Shanghai Ziyan Foods (SH:603057) Qi Lu Wan Bao·2025-12-26 07:23Company Response - On December 25, Ziyan Baiwei Chicken issued an apology statement regarding an incident where an employee was caught stealing meat, acknowledging that the employee's actions harmed consumer rights and violated company management policies [1] - The company has implemented four corrective measures: the involved store will be closed for rectification, the employee will be immediately dismissed, a nationwide warning will be issued to all stores, and the affected consumer will receive ten times the cash compensation along with a 1000 yuan no-threshold consumption card [1] Incident Details - On December 24, a video surfaced showing an employee at a Ziyan Baiwei Chicken store in Nantong, Jiangsu Province, stealing beef after weighing it for a customer, with claims that this was not an isolated incident [3] - The official customer service of Ziyan Baiwei Chicken stated they would verify and address the situation, while a staff member suggested that the employee might have taken the beef due to exceeding the customer's requested weight [6] Company Overview - Ziyan Food Group Co., Ltd., the parent company of Ziyan Baiwei Chicken, is a national chain specializing in cooked food, originating from Sichuan and currently headquartered in Shanghai [6] - As of June 2023, Ziyan Food had over 6100 Ziyan Baiwei Chicken stores, but recent data indicates that the number has decreased to fewer than 5200 stores as of December 25 [6] Financial Performance - In the third quarter, Ziyan Food reported revenue of 1.041 billion yuan, a year-on-year increase of 1.75%, but the net profit attributable to shareholders fell by 40.66% to 89.54 million yuan [7] - For the first three quarters, the company achieved revenue of 2.514 billion yuan, a year-on-year decline of 6.43%, with net profit down 44.37% to 194 million yuan [7] - The financial report indicated that profit fluctuations were primarily due to revenue decline and significant gross margin reduction [7] Sales Model - Ziyan Food operates mainly through a distribution-based chain model, complemented by a diversified marketing network that includes e-commerce, supermarket sales, and group purchasing [8] - The company grants distributors the right to sell its products under a franchise agreement, allowing them to establish and manage downstream franchise stores while adhering to the company's operational standards [8] Stock Performance - As of December 25, Ziyan Food's stock closed at 19.81 yuan per share, reflecting a year-to-date increase of 1.02% and a market capitalization of 8.2 billion yuan [9]