Group 1 - Key Point 1: The construction of key projects is essential for stabilizing economic operations and driving economic growth, with the Danzhou Tax Bureau focusing on personalized and precise tax services to support project initiation and continuation [1] - Key Point 2: The Danzhou offshore wind power project, with a total investment of 14.6 billion yuan, is expected to generate 3.66 billion kWh annually and save 1.1 million tons of standard coal, significantly contributing to Hainan's clean energy goals [2] - Key Point 3: The Danzhou Tax Bureau has established a "Wind Power Tax Benefit Team" to provide guidance on tax incentives for clean energy projects, ensuring that green tax benefits effectively support the development of the renewable energy sector [2] Group 2 - Key Point 1: The expansion of the Hainan Yangpu International Container Hub Port, with an investment of approximately 10.3 billion yuan, aims to enhance Hainan's competitiveness in the Beibu Gulf region by increasing container throughput capacity by 5.5 million TEUs [3] - Key Point 2: The Danzhou Tax Bureau utilizes big data to track key project developments and provide tailored tax policy support, ensuring that projects can fully benefit from available tax incentives [3] - Key Point 3: The Huangshanghuang International Food Processing and Trade Project aims to leverage Yangpu's unique advantages to create a comprehensive industrial base, enhancing the company's competitiveness in domestic and international markets [4] Group 3 - Key Point 1: The Danzhou Tax Bureau is committed to improving the intelligence, precision, and personalization of tax services to support local economic development and assist key projects [5] - Key Point 2: The tax incentives provided to small and micro enterprises have alleviated financial pressures, with one company benefiting from over 500,000 yuan in tax reductions [4] - Key Point 3: The Danzhou Tax Bureau's approach includes comprehensive analysis and targeted outreach to ensure that tax benefits reach the intended businesses effectively [4]

Core Viewpoint - The event marks the launch of the 2025 Rongchang Goose Non-material Cultural Heritage Food Consumption Season in Chongqing, with Huashanghuo being recognized as the "Promoting Enterprise of Rongchang Goose" due to its strong sales network and commitment to promoting the goose industry [1][11]. Group 1: Event and Recognition - The event took place on April 30, showcasing the Rongchang Goose and its cultural significance [1]. - Huashanghuo was awarded the title of "Promoting Enterprise of Rongchang Goose" for its efforts in developing the industry [1]. Group 2: Product Quality and Consumer Reception - The Rongchang Goose was praised for its tender meat, chewy skin, and authentic flavor during the tasting event [5]. - The collaboration between Huashanghuo and Rongchang Goose has been recognized for enhancing the dissemination of traditional Chinese cuisine [5]. Group 3: Production and Technology - The Huashanghuo Chongqing Rongchang base is one of eight national bases, covering 120 acres with an annual production capacity of 10,000 tons of marinated products [7]. - The company utilizes over 30 years of experience in marinated food development and advanced production lines to ensure consistent quality and flavor while maintaining traditional recipes [7]. Group 4: Marketing and Sales Strategy - Huashanghuo plans to create a nationwide sales network starting from Rongchang, with dedicated sales areas in local stores and online platforms [9]. - The marketing strategy includes leveraging social media platforms for promotional activities to enhance the visibility and reputation of Rongchang Goose [9]. Group 5: Future Development - The recognition as a promoting enterprise is a significant step in Huashanghuo's strategy to preserve local cuisine and explore new growth opportunities in the marinated food sector [11]. - The company aims to develop a sustainable model for integrating non-material cultural heritage with industry, promoting the industrialization and national expansion of local delicacies [11].

Company Performance - Jiangxi Huangshanghuang Food Co., Ltd. is the only company among the disclosed reports to achieve positive net profit growth in Q1 2025, with a net profit of 44.37 million yuan, a year-on-year increase of 36.21% [1] - Huangshanghuang plans to achieve a revenue of 2.1 billion yuan and a net profit of 145 million yuan in 2025, aiming for double growth in both revenue and profit [2] Industry Trends - The market growth rate of the marinated food industry has been slowing down, leading to intensified competition as new brands enter the market [3] - Leading companies are shifting from rapid expansion to refined operations, focusing on optimizing store models and enhancing single-store revenue to cope with market pressures [3] - Future competition will be determined by supply chain capabilities, with top companies investing in self-built breeding bases, central factories, and cold chain logistics to enhance competitiveness [3] - The industry is transitioning from "scale expansion" to "quality competition," emphasizing product health and innovation, with a focus on low-salt and low-fat formulations [3][4] Market Opportunities - The diverse consumption trends in marinated products provide ample market space for production companies to expand sales and develop new leading products [4] - Leading brands will further consolidate their advantages through technological investments and resource integration, while smaller brands need to seek differentiation in niche markets [4]

Group 1: Smartphone Market - Xiaomi has regained the top position in the Chinese smartphone market after ten years, with a shipment of 13.3 million units and a market share of 18.6%, representing a year-on-year growth of 39.9% [2] - Huawei shipped 11.2 million units with a market share of 15.7%, showing a year-on-year increase of 10% [2] - Apple experienced a decline, shipping 9.8 million units and a market share of 13.7%, down 10% year-on-year [2] Group 2: Corporate Developments - Apple is restructuring its teams, moving its robotics team to the hardware department, indicating dissatisfaction with its AI and machine learning leadership [3] - Cyberspace Group has submitted an application for listing on the Hong Kong Stock Exchange, with joint sponsors being CICC and China Galaxy International [4] - Warner Pharmaceuticals has received approval for its bismuth potassium citrate granules, which will enhance its market competitiveness [12] Group 3: Financial Performance - CICC reported a net profit of 2.042 billion yuan for Q1, a year-on-year increase of 64.85%, with revenues of 5.721 billion yuan, up 47.69% [9] - WuXi AppTec achieved a net profit of 3.672 billion yuan in Q1, marking a year-on-year growth of over 89% [10] - Shanghai Pharmaceuticals reported a net profit of 1.333 billion yuan in Q1, down 13.56% year-on-year [11] Group 4: Consumer Goods - Lao Feng Xiang reported a net profit of 613 million yuan in Q1, a decrease of 23.55% year-on-year, with revenues of 17.521 billion yuan, down 31.64% [13] - Three squirrels reported a net profit of 239 million yuan in Q1, a decline of 22.46% year-on-year, with revenues of 3.723 billion yuan, up 2.13% [16] Group 5: New Initiatives - China Petroleum & Chemical Corporation has commenced construction on a 30,000-ton carbon fiber project, expected to be completed by 2027, supporting the new materials industry [22][23] - ZTE is entering the companion robot market, planning to launch products focused on security monitoring and emotional companionship [6] Group 6: Market Trends - TikTok is implementing new regulations to combat malicious marketing accounts, introducing a health score mechanism for accounts [8] - The dining reservation volume for the upcoming holiday has surged, with Haidilao receiving over 25,000 reservations for the first day of the holiday [15]

Revenue and Profit - The company's revenue for Q1 2025 was ¥445,935,566.98, a decrease of 2.53% compared to ¥457,512,213.32 in the same period last year[5] - Net profit attributable to shareholders increased by 36.21% to ¥44,369,658.05 from ¥32,573,316.77 year-on-year[5] - Net profit for the current period was CNY 43,748,016.11, an increase of 37.6% compared to CNY 31,812,143.87 in the previous period[22] - The total comprehensive income attributable to the parent company was CNY 44,369,658.05, an increase from CNY 32,573,316.77 in the previous period, representing a growth of approximately 36.2%[23] Cash Flow - The net cash flow from operating activities rose significantly by 86.24% to ¥183,116,233.61, compared to ¥98,322,330.98 in the previous year[14] - Net cash flow from operating activities was CNY 183,116,233.61, significantly up from CNY 98,322,330.98 in the prior period, marking an increase of approximately 86.2%[23] - Cash inflow from operating activities totaled CNY 487,226,594.78, compared to CNY 467,773,497.42 in the previous period, indicating a growth of about 4.3%[23] - Cash outflow from operating activities decreased to CNY 304,110,361.17 from CNY 369,451,166.44, a reduction of approximately 17.7%[23] - The company reported a net increase in cash and cash equivalents of CNY 139,787,960.87, compared to CNY 35,234,807.89 in the prior period, representing an increase of approximately 296.5%[24] - The ending balance of cash and cash equivalents was CNY 1,267,555,659.72, up from CNY 1,162,951,902.17 in the previous period[24] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,347,619,959.79, reflecting a 1.99% increase from ¥3,282,353,555.33 at the end of the previous year[5] - Total liabilities amounted to CNY 532,794,115.74, a slight increase from CNY 526,414,722.98 in the previous period[20] - The company's total assets increased to CNY 3,347,619,959.79, up from CNY 3,282,353,555.33, reflecting a growth of 2%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 35,775[15] - The largest shareholder, Huang Shang Huang Group Co., Ltd., holds 35.38% of shares, totaling 197,952,000 shares[15] - The second-largest shareholder, Xinyu Huang Shang Huang Investment Management Center, holds 19.84% of shares, totaling 111,007,654 shares[15] - The actual controller of the company is the Xu Guifen family, holding a combined 40% stake in Huang Shang Huang Group Co., Ltd.[15] - The company has no preferred shareholders or significant changes in the top 10 shareholders due to margin trading[17] - There are no significant changes in the financing and securities lending activities of the top 10 shareholders[17] Expenses and Costs - Total operating costs decreased to CNY 396,893,110.93, down 6.5% from CNY 424,359,386.96 in the previous period[21] - Research and development expenses were CNY 16,596,699.26, down 18.0% from CNY 20,404,553.43 in the previous period[21] - The company's financial expenses decreased by 45.32% to -¥1,801,837.24, mainly due to a reduction in bank deposit interest income[12] Other Financial Metrics - The basic and diluted earnings per share both increased by 36.21% to ¥0.079 from ¥0.058 in the same period last year[5] - The net profit after deducting non-recurring gains and losses rose by 48.25% to ¥39,484,977.92 from ¥26,634,659.17 year-on-year[5] - The company reported a 93.88% increase in investment income to ¥689,847.42, compared to ¥355,809.02 in the previous year[12] - Deferred income tax assets increased to CNY 66,600,546.11 from CNY 65,407,616.72, showing a growth of 1.8%[20] - The company reported a financial asset impairment loss of CNY 10,137.26 during the current period[22] Inventory and Receivables - Accounts receivable increased by 67.87% to ¥30,633,618.29, primarily due to increased receivables from distributors[10] - Accounts receivable rose to ¥30,633,618.29 from ¥18,248,311.45, indicating an increase of about 68.0%[18] - Inventory decreased to ¥376,309,565.98 from ¥455,271,945.19, reflecting a decline of approximately 17.3%[18] - Total current assets amounted to ¥1,906,217,791.06, up from ¥1,854,353,101.73, showing an increase of about 2.8%[18] Accounting Standards - The company did not undergo an audit for the first quarter report[25] - The new accounting standards will be first implemented starting in 2025[26]

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Zhou Hei Ya, and Huang Shang Huang, are collectively facing a decline in performance in 2024, marking a significant downturn in an industry that was once thriving [1][3][5]. Financial Performance - Juewei Food's revenue dropped to 6.257 billion yuan in 2024, a year-on-year decrease of 13.84%, with net profit plummeting 34.04% to 227 million yuan, marking its first revenue decline since its IPO in 2017 [1][3]. - Zhou Hei Ya's revenue fell by 10.7% to 2.451 billion yuan, with net profit down 15.03% to 98.2 million yuan [3]. - Huang Shang Huang experienced a 9.44% decrease in revenue to 1.739 billion yuan, with net profit sharply declining by 42.86% to 40.33 million yuan, marking its fourth consecutive year of revenue decline [3][5]. Market Dynamics - The decline in performance is attributed to intensified market competition and changing consumer demand, with rising prices leading to consumer complaints about affordability [3][5]. - Juewei Food acknowledged that its performance was significantly impacted by fierce market competition, with continued revenue and profit declines in the first quarter of 2024 [3][5]. - Huang Shang Huang cited changes in consumer purchasing power and consumption scenarios as factors leading to reduced single-store revenue, alongside increased promotional costs and other operational challenges [5]. Store Count and Expansion - The total number of marinated food stores in China decreased by 23,000 over the past year, with the three major brands closing over 1,700 stores in the first half of 2024 alone [7]. - Juewei Food's store count dropped from 15,950 at the end of 2023 to 12,129 by mid-April 2024, a net decrease of 3,821 stores in 16 months [7]. Profit Margins - Despite the revenue and profit declines, the gross profit margins of the three giants improved in 2024, with Juewei Food's gross margin increasing by 6.1 percentage points to 33.96% [9]. - Huang Shang Huang's gross margin rose by 3.93 percentage points to 32.95%, while Zhou Hei Ya's gross margin reached 56.8%, up by 4.4 percentage points [9]. Internal Challenges - The marinated food industry faces significant internal challenges, including uncontrollable production costs due to reliance on volatile raw material prices, particularly poultry by-products [10][12]. - The soaring costs of raw materials, such as duck products, have severely compressed profit margins, with procurement costs remaining high despite some price reductions in the latter half of 2023 [12][14]. - The industry's growth model, heavily reliant on rapid store expansion, is now hindered by declining consumer demand and rising operational costs, forcing companies to shift focus from quantity to improving single-store performance [16]. External Competition - The marinated food industry is experiencing pressure from diversified consumption channels, with new retail formats like bulk snack stores and e-commerce platforms drawing customers away from traditional marinated food outlets [17][19]. - Changing consumer dietary habits and preferences, driven by economic pressures, have led to a decline in the appeal of traditional marinated products, which are often perceived as unhealthy [19][21]. - Supermarkets have increasingly focused on their own processed products, enhancing their competitiveness against traditional marinated food brands, which struggle to adapt to changing consumer tastes [21][23].

Core Viewpoint - The three major players in the marinated food industry, including Juewei Foods, Zhou Hei Ya, and Huang Shang Huang, have all experienced declines in revenue and net profit, marking their worst performance since their peak periods [1][7]. Group 1: Financial Performance - In 2024, Juewei Foods reported revenue of approximately 6.257 billion yuan, a year-on-year decline of 13.84%, and a net profit of about 227 million yuan, down 34.04% [8]. - Huang Shang Huang achieved revenue of around 1.739 billion yuan, a decrease of 9.44%, with a net profit of approximately 40 million yuan, down 42.86% [10]. - Zhou Hei Ya's revenue was about 2.451 billion yuan, reflecting a 10.7% decline, and its net profit was around 98 million yuan, down 15% [12]. Group 2: Market Dynamics - The marinated food industry is facing intensified competition, changing consumer environments, and adjustments in store layouts, leading to a slowdown in market growth [3]. - The industry is transitioning from "scale expansion" to "quality competition," where supply chain integration, food safety management, and differentiated innovation are critical for companies to break through [3]. Group 3: Store Adjustments - In 2024, Huang Shang Huang and Zhou Hei Ya closed 700 to 800 stores, while Juewei Foods saw a more significant reduction, with store numbers dropping from 15,950 at the end of 2023 to 12,129 by April 2024 [2][17]. - Zhou Hei Ya's store count decreased from 3,816 at the end of 2023 to 3,031 by the end of 2024, indicating a strategic shift to eliminate low-quality stores [19][20]. - Juewei Foods reported a decline in store numbers, with a significant drop to 12,129 by April 2024, reflecting a shift from aggressive expansion to a focus on improving store performance [22][24]. Group 4: Cost and Profitability - Juewei Foods' sales expenses reached a record high of 667 million yuan in 2024, primarily due to increased advertising costs [28]. - Despite the decline in revenue, Juewei Foods managed to increase its gross margin by 5.94 percentage points to 30.79% due to a decrease in the cost of raw materials [25]. - Zhou Hei Ya's gross margin rose by 4.4 percentage points to 56.8% in 2024, attributed to supply chain improvements [25]. Group 5: Consumer Behavior - The average spending per order for Zhou Hei Ya decreased from 56.9 yuan in 2023 to 54.39 yuan in 2024, with sales volume dropping from 31,453 tons to 26,159 tons [31]. - The overall decline in consumer purchasing power and changing consumption scenarios have negatively impacted the marinated food sector [16].

"太贵了，也不如以前好吃了。"这是某点评网站上，一位消费者在一家鸭脖门店下留下的评价。 短短一句话里，让曾经的"平价国民零食"鸭脖卡住了两大bug：既失去了性价比，又失去了好吃的口 感。 三家上市卤味企业陆续公布的2024年财报中，步调一致地出现业绩下滑、门店减少的经营走势。 "鸭脖大王"绝味鸭脖去年全年营收约为62.57亿元，同比下滑13.84%；归母净利润2.27亿元，同比下滑 34.04%；扣非后归母净利润约为2.03亿元，同比大降49%，成为过去3年以来，业绩最糟糕的一年。 无独有偶，周黑鸭和煌上煌2024年营收和利润同样呈现下滑。其中周黑鸭的营收共计24.51亿元，同比 下降10.7%；年度利润9820.4万元，同比下降15%。煌上煌营收17.39亿元，同比下降9.44%；归母净利润 4032.9万元，同比下降42.86%。和绝味鸭脖类似，煌上煌也遭遇了近3年最差业绩。 业绩的下滑使得企业通过关店止损。周黑鸭就表示，去年公司关闭位置不佳长期亏损的低质门店，强化 营销推广盘活低效门店。 根据财报统计，上述三家卤味头部企业，仅去年门店共计减少2603家，其中周黑鸭门店减少785家，煌 上煌门店少了837 ...

以下文章来源于启阳路4号 ，作者公司研究院 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。 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出酒店摆盘的价格"、"每次都说拿一点点就够了，一称40块"、"它 明明可以抢，却还给了我一些鸭脖"，话题词下网友诉说起那些年被价格刺客支配的往事。 反映在卤味三巨头的财报里，营收和利润双跌。 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？ 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 ...

国金证券股份有限公司 关于江西煌上煌集团食品股份有限公司 向特定对象发行股票之持续督导保荐总结报告书 国金证券股份有限公司（以下简称"国金证券""保荐人"）作为江西煌上煌 集团食品股份有限公司（以下简称"煌上煌""公司"）向特定对象发行股票的保 荐人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等规定，国金证 券的持续督导期持续至 2024 年 12 月 31 日，截至本报告书出具日，持续督导期已 满，现根据有关法律法规和规范性文件的要求，出具本持续督导保荐总结报告书。 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈 述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本保荐人及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 3、本保荐人及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务管 理办法》的有关规定采取的监管措施。 | 保荐人名称： | 国金证券股份有限公司 | | --- | --- | | 法定代表 ...