从零食转向热菜 卤味头部品牌“煮热”新赛道

Core Insights - The opening of Huang Shang Huang's first hot marinated food store marks a significant entry into the hot marinated food market, joining other brands like Zhou Hei Ya, Jue Wei, and Jiu Jiu Ya, which are also expanding into this segment to combat declining performance in traditional marinated food sales [2][3] Company Developments - Huang Shang Huang's hot marinated food store emphasizes "fresh hot marinated food, no overnight sales," offering a variety of products including main dishes, cold dishes, and beverages, with meal sets priced at 23.9 yuan and 8.9 yuan for hot marinated noodle sets [2] - Jue Wei has launched the "Jue Wei Hot Marinated Cup," featuring a core secret hot marinated broth and customizable ingredients, with prices ranging from 4 to 30 yuan, achieving over 800,000 sales on Douyin [2] - Zhou Hei Ya has introduced a sub-brand "3 Jin Ban. Xiao Guo Xian Lu," which includes traditional duck products and new items like five-spice marinated goose, while upgrading some stores to "Jiu Jiu Ya. Hot Pot Fresh Marinated" [3] Industry Trends - The entry of major marinated food brands into the hot marinated market is a response to declining revenues, with Jue Wei reporting a 15.04% year-on-year drop in total revenue to 4.26 billion yuan and a 36.07% decline in net profit to 280 million yuan for Q3 2025 [3] - Huang Shang Huang's revenue decreased by 5.08% to 1.379 billion yuan, while net profit increased by 28.59% to 101 million yuan in the same period, indicating a trend of profit growth despite revenue decline [3] - Zhou Hei Ya's revenue for the first half of the year was 1.223 billion yuan, down 2.9%, but net profit surged by 228% to approximately 107.94 million yuan, highlighting a pattern of "profit growth without revenue growth" across the industry [3] Competitive Landscape - Analysts suggest that the collective shift of the "three giants" in marinated food towards hot marinated products is a strategic move to revitalize their businesses amid stagnant growth in traditional cold marinated food [4] - The current competition is intensifying as these brands aim to transition from being perceived as snack brands to full-fledged dining options, necessitating stronger supply chains and product planning that aligns with consumer dining experiences [4]