25日，紫燕百味鸡发布致歉声明回应"员工鬼手偷肉"。 声明中称，经查实，确有店员存在不当行为，直接损害了消费者的正当权益，严重违反了公司的经营管理制度。对此，公司采取4项处理措施，涉事 门店停业整顿，涉事店员立即开除，全国门店通报警示，对当事消费者10倍现金补偿并赠送1000元无门槛消费卡。 25日，记者就此事致电紫燕百味鸡（南通凯旋路店），工作人员表示，此事正在调查处理之中，"处理好了会有统一的回复。" 3213 ... 719 235 ● 南通市|凯旋华府(华石路) 3492 16小时前 凯旋路菜市场紫燕百味鸡工作人员偷牛肉, 发现不止一次! #市场监督管理局 紫燕百味鸡官方客服表示会立刻对接，去核实处理。紫燕百味鸡一官方工作人员告诉记者，自己对此事不知情，并表示不排除称重过程中，餐品重量 超过顾客的要求，所以才有工作人员拿走牛肉的行为，"因为我也不在现场，这只是一个推论。"该工作人员同时表示，将会把此事反馈到相关部门。 此前报道： 12月24日，有网友发视频称，在江苏省南通市启东市凯旋路菜市场一家紫燕百味鸡门店，一店员在给顾客称重后，准备打包时，把餐盒放在背处，随 后拿走了部分牛肉。网友在视频的文字区表 ...

针对加盟店员工不当行为，紫燕食品致歉。 12月24日，江苏南通启东一家紫燕百味鸡门店被指店员偷盗顾客已经称好的牛肉，引发关注。25日下午，紫燕百味鸡官方微信公号发布致 歉声明。 声明指出，南通启东市凯旋路加盟门店店员在销售过程中有不当行为。公司对此高度重视，第一时间成立专案小组，并连夜开展核查工 作，确认具体情况，现经查实，确实有店员存在不当行为。该涉事店员的行为严重失德，直接损害了消费者的正当权益，严重违反了公司 的经营管理制度。 声明还指出，公司已迅速采取以下处理措施：涉事门店停业整顿、涉事店员立即开除、全国门店通报警示。此外，公司将依据该消费者当 日消费金额的十倍进行现金补偿，并赠送1000元的品牌无门槛消费卡一张。同时，为向在南通启东市凯旋路加盟门店消费的其他消费者表 达歉意，将开启为期10天的补偿回馈。此外，公司将在全国门店加强销售环节的透明化服务培训，欢迎广大消费者的持续监督，相关意见 或建议经采纳或核实，公司也会给到不低于500元的品牌消费卡奖励。 官网显示，"紫燕百味鸡"品牌的母公司紫燕食品集团股份有限公司是一家全国性的熟食连锁企业，发源于四川，发展于江苏，现总部位于 上海。紫燕食品（6030 ...

2025.12. 25 本文字数：1477，阅读时长大约3分钟 针对加盟店员工不当行为，紫燕食品致歉。 12月24日，江苏南通启东一家紫燕百味鸡门店被指店员偷盗顾客已经称好的牛肉，引发关注。25日 下午，紫燕百味鸡官方微信公号发布致歉声明。 声明指出，南通启东市凯旋路加盟门店店员在销售过程中有不当行为。公司对此高度重视，第一时间 成立专案小组，并连夜开展核查工作，确认具体情况，现经查实，确实有店员存在不当行为。该涉事 店员的行为严重失德，直接损害了消费者的正当权益，严重违反了公司的经营管理制度。 声明还指出，公司已迅速采取以下处理措施：涉事门店停业整顿、涉事店员立即开除、全国门店通报 警示。此外，公司将依据该消费者当日消费金额的十倍进行现金补偿，并赠送1000元的品牌无门槛 消费卡一张。同时，为向在南通启东市凯旋路加盟门店消费的其他消费者表达歉意，将开启为期10 天的补偿回馈。此外，公司将在全国门店加强销售环节的透明化服务培训，欢迎广大消费者的持续监 督，相关意见或建议经采纳或核实，公司也会给到不低于500元的品牌消费卡奖励。 致歉声明 2025年12月24日晚,我们关注到有消费者在网络平台发布视频,称南通启 ...

千亿卤味赛道再度火热。"卤味第一股"煌上煌近期在江西南昌开出全国首家"煌上煌热卤"店，不仅卖起 热卤，还提供卤粉、炒饭、凉菜和饮品。此前，ST绝味也在全国多家分店上线新品"绝味热卤杯"，切 入热卤赛道。同为卤味巨头的周黑鸭更是直接打造新品牌来试水热卤，于今年6月推出子品牌"3斤拌·小 锅鲜卤"，并陆续开出两家门店。 而在开设专门热卤店前，煌上煌便曾试水热卤业务。2020年4月，煌上煌启动"沸腾卤"项目，开始布局 热卤品类，试点沸腾卤猪蹄、沸腾虎皮凤爪等产品。不过，此后几年间煌上煌并未有进一步动作。直至 去年10月，煌上煌在南昌万寿宫开设两家全新概念店，推出热卤拼盘等新品。 从上线热卤产品到开出专卖热卤的首店，煌上煌持续开拓热卤赛道。11月27日，煌上煌在接受投资者调 研时也明确表示，"公司以热卤模式为试点建模新鲜卤味场景并复制推广，通过运营升级、组合式套餐 售卖等方式，打造具有烟火气的新一代新鲜卤味门店，适配不同消费场景"。 切入热卤赛道的不止煌上煌。今年11月，绝味鸭脖官微宣布在全国多家分店同步上线新品"绝味热卤 杯"，以单品试水热卤赛道。"绝味热卤杯"以秘制热卤汤汁为核心，搭配店内售卖的海带结、鱼豆腐、 ...

千亿卤味赛道又"热闹"起来。近期，"卤味第一股"煌上煌（002695）在江西南昌开出全国首家"煌上煌热卤"店，店内卖起了热卤，并提供卤 粉、炒饭、凉菜和饮品。稍早些时候，ST绝味（603517）也在全国多家分店上线了新品"绝味热卤杯"，切入热卤赛道。同为卤味巨头的周黑 鸭更是直接打造新品牌来试水热卤，于今年6月推出子品牌"3斤拌.小锅鲜卤"，并陆续开出两家门店。 在"卤味三巨头"的相继入局下，热卤赛道迎来一波升温，有别于传统冷食卤制品，热卤产品的特色为现捞现拌、新鲜热食，主打"逛吃"或快 餐场景。业内人士认为，"卤味三巨头"入局热卤赛道本质上是面对传统冷卤业务增长乏力时的转型自救，通过布局热卤业务其能以较低成本 拓展消费场景，但也面临着运营过程中的种种挑战。 今冬热卤复苏 立冬节气刚过去不久，"卤味第一股"煌上煌在热卤赛道落下一子。 作为卤制品的细分品类之一，热卤产品指将食材现卤现煮、热食即售的卤味产品。且与传统冷食的卤制品不同，热卤采用现场加热和混拌的 方式，口感更为鲜嫩，更符合现代消费者对便捷和品质的双重需求。业界认为，热卤产品既可以作为小吃，又可以成为正餐，它的出现一定 程度上突破了卤制品的消费场景。不 ...

Core Viewpoint - The article discusses the decline of the brand "Juewei Duck Neck," highlighting consumer dissatisfaction due to rising prices, safety concerns, and increased competition from local shops and new brands, leading to a significant drop in sales and store closures [6][10][12]. Group 1: Consumer Sentiment - Consumers are increasingly choosing to ignore Juewei Duck Neck, with many feeling that the price does not match the value offered, leading to a decline in visits to the stores [6][8]. - A survey indicated that over 80% of respondents have reduced their frequency of purchasing from chain brands, with 86.67% citing price increases as the primary reason [8]. - Complaints regarding food safety have surged, with over 1,500 complaints logged against Juewei Duck Neck, raising concerns about product quality and safety [8][10]. Group 2: Financial Performance - Juewei Foods reported a revenue of approximately 62.57 billion yuan in 2024, a year-on-year decline of 13.84%, with net profit dropping by 34.04% [10]. - The core duck neck business saw a revenue decrease of about 7 billion yuan, from 42.23 billion yuan to 35.27 billion yuan [10]. - The number of stores has also decreased significantly, with over 4,000 closures reported by October 2025 [10][12]. Group 3: Franchisee Challenges - Franchisees are facing severe challenges, with daily sales dropping significantly and profit margins being squeezed due to rising costs [14][15]. - The franchise model has inherent contradictions, leading to a situation where the headquarters profits while franchisees struggle [15][21]. - Franchise management revenue fell from approximately 83.05 million yuan in 2023 to 61.22 million yuan in 2024, a decline of 26.28% [14]. Group 4: Industry Context - The entire snack food industry, particularly the duck neck segment, is experiencing a downturn, with major brands like Zhou Hei Ya and Huang Shang Huang also reporting declines in revenue and store closures [17][18]. - The industry growth rate has slowed, with a compound annual growth rate of only 6.42% from 2018 to 2023, leading to increased competition and market saturation [17][18]. Group 5: Strategic Responses - Juewei Foods is attempting to revitalize its brand through increased marketing efforts, including hiring a celebrity spokesperson and investing in AI technology for supply chain management [18][19]. - Despite these efforts, the increase in marketing expenses has not translated into revenue growth, with a 13.95% decline in main business income reported in 2024 [18]. - The company is also exploring product diversification, such as introducing milk tea, but faces challenges due to existing competition and operational constraints [18][19]. Group 6: Underlying Issues - The brand's challenges stem from a failure in its business model, particularly an over-reliance on franchise expansion and a disconnect between pricing strategies and consumer expectations [22][24]. - There is a lack of product innovation, making it difficult for the brand to adapt to changing consumer preferences and competition from alternative snack options [25]. - Ongoing food safety issues have severely damaged consumer trust, compounding the brand's difficulties in regaining market share [26][27].

Core Insights - Juewei Foods reported a net profit of 280 million yuan in the first three quarters of 2025, showcasing its strong and stable leadership in the industry, supported by an advanced supply chain system centered around cold chain logistics [1][2] Supply Chain and Logistics - Juewei has established a nationwide digital cold chain and logistics system, setting a new benchmark for the industry with its transparent and standardized management [1] - The supply chain system is built around a "24-hour freshness commitment," ensuring product quality from raw material processing to store shelving through a fully integrated digital system [1] - The supply chain processes over a million orders daily, maintaining a product defect rate of below 0.03%, demonstrating its operational excellence [1] Production Efficiency - The central factory has introduced multiple intelligent devices that significantly enhance efficiency and quality, including automated storage and customized intelligent equipment [2] - The automated marinating equipment increases labor efficiency by 300%, while continuous marinating devices maintain precise temperature control within ±1℃, overcoming traditional industry bottlenecks [2] - Juewei's electronic batch management system provides traceability for each product, allowing consumers to access complete production information through QR codes, thereby enhancing consumer trust [2] Competitive Advantage - In a market characterized by severe homogenization, Juewei's combination of "cold chain + factory + digitalization" creates a closed-loop capability that is difficult for competitors to replicate in the short term, establishing a unique brand moat [2] - The company is expected to further enhance the value of its supply system, expanding product categories through cold chain and factory developments, and promoting diversified growth in the marinated food sector [2]

Core Viewpoint - The company, Juewei Foods, reported significant declines in revenue and net profit for the first three quarters of the year, primarily due to a decrease in product sales influenced by the market environment [1][2]. Financial Performance - For the first three quarters of the year, Juewei Foods' revenue decreased by 15.04% to 4.26 billion yuan, and net profit fell by 36.07% to 435 million yuan [1]. - In the latest third quarter, revenue dropped by 13.98% to 1.44 billion yuan, with net profit declining by 26.46% to 105 million yuan [1]. Sales Channels - The sales revenue from Juewei Foods' marinated food products fell by 16.48% to 3.53 billion yuan in the first three quarters [2]. - Revenue from franchise management also decreased by 21.61% to 42.37 million yuan during the same period [2]. - The number of franchise stores has significantly decreased, with over 4,000 stores closed since June 2024, leaving 10,606 stores as of October 18, 2024 [2]. Product Mix and Market Strategy - Fresh products accounted for approximately 75.35% of total sales in the first three quarters, while packaged products generated only 316 million yuan, representing about 7.42% [2]. - The company has limited presence in e-commerce and fresh food e-commerce channels, with online revenue accounting for only 0.82% in 2024 [2]. Compliance and Regulatory Issues - Juewei Foods faced administrative penalties for failing to disclose over 720 million yuan in revenue from 2017 to 2021, leading to a warning and fines for the company and several executives [4]. - The company has been placed under risk warning, with its stock code changed to "ST Juewei" [4]. Management Response - The management has acknowledged the administrative penalties and is taking corrective actions, including forming a special team to enhance internal controls and compliance [5]. - The company expressed sincere apologies to investors regarding the impact of these issues [5].

Core Viewpoint - Juewei Foods reported a significant decline in revenue and net profit for the first three quarters of the year, primarily due to a decrease in product sales influenced by the industry market environment [2][4]. Financial Performance - For the first three quarters, revenue decreased by 15.04% to 4.26 billion yuan, and net profit fell by 36.07% to 435 million yuan [2][3]. - In the latest third quarter, revenue dropped by 13.98% to 1.44 billion yuan, while net profit decreased by 26.46% to 105 million yuan [2][3]. Sales and Market Challenges - The sales revenue from Juewei's main product, marinated food, declined by 16.48% to 3.53 billion yuan in the first three quarters [4]. - Revenue from franchise management also fell by 21.61% to 42.37 million yuan during the same period [4]. - The number of franchise stores has significantly decreased, with over 4,000 stores closed since June 2024, leading to a total of 10,606 stores as of October 18, 2024 [4]. Strategic Initiatives - Juewei Foods is focusing on enhancing operational efficiency and exploring new store models, including the launch of a fresh marinated supermarket and a plus store that offers a wider range of products [5][9]. - The company aims to innovate its product offerings and improve the quality and taste of its core products [5]. Regulatory Issues - Juewei Foods faced administrative penalties for failing to disclose income from franchise store renovations, resulting in a total of approximately 723 million yuan in understated revenue over five years [7]. - The company and several executives received warnings and fines, and the stock was marked with risk warnings, changing its code to "ST Juewei" [7][9].

Core Viewpoint - The company, Huangshanghuang, reported its worst third-quarter performance in five years, with a revenue decline of 5.08% year-on-year, totaling 1.379 billion yuan [2] Revenue Performance - For the first three quarters, the company achieved revenue of 1.379 billion yuan, a decrease from previous years: 1.933 billion yuan in 2021, 1.618 billion yuan in 2022, and 1.581 billion yuan in 2023, indicating a continuous decline in revenue over four consecutive years [2] Profitability - Despite the revenue decline, the company reported a net profit of 101 million yuan, an increase of 28.59% year-on-year, returning to the level of the same period in 2023 [3] - The improvement in profit was attributed to effective cost control, with sales expenses down by 26.39% to 163 million yuan, management expenses down by 5.7% to 125 million yuan, and R&D expenses down by 16.62% to 44.18 million yuan [3] Acquisition Strategy - The company is seeking new growth avenues through cross-industry acquisitions, having completed a nearly 500 million yuan acquisition of leading freeze-dried food company Lixing Foods, which was valued at a 250% premium [3][5] - Following the acquisition, Lixing Foods contributed approximately 474.31 million yuan to the company's net profit in September, accounting for about 20% of Huangshanghuang's total net profit for the third quarter [5] Financial Impact of Acquisition - The acquisition significantly impacted several financial metrics, with accounts receivable increasing over sixfold to 128 million yuan, and short-term borrowings doubling to 92 million yuan [5] - The company's goodwill surged from 2.242 million yuan in mid-2023 to 33.5 million yuan in the third quarter, marking a nearly 14-fold increase, raising concerns about potential impairment risks [6] Debt and Risk Concerns - The company's debt-to-asset ratio reached a near ten-year high of 24.08% in the third quarter, raising market concerns about the sustainability of its financial health if Lixing Foods' future earnings do not meet expectations [6]