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绝味食品“鸭王”光环不再?2024年营收62.57亿元,净利润腰斩

Core Viewpoint - The company, Juewei Foods, reported a significant decline in both revenue and net profit for the year 2024, with a more than 30% drop in net profit and nearly a 50% decrease in non-recurring net profit, attributed to intensified market competition and changing consumer preferences [2][5][11]. Financial Performance - In 2024, Juewei Foods achieved revenue of 6.257 billion yuan, a year-on-year decrease of 13.84% [5]. - The net profit attributable to shareholders was 227 million yuan, down 34.04% year-on-year [5]. - The non-recurring net profit was 203 million yuan, reflecting a decline of 49.39% [5]. - The company experienced a revenue drop of 23.8% in Q4 2024, with revenue of 1.24 billion yuan and a net loss of 211 million yuan [7]. Store Count and Market Presence - As of now, Juewei Foods has 12,428 stores, a reduction of over 3,500 stores compared to the end of 2023 [3][9]. - The company reported a net decrease of 981 stores in the first half of 2024, with 14,969 stores at that time [8]. Strategic Initiatives - Juewei Foods appointed its first global brand ambassador, Fan Chengcheng, in an effort to rejuvenate the brand and attract younger consumers [4]. Industry Context - The overall growth of the marinated food industry has slowed, with a compound annual growth rate of only 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [11]. Investment Performance - The company has faced continuous investment losses, with a total of approximately 4.5 billion yuan in losses over the past three years [14][15]. - In 2024, the investment loss was reported at 160 million yuan [13]. Regulatory Issues - Juewei Foods faced public scrutiny due to a scandal involving the forgery of health certificates by employees at one of its franchise stores, leading to legal action and highlighting management issues with franchisees [16].