登录新浪财经APP 搜索【信披】查看更多考评等级 出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 继2024年收入下滑之后，今年一季度绝味食品（维权）收入再度大幅下滑。据公开信息，2024年公司在 大量关店，这说明门店数量扩张带动收入增长的逻辑不再有效。 目前行业整体面临较大经营压力，卤味食品作为可选消费品，一直被消费者吐槽"越来越贵"。在主业失 守的情况下，绝味食品近几年不断布局的多元化投资不仅未能分散风险，反而出现大额减值，直接降低 净利润。 绝味食品遭遇了什么？ 4月9日晚间，绝味食品发布了2024年年报和一季报，2024年营业收入62.57亿元，同比下滑13.84%，今 年一季度收入再度下滑11.47%，这还是2011年以来首次营收下滑。而从净利润来看，绝味食品2022年 就进入下行通道，从最高9.81亿元下滑至去年的2.27亿元。 背后是门店数量的下滑，2024年中报披露门店数量为14969家，相比上年底减少981家。年报中一反常态 未披露门店一数据，而根据窄门餐眼的数据，其在营门店数量为12428家，这或许意味着下半年公司在 加速关店。 股价反映了公司的业绩趋势，从2021年2月到现在，绝味 ...

Core Viewpoint - The company, Juewei Foods, reported a significant decline in both revenue and net profit for the year 2024, with a more than 30% drop in net profit and nearly a 50% decrease in non-recurring net profit, attributed to intensified market competition and changing consumer preferences [2][5][11]. Financial Performance - In 2024, Juewei Foods achieved revenue of 6.257 billion yuan, a year-on-year decrease of 13.84% [5]. - The net profit attributable to shareholders was 227 million yuan, down 34.04% year-on-year [5]. - The non-recurring net profit was 203 million yuan, reflecting a decline of 49.39% [5]. - The company experienced a revenue drop of 23.8% in Q4 2024, with revenue of 1.24 billion yuan and a net loss of 211 million yuan [7]. Store Count and Market Presence - As of now, Juewei Foods has 12,428 stores, a reduction of over 3,500 stores compared to the end of 2023 [3][9]. - The company reported a net decrease of 981 stores in the first half of 2024, with 14,969 stores at that time [8]. Strategic Initiatives - Juewei Foods appointed its first global brand ambassador, Fan Chengcheng, in an effort to rejuvenate the brand and attract younger consumers [4]. Industry Context - The overall growth of the marinated food industry has slowed, with a compound annual growth rate of only 6.42% from 2018 to 2023, and a market size of approximately 318 billion yuan in 2023 [11]. Investment Performance - The company has faced continuous investment losses, with a total of approximately 4.5 billion yuan in losses over the past three years [14][15]. - In 2024, the investment loss was reported at 160 million yuan [13]. Regulatory Issues - Juewei Foods faced public scrutiny due to a scandal involving the forgery of health certificates by employees at one of its franchise stores, leading to legal action and highlighting management issues with franchisees [16].

Core Viewpoint - The recent incident involving forged health certificates at Juewei Foods has raised serious questions about the company's franchise model and its implications for food safety and brand reputation [1][2][3] Company Summary - Juewei Foods has been implicated in a food safety scandal where 22 employees at a franchise store were found to have forged health certificates, leading to a significant public outcry [1][2] - The company has stated that the implicated store is managed by a franchisee and has taken measures to suspend operations at the affected location while conducting nationwide checks on health certificate authenticity [2][3] - Juewei Foods operates a franchise model where franchise stores account for 74.61% of its total revenue, which presents challenges in maintaining food safety standards [3][4] Industry Summary - The incident highlights vulnerabilities in the franchise model of food safety management, as franchisees may prioritize cost-cutting over compliance with health regulations [4][5] - The overall growth of the marinated food industry is slowing, with significant operational pressures facing leading companies, including Juewei Foods [5] - Juewei Foods has announced strategic adjustments to focus on its core duck neck business and improve revenue per store while ensuring franchisee survival [5][6] - The company reported a revenue of 5.015 billion yuan for the first three quarters of 2024, a decrease of 10.95% year-on-year, while net profit increased by 12.53% [5]

Core Viewpoint - The article highlights a significant issue regarding the falsification of health certificates for employees at a well-known food brand, "Juewei Duck Neck," leading to legal investigations and potential reputational damage for the company [1][2][4]. Group 1: Investigation and Findings - The Xichang Market Supervision Administration confirmed that 22 health certificates from a specific brand's stores were forged [1]. - The investigation revealed that employees did not undergo medical examinations and that the health certificates were processed through improper channels by the store manager for convenience [4][5]. - The case has been escalated to the police for further legal action regarding the forgery of national seals and other related offenses [2]. Group 2: Company Performance and Market Position - Juewei Foods announced the termination of its H-share listing due to strategic adjustments and declining operational performance, which includes a significant drop in revenue and a reduction in store numbers [10][11]. - The company reported a 10.95% year-on-year decline in revenue for the first three quarters of 2024, with the main revenue-generating segment, the sale of marinated foods, experiencing a 9.4% decrease [11]. - As of mid-2024, the total number of stores in mainland China decreased to 14,969, down from 15,950 at the beginning of the year, marking a loss of 981 stores [12].