“鸭脖大王”绝味食品拟被ST，一年多关店超4000家

Core Viewpoint - Juewei Foods faces penalties for information disclosure violations, leading to a proposed ST designation for its stock due to significant revenue misreporting from 2017 to 2021 [1][2]. Group 1: Regulatory Actions - The China Securities Regulatory Commission (CSRC) initiated an investigation into Juewei Foods on June 7, 2022, for suspected violations of information disclosure laws [1]. - The CSRC's Hunan Regulatory Bureau issued a notice detailing that Juewei Foods failed to recognize revenue from franchise store renovations, resulting in understated annual revenue by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% for the years 2017 to 2021 respectively [1]. - Juewei Foods has been fined a total of 4 million yuan, with additional fines imposed on key executives, totaling 850,000 yuan [1]. Group 2: Stock and Trading Changes - Juewei Foods' A-share stock will change its name to "ST Juewei" starting September 23, 2025, with a one-day trading suspension on September 22, 2025 [2]. - After the risk warning is implemented, the stock will trade on a risk warning board with a daily price fluctuation limit of 5% [2]. Group 3: Financial Performance - Juewei Foods reported a significant decline in performance, with a net profit of 227 million yuan in the previous year, down 34% year-on-year [4]. - For the first half of this year, the company generated approximately 2.82 billion yuan in revenue, a decrease of 15.57%, and a net profit of about 175 million yuan, down 40.71% year-on-year [4]. - The primary revenue source for Juewei Foods is its marinated food sales, which accounted for 84.88% of its main business income in the first half of the year, totaling 2.34 billion yuan [4]. Group 4: Market Trends - Since 2022, the number of Juewei duck neck stores has been declining, with a total of 10,725 stores currently, down 4,244 stores over the past year [4]. - Other competitors in the industry, such as Huangshanghuang and Zhouheiya, are also experiencing a reduction in store numbers, with Huangshanghuang decreasing from 3,660 to 2,898 stores and Zhouheiya from 3,031 to 2,864 stores [5].