Core Viewpoint - The core asset of Juewei Foods may not be its duck neck products, but rather its over 15,000 franchise stores, which have been implicated in concealing renovation fees amounting to potentially billions over five years [4][10][20] Summary by Sections Financial Misconduct - Juewei Foods has been accused of not recognizing revenue from franchise store renovation fees from 2017 to 2021, leading to understated annual revenues by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively [4][6][10] - The company’s financial director arranged for employees to use personal bank accounts for transactions, allowing significant renovation fees to remain outside the company's financial system [5][7][11] Regulatory Environment - Four companies, including Juewei Foods, received risk warnings for financial misconduct, marking a rare occurrence in the A-share market [6][7] - The regulatory response has become more stringent, with a zero-tolerance policy for any form of financial misrepresentation, whether it be inflating or concealing revenue [8][20] Business Model Challenges - The renovation fees represent a significant profit source in the franchise model, often exceeding franchise fees, with common practices involving inflated costs [10][12] - Juewei Foods' revenue from fresh products dropped by over 19% year-on-year, indicating a decline in franchisee engagement and overall business performance [13][14] Market Position and Investor Sentiment - Despite being the market leader with a revenue of 28.2 billion, Juewei Foods experienced the highest revenue decline among its peers, raising concerns about its competitive position [16][17] - Investors are divided on the potential for a turnaround, with some viewing the current situation as a buying opportunity due to the possibility of the company recovering from its ST status [15][17] Long-term Viability - The company faces structural issues such as a declining franchise system and deteriorating single-store profitability, which are more critical than the immediate regulatory penalties [20] - The ongoing challenges in the consumer market and increased competition suggest that Juewei Foods must address its business model to avoid further decline [18][19]

融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 连续五年"藏富"， 累计隐瞒收入可能达数亿元。 文 ｜ 付琪森 编辑 ｜ 吾人 来源｜ 融中财经（ID：thecapital） 封面来源 ｜ 绝味食品官网 以下文章来源于融中财经 ，作者付琪森 9 月 19 日晚间，复旦复华、思科瑞、绝味食品和创意信息 4 家上市公司发布公告称，因财务造假，公司股票将被实施其他风险警示。四家公司同日戴 帽，创下近期 ST 执行的新纪录。但绝味食品的违规理由格外引人注目。 当其他公司都在虚增利润时，这家卤味巨头却反其道而行之—— 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% 、 1.64% 。连续五年 " 藏富 " ，累计隐瞒收入可能达数亿元。 更耐人寻味的是操作手法。彭才刚时任绝味食品财务总监，安排财务部员工出借个人银行账户 ...