证券代码：603517 证券简称：ST 绝味 公告编号：2025-084 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。 已履行的审议程序：绝味食品股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日召开第六届董事会第二次会议和第五届监事会第二十三次会议，2025 年 5 月 9 日召开公司 2024 年度股东会，审议通过了《关于使用部分暂时闲置募 集资金进行现金管理的议案》，同意公司全资子公司合计使用最高额度不超过人 民币 7 亿元（含 7 亿元）的暂时闲置募集资金进行现金管理，用于购买安全性高、 流动性好的结构化存款或稳健型短期理财产品，投资期限为自公司 2024 年度股 东会审议通过之日起 12 个月，在上述额度及期限内，可滚动使用。公司监事会 和保荐机构对该议案发表了同意意见。具体内容详见公司于 2025 年 4 月 10 日披 露的《绝味食品关于使用部分暂时闲置募集资金进行现金管理的公告》（公告编 号：2025-030）。 特别风险提示：公司购 ...

Core Viewpoint - The article discusses the decline of the brand "Juewei Duck Neck," highlighting consumer dissatisfaction due to rising prices, safety concerns, and increased competition from local shops and new brands, leading to a significant drop in sales and store closures [6][10][12]. Group 1: Consumer Sentiment - Consumers are increasingly choosing to ignore Juewei Duck Neck, with many feeling that the price does not match the value offered, leading to a decline in visits to the stores [6][8]. - A survey indicated that over 80% of respondents have reduced their frequency of purchasing from chain brands, with 86.67% citing price increases as the primary reason [8]. - Complaints regarding food safety have surged, with over 1,500 complaints logged against Juewei Duck Neck, raising concerns about product quality and safety [8][10]. Group 2: Financial Performance - Juewei Foods reported a revenue of approximately 62.57 billion yuan in 2024, a year-on-year decline of 13.84%, with net profit dropping by 34.04% [10]. - The core duck neck business saw a revenue decrease of about 7 billion yuan, from 42.23 billion yuan to 35.27 billion yuan [10]. - The number of stores has also decreased significantly, with over 4,000 closures reported by October 2025 [10][12]. Group 3: Franchisee Challenges - Franchisees are facing severe challenges, with daily sales dropping significantly and profit margins being squeezed due to rising costs [14][15]. - The franchise model has inherent contradictions, leading to a situation where the headquarters profits while franchisees struggle [15][21]. - Franchise management revenue fell from approximately 83.05 million yuan in 2023 to 61.22 million yuan in 2024, a decline of 26.28% [14]. Group 4: Industry Context - The entire snack food industry, particularly the duck neck segment, is experiencing a downturn, with major brands like Zhou Hei Ya and Huang Shang Huang also reporting declines in revenue and store closures [17][18]. - The industry growth rate has slowed, with a compound annual growth rate of only 6.42% from 2018 to 2023, leading to increased competition and market saturation [17][18]. Group 5: Strategic Responses - Juewei Foods is attempting to revitalize its brand through increased marketing efforts, including hiring a celebrity spokesperson and investing in AI technology for supply chain management [18][19]. - Despite these efforts, the increase in marketing expenses has not translated into revenue growth, with a 13.95% decline in main business income reported in 2024 [18]. - The company is also exploring product diversification, such as introducing milk tea, but faces challenges due to existing competition and operational constraints [18][19]. Group 6: Underlying Issues - The brand's challenges stem from a failure in its business model, particularly an over-reliance on franchise expansion and a disconnect between pricing strategies and consumer expectations [22][24]. - There is a lack of product innovation, making it difficult for the brand to adapt to changing consumer preferences and competition from alternative snack options [25]. - Ongoing food safety issues have severely damaged consumer trust, compounding the brand's difficulties in regaining market share [26][27].

Market Overview - The leisure food sector experienced a decline of 1.9% on November 18, with Wancheng Group leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Wancheng Group (300972) closed at 174.91, down 3.24% with a trading volume of 13,800 [1] - Lihai Food (300973) closed at 41.91, down 3.19% with a trading volume of 29,500 [1] - Yanjinpuzi (002847) closed at 74.60, down 2.89% with a trading volume of 27,500 [1] - Maiqu'er (002719) closed at 10.05, down 2.62% with a trading volume of 82,600 [1] - Ximai Food (002956) closed at 25.20, down 2.36% with a trading volume of 44,000 [1] - Nanjiao Food (605339) closed at 19.11, down 2.25% with a trading volume of 86,000 [1] - Huangshanghuang (002695) closed at 12.51, down 2.04% with a trading volume of 50,500 [1] - ST Juewei (603517) closed at 13.96, down 1.76% with a trading volume of 85,000 [1] - Guifaxiang (002820) closed at 13.85, down 1.63% with a trading volume of 113,400 [1] - Hezhima (000716) closed at 6.47, down 1.52% with a trading volume of 201,600 [1] Capital Flow Analysis - The leisure food sector saw a net outflow of 222 million yuan from main funds, while retail investors had a net inflow of 254 million yuan [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with notable movements in stocks like Huangshanghuang and Guifaxiang [2]

Core Viewpoint - The leisure food sector experienced a rise of 0.79% on November 17, with Nanqiao Food leading the gains, while the overall market indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3972.03, down 0.46% [1] - The Shenzhen Component Index closed at 13202.0, down 0.11% [1] Group 2: Individual Stock Performance - Nanqiao Food (605339) closed at 19.55, up 4.38% with a trading volume of 143,200 shares and a turnover of 277 million yuan [1] - Ximai Food (002956) closed at 25.81, up 3.41% with a trading volume of 57,900 shares and a turnover of 146 million yuan [1] - Wancheng Group (300972) closed at 180.77, up 1.58% with a trading volume of 14,400 shares and a turnover of 259 million yuan [1] - ST Juewei (603517) closed at 14.21, up 1.57% with a trading volume of 96,700 shares and a turnover of 137 million yuan [1] - Yuanzu Co. (603886) closed at 13.28, up 1.30% with a trading volume of 105,300 shares and a turnover of 141 million yuan [1] Group 3: Capital Flow Analysis - The leisure food sector saw a net outflow of 140 million yuan from institutional investors, while retail investors had a net inflow of 197 million yuan [2] - The main stocks with significant capital flow include ST Juewei with a net inflow of 19.94 million yuan from institutional investors [3] - Other notable stocks include Ximai Food with a net outflow of 2.98 million yuan from institutional investors and a net inflow of 7.07 million yuan from retail investors [3]

Core Insights - Juewei Foods reported a net profit of 280 million yuan in the first three quarters of 2025, showcasing its strong and stable leadership in the industry, supported by an advanced supply chain system centered around cold chain logistics [1][2] Supply Chain and Logistics - Juewei has established a nationwide digital cold chain and logistics system, setting a new benchmark for the industry with its transparent and standardized management [1] - The supply chain system is built around a "24-hour freshness commitment," ensuring product quality from raw material processing to store shelving through a fully integrated digital system [1] - The supply chain processes over a million orders daily, maintaining a product defect rate of below 0.03%, demonstrating its operational excellence [1] Production Efficiency - The central factory has introduced multiple intelligent devices that significantly enhance efficiency and quality, including automated storage and customized intelligent equipment [2] - The automated marinating equipment increases labor efficiency by 300%, while continuous marinating devices maintain precise temperature control within ±1℃, overcoming traditional industry bottlenecks [2] - Juewei's electronic batch management system provides traceability for each product, allowing consumers to access complete production information through QR codes, thereby enhancing consumer trust [2] Competitive Advantage - In a market characterized by severe homogenization, Juewei's combination of "cold chain + factory + digitalization" creates a closed-loop capability that is difficult for competitors to replicate in the short term, establishing a unique brand moat [2] - The company is expected to further enhance the value of its supply system, expanding product categories through cold chain and factory developments, and promoting diversified growth in the marinated food sector [2]

Core Insights - The development of the digital economy is seen as a strategic choice to seize new opportunities in the ongoing technological revolution and industrial transformation, particularly in the retail sector [1] Group 1: Company Initiatives - Juewei Foods has partnered with Tencent Qidian Marketing Cloud to innovate in "AI-driven marketing," integrating its business processes and member data to create various intelligent agents for user insights, product recommendations, rights management, and content generation [3] - The AI system at Juewei Foods can accurately identify different consumer habits and preferences, allowing for more precise targeting and enhancing customer engagement [3] - The operational efficiency of the AI marketing team has improved by two to three times compared to the manual team, with AI-generated content achieving a click-through rate 1.5 times higher than that of human-generated content [3] Group 2: Industry Trends - In the retail industry, AI is not merely a cold technology but acts as a valuable assistant for brands, anticipating consumer needs and enhancing the shopping experience while providing emotional value [3] - The continuous advancement of technology is expected to further enhance the role of AI in retail, improving customer experiences and operational efficiencies [3]

Market Overview - The leisure food sector increased by 0.21% on November 13, with Yuanzi Co. leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Yuanzi Co. (603886) closed at 13.58, up 3.98% with a trading volume of 132,500 shares and a turnover of 179 million yuan [1] - Ximai Food (002956) closed at 24.80, up 3.16% with a trading volume of 54,600 shares and a turnover of 134 million yuan [1] - Other notable performers include: - Liangpinpuzi (603719) at 12.91, up 1.25% [1] - Nanjiao Food (605339) at 17.69, up 1.20% [1] - Laiyifen (603777) at 13.94, up 1.16% [1] Capital Flow Analysis - The leisure food sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 248 million yuan [2] - The capital flow for individual stocks shows: - Yuanzi Co. had a net inflow of 16.71 million yuan from institutional investors [3] - Salted Fish (002847) had a net inflow of 7.79 million yuan from institutional investors [3] - Purple Onion Food (603057) had a net inflow of 5.88 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the leisure food sector indicates varied performance among stocks, with some experiencing significant gains while others faced declines [1][2] - The overall market sentiment appears positive, as indicated by the rise in major indices and the performance of leading stocks in the leisure food sector [1]

Core Viewpoint - The company has announced the use of idle raised funds for cash management, specifically investing in structured deposits to enhance fund efficiency and returns while ensuring that it does not affect ongoing projects or normal operations [2][3][12]. Investment Overview - **Investment Purpose**: The aim is to improve the efficiency and returns of raised funds while ensuring that the investment does not impact the construction of projects funded by these funds [3]. - **Investment Amount**: The cash management investment amounts to RMB 180 million [4]. - **Source of Funds**: The funds are sourced from the temporarily idle raised funds from the company's non-public stock issuance in 2022, which raised a net amount of approximately RMB 1.16 billion [5]. - **Investment Method**: The company has signed a contract to invest RMB 180 million in a structured deposit product with a term of 47 days, maturing on December 30, 2025 [7]. Recent Cash Management Situation - The cash management activities are within the authorized limits and terms, with no product term exceeding 12 months [8]. Approval Process - The investment proposal was approved during the board and supervisory meetings held on April 9, 2025, and at the annual shareholders' meeting on May 9, 2025 [2][8]. Impact on the Company - The cash management will not affect the normal operation of the company or the progress of funded projects, and it is expected to enhance fund efficiency and increase returns for shareholders [12]. Opinions from Intermediaries - The sponsor institution has confirmed that the use of idle raised funds for cash management has been properly approved and complies with relevant regulations, ensuring no detriment to the company or shareholders [13].

重要内容提示： 已履行的审议程序：绝味食品股份有限公司（以下简称"公司"）于 2025 年 4 月 9 日召开第六届董事会第二次会议和第五届监事会第二十三次会 议，2025 年 5 月 9 日召开公司 2024 年度股东会，审议通过了《关于使用部分 暂时闲置募集资金进行现金管理的议案》，同意公司全资子公司合计使用最高 额度不超过人民币 7 亿元（含 7 亿元）的暂时闲置募集资金进行现金管理， 用于购买安全性高、流动性好的结构化存款或稳健型短期理财产品，投资期 限为自公司 2024 年度股东会审议通过之日起 12 个月，在上述额度及期限内， 可滚动使用。公司监事会和保荐机构对该议案发表了同意意见。具体内容详 见公司于 2025 年 4 月 10 日披露的《绝味食品关于使用部分暂时闲置募集资 金进行现金管理的公告》（公告编号：2025-030）。 特别风险提示：公司购买的上述理财产品为保本浮动收益型的理财产 品，但仍不排除因市场波动、宏观金融政策变化等原因引起的影响收益的情 况。 投资种类：结构性存款 投资金额：人民币 18,000 万元 证券代码：603517 证券简称：ST 绝味 公告编号：2025-083 ...

Core Viewpoint - Juewei Duck Neck is expanding into the fast food sector with the launch of a new brand called "Juewei Bao Bao," targeting office workers in Shenzhen's Kexing Technology Park [1][5]. Group 1: Brand and Store Concept - "Juewei Bao Bao" represents a significant departure from traditional Juewei Duck Neck stores, featuring a vibrant green and white design that emphasizes its fast-casual dining concept [1][3]. - The store retains elements of the Juewei brand, such as a dedicated area for selling traditional snacks like five-spice duck neck and signature duck spine [3]. Group 2: Product Offerings - The menu includes upgraded versions of traditional products, such as transitioning from "cold marinated" to "hot pot" dishes, with signature items like Spicy Duck Pot and Flavorful Black Duck Pot [3]. - New offerings include a variety of dishes like Stir-fried Beef Pot and Pickled Cabbage with Pork Intestines Pot, alongside home-style stir-fried dishes and marinated rice, catering to consumer dining needs [3]. Group 3: Pricing Strategy - Juewei Bao Bao adopts a budget-friendly pricing strategy, with small portions of signature pots priced at 26.9 yuan and large portions at 48 yuan; other dishes range from 12.9 to 32.9 yuan [3]. Group 4: Expansion Plans - Currently, Juewei Bao Bao is testing its first store in Shenzhen, with plans for additional locations in South and East China expected next year [5]. - This is not the first new store format for Juewei, as it previously launched "Juewei Plus" and "Juewei Fresh Marinated" stores, indicating a trend of diversifying its business model [5]. Group 5: Industry Trends - The company's cross-industry moves reflect a strategic response to industry trends, aiming to break through market saturation and enhance consumer engagement by expanding dining experiences [5].