证券代码：002695 证券简称：煌上煌 编号：2026—006 江西煌上煌集团食品股份有限公司 类 型：股份有限公司（上市、自然人投资或控股） 住 所：江西省南昌市南昌县小蓝经济开发区洪州大道 66 号 法定代表人：褚浚 注册资本：伍亿伍仟玖佰伍拾捌万伍仟捌佰零壹元整 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 江西煌上煌集团食品股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日召开的第六届董事会第十七次会议及 2025 年 11 月 6 日召开的 2025 年第三 次临时股东大会审议通过了《关于增设董事会席位、变更公司注册资本并修订〈公 司章程〉的议案》，同意公司注册资本由 556,947,081 元变更为 559,585,801 元， 并对《公司章程》进行修订，公司股东大会授权公司董事会办理相关工商变更登 记事宜。具体内容详见公司于 2025 年 10 月 21 日、2025 年 11 月 7 日刊登于《中 国证券报》《上海证券报》《证券时报》《证券日报》及巨潮资讯网的《第六届 董事会第十七次会议决议公告 ...

Core Viewpoint - The spring transportation season has seen a decline in the popularity of "marinated snacks," particularly the three major duck brands, which are facing performance downturns and store closures due to market saturation and changing consumer preferences [2][3][8]. Group 1: Company Performance - The three major duck brands, Zhou Hei Ya, Jue Wei, and Huang Shang Huang, have experienced significant declines in performance, with Jue Wei projected to lose between 160 million to 220 million yuan in 2025, marking its first annual loss [6][19]. - The market capitalization of these brands, once in the hundreds of billions, has now dwindled to tens of billions, and over 5,300 stores were closed in the first half of 2025 alone [6][19]. - Zhou Hei Ya, despite its high-end positioning, saw its net profit drop by over 94% in 2022, while Huang Shang Huang's store count fell below 2,898 by mid-2025, lower than in 2019 [19][21]. Group 2: Market Dynamics - The marinated snack market is experiencing a slowdown, with the market size expected to reach 157.3 billion yuan in 2024, reflecting a drastic decline in growth rate to 3.7% compared to over 15% in previous years [21][23]. - Consumer behavior has shifted, with a preference for lower-priced options; the most common spending range for marinated snacks is 20-30 yuan, while the major brands often exceed this price point [23][25]. - The competitive landscape has evolved, with local brands and snack giants entering the marinated snack market, offering similar or better value propositions, thus diluting the unique selling points of the major brands [25][27]. Group 3: Strategic Changes - To regain market share, the major brands are attempting various marketing strategies, including collaborations with popular culture and introducing new product lines [30][32]. - There is a push towards redefining their product offerings, with Zhou Hei Ya and Jue Wei introducing lower-priced items and expanding into hot marinated dishes to attract younger consumers [34][36]. - Operational efficiency is becoming crucial, with brands needing to close underperforming stores and focus resources on profitable locations to improve overall performance [38][41].

Core Viewpoint - The article discusses the decline of the three major duck brands in the Chinese snack market, highlighting their struggles with performance, store closures, and the challenges posed by changing consumer preferences and market saturation [4][11]. Group 1: Performance and Market Dynamics - The three major duck brands, Zhou Hei Ya, Jue Wei, and Huang Shang Huang, have seen significant declines in performance, with Jue Wei expected to report a loss of 160 to 220 million yuan in 2025, marking its first annual loss [9][10]. - The market capitalization of these brands has dropped from several hundred billion to only tens of billions [10]. - In the first half of 2025, over 5,300 stores were closed among the three brands, indicating a severe contraction in their retail presence [11]. Group 2: Brand Strategies and Market Positioning - Zhou Hei Ya aimed for a high-end positioning, maintaining a direct sales model and premium pricing, with average transaction values above 60 yuan from 2017 to 2020 [7][18]. - Huang Shang Huang, as the first listed company in the industry, reached a peak revenue of over 2.4 billion yuan in 2020 but has since struggled to maintain its growth trajectory [14][15]. - Jue Wei adopted an aggressive expansion strategy, reaching over 10,000 stores within 14 years, but has faced challenges in profitability and market perception [22][24]. Group 3: Consumer Behavior and Market Trends - The rapid growth of the duck snack market has slowed, with the market size expected to reach 157.3 billion yuan in 2024, reflecting a drastic decline in growth rate to 3.7% compared to over 15% in previous years [38]. - Consumers are increasingly price-sensitive, with the most common spending range for duck snacks being 20-30 yuan, while the major brands often price their products significantly higher [41]. - The emergence of local brands and new competitors offering lower-priced alternatives has intensified competition, leading to a shift in consumer preferences [49][52]. Group 4: Required Changes for Recovery - To regain market share, the brands need to embrace significant changes, including breaking away from negative perceptions of being overpriced and homogeneous [58]. - Innovations in product offerings and marketing strategies are essential, as seen with Zhou Hei Ya's introduction of a 9.9 yuan snack series and Jue Wei's new product lines [58][60]. - A focus on operational efficiency and cost management is crucial, as the brands must adapt to a more competitive and cost-sensitive market environment [64][66].

Core Insights - The opening of Huang Shang Huang's first hot marinated food store marks a significant entry into the hot marinated food market, joining other brands like Zhou Hei Ya, Jue Wei, and Jiu Jiu Ya, which are also expanding into this segment to combat declining performance in traditional marinated food sales [2][3] Company Developments - Huang Shang Huang's hot marinated food store emphasizes "fresh hot marinated food, no overnight sales," offering a variety of products including main dishes, cold dishes, and beverages, with meal sets priced at 23.9 yuan and 8.9 yuan for hot marinated noodle sets [2] - Jue Wei has launched the "Jue Wei Hot Marinated Cup," featuring a core secret hot marinated broth and customizable ingredients, with prices ranging from 4 to 30 yuan, achieving over 800,000 sales on Douyin [2] - Zhou Hei Ya has introduced a sub-brand "3 Jin Ban. Xiao Guo Xian Lu," which includes traditional duck products and new items like five-spice marinated goose, while upgrading some stores to "Jiu Jiu Ya. Hot Pot Fresh Marinated" [3] Industry Trends - The entry of major marinated food brands into the hot marinated market is a response to declining revenues, with Jue Wei reporting a 15.04% year-on-year drop in total revenue to 4.26 billion yuan and a 36.07% decline in net profit to 280 million yuan for Q3 2025 [3] - Huang Shang Huang's revenue decreased by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan in the same period, indicating a trend of profit growth despite revenue decline [3] - Zhou Hei Ya's revenue for the first half of the year was 1.223 billion yuan, down 2.9%, but net profit surged by 228% to approximately 107.94 million yuan, highlighting a pattern of "profit growth without revenue growth" across the industry [3] Competitive Landscape - Analysts suggest that the collective shift of the "three giants" in marinated food towards hot marinated products is a strategic move to revitalize their businesses amid stagnant growth in traditional cold marinated food [4] - The current competition is intensifying as these brands aim to transition from being perceived as snack brands to full-fledged dining options, necessitating stronger supply chains and product planning that aligns with consumer dining experiences [4]

Core Viewpoint - The "Duck Kings" in the marinated food industry, including Zhou Hei Ya, Jue Wei, and Huang Shang Huang, are facing significant challenges as consumer preferences shift, leading to declining sales and store closures. Group 1: Industry Performance - The marinated food industry is experiencing a slowdown, with the market size expected to reach 157.3 billion yuan in 2024, reflecting a drastic decline in growth rate to 3.7% compared to over 15% in previous years [17]. - Jue Wei is projected to incur its first annual loss, estimated between 160 million to 220 million yuan in 2025, marking a significant downturn for the company [1][2]. - The three major brands have closed over 5,300 stores in the first half of 2025, indicating a severe contraction in their retail presence [1][2]. Group 2: Company Strategies and Changes - Zhou Hei Ya has shifted its strategy by introducing lower-priced products, such as a 9.9 yuan "satisfying series," to attract younger consumers [29]. - Jue Wei has diversified its offerings by launching new product lines, including a series of snacks and a new cooking method called "first marinate then grill" [29]. - Huang Shang Huang has expanded its business model to include dining options, such as hot marinated dishes and rice, to reposition itself in the market [31]. Group 3: Consumer Behavior and Market Dynamics - Consumer preferences have shifted towards more affordable options, with the most common spending range for marinated food being 20-30 yuan, which contrasts sharply with the higher prices of the "Duck Kings" [19]. - New entrants in the market, such as local brands and snack giants, are capturing consumer interest by offering unique flavors and experiences, further challenging the established brands [25][23]. - The perception of the "Duck Kings" has deteriorated, with consumers viewing them as overpriced and lacking innovation, leading to a decline in brand loyalty [21][29]. Group 4: Future Outlook and Recommendations - To regain market share, the "Duck Kings" need to embrace significant changes, including refining their operations and breaking away from outdated consumer perceptions [28][35]. - Implementing a strategic reserve system for raw materials could help manage cost fluctuations, which is crucial for maintaining profitability [35]. - Focusing on closing underperforming stores and reallocating resources to high-potential locations will be essential for future growth [36].

Core Viewpoint - The "luwei" industry is undergoing significant differentiation and deep adjustment, with major players showing contrasting performance signals amid a backdrop of slowing growth, store reductions, and intensified competition [1] Performance Divergence - ST Juewei (603517.SH) has announced a projected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and expects its first annual loss of 160 million to 220 million yuan [2] - In contrast, Huangshanghuang (002695.SZ) anticipates a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [2][3] Store Count Reduction - Despite the increase in net profit for Huangshanghuang and Zhou Hei Ya (1458.HK), both companies are reducing their store counts. Zhou Hei Ya reported a decrease of 167 stores, bringing the total to 2,864 [4] - Huangshanghuang had 2,898 stores as of June 2025, down from 3,660 at the end of 2024 [5] - ST Juewei has seen a net reduction of over 4,000 stores in a year and a half, with approximately 10,713 stores remaining as of February 2026 [5] Industry Challenges - The "luwei" industry is facing severe operational pressures, with a significant slowdown in growth. The compound annual growth rate (CAGR) from 2018 to 2023 was 6.42%, with a market size of approximately 318 billion yuan in 2023 [6] - Key challenges include high prices, reduced consumer willingness, and competition from snacks and ready-to-eat meals, which are impacting the industry's growth [6] - The industry is also experiencing product homogeneity, with 80% of products from the top 10 brands overlapping, leading to concerns about value perception among consumers [6]

Core Viewpoint - The "luwei" (marinated food) industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals, highlighting the challenges of slowing growth, store reductions, and intensified competition [2][3]. Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and anticipates its first annual loss since its listing, estimated between 160 million to 220 million yuan [3]. - In contrast, Huang Shang Huang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [4]. Store Count Reduction - Despite the increase in net profit for Huang Shang Huang and Zhou Hei Ya (1458.HK), both companies are reducing their store counts. Zhou Hei Ya reported a decrease of 167 stores, bringing the total to 2,864 by mid-2025 [5]. - Huang Shang Huang had 2,898 stores in June 2025, down from 3,660 at the end of 2024 [6]. Industry Challenges - The overall growth of the "luwei" industry is hindered by several factors, including high prices, changing consumer willingness, and competition from snacks and ready-to-eat meals [7]. - The industry is experiencing a slowdown, with a compound annual growth rate (CAGR) of 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [6]. Market Dynamics - The industry faces three main pain points: competition from alternative products, product homogeneity among top brands, and pricing issues where leading brands have an average product price exceeding 50 yuan per jin, leading to insufficient perceived value among consumers [7].

Core Viewpoint - The "luwei" (marinated food) industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals amid a backdrop of slowing growth and intensified competition [3]. Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%. This marks the company's first annual loss since its listing, with an anticipated loss of 160 million to 220 million yuan [5]. - In contrast, Huang Shang Huang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [6]. - Zhou Hei Ya (1458.HK) has not yet released its full-year earnings forecast, but its mid-2025 report indicates total revenue of 1.223 billion yuan, a decrease of 2.9%, while net profit rose by 228% to 108 million yuan [7]. Store Count Reduction - Despite Zhou Hei Ya's profit increase and Huang Shang Huang's strong performance, both companies are reducing their store counts. Zhou Hei Ya closed 167 stores, bringing its total to 2,864 by mid-2025 [9]. - Huang Shang Huang reported a decrease in store count from 3,660 at the end of 2024 to 2,898 in June 2025 [10]. - ST Juewei has not disclosed its store count in recent reports, but it is estimated to have reduced over 4,000 stores in a year and a half, with approximately 10,713 stores remaining as of February 2026 [10]. Industry Challenges - The growth of the "luwei" industry is facing challenges due to a decline in consumer willingness, high prices, and competition from snacks and ready-to-eat meals. This has led to major companies closing inefficient stores and exploring transformation strategies [3][11]. - The overall market growth rate for the marinated food industry has slowed, with a compound annual growth rate (CAGR) of 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [10]. - Key pain points in the industry include competition from alternative products, product homogeneity among top brands, and pricing issues, with leading brands averaging over 50 yuan per kilogram, leading to a perceived lack of value among consumers [11].

Core Viewpoint - The "luwei" industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals amid a backdrop of slowing growth and intensified competition [2] Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and anticipates its first annual loss since its listing, estimating a loss of 160 million to 220 million yuan [3] - In contrast, Huangshanghuang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [4] Store Count Reduction - Despite the increase in net profit for Huangshanghuang and ST Juewei, both companies are reducing their store counts. Huangshanghuang had 2,898 stores in June 2025, down from 3,660 at the end of 2024 [6] - ST Juewei has seen a net reduction of over 4,000 stores in a year and a half, with approximately 10,713 stores remaining as of February 2026 [6] Industry Challenges - The overall "luwei" industry is facing challenges such as product homogenization, high prices, and changing consumer willingness, leading to the closure of inefficient stores and a search for transformation among leading companies [2][7] - The industry growth has slowed significantly, with a CAGR of 6.42% from 2018 to 2023, and the market size reaching approximately 318 billion yuan in 2023 [6] Competitive Landscape - The industry is experiencing threats from alternative products, including snacks and hot pot brands, which are encroaching on the "luwei" market [7] - There is a high degree of product overlap among the top 10 brands, with 80% of their offerings being similar, leading to concerns about pricing and consumer value perception [7]

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]