Juewei Food (SH:603517) Sou Hu Cai Jing·2025-11-07 01:08Core Viewpoint - The company, Juewei Foods, is experiencing its worst operational performance since its IPO in 2017, with significant declines in revenue and net profit in 2024 and 2025 [3][4]. Financial Performance - In the first three quarters of 2025, Juewei Foods reported a revenue of approximately 4.26 billion yuan, a year-on-year decrease of 15.04%, and a net profit of about 280 million yuan, down 36.07% [4][6]. - For the full year of 2024, the company achieved a revenue of 6.26 billion yuan, a decline of 13.84%, and a net profit of 227 million yuan, down 34.04% [5][6]. - The gross profit margin for the company's processed food sales has fluctuated, with a slight increase in 2024 to 33.96%, despite a revenue drop of 13.67% in that segment [6]. Store Operations - The number of stores has decreased significantly, from 15,950 at the end of 2023 to 10,606 by early October 2025, indicating a contraction in the store network [4][10]. - The company is adjusting its store model and sales channels in response to the changing external environment, while also exploring new store models and enhancing product innovation [10][11]. Investment Performance - Juewei Foods has reported continuous investment losses, with cumulative losses exceeding 370 million yuan from 2022 to 2024 [12]. - The company is currently in a strategic adjustment phase, focusing on improving its investment management and aligning with its core business strategy [13]. Regulatory Issues - The company has faced regulatory scrutiny for financial misreporting, resulting in a fine of 4 million yuan and a warning from the Hunan Securities Regulatory Bureau [14]. - Due to these issues, the company's stock has been placed under risk warning, changing its name to "ST Juewei" [14].