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Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, indicating overall industry pressure. Despite efforts to stabilize profits through cost control and store reductions, growth in core business remains weak [2]. Group 1: Revenue and Profit Trends - The marinated food market showed signs of weakness in the first half of the year, with major players like Juewei Food experiencing a 15.57% year-on-year decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [3]. - Huangshanghuang reported a 7.19% decrease in revenue to 984 million yuan, but net profit increased by 26.9% to approximately 76.92 million yuan, attributed to cost-cutting measures [3][5]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, while net profit surged by 228% to 108 million yuan, driven by improved store efficiency despite a reduction in total store count [4][5]. Group 2: Cost Control Measures - The decline in raw material prices has allowed some marinated food companies to maintain or even increase net profits despite lower sales volumes. Huangshanghuang noted a 2.23 percentage point increase in gross margin due to reduced production costs [5][6]. - The overall market dynamics indicate that the marinated food sector is facing challenges due to decreased consumer willingness and confidence, leading to a need for companies to balance cost reduction and innovation [5][6]. Group 3: Strategic Shifts and New Ventures - The three giants are exploring new business avenues to counteract declining core business performance. Zhou Hei Ya has launched a coconut water brand and is developing compound seasonings and instant food products [6]. - Huangshanghuang is entering the freeze-dried food market, planning to invest 495 million yuan to acquire a 51% stake in a freeze-dried food company, aiming to leverage complementary products and sales channels [6]. - Juewei Food has opened a new concept store, "Juewei Plus," venturing into casual dining with a diverse product range, including fried snacks and desserts [7].