36氪·2026-02-09 10:45Core Viewpoint - The article discusses the decline of the three major duck brands in the Chinese snack market, highlighting their struggles with performance, store closures, and the challenges posed by changing consumer preferences and market saturation [4][11]. Group 1: Performance and Market Dynamics - The three major duck brands, Zhou Hei Ya, Jue Wei, and Huang Shang Huang, have seen significant declines in performance, with Jue Wei expected to report a loss of 160 to 220 million yuan in 2025, marking its first annual loss [9][10]. - The market capitalization of these brands has dropped from several hundred billion to only tens of billions [10]. - In the first half of 2025, over 5,300 stores were closed among the three brands, indicating a severe contraction in their retail presence [11]. Group 2: Brand Strategies and Market Positioning - Zhou Hei Ya aimed for a high-end positioning, maintaining a direct sales model and premium pricing, with average transaction values above 60 yuan from 2017 to 2020 [7][18]. - Huang Shang Huang, as the first listed company in the industry, reached a peak revenue of over 2.4 billion yuan in 2020 but has since struggled to maintain its growth trajectory [14][15]. - Jue Wei adopted an aggressive expansion strategy, reaching over 10,000 stores within 14 years, but has faced challenges in profitability and market perception [22][24]. Group 3: Consumer Behavior and Market Trends - The rapid growth of the duck snack market has slowed, with the market size expected to reach 157.3 billion yuan in 2024, reflecting a drastic decline in growth rate to 3.7% compared to over 15% in previous years [38]. - Consumers are increasingly price-sensitive, with the most common spending range for duck snacks being 20-30 yuan, while the major brands often price their products significantly higher [41]. - The emergence of local brands and new competitors offering lower-priced alternatives has intensified competition, leading to a shift in consumer preferences [49][52]. Group 4: Required Changes for Recovery - To regain market share, the brands need to embrace significant changes, including breaking away from negative perceptions of being overpriced and homogeneous [58]. - Innovations in product offerings and marketing strategies are essential, as seen with Zhou Hei Ya's introduction of a 9.9 yuan snack series and Jue Wei's new product lines [58][60]. - A focus on operational efficiency and cost management is crucial, as the brands must adapt to a more competitive and cost-sensitive market environment [64][66].