卤味赛道遇冷 绝味食品终止赴港上市

Company Performance - Juewei Food's revenue in the first three quarters of 2024 was 5.015 billion yuan, a year-on-year decrease of 10.95%, with its core business,卤制食品 sales, declining by 9.4% to 4.22 billion yuan [2] - The company's net profit in 2022 and 2023 was 235 million yuan and 344 million yuan respectively, despite revenue growth, due to increased sales expenses and rising raw material costs [10] - Juewei Food's revenue has declined for three consecutive quarters in 2024, with year-on-year decreases of 7.04%, 12.35%, and 13.29% respectively [21] - As of December 24, 2024, Juewei Food's stock price closed at 19.16 yuan per share, with a total market value of 11.9 billion yuan, a significant drop from its peak in 2021 [22] Industry Trends - The卤制品 industry's growth rate has slowed significantly, with an average annual compound growth rate of 6.42% from 2018 to 2023, and the market size in 2023 was approximately 318 billion yuan [24] - The卤制品 industry is facing challenges such as declining performance and store contraction, with nearly 23,000 stores closing in the past year [14] - Capital is no longer optimistic about the卤制品 sector, with the latest IPO event in the industry occurring two years ago and almost no卤味 brands receiving new financing in the primary market in recent years [8] Store Operations - Juewei Food's total number of stores in mainland China decreased by 981 in the first half of 2024, from 15,950 at the beginning of the year to 14,969 [11] - As of December 24, 2024, Juewei Food's operating stores numbered 12,397, indicating a further decline [11] - Ziyan Food's store growth has slowed significantly, with only a net increase of about ten stores in 2024, compared to annual net increases of 848, 773, 535, and 510 stores from 2020 to 2023 respectively [7][15] Strategic Adjustments - Juewei Food has shifted its store strategy from rapid expansion to refined operation, focusing on improving single-store sales [28] - The company has terminated its H-share listing plan due to strategic and operational adjustments, aiming to protect shareholder interests and align with its current business development needs [17] - Juewei Food has increased prices multiple times since 2022, with price hikes ranging from 5% to 10% on popular products such as duck feet, squid, and chicken feet [18] Investment and Expansion - Juewei Food's total book value of external investments was approximately 2.65 billion yuan as of June 2024, with six projects at risk of investment recovery, involving 107 million yuan [4] - The company's investment projects, including Guangdong A Hua Food and Guangxi A Xiu Food, have not been completed as scheduled, with investment progress at only 33.03% and 46.76% respectively as of September 30, 2024 [23] - From 2022 to the first half of 2024, Juewei Food's cumulative investment payments reached 4.365 billion yuan, with a total loss of over 213 million yuan [29] Competitive Landscape - Juewei Food faces increasing competition from rivals such as Ziyan Food and Zhou Hei Ya, with the卤制品 market demand shrinking and consumer preferences shifting [27] - Zhou Hei Ya's revenue in the first half of 2024 was 1.26 billion yuan, a year-on-year decrease of 11.0%, with net profit dropping by 67.7% to 32.91 million yuan, and store numbers decreasing from 3,816 at the end of 2023 to 3,166 [6] - Ziyan Food's revenue in the first half of 2024 was 1.663 billion yuan, a year-on-year decrease of 4.59%, while net profit increased by 10.28% to 198 million yuan [15]