珠宝首饰及钟表 潮宏基（002345.SZ） 增持-A(维持) 2025Q3 珠宝业务营收、业绩实现高速增长，品牌影响力持续强化 2025 年 11 月 3 日 公司研究/公司快报 公司近一年市场表现 事件描述 10 月 30 日，公司发布 2025 年 3 季报。2025 年前三季度，公司实现营收 62.37 亿 元，同比增长 28.35%，实现归母净利润 3.17 亿元，同比增长 0.33%，实现扣非净利润 3.14 亿元，同比增长 1.25%。 事件点评 资料来源：最闻，山西证券研究所 市场数据：2025 年 10 月 31 日 收盘价（元）： 13.54 年内最高/最低（元）： 18.18/4.68 流通 A 股/总股本（亿 8.67/8.89 2025Q3，营收增长提速、业绩（剔除商誉减值后）高速增长。营收端，2025 年前 三季度，公司实现营收 62.37 亿元，同比增长 28.35%。其中，25Q1-25Q3 分别实现营 收 22.52 亿元、18.50 亿元、21.35 亿元，同比增长 25.36%、13.13%、49.52%。业绩 端，2025年前三季度，公司实现归母净利润3.17亿元，同比 ...

Core Viewpoint - The "three giants" of the marinated food industry, namely Juewei Food, Huangshanghuang, and Zhouheiya, are facing declining revenues and profits due to a drop in sales and a reduction in store numbers, prompting them to seek new growth opportunities through diversification and operational efficiency improvements [2][3][4]. Group 1: Financial Performance - Juewei Food reported a revenue of 2.82 billion yuan for the first half of 2025, a year-on-year decrease of 15.57%, and a net profit of 175 million yuan, down 40.71%, making it the only brand with declines in both revenue and profit [2]. - Huangshanghuang achieved a revenue of 984 million yuan, down 7.19%, but its net profit increased by 26.9% to approximately 76.92 million yuan [2]. - Zhouheiya's revenue was 1.22 billion yuan, a decrease of 2.9%, while its net profit surged by 228% to 108 million yuan [2]. Group 2: Store Operations - The reduction in store numbers and declining sales of marinated products are significant factors affecting revenue for the "three giants" [3]. - Huangshanghuang's total store count decreased by 762 to 2,898, while Zhouheiya's stores fell by 167 to 2,864 [3]. - Juewei Food did not disclose its current store count but reported a reduction of 981 stores by mid-2024, totaling 14,969 stores [3]. Group 3: Market Trends and Challenges - The marinated food sector is experiencing a decline in sales, with Huangshanghuang's marinated meat product sales down 15.69% and Zhouheiya's total sales down 1.61% [4]. - Juewei Food's revenue from fresh products, which account for 76.59% of its total, fell by 19.15%, with poultry product revenue dropping by 20.79% [4]. - Analysts suggest that while cost-cutting measures can enhance short-term profitability, long-term success will require innovation and market expansion [4]. Group 4: Strategic Adjustments - The "three giants" are shifting focus from rapid store expansion to enhancing operational efficiency and exploring new sales channels [8]. - Zhouheiya has improved single-store sales by optimizing store structure and extending operating hours, achieving a revenue increase of 2.15% to approximately 712 million yuan [8]. - Huangshanghuang is also focusing on refined store operations and enhancing single-store revenue through various strategies [8]. Group 5: Diversification Efforts - Zhouheiya is diversifying by launching a coconut water brand and developing compound seasonings and convenience food products [9]. - Huangshanghuang plans to acquire a 51% stake in a freeze-dried food company to expand its product offerings [9]. - Juewei Food is venturing into casual dining with a new store concept and has invested in various sectors, although it has faced significant losses in recent years [10].