Juewei Food (SH:603517) Qi Lu Wan Bao·2026-02-02 11:47Core Viewpoint - ST Juewei, known as the "Duck Neck King," is facing its first annual loss since its listing, with a projected revenue decline of 12.09% to 15.29% for 2025, amounting to between 5.3 billion and 5.5 billion yuan [1][3] Financial Performance - The company expects a net loss of 160 million to 220 million yuan for 2025, a significant drop from a profit of 227 million yuan in the previous year, marking the lowest profit level since its listing in 2017 [1][3] - In the first three quarters of 2025, ST Juewei reported a net profit of 280 million yuan, indicating a substantial fourth-quarter loss of approximately 440 million to 500 million yuan [1][3] Contributing Factors - The company attributes its performance decline to increased non-operating expenses and losses from investments accounted for under the equity method, with the investment sector being a key area of concern [3] - Financial issues have previously led to scrutiny, including unaccounted renovation fees of 700 million yuan, resulting in the company being labeled as "ST" [4][5] Industry Comparison - The performance of the "three giants" in the marinated food sector shows a widening disparity, with Huang Shang Huang projecting a net profit increase of 73.57% to 123.16% for 2025, while Zhou Hei Ya reported a significant profit growth of 228% in the first half of 2025 [3] - As of mid-2024, ST Juewei had the highest number of stores among its competitors, with 14,969 locations, but has since seen a net decrease of over 4,000 stores in a year and a half [3]