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 ...

Core Viewpoint - Juewei Foods, once a leading brand in the snack industry, is facing significant challenges including declining performance, store closures, and legal repercussions, leading to its stock being labeled as ST (special treatment) due to undisclosed revenue issues [2][18][28]. Group 1: Financial and Legal Issues - Juewei Foods received a notice from the Hunan Securities Regulatory Commission regarding administrative penalties for failing to accurately disclose revenue from 2017 to 2021, resulting in a fine of 4 million yuan [2][12]. - The company's stock was suspended for one day and subsequently received a risk warning, changing its A-share abbreviation to "ST Juewei" [2][12]. - The company reported a significant drop in net profit by 40.71% in the first half of 2025, with revenue declining by 15.57% [18][19]. Group 2: Revenue Recognition Problems - The company has been accused of underreporting revenue related to franchise store renovation fees, which were not recognized according to regulations, leading to a significant understatement of reported income [8][11]. - The unreported revenue as a percentage of total disclosed revenue from 2017 to 2021 was 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% respectively, indicating a systematic issue over several years [8][12]. Group 3: Market and Operational Challenges - Juewei Foods has seen a drastic reduction in store numbers, closing over 5,000 stores in a year and a half, representing a 32.3% decrease from its peak [23][24]. - The overall snack industry is experiencing stagnation, with major players reporting a collective revenue decline of over 10% in the first half of 2025 [22][27]. - The company's profitability is under pressure, with both gross and net profit margins declining significantly, particularly a net profit margin drop of over 31% [22][28].

登录新浪财经APP 搜索【信披】查看更多考评等级 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，未规范加盟门店装修业务的核算。通过员工个人账户走 账，巨额装修费完全游离于上市公司体系之外。这是会计准则的理解偏差，还是刻意为之的"体外循环"？ 停牌日期定为2025年9月22日，实施起始日为2025年9月23日，实施后公司A股简称将由"绝味食品"变更为"ST绝味"。对于一家年营收60亿、曾经市值超 600亿的行业龙头来说，ST的帽子格外刺眼。但"反向造假"的独特性，让这起事件充满了争议——一家 ...

Core Viewpoint - The article discusses the significant penalties faced by Juewei Foods due to underreporting revenue over five years, leading to a substantial decline in market value and the imposition of an ST label on its stock [2][3][9]. Group 1: Regulatory Actions and Penalties - The China Securities Regulatory Commission (CSRC) reported that Juewei Foods underreported revenue by a total of 724 million yuan from 2019 to 2023, resulting in a fine of 8.5 million yuan [2][5]. - The company will face a one-day suspension of its stock on September 22, followed by the implementation of risk warnings starting September 23, which includes the addition of the ST label [3][8]. - The penalties include a warning and a fine of 4 million yuan for the company, while the chairman and general manager, Dai Wenjun, was fined 2 million yuan for direct responsibility [8]. Group 2: Financial Performance and Market Impact - Juewei Foods' market value has decreased by 57.5 billion yuan over three years, with its stock price dropping from a historical high of 21 yuan per share to around 15-16 yuan [10][11]. - The company's revenue showed a growth trend from 52.76 billion yuan in 2020 to 72.61 billion yuan in 2023, but net profit declined from 7.01 billion yuan to 3.44 billion yuan during the same period, indicating a pattern of increasing revenue without corresponding profit growth [16]. - In 2024, the company experienced a revenue decline of 13.84% year-on-year, with net profit dropping by 34.04%, and the first half of 2025 continued this trend with a 15.6% revenue decrease [16][17]. Group 3: Investor Reactions and Market Sentiment - Investor reactions to the ST label have been mixed, with some believing that the resolution of the investigation could lead to a recovery in stock price, while others remain skeptical due to ongoing fundamental issues such as declining store numbers and profits [18][19]. - The company has acknowledged the impact of the penalties on its operations and has committed to rectifying the issues and enhancing compliance measures to protect shareholder interests [20].

Core Viewpoint - Juewei Foods is facing regulatory scrutiny due to alleged violations of information disclosure, leading to a warning and potential penalties from the China Securities Regulatory Commission (CSRC) [2][3]. Group 1: Regulatory Actions - On September 19, 2024, Juewei Foods received a notice from the CSRC regarding an investigation into information disclosure violations, with the case initiated on June 7, 2024 [2]. - The CSRC's preliminary notice indicated that from 2017 to 2021, Juewei Foods failed to recognize revenue from franchise store renovations, resulting in understated annual revenue by 5.48%, 3.79%, 2.20%, 2.39%, and 1.64% for the respective years [2]. - The company is set to be marked with a risk warning, changing its A-share abbreviation to "ST Juewei" starting September 23, 2025, with trading restrictions applied [3]. Group 2: Financial Penalties - Juewei Foods is facing a fine of 4 million yuan, while key executives, including the former chairman and general manager, will incur fines of 2 million yuan, 150,000 yuan, and 100,000 yuan respectively [3][4]. - The company plans to rectify the issues raised in the notice and aims to apply for the removal of the risk warning after meeting specific conditions [4]. Group 3: Financial Performance - In the first half of 2025, Juewei Foods reported revenue of 2.82 billion yuan, leading among its peers, but experienced a revenue decline of 15.57% [5]. - The net profit for the same period was 175 million yuan, marking a decline of over 40% year-on-year, with the last significant drop occurring in 2022 [5]. - The company has closed over 5,000 stores in the past year and a half, indicating challenges in maintaining its market presence [5]. Group 4: Strategic Response - In response to the challenging macroeconomic environment and intensified competition, Juewei Foods is focusing on refining its operations and exploring innovative strategies within the snack food sector [5].

Industry Overview - The health food sector has evolved from optional consumption to a rigid demand driven by consumption upgrades and technological innovations, with freeze-dried foods emerging as a significant sub-sector due to their "no additives" and "native" attributes appealing to health-conscious consumers, particularly younger demographics [1] - The global freeze-dried food market is projected to reach 83 billion yuan by 2024 and exceed 107.4 billion yuan by 2030, with China leading at a compound annual growth rate (CAGR) of 13.5%, expected to reach 4.2 billion yuan by 2025 [1] Company Acquisition - Jiangxi Huangshanghuang Group Food Co., Ltd. has officially embraced the freeze-dried food sector by acquiring Fujian Lixing Food Co., Ltd., marking a strategic partnership that could yield significant synergies [2][12] Company Background - Huangshanghuang, established in 1993, has developed into a comprehensive private enterprise involved in duck farming, processing, and sales, with a modern food production base across multiple provinces in China, and an annual slaughter capacity of 30 million ducks [5] - The company has a strong focus on innovation, with several research centers and partnerships with academic institutions, leading to the development of over 100 unique quick-consumption products [7] Financial Performance - In the first half of 2025, Huangshanghuang reported a non-GAAP net profit of 68.1 million yuan, a year-on-year increase of 40.27%, and a net profit attributable to shareholders of 76.9 million yuan, up 26.90% [10] - Fujian Lixing, established in 2006, specializes in freeze-dried food manufacturing and has shown strong financial performance, achieving 415 million yuan in revenue in 2024 and 251 million yuan in the first half of 2025, indicating robust growth [13] Product and Market Strategy - Fujian Lixing offers a diverse product matrix, including freeze-dried fruits, vegetables, and various ready-to-eat foods, and has established a strong customer base with multinational companies [11] - The acquisition allows Huangshanghuang to leverage Lixing's sales channels and market resources, facilitating entry into new markets and expanding its consumer base beyond traditional food lovers [15] Future Outlook - The strategic acquisition positions Huangshanghuang to capitalize on the growing health food market, integrating freeze-dried technology with its existing product lines to enhance product longevity and convenience [17] - The company has set performance commitments for Lixing, ensuring a minimum net profit of 75 million yuan in 2025, 89 million yuan in 2026, and 100 million yuan in 2027, providing a safety net for the investment [18] - This move reflects Huangshanghuang's commitment to diversification and innovation, aiming for sustainable growth in the health food sector [19]

Core Viewpoint - The "three giants" of the marinated food industry are facing revenue declines in the first half of 2025, prompting them to explore new business avenues to establish a "second growth curve" amidst a challenging market environment [1]. Group 1: Industry Performance - The marinated food market has shown signs of weakness in the first half of the year, with major players like Juewei Food experiencing a 15.57% decline in revenue to 2.82 billion yuan and a 40.71% drop in net profit to 175 million yuan [2]. - Huangshanghuang reported a 7.19% decrease in revenue to 984 million yuan, while net profit increased by 26.9% to approximately 76.92 million yuan, attributed to cost-cutting measures despite a decline in main business segments [2]. - Zhou Hei Ya's revenue fell by 2.9% to 1.22 billion yuan, but net profit surged by 228% to 108 million yuan, driven by improved single-store efficiency and the closure of underperforming outlets [3]. Group 2: Cost Management - The decline in raw material prices has helped some marinated food companies maintain or even increase net profits, with Huangshanghuang noting a 2.23 percentage point increase in gross margin for its marinated meat products due to lower production costs [4]. - The overall market dynamics indicate that the marinated food sector is facing significant challenges due to decreased consumer willingness and confidence, leading to a need for companies to balance cost reduction and innovation [4]. Group 3: New Business Initiatives - Zhou Hei Ya has launched a coconut water brand and is collaborating with Sichuan Shentang Food to develop compound seasonings and convenience food products, transitioning to a dual business model [5]. - Huangshanghuang is entering the freeze-dried food market by acquiring a 51% stake in Fujian Lixing Food Co., investing 495 million yuan to leverage complementary products and sales channels [6]. - Juewei Food has opened a new concept store, "Juewei Plus," in Changsha, expanding into the casual dining sector with offerings like fried marinated dishes and desserts [7].

Core Viewpoint - Zhou Hei Ya reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational improvements and growth potential in the future [1][2]. Financial Performance - The company achieved total revenue of 1.223 billion yuan and a net profit of 108 million yuan, representing a year-on-year increase of 228% [1][2]. - The net profit margin increased by 6.2 percentage points to 8.8%, exceeding market expectations [2]. Operational Improvements - Zhou Hei Ya focused on enhancing single-store operational quality, optimizing service processes, and improving customer experience, which contributed to increased store profitability [2]. - Average single-store output grew by 15.5% year-on-year, reflecting significant improvements in store operations [3]. Product and Market Strategy - The company launched new products such as marinated duck and squid, catering to consumer demand for diversity and personalization, which helped drive store traffic and sales [2]. - Zhou Hei Ya is expanding its distribution channels and has formed strategic partnerships with major retailers like Sam's Club and Yonghui, enhancing its market presence [3]. Analyst Ratings and Market Outlook - Following the earnings report, several leading brokerages raised their target prices and investment ratings, indicating strong confidence in the company's growth trajectory [4][5]. - Citigroup maintained a "Buy" rating and raised the target price from 2.66 HKD to 2.7 HKD, forecasting a net profit of 211 million yuan for the full year 2025 [4]. - Other firms, including CICC and Guoyuan International, also expressed optimism about Zhou Hei Ya's strategic initiatives and market leadership in the marinated food sector [5].

Core Viewpoint - CICC maintains profit expectations for Zhou Hei Ya (01458) for 2025 and 2026, with a target price of HKD 3.0, indicating a potential upside of approximately 28.8% from the current stock price [1] Group 1: Company Current Status - In 1H25, the company improved same-store performance and effectively controlled expenses in emerging channels, focusing on efficiency enhancement [2] - The company is expected to continue improving same-store quality and optimizing product offerings in emerging channels in 3Q25 [2] Group 2: Financial Performance - In 1H25, the average same-store revenue for self-operated and franchised stores increased by 12% and 14% year-on-year, respectively [3] - Other income, primarily from packaged food distribution, grew by 27.5% year-on-year to CNY 0.7 billion in 1H25, indicating a stable development phase for the packaged food business [3] - The gross profit margin increased by 3.3 percentage points to 58.6% in 1H25, attributed to low raw material prices and improved store quality [3] - The net profit margin attributable to the parent company reached 8.8% in 1H25, up by 6.2 and 3.3 percentage points compared to 1H24 and 2H24, respectively [3] Group 3: Future Outlook - In 2H25, the company will continue to enhance store quality, optimize products, and refine promotional strategies for emerging channels, expecting sustained growth in scale [4] - The company will focus on store renovations and professional management to improve service quality, with expectations for further improvement in store profitability [4] - The "braised meat +" packaged food strategy will continue to expand, with plans to optimize product offerings and channel matching for supermarkets, membership stores, and convenience stores, anticipating accelerated growth in emerging channels from 2H25 to 2026 [4]

Group 1 - The core idea of the article is that Zhou Hei Ya is enhancing its marketing strategy by offering free products to college students, aiming to strengthen its connection with the Z generation [1] - The upgraded campaign, starting from September 1 to September 30, involves distributing 400,000 yuan worth of products, with 30,000 free items available each week [1] - The previous summer campaign successfully distributed 300,000 free products, generating significant social media buzz and engagement among college students [1] Group 2 - Zhou Hei Ya's founder, Zhou Fuyu, emphasizes the company's commitment to integrating into the lifestyle of the Z generation, aiming to be both a food choice and a companion in their youth [1] - The brand seeks to resonate with the vitality of the Z generation, promoting a narrative of "sweet and spicy youth" that reflects the current era [1]