Core Viewpoint - The company, known as the "king of duck necks," is facing an unprecedented survival crisis due to consumption downgrade and intensified industry competition, highlighted by regulatory penalties for financial misreporting [1][2]. Financial Misreporting - The company failed to recognize revenue from franchise store renovations from 2017 to 2021, resulting in an underreporting of approximately 724 million yuan in total revenue over five years [2][4]. - The underreported revenue accounted for 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% of the publicly disclosed annual revenue for the respective years [2]. - Regulatory actions included a fine of 4 million yuan and penalties for key executives, reflecting a zero-tolerance stance on financial fraud [2][4]. Operational Challenges - The company's revenue for the first half of 2025 was 2.82 billion yuan, a decline of 15.57% year-on-year, with net profit dropping by 40.71% [5]. - The ambitious target of achieving 10 billion yuan in revenue by 2025 appears increasingly unattainable, requiring a significant revenue increase in the latter half of the year [5]. - The rapid expansion strategy led to a decline in store profitability, with a net closure of nearly 1,000 stores in the first half of 2024 [5]. Industry Context - The overall industry is experiencing a downturn, with major players like the company, Huang Shang Huang, and Zhou Hei Ya all reporting revenue declines [11]. - The market for the marinated food category is projected to grow slowly, with a mere 3.7% increase expected in 2024 [12]. - New emerging brands are gaining market share, posing a direct threat to traditional players by offering fresh and innovative products [12][13]. Consumer Behavior Changes - The shift in consumer preferences, particularly among younger generations, is leading to decreased spending on traditional marinated foods, with many opting for more affordable options [10][12]. - The company's pricing strategy has been criticized, with high prices driving customers towards lower-cost alternatives [10][12]. - The rise of instant retail and community group buying is further challenging traditional business models that rely heavily on physical store presence [13]. Future Outlook - The company is attempting to innovate through new store formats and product offerings, but these efforts have had limited success in reversing the downward trend [8][15]. - The company’s stock price has significantly declined, losing approximately 85% of its market value since early 2021 [15]. - The industry is expected to undergo a new round of reshuffling as consumer demands evolve and market dynamics change, presenting both challenges and opportunities for the company [15].

2025年9月23日，曾经的"鸭脖大王"绝味食品正式戴上ST帽子，股票简称变更为"ST绝味"，日涨跌幅限制缩至5%。 这一天，距离其2017年风光上市刚好过去8年半。 资本市场的冷遇与消费者的信任危机，将这家拥有万余家门店的卤味巨头推向了生死存亡的十字路口。回溯这场坠落，从2017-2021年连续 五年的财务造假，到近一年多超5000家门店的消失，绝味食品的崩塌轨迹背后，是加盟模式狂奔下的系统性风险的集中爆发。 5年隐匿营收超7亿，为何要"反向造假"？ 湖南证监局的《行政处罚事先告知书》，揭开了绝味食品长达五年财务造假的事实。 调查显示，2017年至2021年期间，绝味食品未确认加盟门店装修业务收入，导致各年度报告少计营业收入，占对应年度公开披露营业收入 的比例分别为5.48%、3.79%、2.20%、2.39%和1.64%。 中国证监会湖南监管局认为，绝味食品上述行为涉嫌违反《证券法》等相关法律规定，决定对绝味食品责令改正、给予警告，并处以400 万元罚款；对时任董事长兼总经理戴文军给予警告，并处以200万元罚款；对时任财务总监彭才刚给予警告，并处以150万元罚款；对时任 董事会秘书彭刚毅给予警告，并处以1 ...