“零添加”舆情危机笼罩，千禾味业业绩加速下滑

Core Viewpoint - Qianhe Flavor Industry's performance has been significantly impacted by the "zero additives" public opinion crisis, leading to a notable decline in net profit and revenue in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, Qianhe Flavor Industry reported revenue of 1.318 billion yuan, a year-on-year decrease of 17.07%, and a net profit of 173 million yuan, down 30.81% [2]. - The company's soy sauce product revenue fell to 839 million yuan, a decline of 16.09%, while vinegar product revenue decreased by 21.51% to 159 million yuan [2]. - Online sales dropped by 29.2% to 198 million yuan, and offline sales decreased by 14.06% to 1.099 billion yuan [2]. Industry Context - The decline in Qianhe Flavor Industry's performance is attributed to the diminishing benefits of the "zero additives" concept and increased competition from Haidilao [3]. - The "zero additives" trend, which previously provided a competitive edge, is losing its effectiveness as the entire condiment industry shifts towards this standard [3]. Public Opinion Crisis - The public opinion crisis began in March 2025 when media reports indicated the detection of trace cadmium in Qianhe's soy sauce labeled "Qianhe 0," leading to consumer concerns about the brand's claims [4]. - Despite the company's clarifications that the cadmium levels were within national safety standards and naturally occurring, the incident caused significant brand damage [4]. Regulatory Changes - New regulations from the National Health Commission and the State Administration for Market Regulation prohibit the use of terms like "zero additives" on pre-packaged food labels, with a transition period until March 2027 [5][6]. - This regulatory change is expected to impact the entire condiment industry, prompting companies to shift focus from "zero additives" to product quality [6].