当前，白酒行业规模已逼近万亿，但连锁零售领域却呈现出 "潜力巨大、优质品牌稀缺" 的格局。尽管 头部品牌初步培育了市场，但远远无法满足消费者对品质酒类、专业服务的多样化需求。敏锐捕捉到这 一市场缺口后，晋善晋美果断锚定酒类连锁业务，将 "自产、自酿、自销" 确立为核心发展方向，既守 住了白酒品质的源头把控，又打通了从酒堡到消费者的直达通道，为 "千城万店" 战略的落地筑牢了根 基。 当白酒行业的竞争从酒体品质延伸至渠道革新的深水区，晋善晋美集贤酒堡以 "千城万店" 战略为利 刃，在传统与创新的交融中开辟出一条特色发展之路。从传承晋商精神到布局全国连锁，从高速增长到 筹备上市，这家植根于晋文化沃土的酒企，正以坚定的步伐，将山西的酒韵与文化送往千家万户，书写 着白酒连锁领域的崭新传奇。 晋善晋美集贤酒堡的崛起，始于对历史文化与行业趋势的深刻洞察。作为承载晋商精神与汾阳白酒文化 底蕴的企业，它深知单纯的传统传承难以适应新时代的市场浪潮，唯有让历史文化转化为实实在在的生 产力，才能在行业中站稳脚跟。而实现这一转化的关键，便藏在对零售端产业整合的精准把握中。 惊人的扩张速度背后，是企业持续爆发的增长动能。自 "千城万店 ...

（记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：截止2025年9月30日，公司在海南有多少门店？公司海 南工厂的占地面积多少？ 煌上煌（002695.SZ）11月4日在投资者互动平台表示，公司海南工厂占地面积60135.35㎡，公司布局海 南初衷为落实 "千城万店" 战略、借助自贸港政策开拓东南亚市场及建立海外优质原料基地。海南食品 加工及冷链仓储中心建设项目因市场环境变化等延期至 2026 年 12 月 31 日，后续规划请关注公司公 告。 ...

Core Viewpoint - The company "Huang Shang Huang" (002695.SZ), known as the "first stock of duck neck," has faced continuous revenue decline, making its ambitious targets of 4 billion yuan in revenue and 10,000 stores unattainable [1][10]. Financial Performance - In the first half of 2025, the company reported revenue of 984 million yuan, a year-on-year decrease of 7.19%, while net profit reached 76.92 million yuan, an increase of 26.90% [3][4]. - The revenue has declined for four consecutive years, with the first half of 2025 achieving only 46.86% of the annual target of 2.1 billion yuan [1][8]. - The company experienced a significant reduction in sales expenses, which decreased by 27.38% year-on-year, contributing to the net profit growth [2][4]. Store Expansion and Strategy - The company aimed to implement a "thousand cities, ten thousand stores" strategy, planning to open over 2,000 stores annually to reach a total of 10,000 stores within three to four years [1][9]. - However, the number of specialized stores has decreased by approximately 36% over the past year and a half, with a net reduction of 1,599 stores [1][9]. - As of June 30, 2025, the company had 2,898 specialized stores, down from 3,660 at the end of 2024 [9]. Market Conditions and Challenges - The company attributed its revenue decline to changes in consumer behavior and a decrease in single-store revenue for traditional stores [3][6]. - The prices of key raw materials, such as duck wings and duck necks, remained low, allowing the company to lower its average material costs [3][6]. - The ambitious revenue target of 4 billion yuan by 2026 now appears increasingly difficult to achieve given the current performance [8][10].

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the first half of 2025, indicating a shift in financial dynamics despite ongoing challenges in the market [1][2]. Financial Performance - The company achieved operating revenue of 984 million yuan, a year-on-year decrease of 7.2% [1]. - The net profit attributable to shareholders was 76.92 million yuan, reflecting a year-on-year increase of 26.9% [1]. - The average procurement prices for key raw materials such as duck neck, chicken wing tips, and duck wings decreased by 38.7%, 32.17%, and 21.35% respectively, contributing to lower production costs [1]. - The overall gross profit margin improved by 2.23 percentage points to 38.61% [1]. - Sales expenses decreased significantly by 27.38% compared to the previous year [1]. Business Segments - The main business segments, including the processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [2]. - The company operates under three brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [2]. Market Dynamics - Changes in consumer behavior, such as the rise of online shopping and increased health awareness, have negatively impacted foot traffic and consumption frequency in stores [2]. - The number of stores decreased from 3,660 at the end of 2024 to 2,898 by June 30, 2025, marking a net reduction of 762 stores [2]. - The company had previously set a goal to open over 10,000 stores in more than 1,000 cities by 2026, but is now falling short of this target [3]. Strategic Challenges - The company has closed a significant number of franchise stores, primarily due to their weaker ability to withstand market changes [3]. - Analysts suggest that the company, similar to its peers, has overly relied on store expansion for growth, which is becoming unsustainable in a competitive market [3]. - The company is shifting focus from rapid store expansion to optimizing store operations and enhancing single-store revenue to cope with market pressures [3].

Core Insights - The company reported a revenue of 984 million yuan for the first half of 2025, a year-on-year decrease of 7.2%, while net profit attributable to shareholders increased by 26.9% to 76.92 million yuan [1][3] Financial Performance - The decline in revenue is attributed to changes in consumer behavior, with a continuous decrease in single-store revenue and a failure to meet store expansion expectations, resulting in a negative growth in the number of stores [3][4] - The average procurement prices for key raw materials such as duck necks, chicken wings, and duck wings decreased by 38.70%, 32.17%, and 21.35% respectively, contributing to a reduction in production costs [3] - The overall gross profit margin improved by 2.23 percentage points to 38.61% due to the decline in production costs and a significant reduction in sales expenses, which fell by 27.38% year-on-year [3] Business Segments - The main business segments, including processed meat products and rice products, both experienced revenue declines, with processed meat products generating 617 million yuan (down 11.65%) and rice products 312 million yuan (down 1.36%) [4] - The company operates three major brands: "Huang Shang Huang," "Zhen Zhen Lao Lao," and "Du Jiao Xi" [4] Store Expansion and Strategy - As of June 30, 2025, the number of dedicated stores decreased to 2,898 from 3,660 at the end of 2024, with a net reduction of 762 stores [4][5] - The company had previously set a target to open over 10,000 chain stores in more than 1,000 cities by 2026, but is now falling short of this goal, having closed 1,729 stores since the target was announced [5] - The closure of stores primarily affected franchise locations, which are more vulnerable to market changes [6] Market Trends - Changes in consumer behavior, including the rise of online shopping and increased health awareness, have led to a decrease in foot traffic and consumption frequency, negatively impacting overall performance [4][6] - The company is shifting focus from rapid store expansion to refined store operations to cope with market pressures [6]