第一财经·2025-09-13 14:31Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, prompting them to explore new business avenues to break through their current challenges [3]. Cost Reduction to Maintain Profit - The marinated food market showed signs of weakness in the first half of the year, with companies like Juewei Food experiencing a 15.57% decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan due to decreased internal sales [6]. - Huangshanghuang reported a 7.19% revenue decline to 984 million yuan but achieved a 26.9% increase in net profit to approximately 76.92 million yuan, attributed to cost-cutting measures and a reduction in store numbers [5][6]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, while net profit surged by 228% to 108 million yuan, thanks to improved store efficiency and the closure of underperforming outlets [6][7]. Seeking a Second Growth Curve - The three giants are actively seeking new growth avenues as reliance on core business becomes unsustainable. Zhou Hei Ya launched a coconut water brand and partnered with Sichuan Shentang Food to develop compound seasonings and convenience food products [9][10]. - Huangshanghuang is entering the freeze-dried food sector, planning to invest 495 million yuan to acquire a 51% stake in Fujian Lixing Food Co., which complements its existing product offerings [9][10]. - Juewei Food opened a new "Juewei Plus" store in Changsha, venturing into the casual dining space with products like fried marinated food, desserts, and fruit wine [10]. Market Insights - Analysts suggest that the growth of the marinated food sector relies on demographic advantages and increased store numbers, but the overall pricing is perceived as high, leading to challenges in consumer willingness and confidence [7][8]. - Experts caution that while exploring new business areas is a common strategy during performance pressures, companies must ensure alignment with brand positioning and conduct thorough market assessments to avoid diluting their core business [11].