Core Insights - The company focuses on the "braised food track" and deepens its segmentation strategy, actively exploring digital AI to enhance operational efficiency and increase the success rate of popular products [1] Group 1: Strategic Initiatives - The company has launched three AI applications in collaboration with Tencent, including AI membership, AI ordering, and AI store management, aimed at improving efficiency in marketing, ordering, and store operations [1] - The company has expanded its operations from offline stores to a full-channel digital strategy, covering platforms such as takeaway services, mini-programs, Douyin, Xiaohongshu, and other mainstream internet platforms [1] - The company has successfully developed several popular products with sales exceeding 100 million, including "explosive chicken wings," "explosive thighs," and "absolute lobster tails" for 2024 [1] Group 2: Market Outlook - The braised food market has a substantial scale of 400 billion, indicating significant growth potential [1] - The company is proactively slowing down its store expansion pace to enhance the quality of single-store operations while continuing to push for digital innovation [1] - The company expects a revenue of 365 million from packaged products in 2024, representing a year-on-year increase of 29.13% [1] Group 3: Financial Forecast - The company is projected to achieve revenues of 5.87 billion, 6.00 billion, and 6.38 billion from 2025 to 2027, with year-on-year changes of -6.2%, +2.2%, and +6.3% respectively [2] - The expected net profit attributable to the parent company is 520 million, 590 million, and 680 million for the same period, with year-on-year growth rates of +127.0%, +14.6%, and +15.3% respectively [2]

从年报数据来看，煌上煌2024年实现营业收入17.39亿元，归母净利润4032.99万元。2024年，煌上煌集团面对复杂多变的市场环境，坚持稳健经营策略，通 过持续的创新与努力，在业务发展、品牌建设、数字化转型等方面均取得了积极进展，为公司的长远发展奠定了坚实基础。 展望2025年，煌上煌财报中提到，将加快实施"千城万店"等未来五年的战略发展目标。全年计划实现营业收入21亿元，净利润1.45亿元，实现营业收入与净 利润的双增长。 2024年煌上煌研发强度创新高，毛利率显著提升 公司投资2000余万元募集资金建设完成"食品质量安全检验与研发工程技术中心"，同时成立了九州检测公司，具备了对原辅料、半成品、产品进行包括微生 物指标、理化指标、农残兽残、食品添加剂、有害重金属、禁用物质等多项指标的检验检测能力，并取得了省质监局CMA、中国合格评审国家认可委员会 CNAS、江西省农业农村厅CATL资质认定，成为取得CMA107个、CNAS11个和CATL2个产品标准的第三方检验检测资质的检测机构。 从毛利率水平来看，2024年公司毛利率显著提升，2024年毛利率为32.76%，同比提升3.71个百分点，主要系原材料鸭掌 ...

Core Viewpoint - The three major players in the marinated food industry are facing unprecedented challenges, with collective declines in performance attributed to a combination of market pressures and strategic missteps [2][8]. Group 1: Industry Challenges - The marinated food industry is experiencing a systemic imbalance, where brands seek profits, consumers demand value, and franchisees require growth space, leading to a fragile equilibrium [4]. - Rising raw material costs, particularly for duck by-products, have led to significant price increases, which consumers are increasingly sensitive to, resulting in a disconnect between pricing strategies and consumer expectations [5]. - External competition from casual snack shops and community vendors is intensifying, further eroding the traditional marinated food market's consumer base [5]. Group 2: Financial Performance - The financial reports for 2024 show significant revenue declines for the three major brands: - Juewei: Revenue of 6.257 billion, down 13.84%, with net profit down 34.04% to 0.227 billion - Zhou Hei Ya: Revenue of 2.451 billion, down 10.66%, with net profit down 15.03% to 0.098 billion - Huang Shang Huang: Revenue of 1.739 billion, down 9.44%, with net profit down 42.86% to 0.04 billion [10]. - Store closures are becoming a trend, with Juewei reportedly reducing over 3,800 stores in 16 months, while Zhou Hei Ya and Huang Shang Huang also face significant reductions [11]. Group 3: Strategic Missteps - Juewei's aggressive investment strategy has not yielded expected returns, leading to a focus on core business and a search for exit strategies from non-core investments [16]. - Zhou Hei Ya's shift to a franchise model has not performed as anticipated, resulting in a significant number of closures, particularly in community locations [17]. - Huang Shang Huang's diversification efforts have not been fruitful, with its attempts to expand into other food categories failing to offset losses in its core marinated food business [21]. Group 4: Future Directions - The three major brands are exploring various strategies to reignite growth, including launching more affordable products and leveraging technology for improved consumer engagement [22]. - Juewei is focusing on AI-driven retail solutions, while Zhou Hei Ya is attempting to return to its classic product offerings, and Huang Shang Huang is engaging in cultural tourism initiatives [22].

从业绩表现来看，"卤味三巨头"去年的日子都不好过，三家公司的营收与净利润双双下滑。 近日，随着"卤味三巨头"2024年年报的披露，高管的薪资也公之于众。 第一财经记者梳理财报公布的数据发现，2024年净利润最高的绝味食品，发放的高管薪酬总额最低，但 绝味食品董事长的收入明显高于煌上煌的董事长。 2024年，煌上煌（002695.SZ）为董事、监事和高级管理人员支付的薪酬总额为786.4万元人民币，比 2023年的770.17万上升2%。 具体来看，2024年，煌上煌的董事长、总经理褚浚从公司获得的税前报酬总额为131.15万元；副董事 长、副总经理褚剑从公司获得的税前报酬总额为118.15万元；董事徐桂芬税前报酬总额为132.09万元； 董事褚建庚税前报酬总额为119.13。 以上四位的薪资与2023年几乎持平。而2024年薪资提升最多的是董事、副总经理范旭明，他在2023年的 税前报酬为105.61，2024年为131.46万元。 绝味食品(603517.SH)2024年为现任及报告期内离任董事、监事和高级管理人员发放的报酬总计674.99万 元，比2023年的603.44万元增长了12%。其中"一把手"董 ...

最近卤鹅火了，不过卤味巨头的业绩却不行了。 根据2024年财报，"卤味三巨头"业绩集体下滑。 作为卤味界"老大哥"，绝味食品营收62.57亿元，同比下滑13.84%；归属于上市公司股东净利润2.27亿 元，同比下滑34.04%。这也是绝味食品2017年上市以来首次出现营收负增长。 | | | | --------------- | | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 木期比上年同期 | 2022年 | | | | | 增减(%) | | | 营业收入 | 6.256.650.964.15 | 7.261.326.839.39 | -13.84 | 6.622.839.829.55 | | 归属于上市公司股 | 227.112.630.31 | 344.306.058.17 | -34.04 | 234.805.763.05 | | 东的净利润 | | | | | | 归属于上市公司股 东的扣除非经常性 | 202.932.572.41 | 400.940.700.48 | -49.39 | 259.485.527.85 | ...

灵兽 . 以下文章来源于灵兽 ，作者十里 专注零售，聚焦消费。商业改变世界。你们负责改变世界，我们带你们改造商业。灵兽，零售消费行业 头部新媒体平台，为商业原创报道而生。投稿及合作：lingshouke@126.com 来源丨灵兽（ID：lingshouke） 作者丨十里 卤味业绩下跌 2024年，曾经风光无限的"卤味三巨头"——绝味食品、周黑鸭和煌上煌，集体陷入业绩下滑的困境。 从财务数据来看，三家企业无一幸免。绝味食品作为行业龙头，2024年营收降至62.57亿元，同比减少 13.84%，净利润更是大幅缩水34.04%至2.27亿元。这是绝味自2017年上市以来首次出现营收负增长。 周黑鸭同样出现了下滑，2024年收入同比下滑10.7%，至24.51亿元，净利润下降15.03%，至9820万元。 煌上煌全年营收则同比减少9.44%，至17.39亿元，净利润锐减42.86%，仅为4033万元。值得注意的是， 煌上煌已经连续四年出现营收负增长。 这轮业绩下滑并非偶然。早在2022年，三家公司的净利润就已出现较大幅度下跌。近两年，"卤味太 贵"频繁登上社交媒体热搜，许多消费者抱怨价格不再亲民。 究其原因，市场竞 ...

近期，"荣昌卤鹅哥"用家乡美食"投喂"国际网红，相关话题成为全网热搜，推动 荣昌卤鹅强势"出圈"，最高的卤鹅企业销量增长1000%，为荣昌卤鹅行业 带来宝贵发展机遇。 做大做强的鹅经济，离不开专业规范的制作工艺。这场看似偶然事件的背后，蕴藏着重庆 以专项职业能力考核为支点，撬动地方特色产业升级的系统性 实践。 规范特色产业的"基因标准" 一只卤鹅， 带来的不仅是全球流量， 更是一座城市对本土文化的自信重塑； 更是一条"让传统对接未来"的可持续发展路径。 烹制完成的卤鹅出炉。 "我们 围绕'荣昌卤鹅师'劳务品牌建设，构建起严格且完善的技能考核与培训标准体系。"荣昌区人力社保局相关负责人介绍，培养过程中，重庆非常注重 技艺传承与创新，邀请非遗传承人、行业带头人亲临现场教学，分享宝贵经验与精湛技艺，把握住精髓要义，极大提升了人才培养的层次与质量。 荣昌卤鹅制作技能培训班开班。 荣昌区卤鹅协会会长、荣昌三惠鹅府创始人邹朝文介绍卤鹅市场化营销策略。 一项考核， 认证的不仅是职业技能， 县，形成极具特色的" 区域专项品牌"。近年来，已有近万人参加特色专项考核，带动了就业创业。 专项职业能力考核，是国家针对单一职业技能建立 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 2.451 billion yuan in 2024, a year-on-year decrease of 10.7%, and a net profit attributable to shareholders of 98.2 million yuan, down 15.0% year-on-year [1][2] - The company is actively optimizing its store structure, closing underperforming stores, resulting in a total of 3,031 stores by the end of 2024, with a net closure of 785 stores [2] - The average single-store revenue for self-operated and franchised stores in 2024 was 840,000 yuan and 346,000 yuan respectively, indicating a significant decline due to weak consumer spending and intensified competition [2] - The gross profit margin improved by 4.4 percentage points to 56.8% in 2024, driven by cost reductions and lean management [2] - The company is focusing on enhancing single-store efficiency and optimizing product structure to improve competitiveness and brand strength [3] Financial Summary - In 2024, the company achieved total revenue of 2,451 million yuan, with a year-on-year growth rate of -10.88% [4] - The net profit attributable to shareholders for 2024 was 98.2 million yuan, with a year-on-year growth rate of -15.03% [4] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.07 yuan, 0.08 yuan, and 0.10 yuan respectively [3][4] - The company’s net profit margin for 2024 was 4.01%, slightly down from the previous year [2][6] - The operating cash flow for 2024 was 420 million yuan, reflecting a year-on-year increase of 15.3% [2] Industry Insights - The prepared food industry is facing challenges such as intensified competition from other snack categories and a shift in consumer spending patterns [2] - The recovery of single-store performance is seen as a key signal for a new round of development in the industry [2] - The company is leveraging its unique flavor appeal to enhance its product offerings in new distribution channels, including partnerships with major retailers like Costco [3]

营收、净利润两位数下滑，卤味公司的处境难言乐观。 "鸭脖卖不动了"的声响越来越大。 过去一年，卤味三巨头仍未能摆脱"魔咒"，绝味食品、周黑鸭、煌上煌三家公司的营收、净利润均出现下滑，"最差业绩"距离高光 时刻越来越远。 新京报贝壳财经记者梳理看到，极速扩张后，三家公司2024年开始收缩版图，其中，煌上煌和周黑鸭一年时间关店七八百家。相比 之下，绝味食品收缩的步子迈得更大，门店总数从2023年底的15950家滑落至今年4月的12129家。 近年来，市场竞争加剧、消费环境变化、门店布局调整等原因，导致卤味行业市场增速放缓。在业内看来，酱卤肉制品行业正经历 从"规模扩张"向"质量竞争"的转型期，供应链整合能力、食品安全管理及差异化创新能力将成为企业突围的核心要素。 煌上煌净利润跌四成，卤味集体走下坡路 2024年，绝味食品、周黑鸭、煌上煌业绩情况。 2024年，绝味食品实现营业收入约62.57亿元，同比下滑13.84%；归属于上市公司股东的净利润约2.27亿元，同比下滑34.04%。 2017年3月17日上市以来，绝味食品始终保持盈利状态，虽然起伏较大，但从归母净利润的绝对值看，2024年财报是绝味食品上市 以来最 ...

4月1 5日下午，长沙北辰国际会议中心，绝味食品携网聚资本、企业发展、海纳百川其他三 大业务板联动开启四场高规格论坛。区别于上午的战略发布会，下午的四大平行论坛深入展 现企业在AI数智战略升级、供应链创新、双品牌驱动等领域的战略布局，传递卤味行业从规 模竞争转向生态共建的时代信号。 0 1 绝味食品平行论坛：二十岁从"舌尖传奇"成长到"行业标杆" 2 0 0 5年4月1 5日，绝味鸭脖第一家门店在南门口开业，如今，2 0岁的绝味已构建起覆盖全国 的万家门店网络，拥有约3 0 0 0余名加盟商，年零售规模稳居行业龙头。依托国内领先的卤味 工厂群与"冷链保鲜，日配到店"体系，树立供应链效率标杆。 在绝味食品平行论坛中，绝味食品首席数智增长官谌鹏飞进行了开场致辞，随后，绝味数智 天团6位核心团队成员发表TED演讲，分别来自产品、全渠道、品牌营销等领域。演讲现 场，他们以风趣幽默的风格分享了绝味数智增长实践、，通过实战干货和领先专业认知，展 现了绝味年轻、活力、引领行业创新的团队风貌以及鸭厂快乐解压的秘诀。他们将与消费者 双向价值奔赴，与生态开放共创的理念融入到每天的工作实践中，是东方卤味在数智时代传 承与创新的有生 ...