Core Insights - The core theme of the event was "Celebrating 20 Years, Intelligent Future," showcasing the growth trajectory of Juewei Foods and its AI-driven strategic upgrades [1] Group 1: AI and Retail Innovation - Juewei Foods and Tencent Smart Retail launched a vertical AI model for the retail chain industry, introducing three AI applications: AI Ordering Assistant "Little Fire Duck," AI Store Manager "Juezhi," and AI Membership Assistant [2] - The AI Ordering Assistant "Little Fire Duck" enhances user experience through personalized recommendations and interactive chat, significantly shortening consumer decision-making time and increasing average order value during late-night dining [2][4] - The launch of the AI vertical model marks a new phase in the digital transformation of the retail chain industry, with plans to open technology capabilities to the industry, lowering the barriers for AI application [2][4] Group 2: Expert Insights on Future Opportunities - Experts at the event discussed the opportunities for the Chinese food industry to ascend to the global value peak, emphasizing the role of intelligent manufacturing in reshaping the industry [3] - AI is seen as a core driver for future business model innovation, with successful companies being those that effectively integrate AI capabilities and balance efficiency with emotional value [3] - The emphasis was placed on AI not just as a tool but as a new paradigm for survival and competition, urging companies to leverage data and AI for comprehensive intelligent transformation [3] Group 3: Strategic Partnerships and Future Directions - Juewei Foods has made significant strides in its digital transformation strategy, achieving comprehensive channel coverage and quality control through big data [4] - A strategic partnership with Tencent Smart Retail aims to leverage Tencent's strengths in AI, cloud technology, and big data to enhance Juewei's operational capabilities in the restaurant retail sector [4] - The company believes that AI will be the most significant variable for growth in the next 3-5 years, focusing on enhancing consumer value and transitioning to a fully AI-driven operational model [4][5]

沪指4月14日上涨0.76%，申万所属行业中，今日上涨的有29个，涨幅居前的行业为纺织服饰、煤炭，涨幅分别为2.56%、2.50%。跌幅居前的行业 为家用电器、食品饮料，跌幅分别为0.60%、0.36%。食品饮料行业位居今日跌幅榜第二。 食品饮料行业今日下跌0.36%，全天主力资金净流出4.06亿元，该行业所属的个股共123只，今日上涨的有95只，涨停的有4只；下跌的有26只。以 资金流向数据进行统计，该行业资金净流入的个股有68只，其中，净流入资金超5000万元的有5只，净流入资金居首的是绝味食品，今日净流入资 金1.31亿元，紧随其后的是海南椰岛、燕塘乳业，净流入资金分别为9487.21万元、9000.74万元。食品饮料行业资金净流出个股中，资金净流出超 5000万元的有7只，净流出资金居前的有贵州茅台、贝因美、五粮液，净流出资金分别为3.57亿元、2.61亿元、1.03亿元。（数据宝） 食品饮料行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 603517 绝味食品 | | 1 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 继2024年收入下滑之后，今年一季度绝味食品（维权）收入再度大幅下滑。据公开信息，2024年公司在 大量关店，这说明门店数量扩张带动收入增长的逻辑不再有效。 目前行业整体面临较大经营压力，卤味食品作为可选消费品，一直被消费者吐槽"越来越贵"。在主业失 守的情况下，绝味食品近几年不断布局的多元化投资不仅未能分散风险，反而出现大额减值，直接降低 净利润。 绝味食品遭遇了什么？ 4月9日晚间，绝味食品发布了2024年年报和一季报，2024年营业收入62.57亿元，同比下滑13.84%，今 年一季度收入再度下滑11.47%，这还是2011年以来首次营收下滑。而从净利润来看，绝味食品2022年 就进入下行通道，从最高9.81亿元下滑至去年的2.27亿元。 背后是门店数量的下滑，2024年中报披露门店数量为14969家，相比上年底减少981家。年报中一反常态 未披露门店一数据，而根据窄门餐眼的数据，其在营门店数量为12428家，这或许意味着下半年公司在 加速关店。 股价反映了公司的业绩趋势，从2021年2月到现在，绝味 ...

| 序号 | 项目 | 工作内容 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并 | 保荐人已建立健全并有效执行了持续 | | | 针对具体的持续督导工作制定相应的工作计 | 督导制度，已根据公司的具体情况制 | | | 划 | 定了相应的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作 开始前，与上市公司或相关当事人签署持续 | 保荐人已与绝味食品签订保荐协议， 该协议已明确双方在持续督导期间的 | | | 督导协议，明确双方在持续督导期间的权利 | 权利义务。 | | | 和义务，并报上海证券交易所备案 | | | 3 | 通过日常沟通、定期回访、现场检查、尽职 | 保荐代表人及项目组与绝味食品保持 密切的日常沟通和定期回访，针对持 | | | 调查等方式开展持续督导工作 | 续督导事项进行了尽职调查，并对有 | | | | 关事项进行了现场核查。 | | | 持续督导期间，按照有关规定对上市公司违 | 2024 年度绝味食品在持续督导期间 | | 4 | 法违规事项公开发表声明的，应于披露前向 | 未发生按有关规定须保荐机构公开发 | | ...

一、行情回顾 沪指全天震荡反弹，深成指、创业板指高开回落。大消费板块集体走高，体育、零售、食品等多个分支大涨，金陵体育、舒华体育、南宁百货、国芳集团、 绝味食品、双塔食品等多股涨停。海南本地股爆发，海马汽车、海汽集团、海南椰岛等封板。黄金股再度大涨，华钰矿业、湖南黄金涨停。个股涨多跌少， 沪深京三市超4500股飘红，今日成交1.31万亿。截止收盘沪指涨0.76%，深成指涨0.51%，创业板指涨0.34%。 二、当日热点 1、体育 早盘体育板块爆发，康力源、金陵体育、久祺股份悉数20cm涨停，新华都、浙江永强、舒华体育等集体涨停。 海南板块今日再度爆发，海汽集团、海南发展4天2板，双成药业3天2板，海德股份、京粮控股、海马汽车等集体上板。 | | | 最新价 = | 涨跌幅 ◆ | 涨停时间 = | 将于承 | 流通市值 ◆ | | --- | --- | --- | --- | --- | --- | --- | | 泰慕士 001234.SZ | 3天2板 | 21.12 | +10.00% | 09:25:00 | 2.49% | 19.11亿 | | 英派斯 002899.SZ | 3天2板 | 21. ...

绝味食品（603517.SH）2024 年年报及 2025 年一季报点评 24 年经营承压，静待后续改善 2025 年 04 月 13 日 ➢ 事件：公司发布 2024 年年报及 2025 一季报，24 年实现营业收入 62.6 亿 元，同比-13.8%；实现归母净利润 2.3 亿元，同比-34.0%；实现扣非净利润 2.0 亿元，同比-49.4%。单季度看，24Q4 实现营业收入 12.4 亿元，同比-23.8%； 实现归母净利润-2.1 亿元，前值-0.5 亿元；实现扣非净利润+2.2 亿元，前值+0.3 亿元。25Q1 实现营业收入 15.0 亿元，同比-11.5%；实现归母净利润 1.2 亿元， 同比-27.3%；实现扣非净利润 1.1 亿元，同比-32.1%。 ➢ 门店经营承压，拓店放缓，单店缺口修复在途。分产品看，24 年鲜货/包装 /加盟商管理分别实现收入 48.6/3.6/0.6 亿元，同比-15.8%/+29.1%/-26.3%， 鲜货业务持续承压，预计主因外部需求相对疲软下，门店端客流下滑，同时公司 拓店亦有所放缓 （24H1 门店数量净减少 981 家），单店缺口修复在途。分地 区看，2 ...

24 年经营承压，静待后续改善 2025 年 04 月 13 日 ➢ 事件：公司发布 2024 年年报及 2025 一季报，24 年实现营业收入 62.6 亿 元，同比-13.8%；实现归母净利润 2.3 亿元，同比-34.0%；实现扣非净利润 2.0 亿元，同比-49.4%。单季度看，24Q4 实现营业收入 12.4 亿元，同比-23.8%； 实现归母净利润-2.1 亿元，前值-0.5 亿元；实现扣非净利润+2.2 亿元，前值+0.3 亿元。25Q1 实现营业收入 15.0 亿元，同比-11.5%；实现归母净利润 1.2 亿元， 同比-27.3%；实现扣非净利润 1.1 亿元，同比-32.1%。 ➢ 门店经营承压，拓店放缓，单店缺口修复在途。分产品看，24 年鲜货/包装 /加盟商管理分别实现收入 48.6/3.6/0.6 亿元，同比-15.8%/+29.1%/-26.3%， 鲜货业务持续承压，预计主因外部需求相对疲软下，门店端客流下滑，同时公司 拓店亦有所放缓 （24H1 门店数量净减少 981 家），单店缺口修复在途。分地 区看，24 年西南地区实现收入 7.9 亿元，同比-4.9%；西北 0.8 亿元， ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Insights - The company is experiencing pressure on same-store sales, but there is an expectation for gradual improvement in store operations and profitability due to cost relief and industry consolidation [4][6] - In 2024, the company reported a revenue of 6.26 billion, a decrease of 13.8% year-on-year, and a net profit attributable to the parent company of 227 million, down 34.0% [4][6] - For Q1 2025, the company achieved a revenue of 1.5 billion, a decrease of 11.5% year-on-year, with a net profit of 120 million, down 27.3% [4][6] Financial Performance Summary - Revenue for 2024 is projected at 6.98 billion, with a year-on-year growth of 11.6% in 2025, and net profit expected to reach 632 million, reflecting a significant increase of 178.1% [7] - The gross margin for Q1 2025 is reported at 30.8%, an increase of 0.8 percentage points year-on-year, indicating improved cost management [6] - The company’s P/E ratios for 2025, 2026, and 2027 are projected at 15.4, 14.4, and 13.5 respectively, suggesting a favorable valuation compared to historical performance [7][9] Revenue Breakdown - In Q1 2025, revenue by product category includes 870 million from poultry, 80 million from livestock, 140 million from vegetables, and 190 million from packaged products, with notable growth in packaged products at 106.5% year-on-year [5] - Revenue by region shows significant declines in Southwest and Northwest regions, while East China experienced a slight growth of 4.1% [5] Cost and Profitability - The company’s sales expense ratio for Q1 2025 is 9.7%, reflecting an increase due to higher advertising costs, while the management expense ratio is 7.6% [6] - Investment losses in Q1 2025 were reduced to 4 million, indicating a recovery from previous losses [6]

Core Viewpoint - Juewei Foods reported its worst performance since going public, with significant declines in revenue and net profit for 2024, indicating challenges in the snack food industry, particularly in the duck neck segment [1][2]. Financial Performance - In 2024, Juewei Foods achieved a revenue of 6.257 billion yuan, a year-on-year decrease of 13.84% [1][3]. - The net profit attributable to shareholders was 227 million yuan, down 34.04% from the previous year, representing only 23% of the net profit in 2021 [2][3]. - The company's total revenue for Q1 2025 was 1.501 billion yuan, with a net profit of approximately 120 million yuan, reflecting declines of 11.47% and 27.29% respectively compared to Q1 2024 [4]. Product Segment Performance - Revenue from fresh products decreased by 15.76% in 2024, with poultry products down 16.62%, vegetable products down 9.94%, and other products down 18.56%. Only livestock products saw an increase of 39.38%, but with a negative gross margin of -8.48% [3][4]. Strategic Changes - Juewei Foods began to shrink its store count in 2024, reducing the total number of stores in mainland China to 14,969, a decrease of 981 stores from the end of 2023 [4]. - The company initiated a brand upgrade in 2024, appointing a new global ambassador to target younger consumers, although the effectiveness of this strategy remains questionable [4]. Industry Context - The challenges faced by Juewei Foods are reflective of broader issues in the snack food industry, particularly in the duck neck market, where consumer preferences are shifting and competition is intensifying [5]. - Competitors like Zhou Hei Ya are also experiencing declines, with a reported revenue drop of 10.7% in 2024, prompting similar strategic adjustments such as reducing store numbers and diversifying product offerings [5][6].

对于业绩下滑，4月10日绝味食品方面回复《华夏时报》记者表示，"2024年营收下降主要系销售减 少。"凌雁管理咨询首席咨询师、餐饮及食品行业分析师林岳则对本报记者分析认为，"实际上是与整个 卤味赛道的发展有关系，像周黑鸭、煌上煌等头部品牌也都面临巨大的挑战，原因是在休闲零食、预制 菜、方便食品的冲击下，卤味产品有很多平替，且性价比不高，菜品相对单一，缺少创新迭代。" 2024年，绝味食品邀请流量明星范丞丞作为其代言人，试图解锁粉丝经济，但这个举措，并没有拯救绝 味食品。4月9日晚，绝味食品发布年报显示，2024年，该公司营收净利润双双下滑，其中净利润同比大 降34.04%，扣非净利润更是暴跌近半，在这之中不仅主营业务拉垮，绝味食品投资项目也成为拉低其 净利润的重要推手。近年来，整个卤味市场表现低迷，如何突破发展瓶颈，成为摆在每家卤味企业面前 的重要课题。 上市以来最差年报 营收净利大幅下滑——绝味食品交出了上市以来的最差年报。2024年，其营收为62.57亿元，同比减少 13.84%；净利润为2.27亿元，同比减少34.04%；扣非净利润为2.03亿元，同比减少49.39%。2025年第一 季度，该公司继续延 ...