品拥有 ...

Core Viewpoint - ST Juewei, known as the "Duck Neck King," is facing its first annual loss since its listing, with projected revenue declining by 12.09% to 15.29% year-on-year, leading to a net loss of 1.6 billion to 2.2 billion yuan in 2025, compared to a profit of 2.27 billion yuan the previous year [1][2][3] Group 1: Financial Performance - The company expects revenue for 2025 to be between 5.3 billion and 5.5 billion yuan, marking a significant decline from previous years [1] - The net profit for 2025 is projected to be a loss of 1.6 billion to 2.2 billion yuan, a stark contrast to the profit of 2.27 billion yuan in 2024, marking the lowest profit since its listing in 2017 [1][2] - In the first three quarters of 2025, the company reported a net profit of 280 million yuan, indicating a substantial fourth-quarter loss of 4.4 billion to 5 billion yuan [1][2] Group 2: Operational Challenges - The company cites increased non-operating expenses and losses from equity investments as key factors contributing to its financial struggles [3] - ST Juewei's investments in various brands within the food and beverage sector have not yielded positive returns, with investment losses recorded at -94 million yuan, -116 million yuan, and -160 million yuan from 2022 to 2024 [3] - The company has shown signs of operational weakness, with revenue declining by 13.84% and net profit dropping by 34.04% in 2024 [3] Group 3: Market Dynamics - The company is experiencing a contraction in store numbers, with a peak of 15,950 stores in 2023, but a significant reduction to 10,713 stores by 2025, indicating a shift in its growth strategy [4] - Increased competition in the snack food industry is further squeezing the company's core business, with revenue from poultry products dropping from 3.444 billion yuan in the first three quarters of 2023 to 2.434 billion yuan in the same period of 2025 [4] - The company is shifting its strategic focus from deepening its core duck neck business to concentrating on the broader snack food sector and addressing specific consumer demands [4] Group 4: Regulatory Issues - In 2025, the company faced regulatory penalties for failing to recognize revenue from franchise store renovations, resulting in a fine of 4 million yuan and further damaging market confidence [6] - The company’s stock was placed under risk warning and subsequently removed from the Hang Seng A-share investable index, leading to a significant decline in market valuation [6] - As of January 23, 2026, the company's stock price was 13.07 yuan per share, down 2.17%, with a market capitalization of 7.92 billion yuan, reflecting a decline of over 22% since the beginning of 2025 [6]

Group 1: iMoutai Packaging Correction and After-Sales Solutions - iMoutai has corrected the packaging of the classic version of Guizhou Moutai liquor (53% vol 500ml) and announced two after-sales solutions [1] - The first solution allows consumers to exchange the original product for the corrected version at Moutai self-operated stores until December 31, 2026 [1] - The second solution involves a "pen tool" for consumers to correct the packaging themselves, with further details to be announced [1] Group 2: Jinsha Liquor's Organizational Restructuring - Jinsha Liquor has shifted its strategy from "pan-nationalization" to "regional market gradient cultivation" to pursue high-quality development [2] - The company has restructured its organization into a "functional department + regional district" model to enhance market responsiveness and decision-making efficiency [2] - Marketing strategies will focus on content and scenario marketing, with a strong emphasis on digital capabilities for cost control and data analysis [2] Group 3: Xijiu's Sales Growth on JD.com - Xijiu's sales on JD.com have surpassed 1.4 billion yuan in 2025, marking a significant milestone in their partnership with the platform [3] Group 4: Yanjing Beer Profit Forecast - Yanjing Beer expects a net profit of 1.583 billion to 1.742 billion yuan for the previous year, representing a year-on-year growth of 50% to 65% [4] - The company is focusing on a big product strategy and enhancing brand management to drive growth [4][5] Group 5: ST Juewei's Revenue and Loss Forecast - ST Juewei 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, with a projected net loss of 160 million to 220 million yuan [10] - The company cites underutilized production capacity and increased non-operating expenses as factors affecting performance [10] Group 6: Liangpinpuzi's Expected Losses - Liangpinpuzi forecasts a net loss of 120 million to 160 million yuan for 2025, primarily due to store optimization and product adjustments [11] - The company is focusing on improving management efficiency and reducing costs, but revenue and gross margin declines have impacted profitability [11] Group 7: Yijia Yue's Profit Growth Projection - Yijia Yue expects a net profit increase of 50.06% to 72.79% for 2025, driven by enhanced customer orientation and store upgrades [18] - The company is optimizing its product offerings and improving operational efficiency to boost profitability [18] Group 8: Yonghui Supermarket's Stake Sale - Yonghui Supermarket plans to sell a 28.095% stake in YunJin Technology for 80 million yuan to focus on its core business [16][17]

Core Viewpoint - ST Juewei, once a leading brand in the marinated food sector, is facing significant challenges, projecting a net loss of 160 million to 220 million yuan for the fiscal year 2025, marking its first annual loss since its IPO in 2017 [1][5]. Financial Performance - In 2022, the company's revenue was 6.623 billion yuan, which increased to 7.261 billion yuan in 2023, but then fell to 6.257 billion yuan in 2024, representing a year-on-year decline of 13.84% [5]. - Net profit fluctuated from 233 million yuan in 2022 to 344 million yuan in 2023, before dropping to 227 million yuan in 2024, a year-on-year decrease of 34.04% [5]. Operational Challenges - The company reported ongoing operational pressures, with a decline in revenue and underutilization of production capacity contributing to profit reductions [5]. - Increased non-operating expenses and losses from equity method investments significantly impacted the company's performance [5]. Strategic Shift - ST Juewei is reassessing its production layout and optimizing existing capacity to align with a new strategic focus, shifting from "deepening the duck neck main business and building a food ecosystem" to "focusing on the marinated food sector and addressing segmented demands" [5]. - The company is piloting "Juewei Bao Bao" in the fast-food sector, which is still in the exploratory phase, with plans to advance based on market feedback [5]. Regulatory Issues - In 2025, ST Juewei faced regulatory scrutiny for underreporting revenue from franchise store renovations between 2017 and 2021, resulting in a correction order, a warning, and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau [6]. - The company was publicly reprimanded by the Shanghai Stock Exchange, leading to its stock being designated as "ST Juewei" and its removal from the Hang Seng A-Share Index after October 24, 2025 [6].

Group 1 - Huibo Yuntong plans to acquire 65.47% of Baode Computer System shares through a share issuance and has received acceptance from the Shenzhen Stock Exchange for its application [1] - Mingyang Smart Energy intends to purchase 100% of Dehua Chip's equity through a combination of share issuance and cash payment, with stock resuming trading on January 23, 2026 [2] - Sanhua Intelligent Control's controlling shareholder and board members plan to reduce their holdings by up to 0.2425% of the company's shares [3] Group 2 - Wuchan Jinlun's shareholder plans to reduce holdings by up to 3% of the company's total shares [4] - Chengdu Road and Bridge expects a net loss of 65 million to 97.5 million yuan for 2025, compared to a loss of 92.17 million yuan in the previous year [5] - Guoxin Technology anticipates a net loss of 238 million yuan for 2025, an increase in loss of 56.97 million yuan compared to the previous year [6] Group 3 - Taiankang's subsidiary received approval for a clinical trial of CKBA ointment for treating vitiligo in children aged 2-12 [7] - Boyun New Materials' shareholder plans to reduce holdings by up to 1% of the company's total shares [8] - *ST Shengwu has terminated its major asset restructuring plan and expects a net profit of 28.5 million to 32.5 million yuan for 2025, compared to a loss of 19.84 million yuan in the previous year [9] Group 4 - Junchen Technology's shareholder plans to reduce holdings by up to 2.94% of the company's shares [10] - Haiguang Information's shareholder plans to reduce holdings by up to 0.5% of the company's shares [11] - ST Juewei expects a net loss of 160 million to 220 million yuan for 2025, compared to a profit of 227 million yuan in the previous year [12] Group 5 - Nanjing Bank reported total assets exceeding 3 trillion yuan by the end of 2025, with a revenue of 55.54 billion yuan, up 10.48% year-on-year [13] - Haitan Ruisheng's shareholders plan to reduce holdings by up to 5% of the company's shares [14] - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a year-on-year increase of about 46% [15] Group 6 - Xiangrikui is discussing a repayment arrangement for a deposit of 40 million yuan with Shanghai Xipu Technology [16] - Yinglian Co. signed a strategic agreement with LG Chem to develop new polymer materials for lithium battery applications [17] - Yingfang Micro expects a net loss of 69 million to 97 million yuan for 2025, compared to a loss of 61.97 million yuan in the previous year [18] Group 7 - Heshun Electric's shareholders plan to reduce holdings by up to 3.5% of the company's shares [20] - Guanghua Technology expects a net profit of 85 million to 120 million yuan for 2025, reversing a loss of 205 million yuan in the previous year [21] - Ruichuang Weina anticipates a net profit of approximately 1.1 billion yuan for 2025, a year-on-year increase of about 93% [22] Group 8 - Huatu Mountain Ding's shareholder plans to reduce holdings by up to 3% of the company's shares [23] - Yinfeng Storage's subsidiary won two procurement projects with a total value of approximately 1.23 billion yuan [24] - Hengyi Petrochemical plans to repurchase shares worth 500 million to 1 billion yuan for employee stock ownership plans [25] Group 9 - Mengcao Ecology's controlling shareholder plans to reduce holdings by up to 3% of the company's shares [26] - Tefa Service's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Green Alliance Technology's shareholders plan to reduce holdings by up to 4% of the company's shares [28] Group 10 - Yunyi Electric plans to repurchase shares worth 100 million to 150 million yuan for employee stock ownership plans [29] - Dongpeng Beverage plans to invest 1.1 billion yuan in a new production base in Chengdu [30] - Zhongyuan Co. expects a net profit of 139 million to 158 million yuan for 2025, a year-on-year increase of 80% to 105% [31] Group 11 - Qiangyi Co. expects a net profit of 368 million to 399 million yuan for 2025, a year-on-year increase of 57.87% to 71.17% [32] - Guochuang High-tech anticipates a net profit of 16 million to 24 million yuan for 2025, reversing a loss of 49.1 million yuan in the previous year [33] - Yuandong Bio received a drug registration certificate for a pediatric medication [34] Group 12 - Liya Technology expects a net profit of 300 million to 380 million yuan for 2025, reversing a loss of 889 million yuan in the previous year [35] - Dongfeng Co. anticipates a net loss of 390 million to 480 million yuan for 2025, compared to a profit of 29.16 million yuan in the previous year [36] - Huaming Equipment reported a 15.29% year-on-year increase in net profit for 2025 [37] Group 13 - Botong Integrated expects a net profit of 17.19 million to 25.78 million yuan for 2025, reversing a loss from the previous year [38] - Qingsong Co. anticipates a net profit of 130 million to 165 million yuan for 2025, a year-on-year increase of 137.73% to 201.74% [39] - Ruihua Tai's shareholder plans to reduce holdings by up to 3% of the company's shares [41]

南方财经1月23日电，ST绝味(603517.SH)公告，预计2025年度实现归属于母公司所有者的净利润为-2.2 亿元到-1.6亿元，与上年同期相比将出现亏损；预计2025年度实现扣除非经常性损益的净利润为0.7亿元 到1亿元，同比下降50.72%至65.51%；预计2025年度实现营业收入53亿元到55亿元，同比减少7.57亿元 到9.57亿元，下降12.09%至15.29%。 公司在公告中表示，报告期内经营持续承压，营业收入下降，生产产能未充分释放，多方面因素综合影 响导致利润下降；营业外支出事项增加以及权益法核算下投资亏损，对公司本期业绩变动造成较大影 响。 ...

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。 智通财经APP讯，ST绝味(603517.SH)发布2025年度业绩预告，预计2025年度实现归属于母公司所有者 净亏损1.6亿元至2.2亿元，与上年同期相比，将出现亏损。 ...