卤味巨头集体关店

Core Viewpoint - The "luwei" (marinated food) industry is undergoing significant differentiation and deep adjustments, with major players showing contrasting performance signals, highlighting the challenges of slowing growth, store reductions, and intensified competition [2][3]. Performance Divergence - ST Juewei (603517.SH) has announced an expected revenue of 5.3 billion to 5.5 billion yuan for 2025, representing a year-on-year decline of 12.09% to 15.29%, and anticipates its first annual loss since its listing, estimated between 160 million to 220 million yuan [3]. - In contrast, Huang Shang Huang (002695.SZ) forecasts a net profit of 70 million to 90 million yuan for 2025, reflecting a year-on-year increase of 73.57% to 123.16% [4]. Store Count Reduction - Despite the increase in net profit for Huang Shang Huang and Zhou Hei Ya (1458.HK), both companies are reducing their store counts. Zhou Hei Ya reported a decrease of 167 stores, bringing the total to 2,864 by mid-2025 [5]. - Huang Shang Huang had 2,898 stores in June 2025, down from 3,660 at the end of 2024 [6]. Industry Challenges - The overall growth of the "luwei" industry is hindered by several factors, including high prices, changing consumer willingness, and competition from snacks and ready-to-eat meals [7]. - The industry is experiencing a slowdown, with a compound annual growth rate (CAGR) of 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [6]. Market Dynamics - The industry faces three main pain points: competition from alternative products, product homogeneity among top brands, and pricing issues where leading brands have an average product price exceeding 50 yuan per jin, leading to insufficient perceived value among consumers [7].