Bei Ke Cai Jing·2025-04-23 12:46Core 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].