市盈率的第三种情况是寡头垄断型 、 低增长 、 成熟工业制造业的市盈率 ， 这种市盈率都是比较 低的 ， 因为它未来利润增长缓慢 ， 已经到了成熟期 ， 所以可以把它当做一种债券或者分红股来 投资 。 最典型的就是格力电器 ， 格力电器早年的时候 ， 它的行业市占率很低 ， 比如说格力电 器从 2000 年到 2005 年 ， 它的市值一直不涨 ， 一直是 50 亿的市值 ， 当时格力电器有将近 200 亿的营收 ， 它的净利率很低 ， 只有 2% 、 3% ， 那 200 亿的营收呢 ， 只有 5 个亿的利润 ， 5 亿利润 ， 50 亿市值是当年估值最低点 。 格力电器从 2005 年开始之后 ， 一系列的改革措 施 ， 降本增效 ， 提高净利率 ， 盈利能力 、 毛利率都极大增加 ， 导致格力电器的利润从 4 个 亿涨到今天的 400 多亿 ， 涨了 100 倍 ， 市值也涨了 100 倍 ， 由 50 亿涨到 4000 多亿 。 格 力电器最好的投资机会应该是 2005 年前后 ， 当时行业市占率比较低的时候 ， 投资到现在 ， 格 力电器的空调占到中国的一半左右 ， 已经进入了寡头垄断的一个格局 ， ...

Core Viewpoint - The article highlights the declining performance of Juewei Foods and the broader challenges facing the marinated food industry, indicating a significant downturn in both revenue and profit for major players in the sector [1][4][8]. Group 1: Company Performance - Juewei Foods' market value peaked at 600 billion RMB in 2021, with rapid expansion from 9,053 stores in 2017 to 12,399 stores in 2020, and revenue growth from 3.85 billion RMB to 5.276 billion RMB during the same period [3]. - In 2024, Juewei Foods reported a revenue of 6.257 billion RMB, a year-on-year decline of 13.84%, and a net profit of 227 million RMB, down 34.04% [4][5]. - The first quarter of 2025 continued the downward trend, with revenue of 1.501 billion RMB, a decrease of 11.47%, and a net profit of 120 million RMB, down 27.29% [4]. Group 2: Industry Challenges - The marinated food industry is experiencing a collective downturn, with Juewei Foods, Zhou Hei Ya, and Huang Shang Huang all reporting declines in revenue and profit [9][10]. - Zhou Hei Ya's revenue in 2024 was 2.451 billion RMB, down 10.66%, while Huang Shang Huang reported 1.739 billion RMB, a decline of 9.44% [9]. - The industry faces challenges such as the expiration of growth dividends, with a net closure of approximately 23,000 stores nationwide in the past year, indicating a contraction in the market [10]. Group 3: Price and Cost Dynamics - The marinated food sector is grappling with significant fluctuations in raw material prices, particularly for duck products, which constitute over 50% of Juewei Foods' procurement costs [10][11]. - Prices for duck necks surged from 12 RMB/kg to 27 RMB/kg between 2021 and 2023, a rise of over 125%, before falling to 10 RMB/kg in late 2023, a decrease of 63% [11]. - Despite the drop in raw material costs, Juewei Foods has been slow to adjust its prices, leading to reduced consumer demand and continued profit decline [11]. Group 4: Business Model and Strategy - Juewei Foods relies heavily on franchisees, with over 90% of its stores being franchises, which has previously driven rapid growth [12]. - However, due to declining demand, the company has shifted its strategy from aggressive expansion to focusing on enhancing single-store revenue and supporting franchisee survival [12][13]. - The average single-store revenue in the first half of 2024 was 169,000 RMB, reflecting an 11% year-on-year decline [13]. Group 5: Investment and Future Outlook - Juewei Foods has historically invested in various food-related companies, but recent investments have resulted in losses, with a reported investment loss of 160 million RMB in 2024 [14]. - Cumulative investment losses over the past three years exceed 370 million RMB, indicating challenges in both operational and investment growth avenues [14]. - The company is currently facing a "dead end," with both core business and investment strategies proving ineffective in driving performance improvement [14].

极限封锁并不能折断优秀企业的翅膀，华为就是一个可用于观察的典型例子。在美国挑起贸易摩 擦的8年时间里，华为事实上已经被美国"脱钩断链"。然而，华为2024年财报显示，其营收规模 已接近历史巅峰，而来自美洲的营收仅占4.2%。华为让世人看到在美国打压之下，企业可以通 过"深淘滩、低作堰"集中精力做好自己的事而变得更强大。 "深淘滩、低作堰"是2000多年前李冰父子修都江堰时留下的治水准则，也是华为的经营准则之 一，它同样适用于投资。无论外在环境如何变化，投资者用长期资金买入低估的优质企业，长期 来说很难亏损。 投资小红书-第234期 全球股市迎来疯狂一周，各大股指跌宕起伏，千点跌幅、暴涨暴跌比比皆是。 美国挑起的"对等关税"，成为扰动股市的最大利空因素。事实上，对于股市来说，任何极端情况 都可能遇到。翻开资本市场的历史，你会看到曾有一天，道指单日大跌超过22%，那就是1987年 10月19日的美股大崩盘；1997年亚洲金融危机之时，恒指单日大跌13.7%，部分个股一周跌幅超 过50%。 即使最严重下跌的股市，多年后也会收复失地。对于心理上和财务上都做好准备的长期投资者来 说，极端波动并不能带来真正的伤害。回顾资 ...