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 ...

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 ...

费用率方面，2024 年销售、管理、研发费用率分别为16.80%、10.36%、3.58%，分别同比提升1.92、 1.90、0.64pct，财务费用率为-0.67%（yoy-0.14pct），公司持续加大对线上线下促销活动及门店政策支 持的费用投入，此外，第三方咨询和品牌宣传等费用同比增加，新增新基地投产带来的固定费用。2024 年归母净利率下滑1.36pct 至2.32%，仍有较大修复空间。分红方面， 2024 年公司拟每10 股派现金股利 1.10 元（含税），股利支付率高达152.59%。 2024 年鲜货产品实现营收12.09 亿元（yoy-14.43%），门店数量方面，2024年门店数量为3660 家，较年 初净闭店837 家，其中直营门店241 家，同比减少21 家，加盟门店3419 家，同比减少816 家，主要系门 店拓展不及预期和闭店数量保持高位，门店数量出现负增长；单店收入方面，受顾客购买力和消费场景 变化，单店收入同比下降，我们预估全年单店收入下滑大个位数。 投资建议：公司作为"卤味第一股"，深耕行业多年，坚持"千城万店"战略，优化门店结构，深 化"1+N""两卖一长"的线上+线下结合经 ...

瑞财经 刘治颖 近日，煌上煌(SZ002695)发布2024年年度报告，营收四连降、净利下滑超四成。 据瑞财社查阅，煌上煌实际控制人为徐桂芬家族（徐桂芬、褚建庚、褚浚、褚剑），其中徐桂芬与褚建庚系夫妻关系，徐桂芬与褚浚、褚剑系母子关系，褚 建庚与褚浚、褚剑系父子关系，褚浚、褚剑系兄弟关系。 目前，褚浚担任董事长、总经理，褚剑担任副董事长、副总经理，徐桂芬、褚建庚均担任董事。 薪酬方面，2024年，徐桂芬、褚建庚、褚浚、褚剑薪酬分别为132.09万元、119.13万元、131.15万元及118.15万元。其中，徐桂芬薪酬冠绝董监高。 | 姓名 | 性别 | 年龄 | 职务 | 任职状态 | 从公司获得的 | 是否在公司关 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 税前报酬总额 | 联方获取报酬 | | 褚浚 | 男 | 49 | 黄事长,总经 理 | 現任 | 131. 15 | 否 | | 将剑 | ते | 47 | 副重事长、副 总经理 | 现任 | 118. 15 | 香 | | 徐桂芬 | 女 | 75 | 或事 | 现任 | ...

盈利预测、估值与评级：考虑到公司终端需求有待恢复，门店业务表现有待观察。 事件：煌上煌公布2024 年年报，2024 年全年实现营业收入17.39 亿元，同比-9.44%；归母净利润0.40 亿 元，同比-42.86%；扣非归母净利润0.41 亿元，同比-15.99%。24Q4 单季度实现营业收入2.87 亿元，同 比-15.59%；归母净利润亏损0.38 亿元，上年同期为亏损0.30 亿元；扣非归母净利润亏损0.23 亿元，上 年同期为亏损0.39 亿元。 我们下调2025 年归母净利润预测至0.64 亿元（较前次下调64.40%），新增2026-2027 年归母净利润预测 为0.73/0.84 亿元。对应2025-2027 年EPS 为0.11/0.13/0.15 元，当前股价对应P/E 分别为89/78/68 倍，公 司产品力优秀，品牌力良好，维持"增持"评级。 终端消费偏弱，门店业务阶段性承压。分品类看，2024 年公司米制品业务实现营业收入3.51 亿元，同 比下滑1.83%。肉制品加工业务实现营业收入12.58 亿元，同比下滑14.26%，其中鲜货产品产品/包装产 品分别实现营业收入12.09/0 ...