“卤味三巨头”绝味食品、周黑鸭、煌上煌业绩下滑，卖不动了

Core Viewpoint - The rising prices and declining store numbers of the "three giants" in the marinated food industry indicate a significant shift in consumer behavior, particularly among young people who now perceive marinated snacks as luxury items rather than affordable treats [1][2][3] Group 1: Financial Performance - The combined revenue of the "three giants" (Juewei, Zhou Hei Ya, and Huang Shang Huang) in 2024 was 10.5 billion yuan, a decrease of 1.4 billion yuan from 2023 [3] - Juewei, known as the "king of marinated food," reported a revenue of 6.257 billion yuan, down 13.84% year-on-year, with a net profit decline of 34.04% to 227 million yuan [3] - Huang Shang Huang's total revenue decreased by 9.44%, with a net profit drop of 42.86%, while Zhou Hei Ya experienced a revenue decline of 10.7% and a net profit decrease of 15% [3] Group 2: Consumer Behavior - The primary reason for the decline in sales for the "three giants" is attributed to reduced consumer purchases, with 80% of consumers indicating they have decreased their frequency of buying marinated snacks from chain brands [19][20] - Despite nearly 90% of respondents still consuming marinated snacks regularly, the perception of these products has shifted, with many now viewing them as expensive [14][19] - A survey revealed that 85.5% of participants believe the rising prices of marinated snacks are the main reason for the decline in sales [20] Group 3: Pricing Strategy - The average price for marinated snacks has significantly increased, with Juewei's duck neck priced at 20 yuan for 180 grams, translating to 55.56 yuan per kilogram, a 30% increase from 2019 [17] - Zhou Hei Ya's duck products are priced higher than imported cherries, indicating a shift towards a "luxury snack" positioning that conflicts with consumer expectations for affordable treats [17][24] - Despite a decrease in raw material costs, the end prices of marinated snacks have not adjusted downward, leading to consumer dissatisfaction [20][24] Group 4: Store Closures - The "three giants" have all experienced a reduction in store numbers, with Huang Shang Huang and Zhou Hei Ya closing 700 to 800 stores in 2024 [9] - Juewei has also shown a significant trend of store closures, with nearly 1,000 stores closed from the end of 2023 to mid-2024 [10] - The closures are attributed to increased competition and changing consumer preferences, making it difficult for many stores to sustain operations [10][25]