Juewei Food (SH:603517) Zhong Guo Xin Wen Wang·2025-05-01 08:34Core Viewpoint - The performance of major players in the marinated food industry, known as the "three giants," has declined significantly, indicating a shift in consumer preferences and market dynamics [2][4]. Group 1: Financial Performance - The three major companies in the marinated food sector reported collective revenue declines, with Juewei Food's revenue at 6.257 billion yuan, down 13.84% year-on-year, marking its first revenue drop since its listing in 2017 [2][3]. - Juewei Food's net profit attributable to shareholders was 227 million yuan, a decrease of 34.04% compared to the previous year [2][3]. - Other companies, Huangshanghuang and Zhouheiya, also experienced revenue declines of 9.44% and 10.66%, with net profits dropping by 42.86% and 15.03%, respectively [4]. Group 2: Consumer Behavior Changes - The domestic consumption environment has changed, with consumers becoming more price-sensitive, leading them to seek cheaper alternatives or higher value products [5][7]. - The rise of new retail channels such as bulk snacks, instant delivery, and community group buying has diverted customers from traditional marinated food stores [5][7]. - Consumers are increasingly demanding healthier food options, focusing on nutrition and safety, which conflicts with the high salt, fat, and cholesterol content typically found in marinated foods [5][7]. Group 3: Market Competition and Strategy - The marinated food industry is facing intensified competition as more companies enter the market, leading to a redistribution of market share [7][8]. - Companies are shifting from simple expansion to refined management strategies, enhancing store quality, optimizing product offerings, and strengthening brand development to improve competitiveness [8]. - Long-term revitalization of the marinated food market will require diversification and verticalization, including expanding product lines and targeting specific consumer segments with customized products [8].