Juewei Food (SH:603517) Shen Zhen Shang Bao·2026-01-23 05:19Core Viewpoint - ST Juewei, once a leading brand in the marinated food sector, is facing significant challenges, projecting a net loss of 160 million to 220 million yuan for the fiscal year 2025, marking its first annual loss since its IPO in 2017 [1][5]. Financial Performance - In 2022, the company's revenue was 6.623 billion yuan, which increased to 7.261 billion yuan in 2023, but then fell to 6.257 billion yuan in 2024, representing a year-on-year decline of 13.84% [5]. - Net profit fluctuated from 233 million yuan in 2022 to 344 million yuan in 2023, before dropping to 227 million yuan in 2024, a year-on-year decrease of 34.04% [5]. Operational Challenges - The company reported ongoing operational pressures, with a decline in revenue and underutilization of production capacity contributing to profit reductions [5]. - Increased non-operating expenses and losses from equity method investments significantly impacted the company's performance [5]. Strategic Shift - ST Juewei is reassessing its production layout and optimizing existing capacity to align with a new strategic focus, shifting from "deepening the duck neck main business and building a food ecosystem" to "focusing on the marinated food sector and addressing segmented demands" [5]. - The company is piloting "Juewei Bao Bao" in the fast-food sector, which is still in the exploratory phase, with plans to advance based on market feedback [5]. Regulatory Issues - In 2025, ST Juewei faced regulatory scrutiny for underreporting revenue from franchise store renovations between 2017 and 2021, resulting in a correction order, a warning, and a fine of 4 million yuan from the Hunan Securities Regulatory Bureau [6]. - The company was publicly reprimanded by the Shanghai Stock Exchange, leading to its stock being designated as "ST Juewei" and its removal from the Hang Seng A-Share Index after October 24, 2025 [6].