Core Insights - The three major brands in the marinated food industry, namely Juewei, Huangshanghuang, and Zhouheiya, have reported a decline in revenue for the first half of 2025, indicating a challenging market environment [2][3] Group 1: Revenue Performance - Juewei Foods achieved a revenue of 2.82 billion yuan, a year-on-year decrease of 15.57%, with a net profit of 175 million yuan, down 40.71% [2] - Huangshanghuang reported a revenue of 984 million yuan, a decline of 7.19%, but its net profit increased by 26.9% to 76.92 million yuan [2] - Zhouheiya's revenue was 1.22 billion yuan, down 2.9%, while its net profit surged by 228% to 108 million yuan [2] Group 2: Market Challenges - Juewei is facing growth slowdown due to market saturation after previously relying on a nationwide store network and diverse product lines [2] - Huangshanghuang is experiencing challenges from a reduction in store numbers and declining single-store revenue despite profit growth [2] - Zhouheiya has optimized its operations by closing inefficient stores, leading to a decrease in total revenue but an increase in average single-store sales and net profit [2] Group 3: Emerging Competitors - New brands such as Wang Xiaolu and others are gaining market share, leveraging innovative marketing and extending consumption scenarios [3] - The rise of "hot marinated" products is attracting consumers with fresh, made-to-order experiences, contrasting with traditional "cold marinated" offerings [3] Group 4: Strategic Responses - Juewei is focusing on expanding consumption scenarios and appealing to younger consumers through frequent new product launches [4] - Huangshanghuang is seeking growth through cross-industry expansion, including acquiring a stake in a freeze-dried food company [4] - Zhouheiya is enhancing operational efficiency and service across all time periods, aiming to create a conversion loop from content marketing to in-store visits [4] Group 5: Market Outlook - The marinated food industry in China is projected to grow at a compound annual growth rate of 5.93%, reaching a market size of 356.96 billion yuan by 2024 [4] - The competition in the marinated food market is intensifying, signaling a critical point for industry restructuring and growth opportunities [4]

Market Overview - The leisure food sector increased by 0.15% on September 19, with Huang Shang Huang leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the leisure food sector showed varied performance, with Huang Shang Huang closing at 13.09, up 1.87%, and Yan Jin Pu Zi at 70.65, up 1.02% [1] - Other notable performers included Wan Chen Group at 171.55, up 0.88%, and Gan Yuan Food at 56.57, up 0.73% [1] Trading Volume and Value - Trading volumes and values varied across stocks, with Huang Shang Huang achieving a trading volume of 107,400 hands and a transaction value of 141 million yuan [1] - Yan Jin Pu Zi had a trading volume of 21,900 hands and a transaction value of 154 million yuan [1] Capital Flow - The leisure food sector experienced a net outflow of 96.64 million yuan from main funds, while retail funds saw a net inflow of 38.04 million yuan [2] - Speculative funds had a net inflow of 58.61 million yuan [2] Individual Stock Capital Flow - Mai Qu Er had a main fund net inflow of 8.86 million yuan, with a retail net outflow of 14.43 million yuan [3] - Huang Shang Huang saw a main fund net inflow of 6.67 million yuan, but a retail net outflow of 7.37 million yuan [3] - Other stocks like Tao Li Bread and Hei Zhi Ma also showed mixed capital flows, indicating varied investor sentiment [3]

Group 1 - The stock price of Jiangxi Huangshanghuang Group Food Co., Ltd. increased by 2.41% on September 19, reaching 13.16 yuan per share, with a total market capitalization of 7.363 billion yuan [1] - The company has seen a year-to-date stock price increase of 56.29%, with a recent decline of 3.73% over the last five trading days [1] - As of September 10, the number of shareholders increased by 13.74% to 41,200, while the average circulating shares per person decreased by 12.08% to 12,396 shares [2] Group 2 - The main business revenue composition of Huangshanghuang includes fresh products (60.71%), rice products (31.67%), slaughter processing (4.12%), packaging products (1.97%), and others (1.49%) [2] - For the first half of 2025, the company reported operating revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit attributable to the parent company was 76.92 million yuan, a year-on-year increase of 26.90% [2] - The company has distributed a total of 518 million yuan in dividends since its A-share listing, with 169 million yuan distributed over the past three years [3]

Market Overview - The leisure food sector experienced a decline of 1.84% on September 18, with Huang Shang Huang leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Notable declines in individual stocks include: - Huang Shang Huang (code: 002695) down 3.96% with a closing price of 12.85 and a trading volume of 152,700 shares, resulting in a transaction value of 200 million yuan [2] - Other significant declines include: - Ximai Food (code: 002956) down 2.99% [2] - Good Idea (code: 002582) down 2.99% [2] - Liangpin Shop (code: 603719) down 2.85% [2] Capital Flow Analysis - The leisure food sector saw a net outflow of 425 million yuan from main funds, while retail investors contributed a net inflow of 369 million yuan [2][3] - The capital flow for individual stocks indicates: - Nanjiao Food (code: 605339) had a main fund net inflow of 1.0965 million yuan [3] - Miquer (code: 002719) saw a main fund net inflow of 692,800 yuan [3] - Significant outflows were observed in: - Sweet Food (code: 003000) with a net outflow of 1.17 million yuan from main funds [3] - Ziyuan Food (code: 603057) with a net outflow of 2.7029 million yuan from main funds [3]

Core Viewpoint - The prepared food industry, particularly the marinated products sector, is facing significant structural challenges, leading to declining revenues and profits for several listed companies since 2024. The traditional growth model has failed, and mere promotional efforts or new product launches are insufficient to address these issues [1]. Structural Challenges - The four listed companies in the marinated products sector—Juewei, Zhou Hei Ya, Huang Shang Huang, and Ziyan Food—have all experienced a collective decline in performance in the first half of the year. Their combined revenue was 6.507 billion, down 11.25% from 7.332 billion in the same period last year, while net profit fell by 20.78% to 465 million from 587 million [2]. - Juewei, the largest player, saw the most significant decline, with revenue dropping 15.57% to 2.82 billion and net profit plummeting 40.71% to 175 million. Ziyan Food's net profit nearly halved to 105 million, with revenue shrinking to 1.146 billion [3]. Performance Data | Rank | Company Name | Revenue (Billion) | Change (%) | Net Profit (Billion) | Change (%) | | --- | --- | --- | --- | --- | --- | | 1 | Juewei | 2.82 | -15.57% | 0.175 | -40.71% | | 2 | Ziyan Food | 1.473 | -11.46% | 0.105 | -47.20% | | 3 | Zhou Hei Ya | 1.223 | -2.93% | 0.108 | 228.00% | | 4 | Huang Shang Huang | 0.984 | -7.19% | 0.077 | 26.90% | - Zhou Hei Ya and Huang Shang Huang performed relatively better, with Zhou Hei Ya's net profit increasing by 228% to 108 million, although it remains at half the level of 230 million from mid-2021 [3]. Historical Context - Juewei's peak profit was in 2021 at 981 million, but profits fell to 233 million and 344 million in 2022 and 2023, respectively, despite revenue reaching a high of 7.261 billion in 2023. In 2024, Juewei's revenue dropped 13.84% to 6.257 billion, with net profit declining over 30% [4]. - The overall trend shows that from 2021 to 2024, these companies have experienced a significant decline in performance after reaching their highs around 2021 [6]. Market Dynamics - The decline in performance is attributed to intensified competition, consumer perception of value, and the inability to meet consumer expectations regarding price and quality. Consumers have expressed dissatisfaction with high prices, leading to reduced purchasing behavior [8]. - Companies have resorted to frequent discounts and promotions, which have not effectively changed consumer perceptions of high prices and have negatively impacted net profits [8]. Old Growth Model Failure - The previous growth model, which relied heavily on store expansion, is no longer effective. Juewei's franchise model was once a significant growth driver, but recent trends indicate that the closure of stores is directly linked to declining revenues [9]. - Juewei's revenue from franchise stores accounted for 73.5% of total revenue in 2024, down from 54.17 billion in 2023, indicating a 15% decline [9]. Store Closure Trends - The total number of operating stores for the four listed companies has decreased by over 8,700 since 2023, with significant closures also occurring among regional brands [13]. - Juewei's store count dropped from 15,950 at the end of 2023 to 10,725 by September 2024, while Zhou Hei Ya's stores decreased from 3,816 to 2,864 [10][12]. Future Outlook - The marinated products sector is at a crossroads, needing to identify new growth models or second growth curves. Current efforts, such as Juewei's new store format and Zhou Hei Ya's brand upgrades, have yet to show significant results [14]. - The industry requires a deep restructuring around channels, products, and organization to adapt to the changing market dynamics and consumer preferences [14].

Company Overview - Jiangxi Huangshanghuang Group Food Co., Ltd. is located in Nanchang, Jiangxi Province, established on April 1, 1999, and listed on September 5, 2012. The company specializes in the development, production, and sales of marinated meat products and quick-consumption cold dishes [2] - The main business revenue composition includes fresh products (60.71%), rice products (31.67%), slaughter processing (4.12%), packaging products (1.97%), other (supplementary) (1.49%), and testing services (0.04%) [2] - The company belongs to the food and beverage industry, specifically in the leisure food and cooked food sector, and is involved in concepts such as prepared dishes, small plates, new retail, leisure food, and community group buying [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.19%, while the net profit attributable to the parent company was 76.92 million yuan, a year-on-year increase of 26.90% [2] - Cumulative cash dividends since the company's A-share listing amount to 518 million yuan, with 169 million yuan distributed over the past three years [3] Stock Market Activity - As of September 18, the company's stock price decreased by 2.02%, trading at 13.11 yuan per share, with a total market capitalization of 7.335 billion yuan [1] - Year-to-date, the stock price has increased by 55.70%, with a recent decline of 7.22% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 12, where it recorded a net buy of -36.98 million yuan [1] Shareholder Information - As of September 10, the number of shareholders reached 41,200, an increase of 13.74%, with an average of 12,396 circulating shares per person, a decrease of 12.08% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 1.4452 million shares as a new shareholder [3]

Industry Overview - The health food sector has evolved from optional consumption to a rigid demand driven by consumption upgrades and technological innovations, with freeze-dried foods emerging as a significant sub-sector due to their "no additives" and "native" attributes appealing to health-conscious consumers, particularly younger demographics [1] - The global freeze-dried food market is projected to reach 83 billion yuan by 2024 and exceed 107.4 billion yuan by 2030, with China leading at a compound annual growth rate (CAGR) of 13.5%, expected to reach 4.2 billion yuan by 2025 [1] Company Acquisition - Jiangxi Huangshanghuang Group Food Co., Ltd. has officially embraced the freeze-dried food sector by acquiring Fujian Lixing Food Co., Ltd., marking a strategic partnership that could yield significant synergies [2][12] Company Background - Huangshanghuang, established in 1993, has developed into a comprehensive private enterprise involved in duck farming, processing, and sales, with a modern food production base across multiple provinces in China, and an annual slaughter capacity of 30 million ducks [5] - The company has a strong focus on innovation, with several research centers and partnerships with academic institutions, leading to the development of over 100 unique quick-consumption products [7] Financial Performance - In the first half of 2025, Huangshanghuang reported a non-GAAP net profit of 68.1 million yuan, a year-on-year increase of 40.27%, and a net profit attributable to shareholders of 76.9 million yuan, up 26.90% [10] - Fujian Lixing, established in 2006, specializes in freeze-dried food manufacturing and has shown strong financial performance, achieving 415 million yuan in revenue in 2024 and 251 million yuan in the first half of 2025, indicating robust growth [13] Product and Market Strategy - Fujian Lixing offers a diverse product matrix, including freeze-dried fruits, vegetables, and various ready-to-eat foods, and has established a strong customer base with multinational companies [11] - The acquisition allows Huangshanghuang to leverage Lixing's sales channels and market resources, facilitating entry into new markets and expanding its consumer base beyond traditional food lovers [15] Future Outlook - The strategic acquisition positions Huangshanghuang to capitalize on the growing health food market, integrating freeze-dried technology with its existing product lines to enhance product longevity and convenience [17] - The company has set performance commitments for Lixing, ensuring a minimum net profit of 75 million yuan in 2025, 89 million yuan in 2026, and 100 million yuan in 2027, providing a safety net for the investment [18] - This move reflects Huangshanghuang's commitment to diversification and innovation, aiming for sustainable growth in the health food sector [19]

Group 1 - The company has approved the acquisition of a controlling stake in Fujian Lixing Food Co., Ltd., acquiring 51% of its shares for a total price of 494.7 million RMB [1] - The acquisition was approved during the company's board meeting on August 11, 2025, and the second extraordinary general meeting of shareholders on August 28, 2025 [1] - Following the completion of the acquisition, Fujian Lixing Food will become a subsidiary of the company and will be included in the company's consolidated financial statements [1] Group 2 - The company has made the first payment as per the share transfer agreement, and the relevant business registration changes for Lixing Food were completed on September 15, 2025 [2] - The registration was conducted at the Zhangzhou Market Supervision Administration [2] Group 3 - The company has provided a notice from the Zhangzhou Market Supervision Administration as a reference document [3]

9月16日，煌上煌发布公告称，此前，公司于2025年8月11日召开的第六届董事会第十六次会议及2025年 8月28 日召开的 2025 年第二次临时股东大会，审议通过了《关于收购福建立兴食品股份有限公司控股 权的议案》。同意公司与福建立兴食品股份有限公司（以下简称"立兴食品"）股东林解本、王永和、郭 树松、赵志坚、林建清、华安县晟兴投资合伙企业（有限合伙）及华安县众立投资合伙企业（有限合 伙）签订《股权转让协议》，受让上述股东持有的立兴食品合计51%的股权，股权交易价格为4.947亿 元人民币。收购完成后，公司将持有立兴食品51%的股权，立兴食品将成为公司的控股子公司，并纳入 公司合并报表范围。 （企业公告） 关于交易进展情况，公告指出，公司已依据股份转让协议支付第一期转让款项，且立兴食品已于2025年 9月15日在漳州市市场监督管理局完成相关工商变更登记手续。 ...

（文章来源：证券日报） 证券日报网讯 9月16日晚间，煌上煌发布公告称，公司于2025年8月11日召开的第六届董事会第十六次 会议及2025年8月28日召开的2025年第二次临时股东大会，审议通过了《关于收购福建立兴食品股份有 限公司控股权的议案》。同意公司与福建立兴食品股份有限公司（简称"立兴食品"）股东林解本、王永 和、郭树松、赵志坚、林建清、华安县晟兴投资合伙企业（有限合伙）及华安县众立投资合伙企业（有 限合伙）签订《股权转让协议》，受让上述股东持有的立兴食品合计51%的股权，股权交易价格为49， 470.00万元人民币。收购完成后，公司将持有立兴食品51%的股权，立兴食品将成为公司的控股子公 司，并纳入公司合并报表范围。公司已依据股份转让协议支付第一期转让款项，且立兴食品已于2025年 9月15日在漳州市市场监督管理局完成相关工商变更登记手续。 ...