Di Yi Cai Jing·2025-10-30 03:39Core Viewpoint - The ready-to-eat food industry, particularly the marinated food segment, is experiencing a slowdown in growth and significant adjustments, as indicated by the declining revenues of major players like ST Juewei and Huangshanghuang [1][4]. Group 1: Company Performance - ST Juewei reported a revenue of 1.441 billion yuan for Q3 2025, a year-on-year decrease of 13.98%, with a net profit of 105 million yuan, down 26.46% [1]. - For the first three quarters of 2025, ST Juewei's revenue was 4.260 billion yuan, a decline of 15.04% year-on-year, and net profit fell by 36.07% to 280 million yuan [1]. - Huangshanghuang's revenue for the first three quarters decreased by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan [1][2]. Group 2: Market Challenges - The marinated food industry is facing challenges due to changing consumer preferences, with high prices and insufficient cost-performance ratios impacting sales [1][4]. - ST Juewei attributed its declining net profit primarily to a decrease in sales volume of its main products due to adverse market conditions [1]. - Huangshanghuang noted that changes in consumption scenarios and a decline in single-store revenue contributed to its revenue drop, with a reduction of 762 stores from the previous year [2]. Group 3: Industry Trends - The overall price level of marinated food is considered high, and the lack of value for money is becoming more pronounced as consumer willingness to spend decreases [4]. - The industry is witnessing increased competition from new brands, which is eroding the market share of traditional marinated food brands [4]. - Health consciousness among consumers is rising, leading to reduced demand for high-salt and high-fat marinated products [4].