Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][19]. Core Views - The company experienced a decline in revenue and net profit in 2024, with revenue of 6.26 billion and net profit of 227 million, representing a year-on-year decrease of 13.84% and 34.04% respectively [1]. - The company is expected to improve its same-store sales in the long term, which may lead to an increase in market share [5]. Financial Performance Summary - In Q1 2025, the company reported revenue of 1.50 billion and a net profit of 120 million, showing a year-on-year decline of 11.47% and 27.29% respectively [1]. - The sales of marinated products, franchise management, and other revenue streams showed varying performance, with marinated product sales declining by 14% [2]. - The company's gross margin improved to 30.80% in Q1 2025, while the net margin decreased to 7.68% due to increased expenses [4]. Regional Performance Summary - Revenue from major regions declined, with significant drops in the Southwest and Northwest regions, showing a year-on-year decrease of 45% and 12% respectively in Q1 2025 [3]. - Online revenue saw a drastic decline of 52% in 2024, contributing only 0.82% to total revenue [3]. Cost and Profitability Summary - The company’s gross margin increased by 0.77 percentage points in Q1 2025, attributed to lower raw material costs, while net margin faced pressure from rising expenses [4]. - The company reported an investment loss of 160 million in 2024, primarily due to profit fluctuations in invested enterprises [4]. Financial Forecast Summary - The revenue forecast for 2025-2027 is adjusted to 5.93 billion, 6.10 billion, and 6.46 billion respectively, with expected year-on-year growth rates of -5%, +3%, and +6% [5]. - The projected net profit for the same period is 490 million, 568 million, and 644 million, with significant growth anticipated in 2025 [5].

以下文章来源于启阳路4号 ，作者公司研究院 根据近期发布的财报，周黑鸭营收24.5亿元，同比下滑10.7%；净利润9820万元，同比下滑15%；煌上煌营收17.39亿元，同比下滑9.44%；归属 净利润4033万元，同比下滑42.86%；绝味食品，营收62.57亿元，同比下滑13.84%；净利润2.27亿元，同比下滑34.04%。 "月薪过万，啃不起鸭脖"，已经成了打工人的自我调侃。近年几乎每一次财报一发，"鸭脖卖不动了""年轻人不爱吃鸭脖了"的讨论声就会出现，"卤 味三巨头"到底怎么了？ 01 三巨头，一年或缩水超3600家 卤味三巨头到底有多贵？ 根据绝味鸭脖小程序，定位北京，270克鸭脖30元、240克黑鸭翅中25元、150克鸭肠30元、120克鸭舌50元。根据周黑鸭小程序，300克鸭脖36 元、230克鸭翅29元、80克鸭肠25元、140克鸭舌59元。 启阳路4号 . 聚焦财经热点事件，通过深度调查寻找财经真相。 来源丨公司研究院 因为价格贵被吐槽上热搜，快成了"零食界爱马仕"的标配。 近日，"卤制品三巨头大幅关店网友吐槽吃不起"冲上热搜榜首，阅读量超8000万，讨论量1.1万，"明明是街边小店非要卖 ...

证券代码：603517 证券简称：绝味食品 公告编号：2025-046 绝味食品股份有限公司 关于使用闲置募集资金进行现金管理的公告 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： 开发行人民币普通股22,608,006股，每股面值人民币1.00元，发行价格每股人民 币52.21元，募集资金总额为人民币1,180,363,993.26元，扣除保荐承销费及其他 发行相关费用，募集资金净额为人民币1,161,258,932.96元。上述募集资金经天职 国际会计师事务所（特殊普通合伙）于2022年12月23日出具的"天职业字 [2022]47140号"验资报告予以验证，并与保荐机构、存放募集资金的商业银行 签署了募集资金监管协议。 （三）委托理财产品的基本情况 2025年4月17日，广西阿秀食品有限责任公司与中国光大银行股份有限公司 长沙华丰支行签署了《对公结构性存款合同》，具体情况如下： | 受托方 | 产品 | 产品 | 金额 | 预计年化 | 预计收益 | | --- | --- | --- | --- | - ...

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]

Core Insights - The article highlights the strategic transformation of Juewei Foods from scale competition to ecological co-construction in the ready-to-eat food industry, emphasizing the integration of AI, supply chain innovation, and dual-brand strategies [1][10] Group 1: Juewei Foods' Growth and Strategy - Juewei Foods has established a nationwide network of over 10,000 stores and approximately 3,000 franchisees since its first store opened in 2005, marking its 20th anniversary as an industry benchmark [1][10] - The company has built a supply chain efficiency model based on cold chain preservation and daily delivery to stores, setting a standard in the industry [1][3] - The company aims to create a dual-value proposition with consumers and foster an open ecosystem for co-creation, reflecting its commitment to innovation in the era of digital intelligence [1][3] Group 2: Supply Chain and Innovation - Juewei's supply chain focuses on quality assurance and green development, integrating intelligent manufacturing, cold chain logistics, strategic procurement, and innovation to enhance its core competitiveness [3][6] - The company plans to deepen collaboration with industry partners to create consumer value through technological co-research, data sharing, and channel co-construction, aiming for a digital upgrade across the entire supply chain [3][6] Group 3: Capital and Globalization - The forum emphasized the need for companies to build certainty amid uncertainty through strategic contraction, organizational evolution, and industrial collaboration [5] - The focus on a dual approach of domestic cultivation and overseas expansion aims to provide a resilient growth framework for companies like Juewei Foods [5][6] Group 4: Supply Chain Efficiency Revolution - Juewei has developed a high-efficiency system across the entire industry chain, achieving daily delivery and reducing transportation losses through intelligent scheduling and AI algorithms [5][6] - The company has extended product shelf life to 90 days using advanced preservation technology, allowing for expansion into tourism and supermarket channels while significantly reducing loss rates [5][6] Group 5: Digital Marketing and Brand Strategy - The company has validated three paths for digital marketing: AI-driven product development, a closed-loop of online and offline operations, and cultural penetration of regional characteristics [8][10] - Juewei's future strategy is defined by three transformations: from scale expansion to value cultivation, from product-driven to ecological co-construction, and from Eastern flavors to global tastes [10]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a focus on restructuring and improving store performance amidst a challenging market environment [1][3]. Financial Performance - In 2024, the company achieved operating revenue of 6.26 billion yuan, a year-on-year decrease of 13.8%, and a net profit attributable to shareholders of 230 million yuan, down 34.0% [1]. - For Q1 2025, the company reported operating revenue of 1.5 billion yuan, a decrease of 11.5%, and a net profit of 120 million yuan, down 27.3% [1]. - The gross margin for 2024 and Q1 2025 was 30.5% (+5.8 percentage points) and 30.8% (+0.8 percentage points), respectively, benefiting from lower raw material prices and improved supply chain efficiency [2]. Revenue Breakdown - In 2024, revenue from marinated food sales was 5.22 billion yuan, a decline of 13.7%, primarily due to a reduction in store numbers and slight declines in single-store sales [1]. - Revenue from franchise management, centralized procurement, and supply chain logistics saw year-on-year declines of 26.3%, 38.5%, and an increase of 10.3%, respectively [1]. - Revenue by region showed significant declines, with the Southwest down 4.9%, Northwest down 45.1%, Central China down 10.6%, South China down 18.1%, East China down 15.3%, North China down 14.1%, and Hong Kong, Macau, Taiwan, and overseas down 22.2% [1]. Strategic Initiatives - The company is implementing a "brand upgrade + digital drive + lean operation" framework to stabilize operations, although short-term challenges remain due to a tough consumer environment and increased market competition [3]. - The company plans to close underperforming stores and shift its strategy to enhance single-store revenue and efficiency, aiming to improve the survival and profitability of franchisees [1][3]. Future Outlook - The marinated food sector has significant growth potential, and the company is positioned as a leading player in this industry [3]. - With the implementation of consumer stimulus policies in 2025, external demand is expected to improve, and store numbers may stabilize, leading to potential recovery in single-store profitability [3]. - Profit forecasts for 2025-2027 are 490 million yuan, 550 million yuan, and 610 million yuan, with corresponding EPS of 0.81 yuan, 0.91 yuan, and 1.01 yuan, and dynamic PE ratios of 20x, 18x, and 16x [3].

——绝味食品（603517.SH）2024 年年报及 2025 年一季报点评 2025 年 4 月 16 日 公司研究 多维调整，期待改善 要点 事件：绝味食品公布 2024 年年报和 2025 年一季报，2024 年全年实现营业收入 62.57 亿元，同比-13.84%；归母净利润 2.27 亿元，同比-34.04%；扣非归母净 利润 2.03 亿元，同比-49.39%。24Q4 实现营业收入 12.42 亿元，同比-23.80%； 归母净利润亏损 2.11 亿元，上年同期为亏损 0.45 亿元；扣非归母净利润亏损 2.21 亿元，上年同期为盈利 0.35 亿元。25Q1 实现营业收入 15.01 亿元，同比 -11.47%；归母净利润 1.20 亿元，同比-27.29%；扣非归母净利润 1.06 亿元， 同比-32.13%。 放缓开店节奏，强化经营质量。受消费环境影响，公司门店端业务阶段性承压。 鲜货类产品 2024 年实现营业收入 48.59 亿元，同比-15.76%；24Q4/25Q1 分别 实现营业收入 9.91/11.44 亿元，同比-24.14%/-15.30%，25Q1 降幅环比有所收 窄。公 ...

Group 1 - The company approved the use of idle raised funds for cash management, with a maximum amount of RMB 300 million for structured deposits or short-term financial products [1] - The approval was given during the board meeting on April 29, 2024, and the shareholders' meeting on May 21, 2024, with a usage period of 12 months [1] - Independent directors, the supervisory board, and the sponsor institution expressed agreement with the proposal [1] Group 2 - On March 13, 2025, the company redeemed structured deposits with a principal of RMB 70 million, earning a profit of RMB 113,800 [2] - The announcement includes details of the company's recent twelve-month investment activities using self-owned or raised funds for financial management [2]

证券代码：603517 证券简称：绝味食品 公告编号：2025-045 绝味食品股份有限公司 关于使用闲置募集资金进行现金管理到期赎回的公告 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。 金额：万元 序 号 理财产品类型 实际投入金 额 实际收回本 金 到期日 实际收益 尚未收回 本金金额 1 保本浮动收益 型结构性存款 15,000.00 15,000.00 2024-4-16 93.75 - 2 保本浮动收益 型结构性存款 5,000.00 5,000.00 2024-4-19 30.54 - 3 保本浮动收益 型结构性存款 15,000.00 15,000.00 2024-4-22 91.62 - 4 保本浮动收益 型结构性存款 10,000.00 10,000.00 2024-5-20 65.34 - 5 保本浮动收益 型结构性存款 13,000.00 13,000.00 2024-6-28 10.10 - 6 保本浮动收益 型结构性存款 6,000.00 6,000.00 2024-7-3 10.50 - 7 保本 ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].